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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 1.0× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -20.3%, a 60.2% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 4.0%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $73.5M |
| Net Profit | $29.2M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 39.7% | -22.9% |
| Net Margin | 39.9% | -20.3% |
| Revenue YoY | 4.0% | 22.0% |
| Net Profit YoY | -28.2% | -219.1% |
| EPS (diluted) | $0.19 | $-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 | $73.3M | $73.5M | ||
| Q3 25 | $61.6M | $91.6M | ||
| Q2 25 | $70.9M | $54.9M | ||
| Q1 25 | $65.8M | $54.9M | ||
| Q4 24 | $70.5M | $60.2M | ||
| Q3 24 | $71.6M | $65.8M | ||
| Q2 24 | $81.1M | $67.5M | ||
| Q1 24 | $80.5M | $72.4M |
| Q4 25 | $29.2M | $-14.9M | ||
| Q3 25 | $50.8M | $-795.0K | ||
| Q2 25 | $20.7M | $-14.9M | ||
| Q1 25 | $26.0M | $-6.5M | ||
| Q4 24 | $40.7M | $12.5M | ||
| Q3 24 | $-91.5M | $20.0M | ||
| Q2 24 | $35.8M | $18.4M | ||
| Q1 24 | $-104.5M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | 39.7% | -22.9% | ||
| Q3 25 | 82.8% | 0.1% | ||
| Q2 25 | 29.4% | -30.8% | ||
| Q1 25 | 39.7% | -2.0% | ||
| Q4 24 | 57.9% | 34.5% | ||
| Q3 24 | -127.8% | 42.5% | ||
| Q2 24 | 44.2% | 43.8% | ||
| Q1 24 | -129.6% | 42.0% |
| Q4 25 | 39.9% | -20.3% | ||
| Q3 25 | 82.4% | -0.9% | ||
| Q2 25 | 29.3% | -27.2% | ||
| Q1 25 | 39.5% | -11.8% | ||
| Q4 24 | 57.7% | 20.8% | ||
| Q3 24 | -127.9% | 30.4% | ||
| Q2 24 | 44.1% | 27.2% | ||
| Q1 24 | -129.8% | 28.2% |
| Q4 25 | $0.19 | $-0.14 | ||
| Q3 25 | $0.34 | $-0.01 | ||
| Q2 25 | $0.12 | $-0.15 | ||
| Q1 25 | $0.16 | $-0.07 | ||
| Q4 24 | $0.25 | $0.12 | ||
| Q3 24 | $-0.69 | $0.20 | ||
| Q2 24 | $0.23 | $0.18 | ||
| Q1 24 | $-0.76 | $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 | $139.8M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $1.9B | $389.3M |
| Total Assets | $9.9B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $8.3M | ||
| Q3 25 | $245.9M | $30.4M | ||
| Q2 25 | $177.6M | $19.2M | ||
| Q1 25 | $166.4M | $34.5M | ||
| Q4 24 | $317.4M | $190.7M | ||
| Q3 24 | $194.3M | $177.7M | ||
| Q2 24 | $174.7M | $154.3M | ||
| Q1 24 | $161.2M | $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 | $1.9B | $389.3M | ||
| Q3 25 | $1.9B | $402.4M | ||
| Q2 25 | $1.8B | $401.3M | ||
| Q1 25 | $1.9B | $415.3M | ||
| Q4 24 | $1.9B | $421.1M | ||
| Q3 24 | $1.9B | $417.6M | ||
| Q2 24 | $2.0B | $397.2M | ||
| Q1 24 | $2.0B | $375.5M |
| Q4 25 | $9.9B | $530.2M | ||
| Q3 25 | $9.5B | $541.2M | ||
| Q2 25 | $9.8B | $533.7M | ||
| Q1 25 | $8.8B | $562.5M | ||
| Q4 24 | $8.4B | $725.8M | ||
| Q3 24 | $9.1B | $709.8M | ||
| Q2 24 | $9.3B | $697.0M | ||
| Q1 24 | $9.2B | $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 | $142.5M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $5.7M | ||
| Q3 25 | $31.7M | $53.4M | ||
| Q2 25 | $63.2M | $11.1M | ||
| Q1 25 | $39.3M | $3.9M | ||
| Q4 24 | $200.3M | $30.6M | ||
| Q3 24 | $47.2M | $31.4M | ||
| Q2 24 | $50.2M | $39.1M | ||
| Q1 24 | $52.8M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | 1.40× | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
