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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
SAUL CENTERS, INC. is the larger business by last-quarter revenue ($75.1M vs $73.5M, roughly 1.0× Target Hospitality Corp.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs -20.3%, a 29.0% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 10.6%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs 0.7%).
Saul Centers, Inc. is a self-administered real estate investment trust (REIT) headquartered in the United States. It primarily owns, operates, and develops high-quality shopping centers, mixed-use properties, and multifamily residential assets, with its core portfolio concentrated in the Washington D.C. metropolitan area and other select high-growth U.S. regional markets.
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.
BFS vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $73.5M |
| Net Profit | $6.5M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 65.4% | -22.9% |
| Net Margin | 8.7% | -20.3% |
| Revenue YoY | 10.6% | 22.0% |
| Net Profit YoY | -19.6% | -219.1% |
| EPS (diluted) | $0.15 | $-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 | $75.1M | $73.5M | ||
| Q3 25 | $72.0M | $91.6M | ||
| Q2 25 | $70.8M | $54.9M | ||
| Q1 25 | $71.9M | $54.9M | ||
| Q4 24 | $67.9M | $60.2M | ||
| Q3 24 | $67.3M | $65.8M | ||
| Q2 24 | $66.9M | $67.5M | ||
| Q1 24 | $66.7M | $72.4M |
| Q4 25 | $6.5M | $-14.9M | ||
| Q3 25 | $10.5M | $-795.0K | ||
| Q2 25 | $10.7M | $-14.9M | ||
| Q1 25 | $9.8M | $-6.5M | ||
| Q4 24 | $8.1M | $12.5M | ||
| Q3 24 | $14.5M | $20.0M | ||
| Q2 24 | $14.4M | $18.4M | ||
| Q1 24 | $13.6M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | 73.6% | 68.7% | ||
| Q2 24 | 74.2% | 69.4% | ||
| Q1 24 | 72.8% | 67.8% |
| Q4 25 | 65.4% | -22.9% | ||
| Q3 25 | 69.1% | 0.1% | ||
| Q2 25 | 68.7% | -30.8% | ||
| Q1 25 | 66.5% | -2.0% | ||
| Q4 24 | 82.9% | 34.5% | ||
| Q3 24 | 72.8% | 42.5% | ||
| Q2 24 | 75.0% | 43.8% | ||
| Q1 24 | 72.4% | 42.0% |
| Q4 25 | 8.7% | -20.3% | ||
| Q3 25 | 14.6% | -0.9% | ||
| Q2 25 | 15.1% | -27.2% | ||
| Q1 25 | 13.6% | -11.8% | ||
| Q4 24 | 11.9% | 20.8% | ||
| Q3 24 | 21.5% | 30.4% | ||
| Q2 24 | 21.6% | 27.2% | ||
| Q1 24 | 20.4% | 28.2% |
| Q4 25 | $0.15 | $-0.14 | ||
| Q3 25 | $0.32 | $-0.01 | ||
| Q2 25 | $0.33 | $-0.15 | ||
| Q1 25 | $0.29 | $-0.07 | ||
| Q4 24 | $0.22 | $0.12 | ||
| Q3 24 | $0.48 | $0.20 | ||
| Q2 24 | $0.48 | $0.18 | ||
| Q1 24 | $0.45 | $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 | $8.7M | $8.3M |
| Total DebtLower is stronger | $468.4M | $1.7M |
| Stockholders' EquityBook value | $307.8M | $389.3M |
| Total Assets | $2.2B | $530.2M |
| Debt / EquityLower = less leverage | 1.52× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $8.3M | ||
| Q3 25 | $11.8M | $30.4M | ||
| Q2 25 | $5.3M | $19.2M | ||
| Q1 25 | $6.5M | $34.5M | ||
| Q4 24 | $10.3M | $190.7M | ||
| Q3 24 | $7.2M | $177.7M | ||
| Q2 24 | $6.9M | $154.3M | ||
| Q1 24 | $7.1M | $124.3M |
| Q4 25 | $468.4M | $1.7M | ||
| Q3 25 | $1.6B | $2.0M | ||
| Q2 25 | $1.6B | $26.3M | ||
| Q1 25 | $1.5B | $42.9M | ||
| Q4 24 | $455.8M | $1.5M | ||
| Q3 24 | $1.5B | $994.0K | ||
| Q2 24 | $1.4B | $1.1M | ||
| Q1 24 | $1.4B | $179.9M |
| Q4 25 | $307.8M | $389.3M | ||
| Q3 25 | $316.6M | $402.4M | ||
| Q2 25 | $322.4M | $401.3M | ||
| Q1 25 | $328.4M | $415.3M | ||
| Q4 24 | $335.8M | $421.1M | ||
| Q3 24 | $341.8M | $417.6M | ||
| Q2 24 | $345.7M | $397.2M | ||
| Q1 24 | $347.1M | $375.5M |
| Q4 25 | $2.2B | $530.2M | ||
| Q3 25 | $2.2B | $541.2M | ||
| Q2 25 | $2.1B | $533.7M | ||
| Q1 25 | $2.1B | $562.5M | ||
| Q4 24 | $2.1B | $725.8M | ||
| Q3 24 | $2.1B | $709.8M | ||
| Q2 24 | $2.1B | $697.0M | ||
| Q1 24 | $2.0B | $687.2M |
| Q4 25 | 1.52× | 0.00× | ||
| Q3 25 | 5.02× | 0.01× | ||
| Q2 25 | 4.85× | 0.07× | ||
| Q1 25 | 4.70× | 0.10× | ||
| Q4 24 | 1.36× | 0.00× | ||
| Q3 24 | 4.37× | 0.00× | ||
| Q2 24 | 4.17× | 0.00× | ||
| Q1 24 | 4.06× | 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 | $99.8M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 15.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $5.7M | ||
| Q3 25 | $20.6M | $53.4M | ||
| Q2 25 | $26.6M | $11.1M | ||
| Q1 25 | $30.4M | $3.9M | ||
| Q4 24 | $121.2M | $30.6M | ||
| Q3 24 | $26.5M | $31.4M | ||
| Q2 24 | $32.1M | $39.1M | ||
| Q1 24 | $33.8M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-28.3M | — | ||
| Q2 24 | $-12.5M | — | ||
| Q1 24 | $-11.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | -42.1% | — | ||
| Q2 24 | -18.7% | — | ||
| Q1 24 | -17.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 81.5% | — | ||
| Q2 24 | 66.7% | — | ||
| Q1 24 | 68.3% | — |
| Q4 25 | 15.35× | — | ||
| Q3 25 | 1.97× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 3.10× | — | ||
| Q4 24 | 14.98× | 2.44× | ||
| Q3 24 | 1.83× | 1.57× | ||
| Q2 24 | 2.22× | 2.13× | ||
| Q1 24 | 2.48× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFS
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
