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Side-by-side financial comparison of Safehold Inc. (SAFE) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $73.5M, roughly 1.3× Target Hospitality Corp.). Safehold Inc. runs the higher net margin — 28.5% vs -20.3%, a 48.8% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 6.5%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs 0.7%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
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.
SAFE vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $73.5M |
| Net Profit | $27.9M | $-14.9M |
| Gross Margin | 98.6% | 9.6% |
| Operating Margin | 27.4% | -22.9% |
| Net Margin | 28.5% | -20.3% |
| Revenue YoY | 6.5% | 22.0% |
| Net Profit YoY | 7.1% | -219.1% |
| EPS (diluted) | $0.38 | $-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 | $97.9M | $73.5M | ||
| Q3 25 | $96.2M | $91.6M | ||
| Q2 25 | $93.8M | $54.9M | ||
| Q1 25 | $97.7M | $54.9M | ||
| Q4 24 | $91.9M | $60.2M | ||
| Q3 24 | $90.7M | $65.8M | ||
| Q2 24 | $89.9M | $67.5M | ||
| Q1 24 | $93.2M | $72.4M |
| Q4 25 | $27.9M | $-14.9M | ||
| Q3 25 | $29.3M | $-795.0K | ||
| Q2 25 | $27.9M | $-14.9M | ||
| Q1 25 | $29.4M | $-6.5M | ||
| Q4 24 | $26.0M | $12.5M | ||
| Q3 24 | $19.3M | $20.0M | ||
| Q2 24 | $29.7M | $18.4M | ||
| Q1 24 | $30.7M | $20.4M |
| Q4 25 | 98.6% | 9.6% | ||
| Q3 25 | 98.5% | 19.6% | ||
| Q2 25 | 99.1% | -0.6% | ||
| Q1 25 | 98.8% | 32.7% | ||
| Q4 24 | 98.8% | 61.5% | ||
| Q3 24 | 98.8% | 68.7% | ||
| Q2 24 | 98.8% | 69.4% | ||
| Q1 24 | 98.8% | 67.8% |
| Q4 25 | 27.4% | -22.9% | ||
| Q3 25 | 25.9% | 0.1% | ||
| Q2 25 | 25.5% | -30.8% | ||
| Q1 25 | 25.9% | -2.0% | ||
| Q4 24 | 24.6% | 34.5% | ||
| Q3 24 | 17.5% | 42.5% | ||
| Q2 24 | 26.7% | 43.8% | ||
| Q1 24 | 26.4% | 42.0% |
| Q4 25 | 28.5% | -20.3% | ||
| Q3 25 | 30.5% | -0.9% | ||
| Q2 25 | 29.8% | -27.2% | ||
| Q1 25 | 30.1% | -11.8% | ||
| Q4 24 | 28.3% | 20.8% | ||
| Q3 24 | 21.3% | 30.4% | ||
| Q2 24 | 33.0% | 27.2% | ||
| Q1 24 | 33.0% | 28.2% |
| Q4 25 | $0.38 | $-0.14 | ||
| Q3 25 | $0.41 | $-0.01 | ||
| Q2 25 | $0.39 | $-0.15 | ||
| Q1 25 | $0.41 | $-0.07 | ||
| Q4 24 | $0.36 | $0.12 | ||
| Q3 24 | $0.27 | $0.20 | ||
| Q2 24 | $0.42 | $0.18 | ||
| Q1 24 | $0.43 | $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 | $21.7M | $8.3M |
| Total DebtLower is stronger | $4.6B | $1.7M |
| Stockholders' EquityBook value | $2.4B | $389.3M |
| Total Assets | $7.2B | $530.2M |
| Debt / EquityLower = less leverage | 1.90× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $8.3M | ||
| Q3 25 | $12.1M | $30.4M | ||
| Q2 25 | $13.9M | $19.2M | ||
| Q1 25 | $17.3M | $34.5M | ||
| Q4 24 | $8.3M | $190.7M | ||
| Q3 24 | $15.6M | $177.7M | ||
| Q2 24 | $13.4M | $154.3M | ||
| Q1 24 | $11.3M | $124.3M |
| Q4 25 | $4.6B | $1.7M | ||
| Q3 25 | $4.5B | $2.0M | ||
| Q2 25 | $4.4B | $26.3M | ||
| Q1 25 | $4.3B | $42.9M | ||
| Q4 24 | $4.3B | $1.5M | ||
| Q3 24 | $4.3B | $994.0K | ||
| Q2 24 | $4.2B | $1.1M | ||
| Q1 24 | $4.1B | $179.9M |
| Q4 25 | $2.4B | $389.3M | ||
| Q3 25 | $2.4B | $402.4M | ||
| Q2 25 | $2.4B | $401.3M | ||
| Q1 25 | $2.4B | $415.3M | ||
| Q4 24 | $2.3B | $421.1M | ||
| Q3 24 | $2.3B | $417.6M | ||
| Q2 24 | $2.3B | $397.2M | ||
| Q1 24 | $2.3B | $375.5M |
| Q4 25 | $7.2B | $530.2M | ||
| Q3 25 | $7.1B | $541.2M | ||
| Q2 25 | $7.1B | $533.7M | ||
| Q1 25 | $6.9B | $562.5M | ||
| Q4 24 | $6.9B | $725.8M | ||
| Q3 24 | $6.8B | $709.8M | ||
| Q2 24 | $6.8B | $697.0M | ||
| Q1 24 | $6.7B | $687.2M |
| Q4 25 | 1.90× | 0.00× | ||
| Q3 25 | 1.89× | 0.01× | ||
| Q2 25 | 1.87× | 0.07× | ||
| Q1 25 | 1.85× | 0.10× | ||
| Q4 24 | 1.84× | 0.00× | ||
| Q3 24 | 1.88× | 0.00× | ||
| Q2 24 | 1.81× | 0.00× | ||
| Q1 24 | 1.81× | 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 | $47.8M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $5.7M | ||
| Q3 25 | $-1.4M | $53.4M | ||
| Q2 25 | $28.0M | $11.1M | ||
| Q1 25 | $8.9M | $3.9M | ||
| Q4 24 | $37.9M | $30.6M | ||
| Q3 24 | $8.3M | $31.4M | ||
| Q2 24 | $24.8M | $39.1M | ||
| Q1 24 | $-3.1M | $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 | 1.72× | — | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | 2.44× | ||
| Q3 24 | 0.43× | 1.57× | ||
| Q2 24 | 0.83× | 2.13× | ||
| Q1 24 | -0.10× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
