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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $73.5M, roughly 1.8× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -22.8%, a 2.4% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 22.0%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $73.5M |
| Net Profit | $-30.2M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -11.8% | -22.9% |
| Net Margin | -22.8% | -20.3% |
| Revenue YoY | 24.3% | 22.0% |
| Net Profit YoY | -692.2% | -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 | $132.7M | $73.5M | ||
| Q3 25 | $77.5M | $91.6M | ||
| Q2 25 | $105.5M | $54.9M | ||
| Q1 25 | $147.7M | $54.9M | ||
| Q4 24 | $106.8M | $60.2M | ||
| Q3 24 | $72.6M | $65.8M | ||
| Q2 24 | $86.0M | $67.5M | ||
| Q1 24 | $133.4M | $72.4M |
| Q4 25 | $-30.2M | $-14.9M | ||
| Q3 25 | $-14.4M | $-795.0K | ||
| Q2 25 | $-1.4M | $-14.9M | ||
| Q1 25 | $15.3M | $-6.5M | ||
| Q4 24 | $5.1M | $12.5M | ||
| Q3 24 | $-11.1M | $20.0M | ||
| Q2 24 | $-2.8M | $18.4M | ||
| Q1 24 | $11.0M | $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 | -11.8% | -22.9% | ||
| Q3 25 | -10.1% | 0.1% | ||
| Q2 25 | 9.7% | -30.8% | ||
| Q1 25 | 24.2% | -2.0% | ||
| Q4 24 | 19.5% | 34.5% | ||
| Q3 24 | -6.5% | 42.5% | ||
| Q2 24 | 7.4% | 43.8% | ||
| Q1 24 | 18.2% | 42.0% |
| Q4 25 | -22.8% | -20.3% | ||
| Q3 25 | -18.6% | -0.9% | ||
| Q2 25 | -1.3% | -27.2% | ||
| Q1 25 | 10.4% | -11.8% | ||
| Q4 24 | 4.8% | 20.8% | ||
| Q3 24 | -15.3% | 30.4% | ||
| Q2 24 | -3.3% | 27.2% | ||
| Q1 24 | 8.2% | 28.2% |
| Q4 25 | $-0.15 | $-0.14 | ||
| Q3 25 | $-0.07 | $-0.01 | ||
| Q2 25 | $-0.01 | $-0.15 | ||
| Q1 25 | $0.08 | $-0.07 | ||
| Q4 24 | $0.01 | $0.12 | ||
| Q3 24 | $-0.05 | $0.20 | ||
| Q2 24 | $-0.03 | $0.18 | ||
| Q1 24 | $0.00 | $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 | $100.9M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $338.8M | $389.3M |
| Total Assets | $1.2B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $8.3M | ||
| Q3 25 | $95.4M | $30.4M | ||
| Q2 25 | $156.4M | $19.2M | ||
| Q1 25 | $276.8M | $34.5M | ||
| Q4 24 | $194.8M | $190.7M | ||
| Q3 24 | $188.9M | $177.7M | ||
| Q2 24 | $193.2M | $154.3M | ||
| Q1 24 | $186.8M | $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 | $338.8M | $389.3M | ||
| Q3 25 | $369.5M | $402.4M | ||
| Q2 25 | $389.4M | $401.3M | ||
| Q1 25 | $392.1M | $415.3M | ||
| Q4 24 | $385.9M | $421.1M | ||
| Q3 24 | $391.1M | $417.6M | ||
| Q2 24 | $407.6M | $397.2M | ||
| Q1 24 | $-90.7M | $375.5M |
| Q4 25 | $1.2B | $530.2M | ||
| Q3 25 | $1.2B | $541.2M | ||
| Q2 25 | $1.2B | $533.7M | ||
| Q1 25 | $1.2B | $562.5M | ||
| Q4 24 | $1.0B | $725.8M | ||
| Q3 24 | $1.1B | $709.8M | ||
| Q2 24 | $1.1B | $697.0M | ||
| Q1 24 | $1.1B | $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 | $12.3M | $5.7M |
| Free Cash FlowOCF − Capex | $11.7M | — |
| FCF MarginFCF / Revenue | 8.8% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $5.7M | ||
| Q3 25 | $1.8M | $53.4M | ||
| Q2 25 | $15.9M | $11.1M | ||
| Q1 25 | $12.6M | $3.9M | ||
| Q4 24 | $20.6M | $30.6M | ||
| Q3 24 | $9.1M | $31.4M | ||
| Q2 24 | $9.8M | $39.1M | ||
| Q1 24 | $7.3M | $50.6M |
| Q4 25 | $11.7M | — | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $15.8M | — | ||
| Q1 25 | $12.4M | $-11.6M | ||
| Q4 24 | $19.9M | — | ||
| Q3 24 | $9.0M | — | ||
| Q2 24 | $9.6M | — | ||
| Q1 24 | $7.0M | — |
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 8.4% | -21.1% | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | 28.2% | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | 0.66× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
