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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $71.7M, roughly 1.0× Adaptive Biotechnologies Corp). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -20.3%, a 1.4% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 22.0%). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 0.7%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
ADPT vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $73.5M |
| Net Profit | $-13.6M | $-14.9M |
| Gross Margin | 74.6% | 9.6% |
| Operating Margin | -17.8% | -22.9% |
| Net Margin | -18.9% | -20.3% |
| Revenue YoY | 51.0% | 22.0% |
| Net Profit YoY | 59.7% | -219.1% |
| EPS (diluted) | $-0.08 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $71.7M | $73.5M | ||
| Q3 25 | $94.0M | $91.6M | ||
| Q2 25 | $58.9M | $54.9M | ||
| Q1 25 | $52.4M | $54.9M | ||
| Q4 24 | $47.5M | $60.2M | ||
| Q3 24 | $46.4M | $65.8M | ||
| Q2 24 | $43.2M | $67.5M | ||
| Q1 24 | $41.9M | $72.4M |
| Q4 25 | $-13.6M | $-14.9M | ||
| Q3 25 | $9.5M | $-795.0K | ||
| Q2 25 | $-25.6M | $-14.9M | ||
| Q1 25 | $-29.9M | $-6.5M | ||
| Q4 24 | $-33.7M | $12.5M | ||
| Q3 24 | $-32.1M | $20.0M | ||
| Q2 24 | $-46.2M | $18.4M | ||
| Q1 24 | $-47.5M | $20.4M |
| Q4 25 | 74.6% | 9.6% | ||
| Q3 25 | 80.7% | 19.6% | ||
| Q2 25 | 69.4% | -0.6% | ||
| Q1 25 | 67.6% | 32.7% | ||
| Q4 24 | 62.0% | 61.5% | ||
| Q3 24 | 64.1% | 68.7% | ||
| Q2 24 | 55.3% | 69.4% | ||
| Q1 24 | 56.9% | 67.8% |
| Q4 25 | -17.8% | -22.9% | ||
| Q3 25 | 10.9% | 0.1% | ||
| Q2 25 | -42.5% | -30.8% | ||
| Q1 25 | -56.4% | -2.0% | ||
| Q4 24 | -71.3% | 34.5% | ||
| Q3 24 | -70.3% | 42.5% | ||
| Q2 24 | -109.6% | 43.8% | ||
| Q1 24 | -116.5% | 42.0% |
| Q4 25 | -18.9% | -20.3% | ||
| Q3 25 | 10.2% | -0.9% | ||
| Q2 25 | -43.5% | -27.2% | ||
| Q1 25 | -56.9% | -11.8% | ||
| Q4 24 | -71.0% | 20.8% | ||
| Q3 24 | -69.1% | 30.4% | ||
| Q2 24 | -107.0% | 27.2% | ||
| Q1 24 | -113.5% | 28.2% |
| Q4 25 | $-0.08 | $-0.14 | ||
| Q3 25 | $0.06 | $-0.01 | ||
| Q2 25 | $-0.17 | $-0.15 | ||
| Q1 25 | $-0.20 | $-0.07 | ||
| Q4 24 | $-0.22 | $0.12 | ||
| Q3 24 | $-0.22 | $0.20 | ||
| Q2 24 | $-0.31 | $0.18 | ||
| Q1 24 | $-0.33 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $70.5M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $218.8M | $389.3M |
| Total Assets | $512.7M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $8.3M | ||
| Q3 25 | $55.0M | $30.4M | ||
| Q2 25 | $43.2M | $19.2M | ||
| Q1 25 | $50.6M | $34.5M | ||
| Q4 24 | $47.9M | $190.7M | ||
| Q3 24 | $38.1M | $177.7M | ||
| Q2 24 | $59.8M | $154.3M | ||
| Q1 24 | $71.2M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $218.8M | $389.3M | ||
| Q3 25 | $204.4M | $402.4M | ||
| Q2 25 | $179.7M | $401.3M | ||
| Q1 25 | $190.4M | $415.3M | ||
| Q4 24 | $202.7M | $421.1M | ||
| Q3 24 | $223.8M | $417.6M | ||
| Q2 24 | $241.6M | $397.2M | ||
| Q1 24 | $274.9M | $375.5M |
| Q4 25 | $512.7M | $530.2M | ||
| Q3 25 | $490.6M | $541.2M | ||
| Q2 25 | $496.6M | $533.7M | ||
| Q1 25 | $510.9M | $562.5M | ||
| Q4 24 | $539.4M | $725.8M | ||
| Q3 24 | $558.5M | $709.8M | ||
| Q2 24 | $584.9M | $697.0M | ||
| Q1 24 | $620.3M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.1M | $5.7M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 2.0% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $5.7M | ||
| Q3 25 | $-7.1M | $53.4M | ||
| Q2 25 | $-12.4M | $11.1M | ||
| Q1 25 | $-28.5M | $3.9M | ||
| Q4 24 | $-12.5M | $30.6M | ||
| Q3 24 | $-27.1M | $31.4M | ||
| Q2 24 | $-17.3M | $39.1M | ||
| Q1 24 | $-38.4M | $50.6M |
| Q4 25 | $1.4M | — | ||
| Q3 25 | $-7.5M | — | ||
| Q2 25 | $-13.1M | — | ||
| Q1 25 | $-29.7M | $-11.6M | ||
| Q4 24 | $-12.6M | — | ||
| Q3 24 | $-27.4M | — | ||
| Q2 24 | $-19.0M | — | ||
| Q1 24 | $-39.9M | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -8.0% | — | ||
| Q2 25 | -22.2% | — | ||
| Q1 25 | -56.7% | -21.1% | ||
| Q4 24 | -26.5% | — | ||
| Q3 24 | -59.0% | — | ||
| Q2 24 | -44.1% | — | ||
| Q1 24 | -95.2% | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.4% | 28.2% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 3.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
