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Side-by-side financial comparison of HORIZON BANCORP INC (HBNC) 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 $63.5M, roughly 1.2× HORIZON BANCORP INC). HORIZON BANCORP INC runs the higher net margin — 42.4% vs -20.3%, a 62.8% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 19.5%). Over the past eight quarters, HORIZON BANCORP INC's revenue compounded faster (9.2% CAGR vs 0.7%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
HBNC vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $63.5M | $73.5M |
| Net Profit | $26.9M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 51.5% | -22.9% |
| Net Margin | 42.4% | -20.3% |
| Revenue YoY | 19.5% | 22.0% |
| Net Profit YoY | 347.4% | -219.1% |
| EPS (diluted) | $0.44 | $-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 | $63.5M | $73.5M | ||
| Q3 25 | $58.4M | $91.6M | ||
| Q2 25 | $66.3M | $54.9M | ||
| Q1 25 | $68.8M | $54.9M | ||
| Q4 24 | $53.1M | $60.2M | ||
| Q3 24 | $58.4M | $65.8M | ||
| Q2 24 | $55.8M | $67.5M | ||
| Q1 24 | $53.2M | $72.4M |
| Q4 25 | $26.9M | $-14.9M | ||
| Q3 25 | $-222.0M | $-795.0K | ||
| Q2 25 | $20.6M | $-14.9M | ||
| Q1 25 | $23.9M | $-6.5M | ||
| Q4 24 | $-10.9M | $12.5M | ||
| Q3 24 | $18.2M | $20.0M | ||
| Q2 24 | $14.1M | $18.4M | ||
| Q1 24 | $14.0M | $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 | 51.5% | -22.9% | ||
| Q3 25 | -490.4% | 0.1% | ||
| Q2 25 | 36.8% | -30.8% | ||
| Q1 25 | 40.8% | -2.0% | ||
| Q4 24 | -41.3% | 34.5% | ||
| Q3 24 | 31.0% | 42.5% | ||
| Q2 24 | 28.5% | 43.8% | ||
| Q1 24 | 28.8% | 42.0% |
| Q4 25 | 42.4% | -20.3% | ||
| Q3 25 | -380.2% | -0.9% | ||
| Q2 25 | 31.1% | -27.2% | ||
| Q1 25 | 34.8% | -11.8% | ||
| Q4 24 | -20.5% | 20.8% | ||
| Q3 24 | 31.1% | 30.4% | ||
| Q2 24 | 25.4% | 27.2% | ||
| Q1 24 | 26.3% | 28.2% |
| Q4 25 | $0.44 | $-0.14 | ||
| Q3 25 | $-4.69 | $-0.01 | ||
| Q2 25 | $0.47 | $-0.15 | ||
| Q1 25 | $0.54 | $-0.07 | ||
| Q4 24 | $-0.25 | $0.12 | ||
| Q3 24 | $0.41 | $0.20 | ||
| Q2 24 | $0.32 | $0.18 | ||
| Q1 24 | $0.32 | $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 | $139.5M | $8.3M |
| Total DebtLower is stronger | $248.6M | $1.7M |
| Stockholders' EquityBook value | $688.3M | $389.3M |
| Total Assets | $6.4B | $530.2M |
| Debt / EquityLower = less leverage | 0.36× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.5M | $8.3M | ||
| Q3 25 | $458.3M | $30.4M | ||
| Q2 25 | $137.9M | $19.2M | ||
| Q1 25 | $169.7M | $34.5M | ||
| Q4 24 | $293.4M | $190.7M | ||
| Q3 24 | $234.8M | $177.7M | ||
| Q2 24 | $146.1M | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | $248.6M | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | $1.2B | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $688.3M | $389.3M | ||
| Q3 25 | $660.8M | $402.4M | ||
| Q2 25 | $790.9M | $401.3M | ||
| Q1 25 | $776.1M | $415.3M | ||
| Q4 24 | $763.6M | $421.1M | ||
| Q3 24 | $754.8M | $417.6M | ||
| Q2 24 | $726.7M | $397.2M | ||
| Q1 24 | $721.3M | $375.5M |
| Q4 25 | $6.4B | $530.2M | ||
| Q3 25 | $6.7B | $541.2M | ||
| Q2 25 | $7.7B | $533.7M | ||
| Q1 25 | $7.6B | $562.5M | ||
| Q4 24 | $7.8B | $725.8M | ||
| Q3 24 | $7.9B | $709.8M | ||
| Q2 24 | $7.9B | $697.0M | ||
| Q1 24 | $7.9B | $687.2M |
| Q4 25 | 0.36× | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | 1.61× | 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 | $79.2M | $5.7M |
| Free Cash FlowOCF − Capex | $74.3M | — |
| FCF MarginFCF / Revenue | 117.0% | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 2.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $115.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $79.2M | $5.7M | ||
| Q3 25 | $10.9M | $53.4M | ||
| Q2 25 | $19.5M | $11.1M | ||
| Q1 25 | $15.2M | $3.9M | ||
| Q4 24 | $6.4M | $30.6M | ||
| Q3 24 | $32.3M | $31.4M | ||
| Q2 24 | $15.9M | $39.1M | ||
| Q1 24 | $6.5M | $50.6M |
| Q4 25 | $74.3M | — | ||
| Q3 25 | $9.4M | — | ||
| Q2 25 | $18.1M | — | ||
| Q1 25 | $14.1M | $-11.6M | ||
| Q4 24 | $1.3M | — | ||
| Q3 24 | $31.0M | — | ||
| Q2 24 | $15.1M | — | ||
| Q1 24 | $5.4M | — |
| Q4 25 | 117.0% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 27.3% | — | ||
| Q1 25 | 20.5% | -21.1% | ||
| Q4 24 | 2.4% | — | ||
| Q3 24 | 53.1% | — | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 10.1% | — |
| Q4 25 | 7.8% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 1.6% | 28.2% | ||
| Q4 24 | 9.6% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 2.94× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 1.78× | 1.57× | ||
| Q2 24 | 1.13× | 2.13× | ||
| Q1 24 | 0.47× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HBNC
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
