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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $73.5M, roughly 1.7× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -38.4%, a 18.1% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 4.5%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs 0.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
BDN vs TH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $73.5M |
| Net Profit | $-48.8M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 1.2% | -22.9% |
| Net Margin | -38.4% | -20.3% |
| Revenue YoY | 4.5% | 22.0% |
| Net Profit YoY | -80.4% | -219.1% |
| EPS (diluted) | $-0.28 | $-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.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $73.5M | ||
| Q3 25 | $121.4M | $91.6M | ||
| Q2 25 | $120.6M | $54.9M | ||
| Q1 25 | $121.5M | $54.9M | ||
| Q4 24 | $121.9M | $60.2M | ||
| Q3 24 | $131.8M | $65.8M | ||
| Q2 24 | $125.3M | $67.5M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $-14.9M | ||
| Q3 25 | $-25.9M | $-795.0K | ||
| Q2 25 | $-88.7M | $-14.9M | ||
| Q1 25 | $-27.0M | $-6.5M | ||
| Q4 24 | $-44.5M | $12.5M | ||
| Q3 24 | $-165.2M | $20.0M | ||
| Q2 24 | $30.2M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 9.6% | ||
| Q3 25 | 62.6% | 19.6% | ||
| Q2 25 | 62.4% | -0.6% | ||
| Q1 25 | 60.8% | 32.7% | ||
| Q4 24 | 61.2% | 61.5% | ||
| Q3 24 | 64.9% | 68.7% | ||
| Q2 24 | 63.1% | 69.4% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -22.9% | ||
| Q3 25 | 20.8% | 0.1% | ||
| Q2 25 | -34.3% | -30.8% | ||
| Q1 25 | 12.5% | -2.0% | ||
| Q4 24 | 18.0% | 34.5% | ||
| Q3 24 | -7.2% | 42.5% | ||
| Q2 24 | 15.5% | 43.8% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | -20.3% | ||
| Q3 25 | -21.3% | -0.9% | ||
| Q2 25 | -73.5% | -27.2% | ||
| Q1 25 | -22.2% | -11.8% | ||
| Q4 24 | -36.5% | 20.8% | ||
| Q3 24 | -125.4% | 30.4% | ||
| Q2 24 | 24.1% | 27.2% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-0.14 | ||
| Q3 25 | $-0.15 | $-0.01 | ||
| Q2 25 | $-0.51 | $-0.15 | ||
| Q1 25 | $-0.16 | $-0.07 | ||
| Q4 24 | $-0.25 | $0.12 | ||
| Q3 24 | $-0.96 | $0.20 | ||
| Q2 24 | $0.17 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | — | $389.3M |
| Total Assets | $3.6B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $8.3M | ||
| Q3 25 | $75.5M | $30.4M | ||
| Q2 25 | $122.6M | $19.2M | ||
| Q1 25 | $29.4M | $34.5M | ||
| Q4 24 | $90.2M | $190.7M | ||
| Q3 24 | $36.5M | $177.7M | ||
| Q2 24 | $30.4M | $154.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $1.7M | ||
| Q3 25 | $2.3B | $2.0M | ||
| Q2 25 | $2.3B | $26.3M | ||
| Q1 25 | $2.2B | $42.9M | ||
| Q4 24 | $2.2B | $1.5M | ||
| Q3 24 | $2.3B | $994.0K | ||
| Q2 24 | $2.2B | $1.1M |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $389.3M | ||
| Q3 25 | $841.5M | $402.4M | ||
| Q2 25 | $879.8M | $401.3M | ||
| Q1 25 | $993.6M | $415.3M | ||
| Q4 24 | $1.0B | $421.1M | ||
| Q3 24 | $1.1B | $417.6M | ||
| Q2 24 | $1.3B | $397.2M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $530.2M | ||
| Q3 25 | $3.3B | $541.2M | ||
| Q2 25 | $3.4B | $533.7M | ||
| Q1 25 | $3.4B | $562.5M | ||
| Q4 24 | $3.5B | $725.8M | ||
| Q3 24 | $3.6B | $709.8M | ||
| Q2 24 | $3.8B | $697.0M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.00× | ||
| Q3 25 | 2.70× | 0.01× | ||
| Q2 25 | 2.63× | 0.07× | ||
| Q1 25 | 2.23× | 0.10× | ||
| Q4 24 | 2.13× | 0.00× | ||
| Q3 24 | 2.06× | 0.00× | ||
| Q2 24 | 1.73× | 0.00× |
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 | — | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $5.7M | ||
| Q3 25 | $47.5M | $53.4M | ||
| Q2 25 | $34.4M | $11.1M | ||
| Q1 25 | $6.3M | $3.9M | ||
| Q4 24 | $181.1M | $30.6M | ||
| Q3 24 | $52.2M | $31.4M | ||
| Q2 24 | $48.2M | $39.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | 1.60× | 2.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
