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Side-by-side financial comparison of Repay Holdings Corp (RPAY) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $73.5M, roughly 1.1× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -178.3%, a 158.0% 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 -1.3%).
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
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.
RPAY vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.6M | $73.5M |
| Net Profit | $-140.1M | $-14.9M |
| Gross Margin | 74.2% | 9.6% |
| Operating Margin | -182.2% | -22.9% |
| Net Margin | -178.3% | -20.3% |
| Revenue YoY | 0.4% | 22.0% |
| Net Profit YoY | -3304.1% | -219.1% |
| EPS (diluted) | $-1.68 | $-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 | $78.6M | $73.5M | ||
| Q3 25 | $77.7M | $91.6M | ||
| Q2 25 | $75.6M | $54.9M | ||
| Q1 25 | $77.3M | $54.9M | ||
| Q4 24 | $78.3M | $60.2M | ||
| Q3 24 | $79.1M | $65.8M | ||
| Q2 24 | $74.9M | $67.5M | ||
| Q1 24 | $80.7M | $72.4M |
| Q4 25 | $-140.1M | $-14.9M | ||
| Q3 25 | $-6.4M | $-795.0K | ||
| Q2 25 | $-102.3M | $-14.9M | ||
| Q1 25 | $-7.9M | $-6.5M | ||
| Q4 24 | $-4.1M | $12.5M | ||
| Q3 24 | $3.2M | $20.0M | ||
| Q2 24 | $-4.1M | $18.4M | ||
| Q1 24 | $-5.2M | $20.4M |
| Q4 25 | 74.2% | 9.6% | ||
| Q3 25 | 74.4% | 19.6% | ||
| Q2 25 | 75.7% | -0.6% | ||
| Q1 25 | 75.9% | 32.7% | ||
| Q4 24 | 76.3% | 61.5% | ||
| Q3 24 | 77.8% | 68.7% | ||
| Q2 24 | 78.2% | 69.4% | ||
| Q1 24 | 76.2% | 67.8% |
| Q4 25 | -182.2% | -22.9% | ||
| Q3 25 | -3.9% | 0.1% | ||
| Q2 25 | -138.7% | -30.8% | ||
| Q1 25 | -4.7% | -2.0% | ||
| Q4 24 | -1.5% | 34.5% | ||
| Q3 24 | -0.9% | 42.5% | ||
| Q2 24 | -4.6% | 43.8% | ||
| Q1 24 | -3.1% | 42.0% |
| Q4 25 | -178.3% | -20.3% | ||
| Q3 25 | -8.3% | -0.9% | ||
| Q2 25 | -135.2% | -27.2% | ||
| Q1 25 | -10.3% | -11.8% | ||
| Q4 24 | -5.3% | 20.8% | ||
| Q3 24 | 4.1% | 30.4% | ||
| Q2 24 | -5.4% | 27.2% | ||
| Q1 24 | -6.5% | 28.2% |
| Q4 25 | $-1.68 | $-0.14 | ||
| Q3 25 | $-0.08 | $-0.01 | ||
| Q2 25 | $-1.15 | $-0.15 | ||
| Q1 25 | $-0.09 | $-0.07 | ||
| Q4 24 | $-0.04 | $0.12 | ||
| Q3 24 | $0.03 | $0.20 | ||
| Q2 24 | $-0.04 | $0.18 | ||
| Q1 24 | $-0.06 | $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 | $115.7M | $8.3M |
| Total DebtLower is stronger | $280.1M | $1.7M |
| Stockholders' EquityBook value | $484.4M | $389.3M |
| Total Assets | $1.2B | $530.2M |
| Debt / EquityLower = less leverage | 0.58× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $115.7M | $8.3M | ||
| Q3 25 | $95.7M | $30.4M | ||
| Q2 25 | $162.6M | $19.2M | ||
| Q1 25 | $165.5M | $34.5M | ||
| Q4 24 | $189.5M | $190.7M | ||
| Q3 24 | $168.7M | $177.7M | ||
| Q2 24 | $147.1M | $154.3M | ||
| Q1 24 | $128.3M | $124.3M |
| Q4 25 | $280.1M | $1.7M | ||
| Q3 25 | $279.5M | $2.0M | ||
| Q2 25 | $279.0M | $26.3M | ||
| Q1 25 | $497.6M | $42.9M | ||
| Q4 24 | $496.8M | $1.5M | ||
| Q3 24 | $496.2M | $994.0K | ||
| Q2 24 | $435.6M | $1.1M | ||
| Q1 24 | $434.9M | $179.9M |
| Q4 25 | $484.4M | $389.3M | ||
| Q3 25 | $616.9M | $402.4M | ||
| Q2 25 | $633.7M | $401.3M | ||
| Q1 25 | $755.7M | $415.3M | ||
| Q4 24 | $761.3M | $421.1M | ||
| Q3 24 | $754.7M | $417.6M | ||
| Q2 24 | $815.4M | $397.2M | ||
| Q1 24 | $813.8M | $375.5M |
| Q4 25 | $1.2B | $530.2M | ||
| Q3 25 | $1.3B | $541.2M | ||
| Q2 25 | $1.4B | $533.7M | ||
| Q1 25 | $1.5B | $562.5M | ||
| Q4 24 | $1.6B | $725.8M | ||
| Q3 24 | $1.6B | $709.8M | ||
| Q2 24 | $1.5B | $697.0M | ||
| Q1 24 | $1.5B | $687.2M |
| Q4 25 | 0.58× | 0.00× | ||
| Q3 25 | 0.45× | 0.01× | ||
| Q2 25 | 0.44× | 0.07× | ||
| Q1 25 | 0.66× | 0.10× | ||
| Q4 24 | 0.65× | 0.00× | ||
| Q3 24 | 0.66× | 0.00× | ||
| Q2 24 | 0.53× | 0.00× | ||
| Q1 24 | 0.53× | 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 | $23.3M | $5.7M |
| Free Cash FlowOCF − Capex | $23.2M | — |
| FCF MarginFCF / Revenue | 29.6% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $90.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $5.7M | ||
| Q3 25 | $32.2M | $53.4M | ||
| Q2 25 | $33.1M | $11.1M | ||
| Q1 25 | $2.5M | $3.9M | ||
| Q4 24 | $34.3M | $30.6M | ||
| Q3 24 | $60.1M | $31.4M | ||
| Q2 24 | $31.0M | $39.1M | ||
| Q1 24 | $24.8M | $50.6M |
| Q4 25 | $23.2M | — | ||
| Q3 25 | $32.1M | — | ||
| Q2 25 | $33.0M | — | ||
| Q1 25 | $2.4M | $-11.6M | ||
| Q4 24 | $34.0M | — | ||
| Q3 24 | $59.8M | — | ||
| Q2 24 | $30.5M | — | ||
| Q1 24 | $24.7M | — |
| Q4 25 | 29.6% | — | ||
| Q3 25 | 41.3% | — | ||
| Q2 25 | 43.6% | — | ||
| Q1 25 | 3.0% | -21.1% | ||
| Q4 24 | 43.5% | — | ||
| Q3 24 | 75.6% | — | ||
| Q2 24 | 40.7% | — | ||
| Q1 24 | 30.6% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.2% | 28.2% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 18.52× | 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
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
