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Side-by-side financial comparison of Target Hospitality Corp. (TH) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $57.2M, roughly 1.3× Vanda Pharmaceuticals Inc.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -246.8%, a 226.4% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 7.6%). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% 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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
TH vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $57.2M |
| Net Profit | $-14.9M | $-141.2M |
| Gross Margin | 9.6% | — |
| Operating Margin | -22.9% | -70.5% |
| Net Margin | -20.3% | -246.8% |
| Revenue YoY | 22.0% | 7.6% |
| Net Profit YoY | -219.1% | -2774.3% |
| EPS (diluted) | $-0.14 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $91.6M | $56.3M | ||
| Q2 25 | $54.9M | $52.6M | ||
| Q1 25 | $54.9M | $50.0M | ||
| Q4 24 | $60.2M | $53.2M | ||
| Q3 24 | $65.8M | $47.7M | ||
| Q2 24 | $67.5M | $50.5M | ||
| Q1 24 | $72.4M | $47.5M |
| Q4 25 | $-14.9M | $-141.2M | ||
| Q3 25 | $-795.0K | $-22.6M | ||
| Q2 25 | $-14.9M | $-27.2M | ||
| Q1 25 | $-6.5M | $-29.5M | ||
| Q4 24 | $12.5M | $-4.9M | ||
| Q3 24 | $20.0M | $-5.3M | ||
| Q2 24 | $18.4M | $-4.5M | ||
| Q1 24 | $20.4M | $-4.1M |
| 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% | -70.5% | ||
| Q3 25 | 0.1% | -55.6% | ||
| Q2 25 | -30.8% | -73.2% | ||
| Q1 25 | -2.0% | -82.0% | ||
| Q4 24 | 34.5% | -19.3% | ||
| Q3 24 | 42.5% | -23.1% | ||
| Q2 24 | 43.8% | -20.1% | ||
| Q1 24 | 42.0% | -19.5% |
| Q4 25 | -20.3% | -246.8% | ||
| Q3 25 | -0.9% | -40.1% | ||
| Q2 25 | -27.2% | -51.7% | ||
| Q1 25 | -11.8% | -58.9% | ||
| Q4 24 | 20.8% | -9.2% | ||
| Q3 24 | 30.4% | -11.2% | ||
| Q2 24 | 27.2% | -9.0% | ||
| Q1 24 | 28.2% | -8.7% |
| Q4 25 | $-0.14 | $-2.40 | ||
| Q3 25 | $-0.01 | $-0.38 | ||
| Q2 25 | $-0.15 | $-0.46 | ||
| Q1 25 | $-0.07 | $-0.50 | ||
| Q4 24 | $0.12 | $-0.09 | ||
| Q3 24 | $0.20 | $-0.09 | ||
| Q2 24 | $0.18 | $-0.08 | ||
| Q1 24 | $0.20 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $389.3M | $327.2M |
| Total Assets | $530.2M | $488.9M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $84.9M | ||
| Q3 25 | $30.4M | $70.0M | ||
| Q2 25 | $19.2M | $81.0M | ||
| Q1 25 | $34.5M | $111.8M | ||
| Q4 24 | $190.7M | $102.3M | ||
| Q3 24 | $177.7M | $100.5M | ||
| Q2 24 | $154.3M | $103.0M | ||
| Q1 24 | $124.3M | $125.2M |
| 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 | $327.2M | ||
| Q3 25 | $402.4M | $466.0M | ||
| Q2 25 | $401.3M | $486.3M | ||
| Q1 25 | $415.3M | $511.4M | ||
| Q4 24 | $421.1M | $538.5M | ||
| Q3 24 | $417.6M | $541.2M | ||
| Q2 24 | $397.2M | $542.5M | ||
| Q1 24 | $375.5M | $544.0M |
| Q4 25 | $530.2M | $488.9M | ||
| Q3 25 | $541.2M | $601.1M | ||
| Q2 25 | $533.7M | $624.7M | ||
| Q1 25 | $562.5M | $631.9M | ||
| Q4 24 | $725.8M | $656.2M | ||
| Q3 24 | $709.8M | $645.1M | ||
| Q2 24 | $697.0M | $651.4M | ||
| Q1 24 | $687.2M | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-29.5M |
| FCF MarginFCF / Revenue | — | -51.6% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $-29.4M | ||
| Q3 25 | $53.4M | $-31.6M | ||
| Q2 25 | $11.1M | $-15.3M | ||
| Q1 25 | $3.9M | $-33.1M | ||
| Q4 24 | $30.6M | $-1.8M | ||
| Q3 24 | $31.4M | $-14.6M | ||
| Q2 24 | $39.1M | $-6.9M | ||
| Q1 24 | $50.6M | $7.6M |
| Q4 25 | — | $-29.5M | ||
| Q3 25 | — | $-31.8M | ||
| Q2 25 | — | $-15.6M | ||
| Q1 25 | $-11.6M | $-33.6M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | $-14.7M | ||
| Q2 24 | — | $-7.0M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | — | -51.6% | ||
| Q3 25 | — | -56.5% | ||
| Q2 25 | — | -29.6% | ||
| Q1 25 | -21.1% | -67.1% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | — | -30.9% | ||
| Q2 24 | — | -13.9% | ||
| Q1 24 | — | 15.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | 28.2% | 0.9% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
