vs
Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $73.5M, roughly 1.6× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -46.8%, a 26.5% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 13.3%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs 0.7%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $73.5M |
| Net Profit | $-53.8M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -57.4% | -22.9% |
| Net Margin | -46.8% | -20.3% |
| Revenue YoY | 13.3% | 22.0% |
| Net Profit YoY | -176.7% | -219.1% |
| EPS (diluted) | $-0.38 | $-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 | $114.8M | $73.5M | ||
| Q3 25 | $103.1M | $91.6M | ||
| Q2 25 | $85.7M | $54.9M | ||
| Q1 25 | $96.9M | $54.9M | ||
| Q4 24 | $101.3M | $60.2M | ||
| Q3 24 | $82.0M | $65.8M | ||
| Q2 24 | $94.5M | $67.5M | ||
| Q1 24 | $105.8M | $72.4M |
| Q4 25 | $-53.8M | $-14.9M | ||
| Q3 25 | $83.3M | $-795.0K | ||
| Q2 25 | $98.4M | $-14.9M | ||
| Q1 25 | $56.6M | $-6.5M | ||
| Q4 24 | $70.1M | $12.5M | ||
| Q3 24 | $-19.6M | $20.0M | ||
| Q2 24 | $26.5M | $18.4M | ||
| Q1 24 | $123.0M | $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 | -57.4% | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | 84.7% | -2.0% | ||
| Q4 24 | 90.9% | 34.5% | ||
| Q3 24 | -32.1% | 42.5% | ||
| Q2 24 | 39.5% | 43.8% | ||
| Q1 24 | — | 42.0% |
| Q4 25 | -46.8% | -20.3% | ||
| Q3 25 | 80.8% | -0.9% | ||
| Q2 25 | 114.9% | -27.2% | ||
| Q1 25 | 58.4% | -11.8% | ||
| Q4 24 | 69.2% | 20.8% | ||
| Q3 24 | -23.9% | 30.4% | ||
| Q2 24 | 28.1% | 27.2% | ||
| Q1 24 | 116.3% | 28.2% |
| Q4 25 | $-0.38 | $-0.14 | ||
| Q3 25 | $0.61 | $-0.01 | ||
| Q2 25 | $0.74 | $-0.15 | ||
| Q1 25 | $0.44 | $-0.07 | ||
| Q4 24 | $0.58 | $0.12 | ||
| Q3 24 | $-0.17 | $0.20 | ||
| Q2 24 | $0.23 | $0.18 | ||
| Q1 24 | $0.98 | $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 | $110.2M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $2.7B | $389.3M |
| Total Assets | $8.2B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $8.3M | ||
| Q3 25 | $301.8M | $30.4M | ||
| Q2 25 | $86.5M | $19.2M | ||
| Q1 25 | $67.4M | $34.5M | ||
| Q4 24 | $129.8M | $190.7M | ||
| Q3 24 | $44.1M | $177.7M | ||
| Q2 24 | $145.7M | $154.3M | ||
| Q1 24 | $61.4M | $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 | $2.7B | $389.3M | ||
| Q3 25 | $2.7B | $402.4M | ||
| Q2 25 | $2.6B | $401.3M | ||
| Q1 25 | $2.5B | $415.3M | ||
| Q4 24 | $2.4B | $421.1M | ||
| Q3 24 | $2.3B | $417.6M | ||
| Q2 24 | $2.3B | $397.2M | ||
| Q1 24 | $2.3B | $375.5M |
| Q4 25 | $8.2B | $530.2M | ||
| Q3 25 | $8.2B | $541.2M | ||
| Q2 25 | $7.6B | $533.7M | ||
| Q1 25 | $7.5B | $562.5M | ||
| Q4 24 | $7.1B | $725.8M | ||
| Q3 24 | $6.7B | $709.8M | ||
| Q2 24 | $6.7B | $697.0M | ||
| Q1 24 | $6.7B | $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 | $167.3M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $5.7M | ||
| Q3 25 | $-121.8M | $53.4M | ||
| Q2 25 | $79.6M | $11.1M | ||
| Q1 25 | $-37.1M | $3.9M | ||
| Q4 24 | $5.9M | $30.6M | ||
| Q3 24 | $21.9M | $31.4M | ||
| Q2 24 | $-24.8M | $39.1M | ||
| Q1 24 | $20.9M | $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 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | -0.94× | 2.13× | ||
| Q1 24 | 0.17× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
