vs
Side-by-side financial comparison of System1, Inc. (SST) 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 $51.9M, roughly 1.4× System1, 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 -31.3%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -21.8%).
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
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.
SST vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $73.5M |
| Net Profit | $-13.5M | $-14.9M |
| Gross Margin | 41.0% | 9.6% |
| Operating Margin | -33.6% | -22.9% |
| Net Margin | -26.0% | -20.3% |
| Revenue YoY | -31.3% | 22.0% |
| Net Profit YoY | 4.8% | -219.1% |
| EPS (diluted) | $-3.58 | $-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 | $51.9M | $73.5M | ||
| Q3 25 | $61.6M | $91.6M | ||
| Q2 25 | $78.1M | $54.9M | ||
| Q1 25 | $74.5M | $54.9M | ||
| Q4 24 | $75.6M | $60.2M | ||
| Q3 24 | $88.8M | $65.8M | ||
| Q2 24 | $94.6M | $67.5M | ||
| Q1 24 | $84.9M | $72.4M |
| Q4 25 | $-13.5M | $-14.9M | ||
| Q3 25 | $-18.5M | $-795.0K | ||
| Q2 25 | $-17.5M | $-14.9M | ||
| Q1 25 | $-15.9M | $-6.5M | ||
| Q4 24 | $-14.2M | $12.5M | ||
| Q3 24 | $-23.6M | $20.0M | ||
| Q2 24 | $-26.4M | $18.4M | ||
| Q1 24 | $-10.5M | $20.4M |
| Q4 25 | 41.0% | 9.6% | ||
| Q3 25 | 36.9% | 19.6% | ||
| Q2 25 | 35.7% | -0.6% | ||
| Q1 25 | 38.2% | 32.7% | ||
| Q4 24 | 42.1% | 61.5% | ||
| Q3 24 | 28.0% | 68.7% | ||
| Q2 24 | 27.6% | 69.4% | ||
| Q1 24 | 21.9% | 67.8% |
| Q4 25 | -33.6% | -22.9% | ||
| Q3 25 | -25.3% | 0.1% | ||
| Q2 25 | -20.4% | -30.8% | ||
| Q1 25 | -17.6% | -2.0% | ||
| Q4 24 | -15.7% | 34.5% | ||
| Q3 24 | -24.6% | 42.5% | ||
| Q2 24 | -30.8% | 43.8% | ||
| Q1 24 | -30.4% | 42.0% |
| Q4 25 | -26.0% | -20.3% | ||
| Q3 25 | -30.1% | -0.9% | ||
| Q2 25 | -22.4% | -27.2% | ||
| Q1 25 | -21.3% | -11.8% | ||
| Q4 24 | -18.7% | 20.8% | ||
| Q3 24 | -26.6% | 30.4% | ||
| Q2 24 | -27.9% | 27.2% | ||
| Q1 24 | -12.4% | 28.2% |
| Q4 25 | $-3.58 | $-0.14 | ||
| Q3 25 | $-2.30 | $-0.01 | ||
| Q2 25 | $-2.23 | $-0.15 | ||
| Q1 25 | $-0.21 | $-0.07 | ||
| Q4 24 | $-3.41 | $0.12 | ||
| Q3 24 | $-3.37 | $0.20 | ||
| Q2 24 | $-3.80 | $0.18 | ||
| Q1 24 | $-0.16 | $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 | $86.9M | $8.3M |
| Total DebtLower is stronger | $305.1M | $1.7M |
| Stockholders' EquityBook value | $30.5M | $389.3M |
| Total Assets | $405.0M | $530.2M |
| Debt / EquityLower = less leverage | 10.01× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $8.3M | ||
| Q3 25 | $54.6M | $30.4M | ||
| Q2 25 | $63.6M | $19.2M | ||
| Q1 25 | $43.9M | $34.5M | ||
| Q4 24 | $63.6M | $190.7M | ||
| Q3 24 | $69.1M | $177.7M | ||
| Q2 24 | $75.7M | $154.3M | ||
| Q1 24 | $69.9M | $124.3M |
| Q4 25 | $305.1M | $1.7M | ||
| Q3 25 | $259.2M | $2.0M | ||
| Q2 25 | $263.3M | $26.3M | ||
| Q1 25 | $267.4M | $42.9M | ||
| Q4 24 | $255.1M | $1.5M | ||
| Q3 24 | $259.2M | $994.0K | ||
| Q2 24 | $263.3M | $1.1M | ||
| Q1 24 | $268.6M | $179.9M |
| Q4 25 | $30.5M | $389.3M | ||
| Q3 25 | $42.7M | $402.4M | ||
| Q2 25 | $58.2M | $401.3M | ||
| Q1 25 | $67.2M | $415.3M | ||
| Q4 24 | $80.3M | $421.1M | ||
| Q3 24 | $90.3M | $417.6M | ||
| Q2 24 | $109.4M | $397.2M | ||
| Q1 24 | $131.7M | $375.5M |
| Q4 25 | $405.0M | $530.2M | ||
| Q3 25 | $385.2M | $541.2M | ||
| Q2 25 | $429.2M | $533.7M | ||
| Q1 25 | $419.2M | $562.5M | ||
| Q4 24 | $459.1M | $725.8M | ||
| Q3 24 | $479.3M | $709.8M | ||
| Q2 24 | $511.3M | $697.0M | ||
| Q1 24 | $521.1M | $687.2M |
| Q4 25 | 10.01× | 0.00× | ||
| Q3 25 | 6.07× | 0.01× | ||
| Q2 25 | 4.53× | 0.07× | ||
| Q1 25 | 3.98× | 0.10× | ||
| Q4 24 | 3.18× | 0.00× | ||
| Q3 24 | 2.87× | 0.00× | ||
| Q2 24 | 2.41× | 0.00× | ||
| Q1 24 | 2.04× | 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 | $-10.6M | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $5.7M | ||
| Q3 25 | $-2.1M | $53.4M | ||
| Q2 25 | $24.5M | $11.1M | ||
| Q1 25 | $-15.9M | $3.9M | ||
| Q4 24 | $772.0K | $30.6M | ||
| Q3 24 | $-5.0K | $31.4M | ||
| Q2 24 | $10.0M | $39.1M | ||
| Q1 24 | $-16.0M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.0M | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-36.0K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.5% | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | 28.2% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| 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
SST
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
