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Side-by-side financial comparison of Claros Mortgage Trust, Inc. (CMTG) 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 $46.7M, roughly 1.6× Claros Mortgage Trust, Inc.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -468.9%, a 448.6% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -22.4%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -10.9%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
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.
CMTG vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.7M | $73.5M |
| Net Profit | $-219.2M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | — | -22.9% |
| Net Margin | -468.9% | -20.3% |
| Revenue YoY | -22.4% | 22.0% |
| Net Profit YoY | -117.7% | -219.1% |
| EPS (diluted) | $-1.56 | $-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 | $46.7M | $73.5M | ||
| Q3 25 | $46.1M | $91.6M | ||
| Q2 25 | $51.6M | $54.9M | ||
| Q1 25 | $43.4M | $54.9M | ||
| Q4 24 | $60.2M | $60.2M | ||
| Q3 24 | $64.9M | $65.8M | ||
| Q2 24 | $64.5M | $67.5M | ||
| Q1 24 | $58.8M | $72.4M |
| Q4 25 | $-219.2M | $-14.9M | ||
| Q3 25 | $-9.5M | $-795.0K | ||
| Q2 25 | $-181.7M | $-14.9M | ||
| Q1 25 | $-78.6M | $-6.5M | ||
| Q4 24 | $-100.7M | $12.5M | ||
| Q3 24 | $-56.2M | $20.0M | ||
| Q2 24 | $-11.6M | $18.4M | ||
| Q1 24 | $-52.8M | $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 | — | -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 24 | — | 42.0% |
| Q4 25 | -468.9% | -20.3% | ||
| Q3 25 | -20.7% | -0.9% | ||
| Q2 25 | -351.9% | -27.2% | ||
| Q1 25 | -181.3% | -11.8% | ||
| Q4 24 | -167.2% | 20.8% | ||
| Q3 24 | -86.7% | 30.4% | ||
| Q2 24 | -17.9% | 27.2% | ||
| Q1 24 | -89.7% | 28.2% |
| Q4 25 | $-1.56 | $-0.14 | ||
| Q3 25 | $-0.07 | $-0.01 | ||
| Q2 25 | $-1.30 | $-0.15 | ||
| Q1 25 | $-0.56 | $-0.07 | ||
| Q4 24 | $-0.72 | $0.12 | ||
| Q3 24 | $-0.40 | $0.20 | ||
| Q2 24 | $-0.09 | $0.18 | ||
| Q1 24 | $-0.39 | $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 | $173.2M | $8.3M |
| Total DebtLower is stronger | $3.2B | $1.7M |
| Stockholders' EquityBook value | $1.5B | $389.3M |
| Total Assets | $4.7B | $530.2M |
| Debt / EquityLower = less leverage | 2.06× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.2M | $8.3M | ||
| Q3 25 | $339.5M | $30.4M | ||
| Q2 25 | $209.2M | $19.2M | ||
| Q1 25 | $127.8M | $34.5M | ||
| Q4 24 | $99.1M | $190.7M | ||
| Q3 24 | $113.9M | $177.7M | ||
| Q2 24 | $148.2M | $154.3M | ||
| Q1 24 | $232.5M | $124.3M |
| Q4 25 | $3.2B | $1.7M | ||
| Q3 25 | $3.7B | $2.0M | ||
| Q2 25 | $4.0B | $26.3M | ||
| Q1 25 | $4.7B | $42.9M | ||
| Q4 24 | $4.9B | $1.5M | ||
| Q3 24 | $5.1B | $994.0K | ||
| Q2 24 | $5.3B | $1.1M | ||
| Q1 24 | $5.5B | $179.9M |
| Q4 25 | $1.5B | $389.3M | ||
| Q3 25 | $1.7B | $402.4M | ||
| Q2 25 | $1.8B | $401.3M | ||
| Q1 25 | $1.9B | $415.3M | ||
| Q4 24 | $2.0B | $421.1M | ||
| Q3 24 | $2.1B | $417.6M | ||
| Q2 24 | $2.2B | $397.2M | ||
| Q1 24 | $2.2B | $375.5M |
| Q4 25 | $4.7B | $530.2M | ||
| Q3 25 | $5.4B | $541.2M | ||
| Q2 25 | $5.8B | $533.7M | ||
| Q1 25 | $6.7B | $562.5M | ||
| Q4 24 | $7.0B | $725.8M | ||
| Q3 24 | $7.3B | $709.8M | ||
| Q2 24 | $7.6B | $697.0M | ||
| Q1 24 | $7.8B | $687.2M |
| Q4 25 | 2.06× | 0.00× | ||
| Q3 25 | 2.09× | 0.01× | ||
| Q2 25 | 2.29× | 0.07× | ||
| Q1 25 | 2.42× | 0.10× | ||
| Q4 24 | 2.44× | 0.00× | ||
| Q3 24 | 2.44× | 0.00× | ||
| Q2 24 | 2.46× | 0.00× | ||
| Q1 24 | 2.47× | 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 | $-30.5M | $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.
| Q4 25 | $-30.5M | $5.7M | ||
| Q3 25 | $8.8M | $53.4M | ||
| Q2 25 | $-5.8M | $11.1M | ||
| Q1 25 | $-35.8M | $3.9M | ||
| Q4 24 | $84.5M | $30.6M | ||
| Q3 24 | $39.2M | $31.4M | ||
| Q2 24 | $5.5M | $39.1M | ||
| Q1 24 | $21.5M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
