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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) 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 $57.6M, roughly 1.3× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 22.0%).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $73.5M |
| Net Profit | — | $-14.9M |
| Gross Margin | 86.7% | 9.6% |
| Operating Margin | — | -22.9% |
| Net Margin | — | -20.3% |
| Revenue YoY | 94.1% | 22.0% |
| Net Profit YoY | 71.6% | -219.1% |
| EPS (diluted) | — | $-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 | $57.6M | $73.5M | ||
| Q3 25 | $49.5M | $91.6M | ||
| Q2 25 | $39.5M | $54.9M | ||
| Q1 25 | $28.5M | $54.9M | ||
| Q4 24 | $29.7M | $60.2M | ||
| Q3 24 | $16.4M | $65.8M | ||
| Q2 24 | $7.3M | $67.5M | ||
| Q1 24 | — | $72.4M |
| Q4 25 | — | $-14.9M | ||
| Q3 25 | $-30.0M | $-795.0K | ||
| Q2 25 | $-75.8M | $-14.9M | ||
| Q1 25 | $-94.3M | $-6.5M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $-85.6M | $20.0M | ||
| Q2 24 | $-91.4M | $18.4M | ||
| Q1 24 | — | $20.4M |
| Q4 25 | 86.7% | 9.6% | ||
| Q3 25 | 87.5% | 19.6% | ||
| Q2 25 | 87.2% | -0.6% | ||
| Q1 25 | 86.9% | 32.7% | ||
| Q4 24 | 87.1% | 61.5% | ||
| Q3 24 | 85.6% | 68.7% | ||
| Q2 24 | 81.2% | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | — | -22.9% | ||
| Q3 25 | -30.8% | 0.1% | ||
| Q2 25 | -151.7% | -30.8% | ||
| Q1 25 | -276.5% | -2.0% | ||
| Q4 24 | — | 34.5% | ||
| Q3 24 | -433.0% | 42.5% | ||
| Q2 24 | -1055.4% | 43.8% | ||
| Q1 24 | — | 42.0% |
| Q4 25 | — | -20.3% | ||
| Q3 25 | -60.5% | -0.9% | ||
| Q2 25 | -191.9% | -27.2% | ||
| Q1 25 | -330.7% | -11.8% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | -523.3% | 30.4% | ||
| Q2 24 | -1248.6% | 27.2% | ||
| Q1 24 | — | 28.2% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $-0.41 | $-0.01 | ||
| Q2 25 | $-1.05 | $-0.15 | ||
| Q1 25 | $-1.31 | $-0.07 | ||
| Q4 24 | — | $0.12 | ||
| Q3 24 | $-1.32 | $0.20 | ||
| Q2 24 | $-1.56 | $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 | $130.0M | $8.3M |
| Total DebtLower is stronger | $209.1M | $1.7M |
| Stockholders' EquityBook value | $-438.2M | $389.3M |
| Total Assets | $259.1M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $8.3M | ||
| Q3 25 | $135.2M | $30.4M | ||
| Q2 25 | $149.6M | $19.2M | ||
| Q1 25 | $212.3M | $34.5M | ||
| Q4 24 | $297.3M | $190.7M | ||
| Q3 24 | $334.7M | $177.7M | ||
| Q2 24 | $276.2M | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | $209.1M | $1.7M | ||
| Q3 25 | $207.1M | $2.0M | ||
| Q2 25 | $205.1M | $26.3M | ||
| Q1 25 | $203.2M | $42.9M | ||
| Q4 24 | $201.4M | $1.5M | ||
| Q3 24 | $175.7M | $994.0K | ||
| Q2 24 | $174.4M | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $-438.2M | $389.3M | ||
| Q3 25 | $-422.5M | $402.4M | ||
| Q2 25 | $-405.8M | $401.3M | ||
| Q1 25 | $-338.4M | $415.3M | ||
| Q4 24 | $-253.6M | $421.1M | ||
| Q3 24 | $-187.1M | $417.6M | ||
| Q2 24 | $-233.8M | $397.2M | ||
| Q1 24 | — | $375.5M |
| Q4 25 | $259.1M | $530.2M | ||
| Q3 25 | $240.3M | $541.2M | ||
| Q2 25 | $250.2M | $533.7M | ||
| Q1 25 | $294.2M | $562.5M | ||
| Q4 24 | $378.3M | $725.8M | ||
| Q3 24 | $387.0M | $709.8M | ||
| Q2 24 | $319.4M | $697.0M | ||
| Q1 24 | — | $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 | $-166.8M | $5.7M |
| Free Cash FlowOCF − Capex | $-167.0M | — |
| FCF MarginFCF / Revenue | -290.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $5.7M | ||
| Q3 25 | $-14.1M | $53.4M | ||
| Q2 25 | $-62.7M | $11.1M | ||
| Q1 25 | $-84.9M | $3.9M | ||
| Q4 24 | $-266.8M | $30.6M | ||
| Q3 24 | $-63.6M | $31.4M | ||
| Q2 24 | $-70.7M | $39.1M | ||
| Q1 24 | — | $50.6M |
| Q4 25 | $-167.0M | — | ||
| Q3 25 | $-14.1M | — | ||
| Q2 25 | $-62.8M | — | ||
| Q1 25 | $-84.9M | $-11.6M | ||
| Q4 24 | $-266.9M | — | ||
| Q3 24 | $-63.6M | — | ||
| Q2 24 | $-70.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | -290.0% | — | ||
| Q3 25 | -28.6% | — | ||
| Q2 25 | -159.0% | — | ||
| Q1 25 | -297.9% | -21.1% | ||
| Q4 24 | -899.8% | — | ||
| Q3 24 | -389.0% | — | ||
| Q2 24 | -966.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.1% | 28.2% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.6% | — | ||
| 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
PHAT
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
