vs
Side-by-side financial comparison of Target Hospitality Corp. (TH) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $37.2M, roughly 2.0× Waterstone Financial, Inc.). On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 16.7%). Over the past eight quarters, Waterstone Financial, Inc.'s revenue compounded faster (7.1% 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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
TH vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $37.2M |
| Net Profit | $-14.9M | — |
| Gross Margin | 9.6% | — |
| Operating Margin | -22.9% | 27.0% |
| Net Margin | -20.3% | — |
| Revenue YoY | 22.0% | 16.7% |
| Net Profit YoY | -219.1% | — |
| EPS (diluted) | $-0.14 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $91.6M | $37.0M | ||
| Q2 25 | $54.9M | $38.0M | ||
| Q1 25 | $54.9M | $29.7M | ||
| Q4 24 | $60.2M | $31.8M | ||
| Q3 24 | $65.8M | $34.1M | ||
| Q2 24 | $67.5M | $37.2M | ||
| Q1 24 | $72.4M | $32.4M |
| Q4 25 | $-14.9M | — | ||
| Q3 25 | $-795.0K | $7.9M | ||
| Q2 25 | $-14.9M | $7.7M | ||
| Q1 25 | $-6.5M | $3.0M | ||
| Q4 24 | $12.5M | — | ||
| Q3 24 | $20.0M | $4.7M | ||
| Q2 24 | $18.4M | $5.7M | ||
| Q1 24 | $20.4M | $3.0M |
| 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% | 27.0% | ||
| Q3 25 | 0.1% | 26.6% | ||
| Q2 25 | -30.8% | 25.4% | ||
| Q1 25 | -2.0% | 13.1% | ||
| Q4 24 | 34.5% | 19.5% | ||
| Q3 24 | 42.5% | 17.3% | ||
| Q2 24 | 43.8% | 19.2% | ||
| Q1 24 | 42.0% | 14.7% |
| Q4 25 | -20.3% | — | ||
| Q3 25 | -0.9% | 21.4% | ||
| Q2 25 | -27.2% | 20.3% | ||
| Q1 25 | -11.8% | 10.2% | ||
| Q4 24 | 20.8% | — | ||
| Q3 24 | 30.4% | 13.9% | ||
| Q2 24 | 27.2% | 15.4% | ||
| Q1 24 | 28.2% | 9.4% |
| Q4 25 | $-0.14 | $0.43 | ||
| Q3 25 | $-0.01 | $0.45 | ||
| Q2 25 | $-0.15 | $0.43 | ||
| Q1 25 | $-0.07 | $0.17 | ||
| Q4 24 | $0.12 | $0.28 | ||
| Q3 24 | $0.20 | $0.26 | ||
| Q2 24 | $0.18 | $0.31 | ||
| Q1 24 | $0.20 | $0.16 |
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 | — |
| Total DebtLower is stronger | $1.7M | $412.3M |
| Stockholders' EquityBook value | $389.3M | $349.4M |
| Total Assets | $530.2M | $2.3B |
| Debt / EquityLower = less leverage | 0.00× | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | — | ||
| Q3 25 | $30.4M | — | ||
| Q2 25 | $19.2M | — | ||
| Q1 25 | $34.5M | — | ||
| Q4 24 | $190.7M | — | ||
| Q3 24 | $177.7M | — | ||
| Q2 24 | $154.3M | — | ||
| Q1 24 | $124.3M | — |
| Q4 25 | $1.7M | $412.3M | ||
| Q3 25 | $2.0M | $469.1M | ||
| Q2 25 | $26.3M | $465.7M | ||
| Q1 25 | $42.9M | $395.9M | ||
| Q4 24 | $1.5M | $446.5M | ||
| Q3 24 | $994.0K | $560.1M | ||
| Q2 24 | $1.1M | $660.8M | ||
| Q1 24 | $179.9M | $634.2M |
| Q4 25 | $389.3M | $349.4M | ||
| Q3 25 | $402.4M | $345.5M | ||
| Q2 25 | $401.3M | $341.5M | ||
| Q1 25 | $415.3M | $341.4M | ||
| Q4 24 | $421.1M | $339.1M | ||
| Q3 24 | $417.6M | $342.0M | ||
| Q2 24 | $397.2M | $334.9M | ||
| Q1 24 | $375.5M | $338.0M |
| Q4 25 | $530.2M | $2.3B | ||
| Q3 25 | $541.2M | $2.3B | ||
| Q2 25 | $533.7M | $2.3B | ||
| Q1 25 | $562.5M | $2.2B | ||
| Q4 24 | $725.8M | $2.2B | ||
| Q3 24 | $709.8M | $2.2B | ||
| Q2 24 | $697.0M | $2.3B | ||
| Q1 24 | $687.2M | $2.2B |
| Q4 25 | 0.00× | 1.18× | ||
| Q3 25 | 0.01× | 1.36× | ||
| Q2 25 | 0.07× | 1.36× | ||
| Q1 25 | 0.10× | 1.16× | ||
| Q4 24 | 0.00× | 1.32× | ||
| Q3 24 | 0.00× | 1.64× | ||
| Q2 24 | 0.00× | 1.97× | ||
| Q1 24 | 0.48× | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | — | $23.0M |
| FCF MarginFCF / Revenue | — | 61.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $24.2M | ||
| Q3 25 | $53.4M | $32.7M | ||
| Q2 25 | $11.1M | $-38.4M | ||
| Q1 25 | $3.9M | $26.7M | ||
| Q4 24 | $30.6M | $48.1M | ||
| Q3 24 | $31.4M | $74.1M | ||
| Q2 24 | $39.1M | $-39.5M | ||
| Q1 24 | $50.6M | $-9.9M |
| Q4 25 | — | $23.0M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $-38.5M | ||
| Q1 25 | $-11.6M | $26.5M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $73.9M | ||
| Q2 24 | — | $-39.7M | ||
| Q1 24 | — | $-10.3M |
| Q4 25 | — | 61.9% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | -101.2% | ||
| Q1 25 | -21.1% | 89.2% | ||
| Q4 24 | — | 147.5% | ||
| Q3 24 | — | 216.9% | ||
| Q2 24 | — | -106.7% | ||
| Q1 24 | — | -31.9% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | 28.2% | 0.9% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | 1.57× | 15.67× | ||
| Q2 24 | 2.13× | -6.92× | ||
| Q1 24 | 2.48× | -3.27× |
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% |
WSBF
Segment breakdown not available.
