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Side-by-side financial comparison of Latham Group, Inc. (SWIM) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $73.5M, roughly 1.4× Target Hospitality Corp.). Latham Group, Inc. runs the higher net margin — -7.0% vs -20.3%, a 13.3% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 14.5%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% CAGR vs -4.9%).
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
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.
SWIM vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $73.5M |
| Net Profit | $-7.0M | $-14.9M |
| Gross Margin | 28.0% | 9.6% |
| Operating Margin | -10.7% | -22.9% |
| Net Margin | -7.0% | -20.3% |
| Revenue YoY | 14.5% | 22.0% |
| Net Profit YoY | 76.0% | -219.1% |
| EPS (diluted) | $-0.06 | $-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 | $100.0M | $73.5M | ||
| Q3 25 | $161.9M | $91.6M | ||
| Q2 25 | $172.6M | $54.9M | ||
| Q1 25 | $111.4M | $54.9M | ||
| Q4 24 | $87.3M | $60.2M | ||
| Q3 24 | $150.5M | $65.8M | ||
| Q2 24 | $160.1M | $67.5M | ||
| Q1 24 | $110.6M | $72.4M |
| Q4 25 | $-7.0M | $-14.9M | ||
| Q3 25 | $8.1M | $-795.0K | ||
| Q2 25 | $16.0M | $-14.9M | ||
| Q1 25 | $-6.0M | $-6.5M | ||
| Q4 24 | $-29.2M | $12.5M | ||
| Q3 24 | $5.9M | $20.0M | ||
| Q2 24 | $13.3M | $18.4M | ||
| Q1 24 | $-7.9M | $20.4M |
| Q4 25 | 28.0% | 9.6% | ||
| Q3 25 | 35.4% | 19.6% | ||
| Q2 25 | 37.1% | -0.6% | ||
| Q1 25 | 29.5% | 32.7% | ||
| Q4 24 | 24.6% | 61.5% | ||
| Q3 24 | 32.4% | 68.7% | ||
| Q2 24 | 33.1% | 69.4% | ||
| Q1 24 | 27.7% | 67.8% |
| Q4 25 | -10.7% | -22.9% | ||
| Q3 25 | 13.3% | 0.1% | ||
| Q2 25 | 14.3% | -30.8% | ||
| Q1 25 | -4.4% | -2.0% | ||
| Q4 24 | -14.9% | 34.5% | ||
| Q3 24 | 8.9% | 42.5% | ||
| Q2 24 | 12.5% | 43.8% | ||
| Q1 24 | -1.9% | 42.0% |
| Q4 25 | -7.0% | -20.3% | ||
| Q3 25 | 5.0% | -0.9% | ||
| Q2 25 | 9.3% | -27.2% | ||
| Q1 25 | -5.4% | -11.8% | ||
| Q4 24 | -33.4% | 20.8% | ||
| Q3 24 | 3.9% | 30.4% | ||
| Q2 24 | 8.3% | 27.2% | ||
| Q1 24 | -7.1% | 28.2% |
| Q4 25 | $-0.06 | $-0.14 | ||
| Q3 25 | $0.07 | $-0.01 | ||
| Q2 25 | $0.13 | $-0.15 | ||
| Q1 25 | $-0.05 | $-0.07 | ||
| Q4 24 | $-0.24 | $0.12 | ||
| Q3 24 | $0.05 | $0.20 | ||
| Q2 24 | $0.11 | $0.18 | ||
| Q1 24 | $-0.07 | $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 | — | $8.3M |
| Total DebtLower is stronger | $279.8M | $1.7M |
| Stockholders' EquityBook value | $405.9M | $389.3M |
| Total Assets | $823.2M | $530.2M |
| Debt / EquityLower = less leverage | 0.69× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.3M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $19.2M | ||
| Q1 25 | — | $34.5M | ||
| Q4 24 | — | $190.7M | ||
| Q3 24 | — | $177.7M | ||
| Q2 24 | — | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | $279.8M | $1.7M | ||
| Q3 25 | $281.1M | $2.0M | ||
| Q2 25 | $281.5M | $26.3M | ||
| Q1 25 | $306.9M | $42.9M | ||
| Q4 24 | $281.5M | $1.5M | ||
| Q3 24 | $282.8M | $994.0K | ||
| Q2 24 | $282.4M | $1.1M | ||
| Q1 24 | $282.8M | $179.9M |
| Q4 25 | $405.9M | $389.3M | ||
| Q3 25 | $408.4M | $402.4M | ||
| Q2 25 | $398.4M | $401.3M | ||
| Q1 25 | $381.1M | $415.3M | ||
| Q4 24 | $387.2M | $421.1M | ||
| Q3 24 | $416.6M | $417.6M | ||
| Q2 24 | $408.1M | $397.2M | ||
| Q1 24 | $391.8M | $375.5M |
| Q4 25 | $823.2M | $530.2M | ||
| Q3 25 | $844.4M | $541.2M | ||
| Q2 25 | $822.1M | $533.7M | ||
| Q1 25 | $824.6M | $562.5M | ||
| Q4 24 | $794.2M | $725.8M | ||
| Q3 24 | $853.4M | $709.8M | ||
| Q2 24 | $830.0M | $697.0M | ||
| Q1 24 | $808.6M | $687.2M |
| Q4 25 | 0.69× | 0.00× | ||
| Q3 25 | 0.69× | 0.01× | ||
| Q2 25 | 0.71× | 0.07× | ||
| Q1 25 | 0.81× | 0.10× | ||
| Q4 24 | 0.73× | 0.00× | ||
| Q3 24 | 0.68× | 0.00× | ||
| Q2 24 | 0.69× | 0.00× | ||
| Q1 24 | 0.72× | 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 | $14.1M | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 9.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $5.7M | ||
| Q3 25 | $51.0M | $53.4M | ||
| Q2 25 | $36.0M | $11.1M | ||
| Q1 25 | $-46.9M | $3.9M | ||
| Q4 24 | $6.2M | $30.6M | ||
| Q3 24 | $37.2M | $31.4M | ||
| Q2 24 | $52.4M | $39.1M | ||
| Q1 24 | $-34.5M | $50.6M |
| Q4 25 | $14.1M | — | ||
| Q3 25 | $45.2M | — | ||
| Q2 25 | $29.1M | — | ||
| Q1 25 | $-50.3M | $-11.6M | ||
| Q4 24 | $-98.0K | — | ||
| Q3 24 | $33.2M | — | ||
| Q2 24 | $47.9M | — | ||
| Q1 24 | $-39.9M | — |
| Q4 25 | 14.1% | — | ||
| Q3 25 | 27.9% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | -45.2% | -21.1% | ||
| Q4 24 | -0.1% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | -36.0% | — |
| Q4 25 | 9.2% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 3.1% | 28.2% | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 4.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 6.32× | 1.57× | ||
| Q2 24 | 3.95× | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
