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Side-by-side financial comparison of Target Hospitality Corp. (TH) and TELOS CORP (TLS). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $46.8M, roughly 1.6× TELOS CORP). Target Hospitality Corp. runs the higher net margin — -20.3% vs -34.9%, a 14.5% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 22.0%). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% CAGR vs 0.7%).
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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
TH vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $46.8M |
| Net Profit | $-14.9M | $-16.3M |
| Gross Margin | 9.6% | 35.0% |
| Operating Margin | -22.9% | -39.6% |
| Net Margin | -20.3% | -34.9% |
| Revenue YoY | 22.0% | 77.4% |
| Net Profit YoY | -219.1% | -74.8% |
| EPS (diluted) | $-0.14 | $-0.22 |
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 | $73.5M | $46.8M | ||
| Q3 25 | $91.6M | $51.4M | ||
| Q2 25 | $54.9M | $36.0M | ||
| Q1 25 | $54.9M | $30.6M | ||
| Q4 24 | $60.2M | $26.4M | ||
| Q3 24 | $65.8M | $23.8M | ||
| Q2 24 | $67.5M | $28.5M | ||
| Q1 24 | $72.4M | $29.6M |
| Q4 25 | $-14.9M | $-16.3M | ||
| Q3 25 | $-795.0K | $-2.1M | ||
| Q2 25 | $-14.9M | $-9.5M | ||
| Q1 25 | $-6.5M | $-8.6M | ||
| Q4 24 | $12.5M | $-9.3M | ||
| Q3 24 | $20.0M | $-28.1M | ||
| Q2 24 | $18.4M | $-7.8M | ||
| Q1 24 | $20.4M | $-7.4M |
| Q4 25 | 9.6% | 35.0% | ||
| Q3 25 | 19.6% | 39.9% | ||
| Q2 25 | -0.6% | 33.2% | ||
| Q1 25 | 32.7% | 39.8% | ||
| Q4 24 | 61.5% | 40.3% | ||
| Q3 24 | 68.7% | 13.2% | ||
| Q2 24 | 69.4% | 34.1% | ||
| Q1 24 | 67.8% | 37.0% |
| Q4 25 | -22.9% | -39.6% | ||
| Q3 25 | 0.1% | -4.8% | ||
| Q2 25 | -30.8% | -27.5% | ||
| Q1 25 | -2.0% | -29.5% | ||
| Q4 24 | 34.5% | -37.6% | ||
| Q3 24 | 42.5% | -121.4% | ||
| Q2 24 | 43.8% | -30.3% | ||
| Q1 24 | 42.0% | -28.5% |
| Q4 25 | -20.3% | -34.9% | ||
| Q3 25 | -0.9% | -4.1% | ||
| Q2 25 | -27.2% | -26.5% | ||
| Q1 25 | -11.8% | -28.1% | ||
| Q4 24 | 20.8% | -35.4% | ||
| Q3 24 | 30.4% | -118.0% | ||
| Q2 24 | 27.2% | -27.2% | ||
| Q1 24 | 28.2% | -24.9% |
| Q4 25 | $-0.14 | $-0.22 | ||
| Q3 25 | $-0.01 | $-0.03 | ||
| Q2 25 | $-0.15 | $-0.13 | ||
| Q1 25 | $-0.07 | $-0.12 | ||
| Q4 24 | $0.12 | $-0.13 | ||
| Q3 24 | $0.20 | $-0.39 | ||
| Q2 24 | $0.18 | $-0.11 | ||
| Q1 24 | $0.20 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $389.3M | $96.0M |
| Total Assets | $530.2M | $139.9M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $53.2M | ||
| Q3 25 | $30.4M | $59.0M | ||
| Q2 25 | $19.2M | $57.0M | ||
| Q1 25 | $34.5M | $57.8M | ||
| Q4 24 | $190.7M | $54.6M | ||
| Q3 24 | $177.7M | $69.8M | ||
| Q2 24 | $154.3M | $80.1M | ||
| Q1 24 | $124.3M | $93.9M |
| Q4 25 | $1.7M | — | ||
| Q3 25 | $2.0M | — | ||
| Q2 25 | $26.3M | — | ||
| Q1 25 | $42.9M | — | ||
| Q4 24 | $1.5M | — | ||
| Q3 24 | $994.0K | — | ||
| Q2 24 | $1.1M | — | ||
| Q1 24 | $179.9M | — |
| Q4 25 | $389.3M | $96.0M | ||
| Q3 25 | $402.4M | $119.7M | ||
| Q2 25 | $401.3M | $118.4M | ||
| Q1 25 | $415.3M | $126.1M | ||
| Q4 24 | $421.1M | $127.1M | ||
| Q3 24 | $417.6M | $129.5M | ||
| Q2 24 | $397.2M | $149.1M | ||
| Q1 24 | $375.5M | $154.4M |
| Q4 25 | $530.2M | $139.9M | ||
| Q3 25 | $541.2M | $164.3M | ||
| Q2 25 | $533.7M | $165.0M | ||
| Q1 25 | $562.5M | $158.1M | ||
| Q4 24 | $725.8M | $158.2M | ||
| Q3 24 | $709.8M | $166.3M | ||
| Q2 24 | $697.0M | $182.4M | ||
| Q1 24 | $687.2M | $195.4M |
| 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 | $5.7M | $8.0M |
| Free Cash FlowOCF − Capex | — | $8.0M |
| FCF MarginFCF / Revenue | — | 17.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $8.0M | ||
| Q3 25 | $53.4M | $9.1M | ||
| Q2 25 | $11.1M | $7.0M | ||
| Q1 25 | $3.9M | $6.1M | ||
| Q4 24 | $30.6M | $-10.5M | ||
| Q3 24 | $31.4M | $-7.1M | ||
| Q2 24 | $39.1M | $-8.0M | ||
| Q1 24 | $50.6M | $-350.0K |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | $-11.6M | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | — | $-8.2M | ||
| Q1 24 | — | $-447.0K |
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | -21.1% | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | — | -28.9% | ||
| Q1 24 | — | -1.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | 28.2% | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.3% |
| 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
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
