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Side-by-side financial comparison of LandBridge Co LLC (LB) 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 $56.8M, roughly 1.3× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 14.2% vs -20.3%, a 34.5% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs 22.0%). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs 0.7%).
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.
LB vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.8M | $73.5M |
| Net Profit | $8.1M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 60.0% | -22.9% |
| Net Margin | 14.2% | -20.3% |
| Revenue YoY | 55.6% | 22.0% |
| Net Profit YoY | -83.7% | -219.1% |
| EPS (diluted) | $0.24 | $-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 | $56.8M | $73.5M | ||
| Q3 25 | $50.8M | $91.6M | ||
| Q2 25 | $47.5M | $54.9M | ||
| Q1 25 | $44.0M | $54.9M | ||
| Q4 24 | $36.5M | $60.2M | ||
| Q3 24 | $28.5M | $65.8M | ||
| Q2 24 | $26.0M | $67.5M | ||
| Q1 24 | $19.0M | $72.4M |
| Q4 25 | $8.1M | $-14.9M | ||
| Q3 25 | $8.1M | $-795.0K | ||
| Q2 25 | $7.5M | $-14.9M | ||
| Q1 25 | $6.5M | $-6.5M | ||
| Q4 24 | $49.3M | $12.5M | ||
| Q3 24 | $2.7M | $20.0M | ||
| Q2 24 | $-57.7M | $18.4M | ||
| Q1 24 | $10.8M | $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 | 60.0% | -22.9% | ||
| Q3 25 | 60.8% | 0.1% | ||
| Q2 25 | 60.0% | -30.8% | ||
| Q1 25 | 57.0% | -2.0% | ||
| Q4 24 | 49.4% | 34.5% | ||
| Q3 24 | 11.2% | 42.5% | ||
| Q2 24 | -197.4% | 43.8% | ||
| Q1 24 | 71.1% | 42.0% |
| Q4 25 | 14.2% | -20.3% | ||
| Q3 25 | 15.9% | -0.9% | ||
| Q2 25 | 15.8% | -27.2% | ||
| Q1 25 | 14.7% | -11.8% | ||
| Q4 24 | 135.2% | 20.8% | ||
| Q3 24 | 9.3% | 30.4% | ||
| Q2 24 | -222.1% | 27.2% | ||
| Q1 24 | 56.7% | 28.2% |
| Q4 25 | $0.24 | $-0.14 | ||
| Q3 25 | $0.26 | $-0.01 | ||
| Q2 25 | $0.24 | $-0.15 | ||
| Q1 25 | $0.20 | $-0.07 | ||
| Q4 24 | — | $0.12 | ||
| Q3 24 | $-0.04 | $0.20 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $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 | $30.7M | $8.3M |
| Total DebtLower is stronger | $570.7M | $1.7M |
| Stockholders' EquityBook value | $340.3M | $389.3M |
| Total Assets | $1.4B | $530.2M |
| Debt / EquityLower = less leverage | 1.68× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.7M | $8.3M | ||
| Q3 25 | $28.3M | $30.4M | ||
| Q2 25 | $20.3M | $19.2M | ||
| Q1 25 | $14.9M | $34.5M | ||
| Q4 24 | $37.0M | $190.7M | ||
| Q3 24 | $14.4M | $177.7M | ||
| Q2 24 | $24.6M | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | $570.7M | $1.7M | ||
| Q3 25 | $366.1M | $2.0M | ||
| Q2 25 | $370.9M | $26.3M | ||
| Q1 25 | $375.5M | $42.9M | ||
| Q4 24 | $385.5M | $1.5M | ||
| Q3 24 | $242.4M | $994.0K | ||
| Q2 24 | $360.8M | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $340.3M | $389.3M | ||
| Q3 25 | $272.0M | $402.4M | ||
| Q2 25 | $266.4M | $401.3M | ||
| Q1 25 | $217.0M | $415.3M | ||
| Q4 24 | $211.8M | $421.1M | ||
| Q3 24 | $97.2M | $417.6M | ||
| Q2 24 | $296.4M | $397.2M | ||
| Q1 24 | $162.3M | $375.5M |
| Q4 25 | $1.4B | $530.2M | ||
| Q3 25 | $1.1B | $541.2M | ||
| Q2 25 | $1.1B | $533.7M | ||
| Q1 25 | $1.0B | $562.5M | ||
| Q4 24 | $1.0B | $725.8M | ||
| Q3 24 | $689.9M | $709.8M | ||
| Q2 24 | $710.5M | $697.0M | ||
| Q1 24 | — | $687.2M |
| Q4 25 | 1.68× | 0.00× | ||
| Q3 25 | 1.35× | 0.01× | ||
| Q2 25 | 1.39× | 0.07× | ||
| Q1 25 | 1.73× | 0.10× | ||
| Q4 24 | 1.82× | 0.00× | ||
| Q3 24 | 2.49× | 0.00× | ||
| Q2 24 | 1.22× | 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 | $126.3M | $5.7M |
| Free Cash FlowOCF − Capex | $122.0M | — |
| FCF MarginFCF / Revenue | 214.9% | — |
| Capex IntensityCapex / Revenue | 7.5% | — |
| Cash ConversionOCF / Net Profit | 15.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $207.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $126.3M | $5.7M | ||
| Q3 25 | $34.9M | $53.4M | ||
| Q2 25 | $37.3M | $11.1M | ||
| Q1 25 | $15.9M | $3.9M | ||
| Q4 24 | $67.6M | $30.6M | ||
| Q3 24 | $7.5M | $31.4M | ||
| Q2 24 | $16.0M | $39.1M | ||
| Q1 24 | $17.2M | $50.6M |
| Q4 25 | $122.0M | — | ||
| Q3 25 | $33.7M | — | ||
| Q2 25 | $36.1M | — | ||
| Q1 25 | $15.8M | $-11.6M | ||
| Q4 24 | $66.7M | — | ||
| Q3 24 | $7.1M | — | ||
| Q2 24 | $15.7M | — | ||
| Q1 24 | $17.1M | — |
| Q4 25 | 214.9% | — | ||
| Q3 25 | 66.3% | — | ||
| Q2 25 | 75.9% | — | ||
| Q1 25 | 36.0% | -21.1% | ||
| Q4 24 | 182.6% | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | 60.4% | — | ||
| Q1 24 | 90.1% | — |
| Q4 25 | 7.5% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 0.2% | 28.2% | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 0.5% | — |
| Q4 25 | 15.68× | — | ||
| Q3 25 | 4.31× | — | ||
| Q2 25 | 4.98× | — | ||
| Q1 25 | 2.46× | — | ||
| Q4 24 | 1.37× | 2.44× | ||
| Q3 24 | 2.80× | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | 1.60× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LB
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
