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Side-by-side financial comparison of GLADSTONE COMMERCIAL CORP (GOOD) 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 $43.5M, roughly 1.7× GLADSTONE COMMERCIAL CORP). GLADSTONE COMMERCIAL CORP runs the higher net margin — 12.4% vs -20.3%, a 32.7% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 16.3%). Over the past eight quarters, GLADSTONE COMMERCIAL CORP's revenue compounded faster (10.3% CAGR vs 0.7%).
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
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.
GOOD vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $73.5M |
| Net Profit | $5.4M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | — | -22.9% |
| Net Margin | 12.4% | -20.3% |
| Revenue YoY | 16.3% | 22.0% |
| Net Profit YoY | -25.1% | -219.1% |
| EPS (diluted) | $0.05 | $-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 | $43.5M | $73.5M | ||
| Q3 25 | $40.8M | $91.6M | ||
| Q2 25 | $39.5M | $54.9M | ||
| Q1 25 | $37.5M | $54.9M | ||
| Q4 24 | $37.4M | $60.2M | ||
| Q3 24 | $39.2M | $65.8M | ||
| Q2 24 | $37.1M | $67.5M | ||
| Q1 24 | $35.7M | $72.4M |
| Q4 25 | $5.4M | $-14.9M | ||
| Q3 25 | $4.1M | $-795.0K | ||
| Q2 25 | $4.6M | $-14.9M | ||
| Q1 25 | $5.1M | $-6.5M | ||
| Q4 24 | $7.2M | $12.5M | ||
| Q3 24 | $11.7M | $20.0M | ||
| Q2 24 | $1.6M | $18.4M | ||
| Q1 24 | $3.5M | $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 | 12.4% | -20.3% | ||
| Q3 25 | 10.1% | -0.9% | ||
| Q2 25 | 11.7% | -27.2% | ||
| Q1 25 | 13.7% | -11.8% | ||
| Q4 24 | 19.2% | 20.8% | ||
| Q3 24 | 29.8% | 30.4% | ||
| Q2 24 | 4.3% | 27.2% | ||
| Q1 24 | 9.9% | 28.2% |
| Q4 25 | $0.05 | $-0.14 | ||
| Q3 25 | $0.02 | $-0.01 | ||
| Q2 25 | $0.03 | $-0.15 | ||
| Q1 25 | $0.04 | $-0.07 | ||
| Q4 24 | $0.10 | $0.12 | ||
| Q3 24 | $0.20 | $0.20 | ||
| Q2 24 | $-0.04 | $0.18 | ||
| Q1 24 | $0.01 | $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 | $10.8M | $8.3M |
| Total DebtLower is stronger | $843.5M | $1.7M |
| Stockholders' EquityBook value | $171.8M | $389.3M |
| Total Assets | $1.2B | $530.2M |
| Debt / EquityLower = less leverage | 4.91× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.8M | $8.3M | ||
| Q3 25 | $18.4M | $30.4M | ||
| Q2 25 | $11.7M | $19.2M | ||
| Q1 25 | $10.4M | $34.5M | ||
| Q4 24 | $11.0M | $190.7M | ||
| Q3 24 | $10.5M | $177.7M | ||
| Q2 24 | $10.4M | $154.3M | ||
| Q1 24 | $10.5M | $124.3M |
| Q4 25 | $843.5M | $1.7M | ||
| Q3 25 | $843.3M | $2.0M | ||
| Q2 25 | $794.4M | $26.3M | ||
| Q1 25 | $740.7M | $42.9M | ||
| Q4 24 | $693.4M | $1.5M | ||
| Q3 24 | $692.6M | $994.0K | ||
| Q2 24 | $722.5M | $1.1M | ||
| Q1 24 | $719.4M | $179.9M |
| Q4 25 | $171.8M | $389.3M | ||
| Q3 25 | $184.8M | $402.4M | ||
| Q2 25 | $177.2M | $401.3M | ||
| Q1 25 | $183.2M | $415.3M | ||
| Q4 24 | $171.2M | $421.1M | ||
| Q3 24 | $168.9M | $417.6M | ||
| Q2 24 | $145.7M | $397.2M | ||
| Q1 24 | $147.3M | $375.5M |
| Q4 25 | $1.2B | $530.2M | ||
| Q3 25 | $1.3B | $541.2M | ||
| Q2 25 | $1.2B | $533.7M | ||
| Q1 25 | $1.2B | $562.5M | ||
| Q4 24 | $1.1B | $725.8M | ||
| Q3 24 | $1.1B | $709.8M | ||
| Q2 24 | $1.1B | $697.0M | ||
| Q1 24 | $1.1B | $687.2M |
| Q4 25 | 4.91× | 0.00× | ||
| Q3 25 | 4.56× | 0.01× | ||
| Q2 25 | 4.48× | 0.07× | ||
| Q1 25 | 4.04× | 0.10× | ||
| Q4 24 | 4.05× | 0.00× | ||
| Q3 24 | 4.10× | 0.00× | ||
| Q2 24 | 4.96× | 0.00× | ||
| Q1 24 | 4.88× | 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 | $88.2M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 16.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $88.2M | $5.7M | ||
| Q3 25 | $18.9M | $53.4M | ||
| Q2 25 | $35.8M | $11.1M | ||
| Q1 25 | $17.7M | $3.9M | ||
| Q4 24 | $57.0M | $30.6M | ||
| Q3 24 | $5.5M | $31.4M | ||
| Q2 24 | $13.6M | $39.1M | ||
| Q1 24 | $15.0M | $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 | 16.38× | — | ||
| Q3 25 | 4.57× | — | ||
| Q2 25 | 7.74× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 7.93× | 2.44× | ||
| Q3 24 | 0.47× | 1.57× | ||
| Q2 24 | 8.44× | 2.13× | ||
| Q1 24 | 4.26× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOOD
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
