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Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $73.5M, roughly 2.0× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -31.4%, a 11.1% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 0.4%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs 0.0%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
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.
PDM vs TH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.3M | $73.5M |
| Net Profit | $-45.0M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | — | -22.9% |
| Net Margin | -31.4% | -20.3% |
| Revenue YoY | 0.4% | 22.0% |
| Net Profit YoY | -27.9% | -219.1% |
| EPS (diluted) | $-0.10 | $-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.
| Q1 26 | $143.3M | — | ||
| Q4 25 | $142.9M | $73.5M | ||
| Q3 25 | $139.2M | $91.6M | ||
| Q2 25 | $140.3M | $54.9M | ||
| Q1 25 | $142.7M | $54.9M | ||
| Q4 24 | $143.2M | $60.2M | ||
| Q3 24 | $139.3M | $65.8M | ||
| Q2 24 | $143.3M | $67.5M |
| Q1 26 | $-45.0M | — | ||
| Q4 25 | $-43.2M | $-14.9M | ||
| Q3 25 | $-13.5M | $-795.0K | ||
| Q2 25 | $-16.8M | $-14.9M | ||
| Q1 25 | $-10.1M | $-6.5M | ||
| Q4 24 | $-30.0M | $12.5M | ||
| Q3 24 | $-11.5M | $20.0M | ||
| Q2 24 | $-9.8M | $18.4M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | — | 34.5% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 43.8% |
| Q1 26 | -31.4% | — | ||
| Q4 25 | -30.3% | -20.3% | ||
| Q3 25 | -9.7% | -0.9% | ||
| Q2 25 | -12.0% | -27.2% | ||
| Q1 25 | -7.1% | -11.8% | ||
| Q4 24 | -20.9% | 20.8% | ||
| Q3 24 | -8.3% | 30.4% | ||
| Q2 24 | -6.8% | 27.2% |
| Q1 26 | $-0.10 | — | ||
| Q4 25 | $-0.34 | $-0.14 | ||
| Q3 25 | $-0.11 | $-0.01 | ||
| Q2 25 | $-0.14 | $-0.15 | ||
| Q1 25 | $-0.08 | $-0.07 | ||
| Q4 24 | $-0.25 | $0.12 | ||
| Q3 24 | $-0.09 | $0.20 | ||
| Q2 24 | $-0.08 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $1.5B | $389.3M |
| Total Assets | $4.0B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3M | — | ||
| Q4 25 | $731.0K | $8.3M | ||
| Q3 25 | $3.0M | $30.4M | ||
| Q2 25 | $3.3M | $19.2M | ||
| Q1 25 | $2.9M | $34.5M | ||
| Q4 24 | $109.6M | $190.7M | ||
| Q3 24 | $133.6M | $177.7M | ||
| Q2 24 | $138.5M | $154.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $1.7M | ||
| Q3 25 | $2.2B | $2.0M | ||
| Q2 25 | $2.2B | $26.3M | ||
| Q1 25 | $2.2B | $42.9M | ||
| Q4 24 | $2.2B | $1.5M | ||
| Q3 24 | $2.2B | $994.0K | ||
| Q2 24 | $2.2B | $1.1M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $389.3M | ||
| Q3 25 | $1.5B | $402.4M | ||
| Q2 25 | $1.5B | $401.3M | ||
| Q1 25 | $1.6B | $415.3M | ||
| Q4 24 | $1.6B | $421.1M | ||
| Q3 24 | $1.6B | $417.6M | ||
| Q2 24 | $1.7B | $397.2M |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $530.2M | ||
| Q3 25 | $4.0B | $541.2M | ||
| Q2 25 | $4.0B | $533.7M | ||
| Q1 25 | $4.0B | $562.5M | ||
| Q4 24 | $4.1B | $725.8M | ||
| Q3 24 | $4.1B | $709.8M | ||
| Q2 24 | $4.2B | $697.0M |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 0.00× | ||
| Q3 25 | 1.43× | 0.01× | ||
| Q2 25 | 1.41× | 0.07× | ||
| Q1 25 | 1.40× | 0.10× | ||
| Q4 24 | 1.40× | 0.00× | ||
| Q3 24 | 1.36× | 0.00× | ||
| Q2 24 | 1.34× | 0.00× |
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 | — | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 110.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $140.6M | $5.7M | ||
| Q3 25 | $35.8M | $53.4M | ||
| Q2 25 | $50.1M | $11.1M | ||
| Q1 25 | $3.7M | $3.9M | ||
| Q4 24 | $198.1M | $30.6M | ||
| Q3 24 | $42.9M | $31.4M | ||
| Q2 24 | $66.8M | $39.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 110.3% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDM
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
