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Side-by-side financial comparison of Target Hospitality Corp. (TH) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $51.6M, roughly 1.4× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -20.3%, a 87.7% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 22.0%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
TH vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $51.6M |
| Net Profit | $-14.9M | $34.8M |
| Gross Margin | 9.6% | — |
| Operating Margin | -22.9% | 97.0% |
| Net Margin | -20.3% | 67.3% |
| Revenue YoY | 22.0% | 32.8% |
| Net Profit YoY | -219.1% | 67.0% |
| EPS (diluted) | $-0.14 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $91.6M | $49.1M | ||
| Q2 25 | $54.9M | $47.6M | ||
| Q1 25 | $54.9M | $37.5M | ||
| Q4 24 | $60.2M | $38.9M | ||
| Q3 24 | $65.8M | $35.1M | ||
| Q2 24 | $67.5M | $32.4M | ||
| Q1 24 | $72.4M | $29.5M |
| Q4 25 | $-14.9M | $34.8M | ||
| Q3 25 | $-795.0K | $25.4M | ||
| Q2 25 | $-14.9M | $26.0M | ||
| Q1 25 | $-6.5M | $18.9M | ||
| Q4 24 | $12.5M | $20.8M | ||
| Q3 24 | $20.0M | $15.8M | ||
| Q2 24 | $18.4M | $14.8M | ||
| Q1 24 | $20.4M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | 0.1% | 72.1% | ||
| Q2 25 | -30.8% | 71.3% | ||
| Q1 25 | -2.0% | 71.7% | ||
| Q4 24 | 34.5% | 82.5% | ||
| Q3 24 | 42.5% | 60.6% | ||
| Q2 24 | 43.8% | 61.3% | ||
| Q1 24 | 42.0% | 78.8% |
| Q4 25 | -20.3% | 67.3% | ||
| Q3 25 | -0.9% | 51.7% | ||
| Q2 25 | -27.2% | 54.6% | ||
| Q1 25 | -11.8% | 50.4% | ||
| Q4 24 | 20.8% | 53.5% | ||
| Q3 24 | 30.4% | 45.1% | ||
| Q2 24 | 27.2% | 45.6% | ||
| Q1 24 | 28.2% | 58.5% |
| Q4 25 | $-0.14 | $0.90 | ||
| Q3 25 | $-0.01 | $0.65 | ||
| Q2 25 | $-0.15 | $0.69 | ||
| Q1 25 | $-0.07 | $0.51 | ||
| Q4 24 | $0.12 | $0.56 | ||
| Q3 24 | $0.20 | $0.44 | ||
| Q2 24 | $0.18 | $0.42 | ||
| Q1 24 | $0.20 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $389.3M | $672.5M |
| Total Assets | $530.2M | $7.4B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $92.1M | ||
| Q3 25 | $30.4M | $99.0M | ||
| Q2 25 | $19.2M | $79.6M | ||
| Q1 25 | $34.5M | $51.7M | ||
| Q4 24 | $190.7M | $49.9M | ||
| Q3 24 | $177.7M | $44.1M | ||
| Q2 24 | $154.3M | $47.4M | ||
| Q1 24 | $124.3M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $402.4M | $634.3M | ||
| Q2 25 | $401.3M | $597.9M | ||
| Q1 25 | $415.3M | $563.2M | ||
| Q4 24 | $421.1M | $516.9M | ||
| Q3 24 | $417.6M | $484.6M | ||
| Q2 24 | $397.2M | $471.3M | ||
| Q1 24 | $375.5M | $452.9M |
| Q4 25 | $530.2M | $7.4B | ||
| Q3 25 | $541.2M | $7.0B | ||
| Q2 25 | $533.7M | $6.5B | ||
| Q1 25 | $562.5M | $6.0B | ||
| Q4 24 | $725.8M | $5.5B | ||
| Q3 24 | $709.8M | $5.2B | ||
| Q2 24 | $697.0M | $4.9B | ||
| Q1 24 | $687.2M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $18.2M | ||
| Q3 25 | $53.4M | $11.5M | ||
| Q2 25 | $11.1M | $7.7M | ||
| Q1 25 | $3.9M | $3.5M | ||
| Q4 24 | $30.6M | $37.8M | ||
| Q3 24 | $31.4M | $-17.6M | ||
| Q2 24 | $39.1M | $11.5M | ||
| Q1 24 | $50.6M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | $-11.6M | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | -21.1% | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | 28.2% | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 2.44× | 1.81× | ||
| Q3 24 | 1.57× | -1.11× | ||
| Q2 24 | 2.13× | 0.78× | ||
| Q1 24 | 2.48× | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
