vs
Side-by-side financial comparison of Target Hospitality Corp. (TH) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $73.5M, roughly 1.3× Target Hospitality Corp.). Vericel Corp runs the higher net margin — 25.0% vs -20.3%, a 45.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 22.0%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
TH vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $92.9M |
| Net Profit | $-14.9M | $23.2M |
| Gross Margin | 9.6% | 78.7% |
| Operating Margin | -22.9% | 24.1% |
| Net Margin | -20.3% | 25.0% |
| Revenue YoY | 22.0% | 23.3% |
| Net Profit YoY | -219.1% | 17.3% |
| EPS (diluted) | $-0.14 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $91.6M | $67.5M | ||
| Q2 25 | $54.9M | $63.2M | ||
| Q1 25 | $54.9M | $52.6M | ||
| Q4 24 | $60.2M | $75.4M | ||
| Q3 24 | $65.8M | $57.9M | ||
| Q2 24 | $67.5M | $52.7M | ||
| Q1 24 | $72.4M | $51.3M |
| Q4 25 | $-14.9M | $23.2M | ||
| Q3 25 | $-795.0K | $5.1M | ||
| Q2 25 | $-14.9M | $-553.0K | ||
| Q1 25 | $-6.5M | $-11.2M | ||
| Q4 24 | $12.5M | $19.8M | ||
| Q3 24 | $20.0M | $-901.0K | ||
| Q2 24 | $18.4M | $-4.7M | ||
| Q1 24 | $20.4M | $-3.9M |
| Q4 25 | 9.6% | 78.7% | ||
| Q3 25 | 19.6% | 73.5% | ||
| Q2 25 | -0.6% | 73.7% | ||
| Q1 25 | 32.7% | 69.0% | ||
| Q4 24 | 61.5% | 77.6% | ||
| Q3 24 | 68.7% | 71.9% | ||
| Q2 24 | 69.4% | 69.5% | ||
| Q1 24 | 67.8% | 68.9% |
| Q4 25 | -22.9% | 24.1% | ||
| Q3 25 | 0.1% | 5.1% | ||
| Q2 25 | -30.8% | -3.2% | ||
| Q1 25 | -2.0% | -24.3% | ||
| Q4 24 | 34.5% | 24.5% | ||
| Q3 24 | 42.5% | -4.3% | ||
| Q2 24 | 43.8% | -11.5% | ||
| Q1 24 | 42.0% | -10.7% |
| Q4 25 | -20.3% | 25.0% | ||
| Q3 25 | -0.9% | 7.5% | ||
| Q2 25 | -27.2% | -0.9% | ||
| Q1 25 | -11.8% | -21.4% | ||
| Q4 24 | 20.8% | 26.3% | ||
| Q3 24 | 30.4% | -1.6% | ||
| Q2 24 | 27.2% | -8.9% | ||
| Q1 24 | 28.2% | -7.5% |
| Q4 25 | $-0.14 | $0.46 | ||
| Q3 25 | $-0.01 | $0.10 | ||
| Q2 25 | $-0.15 | $-0.01 | ||
| Q1 25 | $-0.07 | $-0.23 | ||
| Q4 24 | $0.12 | $0.40 | ||
| Q3 24 | $0.20 | $-0.02 | ||
| Q2 24 | $0.18 | $-0.10 | ||
| Q1 24 | $0.20 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $389.3M | $354.6M |
| Total Assets | $530.2M | $488.0M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $137.5M | ||
| Q3 25 | $30.4M | $135.4M | ||
| Q2 25 | $19.2M | $116.9M | ||
| Q1 25 | $34.5M | $112.9M | ||
| Q4 24 | $190.7M | $116.2M | ||
| Q3 24 | $177.7M | $101.7M | ||
| Q2 24 | $154.3M | $102.5M | ||
| Q1 24 | $124.3M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $402.4M | $321.9M | ||
| Q2 25 | $401.3M | $306.8M | ||
| Q1 25 | $415.3M | $295.5M | ||
| Q4 24 | $421.1M | $292.0M | ||
| Q3 24 | $417.6M | $257.5M | ||
| Q2 24 | $397.2M | $243.0M | ||
| Q1 24 | $375.5M | $233.9M |
| Q4 25 | $530.2M | $488.0M | ||
| Q3 25 | $541.2M | $453.3M | ||
| Q2 25 | $533.7M | $435.6M | ||
| Q1 25 | $562.5M | $424.6M | ||
| Q4 24 | $725.8M | $432.7M | ||
| Q3 24 | $709.8M | $390.4M | ||
| Q2 24 | $697.0M | $376.8M | ||
| Q1 24 | $687.2M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $15.0M | ||
| Q3 25 | $53.4M | $22.1M | ||
| Q2 25 | $11.1M | $8.2M | ||
| Q1 25 | $3.9M | $6.6M | ||
| Q4 24 | $30.6M | $22.2M | ||
| Q3 24 | $31.4M | $10.2M | ||
| Q2 24 | $39.1M | $18.5M | ||
| Q1 24 | $50.6M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | $-11.6M | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | -21.1% | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | 28.2% | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.44× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
