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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Broadstone Net Lease, Inc. is the larger business by last-quarter revenue ($121.4M vs $73.5M, roughly 1.7× Target Hospitality Corp.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -20.3%, a 58.6% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 11.7%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs 0.7%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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.
BNL vs TH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $73.5M |
| Net Profit | $46.4M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 52.2% | -22.9% |
| Net Margin | 38.2% | -20.3% |
| Revenue YoY | 11.7% | 22.0% |
| Net Profit YoY | — | -219.1% |
| EPS (diluted) | $0.24 | $-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 | $121.4M | — | ||
| Q4 25 | $118.3M | $73.5M | ||
| Q3 25 | $114.2M | $91.6M | ||
| Q2 25 | $113.0M | $54.9M | ||
| Q1 25 | $108.7M | $54.9M | ||
| Q4 24 | $112.1M | $60.2M | ||
| Q3 24 | $108.4M | $65.8M | ||
| Q2 24 | $105.9M | $67.5M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $-14.9M | ||
| Q3 25 | $26.5M | $-795.0K | ||
| Q2 25 | $20.2M | $-14.9M | ||
| Q1 25 | $16.7M | $-6.5M | ||
| Q4 24 | $26.4M | $12.5M | ||
| Q3 24 | $35.6M | $20.0M | ||
| Q2 24 | $35.3M | $18.4M |
| Q1 26 | — | — | ||
| 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 26 | 52.2% | — | ||
| Q4 25 | — | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | — | 34.5% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 43.8% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | -20.3% | ||
| Q3 25 | 23.2% | -0.9% | ||
| Q2 25 | 17.8% | -27.2% | ||
| Q1 25 | 15.4% | -11.8% | ||
| Q4 24 | 23.5% | 20.8% | ||
| Q3 24 | 32.8% | 30.4% | ||
| Q2 24 | 33.4% | 27.2% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $-0.14 | ||
| Q3 25 | $0.14 | $-0.01 | ||
| Q2 25 | $0.10 | $-0.15 | ||
| Q1 25 | $0.09 | $-0.07 | ||
| Q4 24 | $0.13 | $0.12 | ||
| Q3 24 | $0.19 | $0.20 | ||
| Q2 24 | $0.19 | $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 | $20.3M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $3.0B | $389.3M |
| Total Assets | $5.8B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $8.3M | ||
| Q3 25 | $82.0M | $30.4M | ||
| Q2 25 | $20.8M | $19.2M | ||
| Q1 25 | $9.6M | $34.5M | ||
| Q4 24 | $14.8M | $190.7M | ||
| Q3 24 | $9.0M | $177.7M | ||
| Q2 24 | $18.3M | $154.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.7M | ||
| Q3 25 | $2.4B | $2.0M | ||
| Q2 25 | $2.1B | $26.3M | ||
| Q1 25 | $2.0B | $42.9M | ||
| Q4 24 | $1.9B | $1.5M | ||
| Q3 24 | $2.0B | $994.0K | ||
| Q2 24 | $1.9B | $1.1M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $389.3M | ||
| Q3 25 | $2.9B | $402.4M | ||
| Q2 25 | $2.9B | $401.3M | ||
| Q1 25 | $2.9B | $415.3M | ||
| Q4 24 | $3.0B | $421.1M | ||
| Q3 24 | $3.0B | $417.6M | ||
| Q2 24 | $3.1B | $397.2M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $530.2M | ||
| Q3 25 | $5.5B | $541.2M | ||
| Q2 25 | $5.3B | $533.7M | ||
| Q1 25 | $5.2B | $562.5M | ||
| Q4 24 | $5.2B | $725.8M | ||
| Q3 24 | $5.3B | $709.8M | ||
| Q2 24 | $5.3B | $697.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 0.00× | ||
| Q3 25 | 0.82× | 0.01× | ||
| Q2 25 | 0.73× | 0.07× | ||
| Q1 25 | 0.68× | 0.10× | ||
| Q4 24 | 0.64× | 0.00× | ||
| Q3 24 | 0.65× | 0.00× | ||
| Q2 24 | 0.62× | 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 | $299.5M | $5.7M | ||
| Q3 25 | $64.2M | $53.4M | ||
| Q2 25 | $79.3M | $11.1M | ||
| Q1 25 | $71.5M | $3.9M | ||
| Q4 24 | $276.3M | $30.6M | ||
| Q3 24 | $67.3M | $31.4M | ||
| Q2 24 | $74.2M | $39.1M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | — | ||
| Q3 25 | $58.0M | — | ||
| Q2 25 | $76.7M | — | ||
| Q1 25 | $57.1M | $-11.6M | ||
| Q4 24 | $259.5M | — | ||
| Q3 24 | $60.3M | — | ||
| Q2 24 | $74.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 67.9% | — | ||
| Q1 25 | 52.5% | -21.1% | ||
| Q4 24 | 231.4% | — | ||
| Q3 24 | 55.6% | — | ||
| Q2 24 | 69.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | — | ||
| Q3 25 | 5.4% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 13.2% | 28.2% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 0.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 2.44× | ||
| Q3 24 | 1.89× | 1.57× | ||
| Q2 24 | 2.10× | 2.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
