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Side-by-side financial comparison of Inspirato Inc (ISPO) 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 $55.5M, roughly 1.3× Inspirato Inc). Inspirato Inc runs the higher net margin — -8.1% vs -20.3%, a 12.2% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -19.6%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -11.4%).
Inspirato Inc is a luxury travel and hospitality subscription service provider catering primarily to high-net-worth consumers across North America. It offers curated premium villa rentals, exclusive resort access, customized trip planning, and corporate travel incentive solutions for enterprise 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.
ISPO vs TH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $73.5M |
| Net Profit | $-4.5M | $-14.9M |
| Gross Margin | 31.4% | 9.6% |
| Operating Margin | -8.0% | -22.9% |
| Net Margin | -8.1% | -20.3% |
| Revenue YoY | -19.6% | 22.0% |
| Net Profit YoY | -204.4% | -219.1% |
| EPS (diluted) | $-0.36 | $-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 | — | $73.5M | ||
| Q3 25 | $55.5M | $91.6M | ||
| Q2 25 | $63.1M | $54.9M | ||
| Q1 25 | $65.9M | $54.9M | ||
| Q4 24 | $63.1M | $60.2M | ||
| Q3 24 | $69.1M | $65.8M | ||
| Q2 24 | $67.4M | $67.5M | ||
| Q1 24 | $80.2M | $72.4M |
| Q4 25 | — | $-14.9M | ||
| Q3 25 | $-4.5M | $-795.0K | ||
| Q2 25 | $-5.3M | $-14.9M | ||
| Q1 25 | $1.6M | $-6.5M | ||
| Q4 24 | $-2.3M | $12.5M | ||
| Q3 24 | $4.3M | $20.0M | ||
| Q2 24 | $-8.7M | $18.4M | ||
| Q1 24 | $1.3M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | 31.4% | 19.6% | ||
| Q2 25 | 27.5% | -0.6% | ||
| Q1 25 | 38.8% | 32.7% | ||
| Q4 24 | 34.7% | 61.5% | ||
| Q3 24 | 71.5% | 68.7% | ||
| Q2 24 | 24.0% | 69.4% | ||
| Q1 24 | 39.5% | 67.8% |
| Q4 25 | — | -22.9% | ||
| Q3 25 | -8.0% | 0.1% | ||
| Q2 25 | -8.3% | -30.8% | ||
| Q1 25 | 2.5% | -2.0% | ||
| Q4 24 | -3.2% | 34.5% | ||
| Q3 24 | 9.8% | 42.5% | ||
| Q2 24 | -22.8% | 43.8% | ||
| Q1 24 | 3.0% | 42.0% |
| Q4 25 | — | -20.3% | ||
| Q3 25 | -8.1% | -0.9% | ||
| Q2 25 | -8.4% | -27.2% | ||
| Q1 25 | 2.5% | -11.8% | ||
| Q4 24 | -3.6% | 20.8% | ||
| Q3 24 | 6.3% | 30.4% | ||
| Q2 24 | -12.9% | 27.2% | ||
| Q1 24 | 1.6% | 28.2% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $-0.36 | $-0.01 | ||
| Q2 25 | $-0.42 | $-0.15 | ||
| Q1 25 | $0.12 | $-0.07 | ||
| Q4 24 | $0.98 | $0.12 | ||
| Q3 24 | $0.62 | $0.20 | ||
| Q2 24 | $-2.33 | $0.18 | ||
| Q1 24 | $-0.18 | $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 | $13.7M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $-134.0M | $389.3M |
| Total Assets | $228.3M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.3M | ||
| Q3 25 | $13.7M | $30.4M | ||
| Q2 25 | $16.7M | $19.2M | ||
| Q1 25 | $16.4M | $34.5M | ||
| Q4 24 | $21.8M | $190.7M | ||
| Q3 24 | $13.5M | $177.7M | ||
| Q2 24 | $18.8M | $154.3M | ||
| Q1 24 | $22.6M | $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 | — | $389.3M | ||
| Q3 25 | $-134.0M | $402.4M | ||
| Q2 25 | $-129.7M | $401.3M | ||
| Q1 25 | $-125.2M | $415.3M | ||
| Q4 24 | $-129.9M | $421.1M | ||
| Q3 24 | $-134.6M | $417.6M | ||
| Q2 24 | $-35.2M | $397.2M | ||
| Q1 24 | $-27.5M | $375.5M |
| Q4 25 | — | $530.2M | ||
| Q3 25 | $228.3M | $541.2M | ||
| Q2 25 | $252.6M | $533.7M | ||
| Q1 25 | $270.1M | $562.5M | ||
| Q4 24 | $273.9M | $725.8M | ||
| Q3 24 | $273.3M | $709.8M | ||
| Q2 24 | $301.7M | $697.0M | ||
| Q1 24 | $313.0M | $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 | $-2.2M | $5.7M |
| Free Cash FlowOCF − Capex | $-3.0M | — |
| FCF MarginFCF / Revenue | -5.4% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-31.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.7M | ||
| Q3 25 | $-2.2M | $53.4M | ||
| Q2 25 | $1.1M | $11.1M | ||
| Q1 25 | $-6.6M | $3.9M | ||
| Q4 24 | $-15.8M | $30.6M | ||
| Q3 24 | $-13.7M | $31.4M | ||
| Q2 24 | $-1.8M | $39.1M | ||
| Q1 24 | $-7.2M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | $-3.0M | — | ||
| Q2 25 | $468.0K | — | ||
| Q1 25 | $-7.5M | $-11.6M | ||
| Q4 24 | $-21.2M | — | ||
| Q3 24 | $-14.8M | — | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-8.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -5.4% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | -11.4% | -21.1% | ||
| Q4 24 | -33.7% | — | ||
| Q3 24 | -21.5% | — | ||
| Q2 24 | -5.5% | — | ||
| Q1 24 | -10.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.3% | 28.2% | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.09× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | -3.16× | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | -5.70× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ISPO
| Residence And Hotel Travel | $25.9M | 47% |
| Subscription | $19.4M | 35% |
| Experiences And Bespoke Travel | $8.0M | 14% |
| Rewards And Other Revenue | $2.3M | 4% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
