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Side-by-side financial comparison of BRC Inc. (BRCC) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
BRC Inc. is the larger business by last-quarter revenue ($112.7M vs $73.5M, roughly 1.5× Target Hospitality Corp.). BRC Inc. runs the higher net margin — -2.8% vs -20.3%, a 17.5% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 6.5%). Over the past eight quarters, BRC Inc.'s revenue compounded faster (7.0% CAGR vs 0.7%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
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.
BRCC vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $73.5M |
| Net Profit | $-3.2M | $-14.9M |
| Gross Margin | 32.1% | 9.6% |
| Operating Margin | -6.3% | -22.9% |
| Net Margin | -2.8% | -20.3% |
| Revenue YoY | 6.5% | 22.0% |
| Net Profit YoY | -29.3% | -219.1% |
| EPS (diluted) | $-0.02 | $-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 | $112.7M | $73.5M | ||
| Q3 25 | $100.7M | $91.6M | ||
| Q2 25 | $94.8M | $54.9M | ||
| Q1 25 | $90.0M | $54.9M | ||
| Q4 24 | $105.9M | $60.2M | ||
| Q3 24 | $98.2M | $65.8M | ||
| Q2 24 | $89.0M | $67.5M | ||
| Q1 24 | $98.4M | $72.4M |
| Q4 25 | $-3.2M | $-14.9M | ||
| Q3 25 | $-486.0K | $-795.0K | ||
| Q2 25 | $-5.3M | $-14.9M | ||
| Q1 25 | $-2.9M | $-6.5M | ||
| Q4 24 | $-2.5M | $12.5M | ||
| Q3 24 | $-535.0K | $20.0M | ||
| Q2 24 | $-482.0K | $18.4M | ||
| Q1 24 | $548.0K | $20.4M |
| Q4 25 | 32.1% | 9.6% | ||
| Q3 25 | 36.9% | 19.6% | ||
| Q2 25 | 33.9% | -0.6% | ||
| Q1 25 | 36.1% | 32.7% | ||
| Q4 24 | 38.1% | 61.5% | ||
| Q3 24 | 42.1% | 68.7% | ||
| Q2 24 | 41.9% | 69.4% | ||
| Q1 24 | 42.9% | 67.8% |
| Q4 25 | -6.3% | -22.9% | ||
| Q3 25 | 0.5% | 0.1% | ||
| Q2 25 | -13.3% | -30.8% | ||
| Q1 25 | -6.0% | -2.0% | ||
| Q4 24 | -2.1% | 34.5% | ||
| Q3 24 | 1.1% | 42.5% | ||
| Q2 24 | 1.1% | 43.8% | ||
| Q1 24 | 4.0% | 42.0% |
| Q4 25 | -2.8% | -20.3% | ||
| Q3 25 | -0.5% | -0.9% | ||
| Q2 25 | -5.6% | -27.2% | ||
| Q1 25 | -3.2% | -11.8% | ||
| Q4 24 | -2.3% | 20.8% | ||
| Q3 24 | -0.5% | 30.4% | ||
| Q2 24 | -0.5% | 27.2% | ||
| Q1 24 | 0.6% | 28.2% |
| Q4 25 | $-0.02 | $-0.14 | ||
| Q3 25 | $0.00 | $-0.01 | ||
| Q2 25 | $-0.07 | $-0.15 | ||
| Q1 25 | $-0.04 | $-0.07 | ||
| Q4 24 | $-0.03 | $0.12 | ||
| Q3 24 | $-0.01 | $0.20 | ||
| Q2 24 | $-0.01 | $0.18 | ||
| Q1 24 | $0.01 | $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 | $4.3M | $8.3M |
| Total DebtLower is stronger | $34.7M | $1.7M |
| Stockholders' EquityBook value | $45.7M | $389.3M |
| Total Assets | $209.2M | $530.2M |
| Debt / EquityLower = less leverage | 0.76× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | $8.3M | ||
| Q3 25 | $9.5M | $30.4M | ||
| Q2 25 | $4.3M | $19.2M | ||
| Q1 25 | $3.9M | $34.5M | ||
| Q4 24 | $6.8M | $190.7M | ||
| Q3 24 | $7.3M | $177.7M | ||
| Q2 24 | $9.6M | $154.3M | ||
| Q1 24 | $4.0M | $124.3M |
| Q4 25 | $34.7M | $1.7M | ||
| Q3 25 | $35.0M | $2.0M | ||
| Q2 25 | $72.7M | $26.3M | ||
| Q1 25 | $68.8M | $42.9M | ||
| Q4 24 | $65.1M | $1.5M | ||
| Q3 24 | $64.9M | $994.0K | ||
| Q2 24 | $66.5M | $1.1M | ||
| Q1 24 | $61.5M | $179.9M |
| Q4 25 | $45.7M | $389.3M | ||
| Q3 25 | $48.0M | $402.4M | ||
| Q2 25 | $10.1M | $401.3M | ||
| Q1 25 | $11.2M | $415.3M | ||
| Q4 24 | $13.2M | $421.1M | ||
| Q3 24 | $14.5M | $417.6M | ||
| Q2 24 | $14.9M | $397.2M | ||
| Q1 24 | $14.6M | $375.5M |
| Q4 25 | $209.2M | $530.2M | ||
| Q3 25 | $222.4M | $541.2M | ||
| Q2 25 | $225.3M | $533.7M | ||
| Q1 25 | $222.9M | $562.5M | ||
| Q4 24 | $227.4M | $725.8M | ||
| Q3 24 | $233.7M | $709.8M | ||
| Q2 24 | $229.9M | $697.0M | ||
| Q1 24 | $227.2M | $687.2M |
| Q4 25 | 0.76× | 0.00× | ||
| Q3 25 | 0.73× | 0.01× | ||
| Q2 25 | 7.19× | 0.07× | ||
| Q1 25 | 6.15× | 0.10× | ||
| Q4 24 | 4.94× | 0.00× | ||
| Q3 24 | 4.47× | 0.00× | ||
| Q2 24 | 4.46× | 0.00× | ||
| Q1 24 | 4.21× | 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 | $-8.7M | $5.7M |
| Free Cash FlowOCF − Capex | $-9.4M | — |
| FCF MarginFCF / Revenue | -8.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $5.7M | ||
| Q3 25 | $6.4M | $53.4M | ||
| Q2 25 | $-3.3M | $11.1M | ||
| Q1 25 | $-4.1M | $3.9M | ||
| Q4 24 | $2.2M | $30.6M | ||
| Q3 24 | $1.9M | $31.4M | ||
| Q2 24 | $2.3M | $39.1M | ||
| Q1 24 | $4.9M | $50.6M |
| Q4 25 | $-9.4M | — | ||
| Q3 25 | $5.6M | — | ||
| Q2 25 | $-4.3M | — | ||
| Q1 25 | $-5.3M | $-11.6M | ||
| Q4 24 | $504.0K | — | ||
| Q3 24 | $-205.0K | — | ||
| Q2 24 | $147.0K | — | ||
| Q1 24 | $2.2M | — |
| Q4 25 | -8.3% | — | ||
| Q3 25 | 5.5% | — | ||
| Q2 25 | -4.5% | — | ||
| Q1 25 | -5.9% | -21.1% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.3% | 28.2% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 2.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | 8.97× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
