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Side-by-side financial comparison of JBG SMITH Properties (JBGS) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $73.5M, roughly 1.7× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -35.7%, a 15.4% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -2.5%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -6.3%).
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
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.
JBGS vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $73.5M |
| Net Profit | $-45.5M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -47.5% | -22.9% |
| Net Margin | -35.7% | -20.3% |
| Revenue YoY | -2.5% | 22.0% |
| Net Profit YoY | 24.0% | -219.1% |
| EPS (diluted) | $-0.76 | $-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 | $127.6M | $73.5M | ||
| Q3 25 | $123.9M | $91.6M | ||
| Q2 25 | $126.5M | $54.9M | ||
| Q1 25 | $120.7M | $54.9M | ||
| Q4 24 | $130.8M | $60.2M | ||
| Q3 24 | $136.0M | $65.8M | ||
| Q2 24 | $135.3M | $67.5M | ||
| Q1 24 | $145.2M | $72.4M |
| Q4 25 | $-45.5M | $-14.9M | ||
| Q3 25 | $-28.6M | $-795.0K | ||
| Q2 25 | $-19.2M | $-14.9M | ||
| Q1 25 | $-45.7M | $-6.5M | ||
| Q4 24 | $-59.9M | $12.5M | ||
| Q3 24 | $-27.0M | $20.0M | ||
| Q2 24 | $-24.4M | $18.4M | ||
| Q1 24 | $-32.3M | $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 | -47.5% | -22.9% | ||
| Q3 25 | -27.5% | 0.1% | ||
| Q2 25 | -18.4% | -30.8% | ||
| Q1 25 | -44.7% | -2.0% | ||
| Q4 24 | -53.6% | 34.5% | ||
| Q3 24 | -22.4% | 42.5% | ||
| Q2 24 | -24.3% | 43.8% | ||
| Q1 24 | -30.1% | 42.0% |
| Q4 25 | -35.7% | -20.3% | ||
| Q3 25 | -23.1% | -0.9% | ||
| Q2 25 | -15.2% | -27.2% | ||
| Q1 25 | -37.9% | -11.8% | ||
| Q4 24 | -45.8% | 20.8% | ||
| Q3 24 | -19.8% | 30.4% | ||
| Q2 24 | -18.0% | 27.2% | ||
| Q1 24 | -22.2% | 28.2% |
| Q4 25 | $-0.76 | $-0.14 | ||
| Q3 25 | $-0.48 | $-0.01 | ||
| Q2 25 | $-0.29 | $-0.15 | ||
| Q1 25 | $-0.56 | $-0.07 | ||
| Q4 24 | $-0.70 | $0.12 | ||
| Q3 24 | $-0.32 | $0.20 | ||
| Q2 24 | $-0.27 | $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 | $75.3M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $1.2B | $389.3M |
| Total Assets | $4.4B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.3M | $8.3M | ||
| Q3 25 | $64.4M | $30.4M | ||
| Q2 25 | $61.4M | $19.2M | ||
| Q1 25 | $81.3M | $34.5M | ||
| Q4 24 | $145.8M | $190.7M | ||
| Q3 24 | $137.0M | $177.7M | ||
| Q2 24 | $163.5M | $154.3M | ||
| Q1 24 | $220.5M | $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 | $1.2B | $389.3M | ||
| Q3 25 | $1.2B | $402.4M | ||
| Q2 25 | $1.3B | $401.3M | ||
| Q1 25 | $1.6B | $415.3M | ||
| Q4 24 | $1.8B | $421.1M | ||
| Q3 24 | $1.9B | $417.6M | ||
| Q2 24 | $2.0B | $397.2M | ||
| Q1 24 | $2.1B | $375.5M |
| Q4 25 | $4.4B | $530.2M | ||
| Q3 25 | $4.4B | $541.2M | ||
| Q2 25 | $4.5B | $533.7M | ||
| Q1 25 | $4.7B | $562.5M | ||
| Q4 24 | $5.0B | $725.8M | ||
| Q3 24 | $5.2B | $709.8M | ||
| Q2 24 | $5.3B | $697.0M | ||
| Q1 24 | $5.4B | $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 | $73.3M | $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 | $73.3M | $5.7M | ||
| Q3 25 | $8.9M | $53.4M | ||
| Q2 25 | $18.8M | $11.1M | ||
| Q1 25 | $12.9M | $3.9M | ||
| Q4 24 | $129.4M | $30.6M | ||
| Q3 24 | $26.4M | $31.4M | ||
| Q2 24 | $23.8M | $39.1M | ||
| Q1 24 | $37.0M | $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 | — | — | ||
| 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
JBGS
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
