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Side-by-side financial comparison of MFA FINANCIAL, INC. (MFA) 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× MFA FINANCIAL, INC.). On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 9.2%). Over the past eight quarters, MFA FINANCIAL, INC.'s revenue compounded faster (7.7% CAGR vs 0.7%).
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
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.
MFA vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $73.5M |
| Net Profit | — | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 97.9% | -22.9% |
| Net Margin | — | -20.3% |
| Revenue YoY | 9.2% | 22.0% |
| Net Profit YoY | — | -219.1% |
| EPS (diluted) | $0.43 | $-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 | $55.5M | $73.5M | ||
| Q3 25 | $56.8M | $91.6M | ||
| Q2 25 | $61.3M | $54.9M | ||
| Q1 25 | $57.5M | $54.9M | ||
| Q4 24 | $50.8M | $60.2M | ||
| Q3 24 | $50.6M | $65.8M | ||
| Q2 24 | $53.5M | $67.5M | ||
| Q1 24 | $47.8M | $72.4M |
| Q4 25 | — | $-14.9M | ||
| Q3 25 | $48.1M | $-795.0K | ||
| Q2 25 | $33.2M | $-14.9M | ||
| Q1 25 | $41.2M | $-6.5M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $48.2M | $20.0M | ||
| Q2 24 | $41.9M | $18.4M | ||
| Q1 24 | $23.2M | $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 | 97.9% | -22.9% | ||
| Q3 25 | 84.5% | 0.1% | ||
| Q2 25 | 54.5% | -30.8% | ||
| Q1 25 | 70.0% | -2.0% | ||
| Q4 24 | 6.8% | 34.5% | ||
| Q3 24 | 98.2% | 42.5% | ||
| Q2 24 | 79.1% | 43.8% | ||
| Q1 24 | 50.7% | 42.0% |
| Q4 25 | — | -20.3% | ||
| Q3 25 | 84.7% | -0.9% | ||
| Q2 25 | 54.2% | -27.2% | ||
| Q1 25 | 71.6% | -11.8% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | 95.2% | 30.4% | ||
| Q2 24 | 78.4% | 27.2% | ||
| Q1 24 | 48.5% | 28.2% |
| Q4 25 | $0.43 | $-0.14 | ||
| Q3 25 | $0.35 | $-0.01 | ||
| Q2 25 | $0.21 | $-0.15 | ||
| Q1 25 | $0.31 | $-0.07 | ||
| Q4 24 | $-0.01 | $0.12 | ||
| Q3 24 | $0.37 | $0.20 | ||
| Q2 24 | $0.32 | $0.18 | ||
| Q1 24 | $0.14 | $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 | $213.2M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $1.8B | $389.3M |
| Total Assets | $13.0B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $213.2M | $8.3M | ||
| Q3 25 | $305.2M | $30.4M | ||
| Q2 25 | $275.7M | $19.2M | ||
| Q1 25 | $253.7M | $34.5M | ||
| Q4 24 | $338.9M | $190.7M | ||
| Q3 24 | $305.6M | $177.7M | ||
| Q2 24 | $289.4M | $154.3M | ||
| Q1 24 | $306.3M | $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 | $1.8B | $389.3M | ||
| Q3 25 | $1.8B | $402.4M | ||
| Q2 25 | $1.8B | $401.3M | ||
| Q1 25 | $1.8B | $415.3M | ||
| Q4 24 | $1.8B | $421.1M | ||
| Q3 24 | $1.9B | $417.6M | ||
| Q2 24 | $1.9B | $397.2M | ||
| Q1 24 | $1.9B | $375.5M |
| Q4 25 | $13.0B | $530.2M | ||
| Q3 25 | $12.1B | $541.2M | ||
| Q2 25 | $11.7B | $533.7M | ||
| Q1 25 | $11.5B | $562.5M | ||
| Q4 24 | $11.4B | $725.8M | ||
| Q3 24 | $11.2B | $709.8M | ||
| Q2 24 | $11.1B | $697.0M | ||
| Q1 24 | $10.9B | $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 | $76.2M | $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 | $76.2M | $5.7M | ||
| Q3 25 | $14.7M | $53.4M | ||
| Q2 25 | $38.5M | $11.1M | ||
| Q1 25 | $-14.6M | $3.9M | ||
| Q4 24 | $200.1M | $30.6M | ||
| Q3 24 | $-11.3M | $31.4M | ||
| Q2 24 | $46.5M | $39.1M | ||
| Q1 24 | $53.5M | $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 | 0.31× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | -0.23× | 1.57× | ||
| Q2 24 | 1.11× | 2.13× | ||
| Q1 24 | 2.30× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MFA
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
