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Side-by-side financial comparison of GRAHAM CORP (GHM) 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 $56.7M, roughly 1.3× GRAHAM CORP). GRAHAM CORP runs the higher net margin — 5.0% vs -20.3%, a 25.4% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 20.5%). Over the past eight quarters, GRAHAM CORP's revenue compounded faster (7.5% CAGR vs 0.7%).
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
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.
GHM vs TH — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.7M | $73.5M |
| Net Profit | $2.8M | $-14.9M |
| Gross Margin | 23.8% | 9.6% |
| Operating Margin | 5.5% | -22.9% |
| Net Margin | 5.0% | -20.3% |
| Revenue YoY | 20.5% | 22.0% |
| Net Profit YoY | 79.2% | -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 | $56.7M | $73.5M | ||
| Q3 25 | $66.0M | $91.6M | ||
| Q2 25 | $55.5M | $54.9M | ||
| Q1 25 | $59.3M | $54.9M | ||
| Q4 24 | $47.0M | $60.2M | ||
| Q3 24 | $53.6M | $65.8M | ||
| Q2 24 | $50.0M | $67.5M | ||
| Q1 24 | $49.1M | $72.4M |
| Q4 25 | $2.8M | $-14.9M | ||
| Q3 25 | $3.1M | $-795.0K | ||
| Q2 25 | $4.6M | $-14.9M | ||
| Q1 25 | $4.4M | $-6.5M | ||
| Q4 24 | $1.6M | $12.5M | ||
| Q3 24 | $3.3M | $20.0M | ||
| Q2 24 | $3.0M | $18.4M | ||
| Q1 24 | $1.3M | $20.4M |
| Q4 25 | 23.8% | 9.6% | ||
| Q3 25 | 21.7% | 19.6% | ||
| Q2 25 | 26.5% | -0.6% | ||
| Q1 25 | 27.0% | 32.7% | ||
| Q4 24 | 24.8% | 61.5% | ||
| Q3 24 | 23.9% | 68.7% | ||
| Q2 24 | 24.8% | 69.4% | ||
| Q1 24 | 25.9% | 67.8% |
| Q4 25 | 5.5% | -22.9% | ||
| Q3 25 | 6.5% | 0.1% | ||
| Q2 25 | 8.9% | -30.8% | ||
| Q1 25 | 9.3% | -2.0% | ||
| Q4 24 | 4.7% | 34.5% | ||
| Q3 24 | 7.9% | 42.5% | ||
| Q2 24 | 6.5% | 43.8% | ||
| Q1 24 | 3.1% | 42.0% |
| Q4 25 | 5.0% | -20.3% | ||
| Q3 25 | 4.7% | -0.9% | ||
| Q2 25 | 8.3% | -27.2% | ||
| Q1 25 | 7.4% | -11.8% | ||
| Q4 24 | 3.4% | 20.8% | ||
| Q3 24 | 6.1% | 30.4% | ||
| Q2 24 | 5.9% | 27.2% | ||
| Q1 24 | 2.7% | 28.2% |
| Q4 25 | $0.25 | $-0.14 | ||
| Q3 25 | $0.28 | $-0.01 | ||
| Q2 25 | $0.42 | $-0.15 | ||
| Q1 25 | $0.40 | $-0.07 | ||
| Q4 24 | $0.14 | $0.12 | ||
| Q3 24 | $0.30 | $0.20 | ||
| Q2 24 | $0.27 | $0.18 | ||
| Q1 24 | $0.11 | $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 | $22.3M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $131.3M | $389.3M |
| Total Assets | $292.9M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.3M | $8.3M | ||
| Q3 25 | $20.6M | $30.4M | ||
| Q2 25 | $10.8M | $19.2M | ||
| Q1 25 | $21.6M | $34.5M | ||
| Q4 24 | $30.0M | $190.7M | ||
| Q3 24 | $32.3M | $177.7M | ||
| Q2 24 | $21.6M | $154.3M | ||
| Q1 24 | $16.9M | $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 | $131.3M | $389.3M | ||
| Q3 25 | $127.6M | $402.4M | ||
| Q2 25 | $123.4M | $401.3M | ||
| Q1 25 | $119.6M | $415.3M | ||
| Q4 24 | $114.4M | $421.1M | ||
| Q3 24 | $112.5M | $417.6M | ||
| Q2 24 | $108.2M | $397.2M | ||
| Q1 24 | $105.6M | $375.5M |
| Q4 25 | $292.9M | $530.2M | ||
| Q3 25 | $287.0M | $541.2M | ||
| Q2 25 | $252.3M | $533.7M | ||
| Q1 25 | $264.1M | $562.5M | ||
| Q4 24 | $264.3M | $725.8M | ||
| Q3 24 | $249.5M | $709.8M | ||
| Q2 24 | $244.2M | $697.0M | ||
| Q1 24 | $233.9M | $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 | $4.8M | $5.7M |
| Free Cash FlowOCF − Capex | $2.4M | — |
| FCF MarginFCF / Revenue | 4.3% | — |
| Capex IntensityCapex / Revenue | 4.1% | — |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-6.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.8M | $5.7M | ||
| Q3 25 | $13.6M | $53.4M | ||
| Q2 25 | $-2.3M | $11.1M | ||
| Q1 25 | $-3.6M | $3.9M | ||
| Q4 24 | $5.2M | $30.6M | ||
| Q3 24 | $13.9M | $31.4M | ||
| Q2 24 | $8.7M | $39.1M | ||
| Q1 24 | $8.6M | $50.6M |
| Q4 25 | $2.4M | — | ||
| Q3 25 | $9.4M | — | ||
| Q2 25 | $-9.3M | — | ||
| Q1 25 | $-8.7M | $-11.6M | ||
| Q4 24 | $-2.1M | — | ||
| Q3 24 | $10.4M | — | ||
| Q2 24 | $5.7M | — | ||
| Q1 24 | $4.6M | — |
| Q4 25 | 4.3% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | -16.7% | — | ||
| Q1 25 | -14.7% | -21.1% | ||
| Q4 24 | -4.5% | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 11.5% | — | ||
| Q1 24 | 9.4% | — |
| Q4 25 | 4.1% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 8.7% | 28.2% | ||
| Q4 24 | 15.6% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 6.0% | — | ||
| Q1 24 | 8.2% | — |
| Q4 25 | 1.67× | — | ||
| Q3 25 | 4.40× | — | ||
| Q2 25 | -0.49× | — | ||
| Q1 25 | -0.81× | — | ||
| Q4 24 | 3.29× | 2.44× | ||
| Q3 24 | 4.25× | 1.57× | ||
| Q2 24 | 2.94× | 2.13× | ||
| Q1 24 | 6.45× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
