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Side-by-side financial comparison of Target Hospitality Corp. (TH) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $60.9M, roughly 1.2× TSS, Inc.). TSS, Inc. runs the higher net margin — 20.0% vs -20.3%, a 40.3% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 21.8%). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% 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.
TH vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $60.9M |
| Net Profit | $-14.9M | $12.2M |
| Gross Margin | 9.6% | 17.6% |
| Operating Margin | -22.9% | 1.5% |
| Net Margin | -20.3% | 20.0% |
| Revenue YoY | 22.0% | 21.8% |
| Net Profit YoY | -219.1% | 535.7% |
| EPS (diluted) | $-0.14 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $91.6M | $41.9M | ||
| Q2 25 | $54.9M | $44.0M | ||
| Q1 25 | $54.9M | $99.0M | ||
| Q4 24 | $60.2M | $50.0M | ||
| Q3 24 | $65.8M | $70.1M | ||
| Q2 24 | $67.5M | $12.2M | ||
| Q1 24 | $72.4M | $15.9M |
| Q4 25 | $-14.9M | $12.2M | ||
| Q3 25 | $-795.0K | $-1.5M | ||
| Q2 25 | $-14.9M | $1.5M | ||
| Q1 25 | $-6.5M | $3.0M | ||
| Q4 24 | $12.5M | $1.9M | ||
| Q3 24 | $20.0M | $2.6M | ||
| Q2 24 | $18.4M | $1.4M | ||
| Q1 24 | $20.4M | $15.0K |
| Q4 25 | 9.6% | 17.6% | ||
| Q3 25 | 19.6% | 11.1% | ||
| Q2 25 | -0.6% | 17.8% | ||
| Q1 25 | 32.7% | 9.3% | ||
| Q4 24 | 61.5% | 14.4% | ||
| Q3 24 | 68.7% | 11.3% | ||
| Q2 24 | 69.4% | 37.3% | ||
| Q1 24 | 67.8% | 17.1% |
| Q4 25 | -22.9% | 1.5% | ||
| Q3 25 | 0.1% | -2.2% | ||
| Q2 25 | -30.8% | 5.1% | ||
| Q1 25 | -2.0% | 4.2% | ||
| Q4 24 | 34.5% | 0.0% | ||
| Q3 24 | 42.5% | 5.4% | ||
| Q2 24 | 43.8% | 14.0% | ||
| Q1 24 | 42.0% | 1.6% |
| Q4 25 | -20.3% | 20.0% | ||
| Q3 25 | -0.9% | -3.6% | ||
| Q2 25 | -27.2% | 3.4% | ||
| Q1 25 | -11.8% | 3.0% | ||
| Q4 24 | 20.8% | 3.8% | ||
| Q3 24 | 30.4% | 3.8% | ||
| Q2 24 | 27.2% | 11.5% | ||
| Q1 24 | 28.2% | 0.1% |
| Q4 25 | $-0.14 | $0.44 | ||
| Q3 25 | $-0.01 | $-0.06 | ||
| Q2 25 | $-0.15 | $0.06 | ||
| Q1 25 | $-0.07 | $0.12 | ||
| Q4 24 | $0.12 | $0.08 | ||
| Q3 24 | $0.20 | $0.10 | ||
| Q2 24 | $0.18 | $0.06 | ||
| Q1 24 | $0.20 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $389.3M | $76.6M |
| Total Assets | $530.2M | $184.9M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $85.5M | ||
| Q3 25 | $30.4M | $70.7M | ||
| Q2 25 | $19.2M | — | ||
| Q1 25 | $34.5M | — | ||
| Q4 24 | $190.7M | $23.2M | ||
| Q3 24 | $177.7M | $46.4M | ||
| Q2 24 | $154.3M | $8.3M | ||
| Q1 24 | $124.3M | $14.4M |
| 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 | $76.6M | ||
| Q3 25 | $402.4M | $63.4M | ||
| Q2 25 | $401.3M | $9.5M | ||
| Q1 25 | $415.3M | $9.4M | ||
| Q4 24 | $421.1M | $7.1M | ||
| Q3 24 | $417.6M | $7.7M | ||
| Q2 24 | $397.2M | $5.2M | ||
| Q1 24 | $375.5M | $3.7M |
| Q4 25 | $530.2M | $184.9M | ||
| Q3 25 | $541.2M | $165.4M | ||
| Q2 25 | $533.7M | $139.5M | ||
| Q1 25 | $562.5M | $113.5M | ||
| Q4 24 | $725.8M | $96.6M | ||
| Q3 24 | $709.8M | $67.3M | ||
| Q2 24 | $697.0M | $28.9M | ||
| Q1 24 | $687.2M | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | — | $15.8M |
| FCF MarginFCF / Revenue | — | 25.9% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $16.3M | ||
| Q3 25 | $53.4M | $-18.4M | ||
| Q2 25 | $11.1M | $16.3M | ||
| Q1 25 | $3.9M | $20.6M | ||
| Q4 24 | $30.6M | $-21.6M | ||
| Q3 24 | $31.4M | $38.6M | ||
| Q2 24 | $39.1M | $-4.3M | ||
| Q1 24 | $50.6M | $2.6M |
| Q4 25 | — | $15.8M | ||
| Q3 25 | — | $-24.9M | ||
| Q2 25 | — | $5.4M | ||
| Q1 25 | $-11.6M | $5.8M | ||
| Q4 24 | — | $-28.4M | ||
| Q3 24 | — | $38.6M | ||
| Q2 24 | — | $-6.0M | ||
| Q1 24 | — | $2.6M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | -59.3% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | -21.1% | 5.8% | ||
| Q4 24 | — | -56.7% | ||
| Q3 24 | — | 55.1% | ||
| Q2 24 | — | -49.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | 28.2% | 15.0% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | 2.44× | -11.32× | ||
| Q3 24 | 1.57× | 14.60× | ||
| Q2 24 | 2.13× | -3.09× | ||
| Q1 24 | 2.48× | 176.40× |
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% |
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
