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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) 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 $40.7M, roughly 1.8× PETMED EXPRESS INC). Target Hospitality Corp. runs the higher net margin — -20.3% vs -26.0%, a 5.6% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -23.3%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -20.9%).
PetMed Express, Inc., also known as PetMeds, is an online pet pharmacy based in the United States. It is publicly traded and sells prescription and non-prescription pet medication.
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.
PETS vs TH — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $73.5M |
| Net Profit | $-10.6M | $-14.9M |
| Gross Margin | 23.3% | 9.6% |
| Operating Margin | -25.7% | -22.9% |
| Net Margin | -26.0% | -20.3% |
| Revenue YoY | -23.3% | 22.0% |
| Net Profit YoY | -1392.6% | -219.1% |
| EPS (diluted) | $-0.50 | $-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 | $40.7M | $73.5M | ||
| Q3 25 | $44.4M | $91.6M | ||
| Q2 25 | $51.2M | $54.9M | ||
| Q1 25 | $50.8M | $54.9M | ||
| Q4 24 | $52.0M | $60.2M | ||
| Q3 24 | $58.0M | $65.8M | ||
| Q2 24 | $66.2M | $67.5M | ||
| Q1 24 | $65.1M | $72.4M |
| Q4 25 | $-10.6M | $-14.9M | ||
| Q3 25 | $-8.5M | $-795.0K | ||
| Q2 25 | $-34.2M | $-14.9M | ||
| Q1 25 | $-11.6M | $-6.5M | ||
| Q4 24 | $-707.0K | $12.5M | ||
| Q3 24 | $2.3M | $20.0M | ||
| Q2 24 | $3.8M | $18.4M | ||
| Q1 24 | $-5.0M | $20.4M |
| Q4 25 | 23.3% | 9.6% | ||
| Q3 25 | 28.0% | 19.6% | ||
| Q2 25 | 28.1% | -0.6% | ||
| Q1 25 | 29.9% | 32.7% | ||
| Q4 24 | 31.0% | 61.5% | ||
| Q3 24 | 32.3% | 68.7% | ||
| Q2 24 | 28.8% | 69.4% | ||
| Q1 24 | 29.3% | 67.8% |
| Q4 25 | -25.7% | -22.9% | ||
| Q3 25 | -18.9% | 0.1% | ||
| Q2 25 | -66.7% | -30.8% | ||
| Q1 25 | -11.9% | -2.0% | ||
| Q4 24 | -0.9% | 34.5% | ||
| Q3 24 | 1.0% | 42.5% | ||
| Q2 24 | 6.6% | 43.8% | ||
| Q1 24 | -5.9% | 42.0% |
| Q4 25 | -26.0% | -20.3% | ||
| Q3 25 | -19.2% | -0.9% | ||
| Q2 25 | -66.7% | -27.2% | ||
| Q1 25 | -22.9% | -11.8% | ||
| Q4 24 | -1.4% | 20.8% | ||
| Q3 24 | 4.0% | 30.4% | ||
| Q2 24 | 5.7% | 27.2% | ||
| Q1 24 | -7.7% | 28.2% |
| Q4 25 | $-0.50 | $-0.14 | ||
| Q3 25 | $-0.41 | $-0.01 | ||
| Q2 25 | $-1.65 | $-0.15 | ||
| Q1 25 | $-0.56 | $-0.07 | ||
| Q4 24 | $-0.03 | $0.12 | ||
| Q3 24 | $0.11 | $0.20 | ||
| Q2 24 | $0.18 | $0.18 | ||
| Q1 24 | $-0.24 | $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 | $26.9M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $32.8M | $389.3M |
| Total Assets | $88.0M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | $8.3M | ||
| Q3 25 | $36.1M | $30.4M | ||
| Q2 25 | $41.1M | $19.2M | ||
| Q1 25 | $54.7M | $34.5M | ||
| Q4 24 | $50.1M | $190.7M | ||
| Q3 24 | $52.0M | $177.7M | ||
| Q2 24 | $46.0M | $154.3M | ||
| Q1 24 | $55.3M | $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 | $32.8M | $389.3M | ||
| Q3 25 | $43.1M | $402.4M | ||
| Q2 25 | $51.5M | $401.3M | ||
| Q1 25 | $85.1M | $415.3M | ||
| Q4 24 | $96.2M | $421.1M | ||
| Q3 24 | $96.4M | $417.6M | ||
| Q2 24 | $93.5M | $397.2M | ||
| Q1 24 | $96.7M | $375.5M |
| Q4 25 | $88.0M | $530.2M | ||
| Q3 25 | $100.3M | $541.2M | ||
| Q2 25 | $109.8M | $533.7M | ||
| Q1 25 | $148.7M | $562.5M | ||
| Q4 24 | $144.8M | $725.8M | ||
| Q3 24 | $146.0M | $709.8M | ||
| Q2 24 | $152.7M | $697.0M | ||
| Q1 24 | $169.9M | $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 | $-9.2M | $5.7M |
| Free Cash FlowOCF − Capex | $-9.2M | — |
| FCF MarginFCF / Revenue | -22.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $5.7M | ||
| Q3 25 | $-2.2M | $53.4M | ||
| Q2 25 | $-12.3M | $11.1M | ||
| Q1 25 | $7.0M | $3.9M | ||
| Q4 24 | $-1.2M | $30.6M | ||
| Q3 24 | $7.4M | $31.4M | ||
| Q2 24 | $-8.5M | $39.1M | ||
| Q1 24 | $7.1M | $50.6M |
| Q4 25 | $-9.2M | — | ||
| Q3 25 | $-4.8M | — | ||
| Q2 25 | $-13.6M | — | ||
| Q1 25 | $4.6M | $-11.6M | ||
| Q4 24 | $-1.9M | — | ||
| Q3 24 | $6.1M | — | ||
| Q2 24 | $-9.2M | — | ||
| Q1 24 | $5.9M | — |
| Q4 25 | -22.7% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | -26.5% | — | ||
| Q1 25 | 9.1% | -21.1% | ||
| Q4 24 | -3.7% | — | ||
| Q3 24 | 10.6% | — | ||
| Q2 24 | -13.9% | — | ||
| Q1 24 | 9.0% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 5.9% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 4.7% | 28.2% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 3.18× | 1.57× | ||
| Q2 24 | -2.27× | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PETS
| Reorder | $34.0M | 84% |
| New Order | $5.0M | 12% |
| Membership Fees | $1.6M | 4% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
