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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Global Net Lease, Inc. is the larger business by last-quarter revenue ($117.0M vs $73.5M, roughly 1.6× Target Hospitality Corp.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs -20.3%, a 61.5% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -15.1%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
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.
GNL vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $73.5M |
| Net Profit | $48.2M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 94.7% | -22.9% |
| Net Margin | 41.2% | -20.3% |
| Revenue YoY | -15.1% | 22.0% |
| Net Profit YoY | 838.7% | -219.1% |
| EPS (diluted) | $0.14 | $-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 | $117.0M | $73.5M | ||
| Q3 25 | $121.0M | $91.6M | ||
| Q2 25 | $124.9M | $54.9M | ||
| Q1 25 | $132.4M | $54.9M | ||
| Q4 24 | $137.8M | $60.2M | ||
| Q3 24 | $138.7M | $65.8M | ||
| Q2 24 | $145.5M | $67.5M | ||
| Q1 24 | $147.9M | $72.4M |
| Q4 25 | $48.2M | $-14.9M | ||
| Q3 25 | $-60.1M | $-795.0K | ||
| Q2 25 | $-24.1M | $-14.9M | ||
| Q1 25 | $-189.4M | $-6.5M | ||
| Q4 24 | $-6.5M | $12.5M | ||
| Q3 24 | $-65.6M | $20.0M | ||
| Q2 24 | $-35.7M | $18.4M | ||
| Q1 24 | $-23.8M | $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 | 94.7% | -22.9% | ||
| Q3 25 | -11.7% | 0.1% | ||
| Q2 25 | 33.9% | -30.8% | ||
| Q1 25 | -21.1% | -2.0% | ||
| Q4 24 | 40.8% | 34.5% | ||
| Q3 24 | 9.3% | 42.5% | ||
| Q2 24 | 42.6% | 43.8% | ||
| Q1 24 | 38.6% | 42.0% |
| Q4 25 | 41.2% | -20.3% | ||
| Q3 25 | -49.7% | -0.9% | ||
| Q2 25 | -19.3% | -27.2% | ||
| Q1 25 | -143.0% | -11.8% | ||
| Q4 24 | -4.7% | 20.8% | ||
| Q3 24 | -47.3% | 30.4% | ||
| Q2 24 | -24.5% | 27.2% | ||
| Q1 24 | -16.1% | 28.2% |
| Q4 25 | $0.14 | $-0.14 | ||
| Q3 25 | $-0.32 | $-0.01 | ||
| Q2 25 | $-0.16 | $-0.15 | ||
| Q1 25 | $-0.87 | $-0.07 | ||
| Q4 24 | $-0.08 | $0.12 | ||
| Q3 24 | $-0.33 | $0.20 | ||
| Q2 24 | $-0.20 | $0.18 | ||
| Q1 24 | $-0.15 | $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 | $180.1M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $1.7B | $389.3M |
| Total Assets | $4.3B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $180.1M | $8.3M | ||
| Q3 25 | $165.1M | $30.4M | ||
| Q2 25 | $144.8M | $19.2M | ||
| Q1 25 | $147.0M | $34.5M | ||
| Q4 24 | $159.7M | $190.7M | ||
| Q3 24 | $127.2M | $177.7M | ||
| Q2 24 | $122.2M | $154.3M | ||
| Q1 24 | $131.9M | $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 | $1.7B | $389.3M | ||
| Q3 25 | $1.7B | $402.4M | ||
| Q2 25 | $1.8B | $401.3M | ||
| Q1 25 | $1.9B | $415.3M | ||
| Q4 24 | $2.2B | $421.1M | ||
| Q3 24 | $2.3B | $417.6M | ||
| Q2 24 | $2.4B | $397.2M | ||
| Q1 24 | $2.5B | $375.5M |
| Q4 25 | $4.3B | $530.2M | ||
| Q3 25 | $4.8B | $541.2M | ||
| Q2 25 | $5.0B | $533.7M | ||
| Q1 25 | $5.8B | $562.5M | ||
| Q4 24 | $7.0B | $725.8M | ||
| Q3 24 | $7.3B | $709.8M | ||
| Q2 24 | $7.6B | $697.0M | ||
| Q1 24 | $8.0B | $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 | $222.8M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $222.8M | $5.7M | ||
| Q3 25 | $56.0M | $53.4M | ||
| Q2 25 | $52.0M | $11.1M | ||
| Q1 25 | $59.2M | $3.9M | ||
| Q4 24 | $299.5M | $30.6M | ||
| Q3 24 | $62.1M | $31.4M | ||
| Q2 24 | $70.4M | $39.1M | ||
| Q1 24 | $92.2M | $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 | 4.62× | — | ||
| 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
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
