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Side-by-side financial comparison of Bank First Corp (BFC) 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 $44.9M, roughly 1.6× Bank First Corp). Bank First Corp runs the higher net margin — 45.8% vs -20.3%, a 66.1% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 12.1%). Over the past eight quarters, Bank First Corp's revenue compounded faster (9.1% CAGR vs 0.7%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
BFC vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $73.5M |
| Net Profit | $18.4M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 51.0% | -22.9% |
| Net Margin | 45.8% | -20.3% |
| Revenue YoY | 12.1% | 22.0% |
| Net Profit YoY | 4.8% | -219.1% |
| EPS (diluted) | $1.87 | $-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 | $44.9M | $73.5M | ||
| Q3 25 | $44.2M | $91.6M | ||
| Q2 25 | $41.6M | $54.9M | ||
| Q1 25 | $43.1M | $54.9M | ||
| Q4 24 | $40.1M | $60.2M | ||
| Q3 24 | $40.8M | $65.8M | ||
| Q2 24 | $38.9M | $67.5M | ||
| Q1 24 | $37.7M | $72.4M |
| Q4 25 | $18.4M | $-14.9M | ||
| Q3 25 | $18.0M | $-795.0K | ||
| Q2 25 | $16.9M | $-14.9M | ||
| Q1 25 | $18.2M | $-6.5M | ||
| Q4 24 | $17.5M | $12.5M | ||
| Q3 24 | $16.6M | $20.0M | ||
| Q2 24 | $16.1M | $18.4M | ||
| Q1 24 | $15.4M | $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 | 51.0% | -22.9% | ||
| Q3 25 | 50.8% | 0.1% | ||
| Q2 25 | 49.7% | -30.8% | ||
| Q1 25 | 51.3% | -2.0% | ||
| Q4 24 | 54.4% | 34.5% | ||
| Q3 24 | 50.7% | 42.5% | ||
| Q2 24 | 51.0% | 43.8% | ||
| Q1 24 | 45.6% | 42.0% |
| Q4 25 | 45.8% | -20.3% | ||
| Q3 25 | 40.7% | -0.9% | ||
| Q2 25 | 40.5% | -27.2% | ||
| Q1 25 | 42.3% | -11.8% | ||
| Q4 24 | 49.3% | 20.8% | ||
| Q3 24 | 40.6% | 30.4% | ||
| Q2 24 | 41.3% | 27.2% | ||
| Q1 24 | 40.8% | 28.2% |
| Q4 25 | $1.87 | $-0.14 | ||
| Q3 25 | $1.83 | $-0.01 | ||
| Q2 25 | $1.71 | $-0.15 | ||
| Q1 25 | $1.82 | $-0.07 | ||
| Q4 24 | $1.75 | $0.12 | ||
| Q3 24 | $1.65 | $0.20 | ||
| Q2 24 | $1.59 | $0.18 | ||
| Q1 24 | $1.51 | $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 | $243.2M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $643.8M | $389.3M |
| Total Assets | $4.5B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $243.2M | $8.3M | ||
| Q3 25 | $126.2M | $30.4M | ||
| Q2 25 | $120.3M | $19.2M | ||
| Q1 25 | $300.9M | $34.5M | ||
| Q4 24 | $261.3M | $190.7M | ||
| Q3 24 | $204.4M | $177.7M | ||
| Q2 24 | $99.0M | $154.3M | ||
| Q1 24 | $83.4M | $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 | $643.8M | $389.3M | ||
| Q3 25 | $628.1M | $402.4M | ||
| Q2 25 | $612.3M | $401.3M | ||
| Q1 25 | $648.4M | $415.3M | ||
| Q4 24 | $639.7M | $421.1M | ||
| Q3 24 | $628.9M | $417.6M | ||
| Q2 24 | $614.6M | $397.2M | ||
| Q1 24 | $609.3M | $375.5M |
| Q4 25 | $4.5B | $530.2M | ||
| Q3 25 | $4.4B | $541.2M | ||
| Q2 25 | $4.4B | $533.7M | ||
| Q1 25 | $4.5B | $562.5M | ||
| Q4 24 | $4.5B | $725.8M | ||
| Q3 24 | $4.3B | $709.8M | ||
| Q2 24 | $4.1B | $697.0M | ||
| Q1 24 | $4.1B | $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 | $62.5M | $5.7M |
| Free Cash FlowOCF − Capex | $51.0M | — |
| FCF MarginFCF / Revenue | 113.6% | — |
| Capex IntensityCapex / Revenue | 25.5% | — |
| Cash ConversionOCF / Net Profit | 3.40× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.5M | $5.7M | ||
| Q3 25 | $15.5M | $53.4M | ||
| Q2 25 | $11.9M | $11.1M | ||
| Q1 25 | $6.2M | $3.9M | ||
| Q4 24 | $65.8M | $30.6M | ||
| Q3 24 | $18.8M | $31.4M | ||
| Q2 24 | $14.9M | $39.1M | ||
| Q1 24 | $1.3M | $50.6M |
| Q4 25 | $51.0M | — | ||
| Q3 25 | $12.5M | — | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $4.0M | $-11.6M | ||
| Q4 24 | $58.6M | — | ||
| Q3 24 | $16.9M | — | ||
| Q2 24 | $13.7M | — | ||
| Q1 24 | $551.0K | — |
| Q4 25 | 113.6% | — | ||
| Q3 25 | 28.2% | — | ||
| Q2 25 | 19.8% | — | ||
| Q1 25 | 9.3% | -21.1% | ||
| Q4 24 | 146.3% | — | ||
| Q3 24 | 41.5% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | 25.5% | — | ||
| Q3 25 | 6.7% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 5.0% | 28.2% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | 3.40× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 3.75× | 2.44× | ||
| Q3 24 | 1.13× | 1.57× | ||
| Q2 24 | 0.93× | 2.13× | ||
| Q1 24 | 0.09× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFC
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
