vs
Side-by-side financial comparison of FLYEXCLUSIVE INC. (FLYX) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
FLYEXCLUSIVE INC. is the larger business by last-quarter revenue ($92.1M vs $73.5M, roughly 1.3× Target Hospitality Corp.). FLYEXCLUSIVE INC. runs the higher net margin — -4.6% vs -20.3%, a 15.7% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 19.8%). Over the past eight quarters, FLYEXCLUSIVE INC.'s revenue compounded faster (21.9% CAGR vs 0.7%).
FLYEXCLUSIVE INC. is a U.S.-headquartered private aviation services provider that offers private jet charter, aircraft management, maintenance repair, and fractional ownership programs. It primarily serves high-net-worth individuals, corporate clients, and government entities across North America, delivering personalized on-demand air travel solutions prioritizing safety and convenience.
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.
FLYX vs TH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $92.1M | $73.5M |
| Net Profit | $-4.3M | $-14.9M |
| Gross Margin | 13.7% | 9.6% |
| Operating Margin | -12.3% | -22.9% |
| Net Margin | -4.6% | -20.3% |
| Revenue YoY | 19.8% | 22.0% |
| Net Profit YoY | 32.0% | -219.1% |
| EPS (diluted) | $-0.25 | $-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 | — | $73.5M | ||
| Q3 25 | $92.1M | $91.6M | ||
| Q2 25 | $91.3M | $54.9M | ||
| Q1 25 | $88.1M | $54.9M | ||
| Q4 24 | — | $60.2M | ||
| Q3 24 | $76.9M | $65.8M | ||
| Q2 24 | $79.0M | $67.5M | ||
| Q1 24 | $80.0M | $72.4M |
| Q4 25 | — | $-14.9M | ||
| Q3 25 | $-4.3M | $-795.0K | ||
| Q2 25 | $-4.8M | $-14.9M | ||
| Q1 25 | $-5.4M | $-6.5M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $-6.3M | $20.0M | ||
| Q2 24 | $-5.2M | $18.4M | ||
| Q1 24 | $-5.8M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | 13.7% | 19.6% | ||
| Q2 25 | 15.0% | -0.6% | ||
| Q1 25 | 12.8% | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | 11.3% | 68.7% | ||
| Q2 24 | 7.9% | 69.4% | ||
| Q1 24 | 7.2% | 67.8% |
| Q4 25 | — | -22.9% | ||
| Q3 25 | -12.3% | 0.1% | ||
| Q2 25 | -13.5% | -30.8% | ||
| Q1 25 | -16.7% | -2.0% | ||
| Q4 24 | — | 34.5% | ||
| Q3 24 | -27.2% | 42.5% | ||
| Q2 24 | -27.6% | 43.8% | ||
| Q1 24 | -34.3% | 42.0% |
| Q4 25 | — | -20.3% | ||
| Q3 25 | -4.6% | -0.9% | ||
| Q2 25 | -5.2% | -27.2% | ||
| Q1 25 | -6.2% | -11.8% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | -8.2% | 30.4% | ||
| Q2 24 | -6.5% | 27.2% | ||
| Q1 24 | -7.3% | 28.2% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $-0.25 | $-0.01 | ||
| Q2 25 | $-0.26 | $-0.15 | ||
| Q1 25 | $-0.30 | $-0.07 | ||
| Q4 24 | — | $0.12 | ||
| Q3 24 | $-0.32 | $0.20 | ||
| Q2 24 | $-0.32 | $0.18 | ||
| Q1 24 | $-0.35 | $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 | $18.7M | $8.3M |
| Total DebtLower is stronger | $123.9M | $1.7M |
| Stockholders' EquityBook value | $-434.2M | $389.3M |
| Total Assets | $448.1M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.3M | ||
| Q3 25 | $18.7M | $30.4M | ||
| Q2 25 | $15.8M | $19.2M | ||
| Q1 25 | $14.7M | $34.5M | ||
| Q4 24 | — | $190.7M | ||
| Q3 24 | $18.7M | $177.7M | ||
| Q2 24 | $9.3M | $154.3M | ||
| Q1 24 | $5.3M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | $123.9M | $2.0M | ||
| Q2 25 | $111.6M | $26.3M | ||
| Q1 25 | $121.6M | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | $197.9M | $994.0K | ||
| Q2 24 | $206.3M | $1.1M | ||
| Q1 24 | $209.4M | $179.9M |
| Q4 25 | — | $389.3M | ||
| Q3 25 | $-434.2M | $402.4M | ||
| Q2 25 | $-261.4M | $401.3M | ||
| Q1 25 | $-281.5M | $415.3M | ||
| Q4 24 | — | $421.1M | ||
| Q3 24 | $-192.0M | $417.6M | ||
| Q2 24 | $-149.7M | $397.2M | ||
| Q1 24 | $-149.5M | $375.5M |
| Q4 25 | — | $530.2M | ||
| Q3 25 | $448.1M | $541.2M | ||
| Q2 25 | $443.4M | $533.7M | ||
| Q1 25 | $466.8M | $562.5M | ||
| Q4 24 | — | $725.8M | ||
| Q3 24 | $487.1M | $709.8M | ||
| Q2 24 | $494.7M | $697.0M | ||
| Q1 24 | $524.1M | $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 | $-209.0K | $5.7M |
| Free Cash FlowOCF − Capex | $-11.0M | — |
| FCF MarginFCF / Revenue | -12.0% | — |
| Capex IntensityCapex / Revenue | 11.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.7M | ||
| Q3 25 | $-209.0K | $53.4M | ||
| Q2 25 | $363.0K | $11.1M | ||
| Q1 25 | $-10.5M | $3.9M | ||
| Q4 24 | — | $30.6M | ||
| Q3 24 | $-12.3M | $31.4M | ||
| Q2 24 | $-16.2M | $39.1M | ||
| Q1 24 | $-26.0M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | $-11.0M | — | ||
| Q2 25 | $353.0K | — | ||
| Q1 25 | $-14.6M | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-25.7M | — | ||
| Q2 24 | $-26.6M | — | ||
| Q1 24 | $-64.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.0% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | -16.5% | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | -33.5% | — | ||
| Q2 24 | -33.7% | — | ||
| Q1 24 | -80.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 4.7% | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.5% | — | ||
| Q2 24 | 13.2% | — | ||
| Q1 24 | 48.2% | — |
| 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
FLYX
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
