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Side-by-side financial comparison of Target Hospitality Corp. (TH) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $73.5M, roughly 1.9× Target Hospitality Corp.). Terreno Realty Corp runs the higher net margin — 115.1% vs -20.3%, a 135.4% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 22.0%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
TH vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $137.5M |
| Net Profit | $-14.9M | $158.2M |
| Gross Margin | 9.6% | — |
| Operating Margin | -22.9% | — |
| Net Margin | -20.3% | 115.1% |
| Revenue YoY | 22.0% | 32.6% |
| Net Profit YoY | -219.1% | 107.9% |
| EPS (diluted) | $-0.14 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $91.6M | $116.2M | ||
| Q2 25 | $54.9M | $112.2M | ||
| Q1 25 | $54.9M | $110.4M | ||
| Q4 24 | $60.2M | $103.7M | ||
| Q3 24 | $65.8M | $99.6M | ||
| Q2 24 | $67.5M | $94.2M | ||
| Q1 24 | $72.4M | $85.0M |
| Q4 25 | $-14.9M | $158.2M | ||
| Q3 25 | $-795.0K | $103.4M | ||
| Q2 25 | $-14.9M | $93.3M | ||
| Q1 25 | $-6.5M | $48.1M | ||
| Q4 24 | $12.5M | $76.1M | ||
| Q3 24 | $20.0M | $36.6M | ||
| Q2 24 | $18.4M | $35.7M | ||
| Q1 24 | $20.4M | $36.1M |
| Q4 25 | 9.6% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | -0.6% | — | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 61.5% | — | ||
| Q3 24 | 68.7% | — | ||
| Q2 24 | 69.4% | — | ||
| Q1 24 | 67.8% | — |
| Q4 25 | -22.9% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | -30.8% | — | ||
| Q1 25 | -2.0% | — | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | 42.5% | — | ||
| Q2 24 | 43.8% | — | ||
| Q1 24 | 42.0% | — |
| Q4 25 | -20.3% | 115.1% | ||
| Q3 25 | -0.9% | 88.9% | ||
| Q2 25 | -27.2% | 83.1% | ||
| Q1 25 | -11.8% | 43.6% | ||
| Q4 24 | 20.8% | 73.4% | ||
| Q3 24 | 30.4% | 36.8% | ||
| Q2 24 | 27.2% | 37.9% | ||
| Q1 24 | 28.2% | 42.4% |
| Q4 25 | $-0.14 | $1.54 | ||
| Q3 25 | $-0.01 | $1.00 | ||
| Q2 25 | $-0.15 | $0.90 | ||
| Q1 25 | $-0.07 | $0.47 | ||
| Q4 24 | $0.12 | $0.78 | ||
| Q3 24 | $0.20 | $0.37 | ||
| Q2 24 | $0.18 | $0.37 | ||
| Q1 24 | $0.20 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $1.7M | $943.3M |
| Stockholders' EquityBook value | $389.3M | $4.1B |
| Total Assets | $530.2M | $5.4B |
| Debt / EquityLower = less leverage | 0.00× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $25.0M | ||
| Q3 25 | $30.4M | $26.2M | ||
| Q2 25 | $19.2M | $128.4M | ||
| Q1 25 | $34.5M | $156.5M | ||
| Q4 24 | $190.7M | $18.1M | ||
| Q3 24 | $177.7M | $243.7M | ||
| Q2 24 | $154.3M | $182.0M | ||
| Q1 24 | $124.3M | $649.6M |
| Q4 25 | $1.7M | $943.3M | ||
| Q3 25 | $2.0M | $1.0B | ||
| Q2 25 | $26.3M | $742.4M | ||
| Q1 25 | $42.9M | $741.9M | ||
| Q4 24 | $1.5M | $823.4M | ||
| Q3 24 | $994.0K | $672.2M | ||
| Q2 24 | $1.1M | $772.0M | ||
| Q1 24 | $179.9M | $771.8M |
| Q4 25 | $389.3M | $4.1B | ||
| Q3 25 | $402.4M | $4.0B | ||
| Q2 25 | $401.3M | $3.9B | ||
| Q1 25 | $415.3M | $3.9B | ||
| Q4 24 | $421.1M | $3.7B | ||
| Q3 24 | $417.6M | $3.6B | ||
| Q2 24 | $397.2M | $3.4B | ||
| Q1 24 | $375.5M | $3.4B |
| Q4 25 | $530.2M | $5.4B | ||
| Q3 25 | $541.2M | $5.3B | ||
| Q2 25 | $533.7M | $5.0B | ||
| Q1 25 | $562.5M | $4.9B | ||
| Q4 24 | $725.8M | $4.8B | ||
| Q3 24 | $709.8M | $4.6B | ||
| Q2 24 | $697.0M | $4.5B | ||
| Q1 24 | $687.2M | $4.4B |
| Q4 25 | 0.00× | 0.23× | ||
| Q3 25 | 0.01× | 0.26× | ||
| Q2 25 | 0.07× | 0.19× | ||
| Q1 25 | 0.10× | 0.19× | ||
| Q4 24 | 0.00× | 0.22× | ||
| Q3 24 | 0.00× | 0.19× | ||
| Q2 24 | 0.00× | 0.22× | ||
| Q1 24 | 0.48× | 0.22× |
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 | $271.9M |
| 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 | $5.7M | $271.9M | ||
| Q3 25 | $53.4M | $79.5M | ||
| Q2 25 | $11.1M | $60.6M | ||
| Q1 25 | $3.9M | $61.4M | ||
| Q4 24 | $30.6M | $232.7M | ||
| Q3 24 | $31.4M | $70.0M | ||
| Q2 24 | $39.1M | $64.3M | ||
| Q1 24 | $50.6M | $47.0M |
| 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 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 2.44× | 3.06× | ||
| Q3 24 | 1.57× | 1.91× | ||
| Q2 24 | 2.13× | 1.80× | ||
| Q1 24 | 2.48× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
