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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $73.5M, roughly 1.6× Target Hospitality Corp.). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -20.3%, a 18.8% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 3.1%). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs 0.7%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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.
ILPT vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $73.5M |
| Net Profit | $-1.8M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -22.1% | -22.9% |
| Net Margin | -1.6% | -20.3% |
| Revenue YoY | 3.1% | 22.0% |
| Net Profit YoY | 92.6% | -219.1% |
| EPS (diluted) | $-0.02 | $-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 | $113.9M | $73.5M | ||
| Q3 25 | $110.9M | $91.6M | ||
| Q2 25 | $112.1M | $54.9M | ||
| Q1 25 | $111.9M | $54.9M | ||
| Q4 24 | $110.5M | $60.2M | ||
| Q3 24 | $108.9M | $65.8M | ||
| Q2 24 | $110.6M | $67.5M | ||
| Q1 24 | $112.2M | $72.4M |
| Q4 25 | $-1.8M | $-14.9M | ||
| Q3 25 | $-21.6M | $-795.0K | ||
| Q2 25 | $-21.3M | $-14.9M | ||
| Q1 25 | $-21.5M | $-6.5M | ||
| Q4 24 | $-24.1M | $12.5M | ||
| Q3 24 | $-25.0M | $20.0M | ||
| Q2 24 | $-23.2M | $18.4M | ||
| Q1 24 | $-23.4M | $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 | -22.1% | -22.9% | ||
| Q3 25 | -29.4% | 0.1% | ||
| Q2 25 | -30.8% | -30.8% | ||
| Q1 25 | -26.9% | -2.0% | ||
| Q4 24 | -31.1% | 34.5% | ||
| Q3 24 | -33.5% | 42.5% | ||
| Q2 24 | -32.4% | 43.8% | ||
| Q1 24 | -31.7% | 42.0% |
| Q4 25 | -1.6% | -20.3% | ||
| Q3 25 | -19.4% | -0.9% | ||
| Q2 25 | -19.0% | -27.2% | ||
| Q1 25 | -19.2% | -11.8% | ||
| Q4 24 | -21.8% | 20.8% | ||
| Q3 24 | -22.9% | 30.4% | ||
| Q2 24 | -20.9% | 27.2% | ||
| Q1 24 | -20.9% | 28.2% |
| Q4 25 | $-0.02 | $-0.14 | ||
| Q3 25 | $-0.33 | $-0.01 | ||
| Q2 25 | $-0.32 | $-0.15 | ||
| Q1 25 | $-0.33 | $-0.07 | ||
| Q4 24 | $-0.37 | $0.12 | ||
| Q3 24 | $-0.38 | $0.20 | ||
| Q2 24 | $-0.35 | $0.18 | ||
| Q1 24 | $-0.36 | $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 | $94.8M | $8.3M |
| Total DebtLower is stronger | $4.2B | $1.7M |
| Stockholders' EquityBook value | $489.7M | $389.3M |
| Total Assets | $5.2B | $530.2M |
| Debt / EquityLower = less leverage | 8.56× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $8.3M | ||
| Q3 25 | $83.2M | $30.4M | ||
| Q2 25 | $58.6M | $19.2M | ||
| Q1 25 | $108.0M | $34.5M | ||
| Q4 24 | $131.7M | $190.7M | ||
| Q3 24 | $153.9M | $177.7M | ||
| Q2 24 | $146.2M | $154.3M | ||
| Q1 24 | $128.4M | $124.3M |
| Q4 25 | $4.2B | $1.7M | ||
| Q3 25 | $4.2B | $2.0M | ||
| Q2 25 | $4.2B | $26.3M | ||
| Q1 25 | $4.3B | $42.9M | ||
| Q4 24 | $4.3B | $1.5M | ||
| Q3 24 | $4.3B | $994.0K | ||
| Q2 24 | $4.3B | $1.1M | ||
| Q1 24 | $4.3B | $179.9M |
| Q4 25 | $489.7M | $389.3M | ||
| Q3 25 | $494.1M | $402.4M | ||
| Q2 25 | $519.1M | $401.3M | ||
| Q1 25 | $539.5M | $415.3M | ||
| Q4 24 | $562.0M | $421.1M | ||
| Q3 24 | $585.9M | $417.6M | ||
| Q2 24 | $618.3M | $397.2M | ||
| Q1 24 | $643.2M | $375.5M |
| Q4 25 | $5.2B | $530.2M | ||
| Q3 25 | $5.2B | $541.2M | ||
| Q2 25 | $5.2B | $533.7M | ||
| Q1 25 | $5.4B | $562.5M | ||
| Q4 24 | $5.4B | $725.8M | ||
| Q3 24 | $5.5B | $709.8M | ||
| Q2 24 | $5.5B | $697.0M | ||
| Q1 24 | $5.5B | $687.2M |
| Q4 25 | 8.56× | 0.00× | ||
| Q3 25 | 8.49× | 0.01× | ||
| Q2 25 | 8.09× | 0.07× | ||
| Q1 25 | 7.96× | 0.10× | ||
| Q4 24 | 7.65× | 0.00× | ||
| Q3 24 | 7.35× | 0.00× | ||
| Q2 24 | 6.96× | 0.00× | ||
| Q1 24 | 6.70× | 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 | $60.7M | $5.7M |
| Free Cash FlowOCF − Capex | $42.0M | — |
| FCF MarginFCF / Revenue | 36.9% | — |
| Capex IntensityCapex / Revenue | 16.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $5.7M | ||
| Q3 25 | $22.7M | $53.4M | ||
| Q2 25 | $18.4M | $11.1M | ||
| Q1 25 | $11.4M | $3.9M | ||
| Q4 24 | $2.0M | $30.6M | ||
| Q3 24 | $-3.4M | $31.4M | ||
| Q2 24 | $10.8M | $39.1M | ||
| Q1 24 | $8.0M | $50.6M |
| Q4 25 | $42.0M | — | ||
| Q3 25 | $17.6M | — | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $5.0M | $-11.6M | ||
| Q4 24 | $-3.7M | — | ||
| Q3 24 | $-5.9M | — | ||
| Q2 24 | $9.4M | — | ||
| Q1 24 | $5.9M | — |
| Q4 25 | 36.9% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 4.5% | -21.1% | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | -5.5% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 16.4% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 5.7% | 28.2% | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | — | ||
| 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
ILPT
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
