vs
Side-by-side financial comparison of Target Hospitality Corp. (TH) and Whitestone REIT (WSR). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $43.9M, roughly 1.7× Whitestone REIT). Whitestone REIT runs the higher net margin — 52.0% vs -20.3%, a 72.3% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 7.5%). Over the past eight quarters, Whitestone REIT's revenue compounded faster (8.7% 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.
Whitestone REIT is a publicly traded real estate investment trust that acquires, owns, manages and redevelops open-air community shopping centers, primarily located in high-growth metropolitan areas across the southwestern and southeastern United States. Its property portfolio is largely anchored by daily necessity, service-focused retail tenants that cater to regular local consumer demand.
TH vs WSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $43.9M |
| Net Profit | $-14.9M | $22.8M |
| Gross Margin | 9.6% | — |
| Operating Margin | -22.9% | 53.0% |
| Net Margin | -20.3% | 52.0% |
| Revenue YoY | 22.0% | 7.5% |
| Net Profit YoY | -219.1% | 31.7% |
| 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 | $43.9M | ||
| Q3 25 | $91.6M | $41.0M | ||
| Q2 25 | $54.9M | $37.9M | ||
| Q1 25 | $54.9M | $38.0M | ||
| Q4 24 | $60.2M | $40.8M | ||
| Q3 24 | $65.8M | $38.6M | ||
| Q2 24 | $67.5M | $37.6M | ||
| Q1 24 | $72.4M | $37.2M |
| Q4 25 | $-14.9M | $22.8M | ||
| Q3 25 | $-795.0K | $18.3M | ||
| Q2 25 | $-14.9M | $5.1M | ||
| Q1 25 | $-6.5M | $3.7M | ||
| Q4 24 | $12.5M | $17.3M | ||
| Q3 24 | $20.0M | $7.6M | ||
| Q2 24 | $18.4M | $2.6M | ||
| Q1 24 | $20.4M | $9.3M |
| 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% | 53.0% | ||
| Q3 25 | 0.1% | 45.5% | ||
| Q2 25 | -30.8% | 13.8% | ||
| Q1 25 | -2.0% | 10.2% | ||
| Q4 24 | 34.5% | 43.3% | ||
| Q3 24 | 42.5% | 20.3% | ||
| Q2 24 | 43.8% | 7.2% | ||
| Q1 24 | 42.0% | 25.9% |
| Q4 25 | -20.3% | 52.0% | ||
| Q3 25 | -0.9% | 44.7% | ||
| Q2 25 | -27.2% | 13.3% | ||
| Q1 25 | -11.8% | 9.7% | ||
| Q4 24 | 20.8% | 42.5% | ||
| Q3 24 | 30.4% | 19.7% | ||
| Q2 24 | 27.2% | 6.9% | ||
| Q1 24 | 28.2% | 25.1% |
| Q4 25 | $-0.14 | $0.43 | ||
| Q3 25 | $-0.01 | $0.35 | ||
| Q2 25 | $-0.15 | $0.10 | ||
| Q1 25 | $-0.07 | $0.07 | ||
| Q4 24 | $0.12 | $0.34 | ||
| Q3 24 | $0.20 | $0.15 | ||
| Q2 24 | $0.18 | $0.05 | ||
| Q1 24 | $0.20 | $0.18 |
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 | $4.9M |
| Total DebtLower is stronger | $1.7M | $649.4M |
| Stockholders' EquityBook value | $389.3M | $458.1M |
| Total Assets | $530.2M | $1.2B |
| Debt / EquityLower = less leverage | 0.00× | 1.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $4.9M | ||
| Q3 25 | $30.4M | $6.8M | ||
| Q2 25 | $19.2M | $5.3M | ||
| Q1 25 | $34.5M | $5.6M | ||
| Q4 24 | $190.7M | $5.2M | ||
| Q3 24 | $177.7M | $2.5M | ||
| Q2 24 | $154.3M | $3.2M | ||
| Q1 24 | $124.3M | $6.2M |
| Q4 25 | $1.7M | $649.4M | ||
| Q3 25 | $2.0M | — | ||
| Q2 25 | $26.3M | — | ||
| Q1 25 | $42.9M | — | ||
| Q4 24 | $1.5M | $632.5M | ||
| Q3 24 | $994.0K | — | ||
| Q2 24 | $1.1M | — | ||
| Q1 24 | $179.9M | — |
| Q4 25 | $389.3M | $458.1M | ||
| Q3 25 | $402.4M | $439.5M | ||
| Q2 25 | $401.3M | $427.5M | ||
| Q1 25 | $415.3M | $431.0M | ||
| Q4 24 | $421.1M | $438.2M | ||
| Q3 24 | $417.6M | $419.5M | ||
| Q2 24 | $397.2M | $418.3M | ||
| Q1 24 | $375.5M | $421.6M |
| Q4 25 | $530.2M | $1.2B | ||
| Q3 25 | $541.2M | $1.1B | ||
| Q2 25 | $533.7M | $1.2B | ||
| Q1 25 | $562.5M | $1.1B | ||
| Q4 24 | $725.8M | $1.1B | ||
| Q3 24 | $709.8M | $1.1B | ||
| Q2 24 | $697.0M | $1.1B | ||
| Q1 24 | $687.2M | $1.1B |
| Q4 25 | 0.00× | 1.42× | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | 0.00× | 1.44× | ||
| 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 | $50.8M |
| Free Cash FlowOCF − Capex | — | $50.5M |
| FCF MarginFCF / Revenue | — | 114.9% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 2.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.7M | $50.8M | ||
| Q3 25 | $53.4M | $18.0M | ||
| Q2 25 | $11.1M | $13.8M | ||
| Q1 25 | $3.9M | $3.1M | ||
| Q4 24 | $30.6M | $58.2M | ||
| Q3 24 | $31.4M | $16.4M | ||
| Q2 24 | $39.1M | $12.3M | ||
| Q1 24 | $50.6M | $11.5M |
| Q4 25 | — | $50.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-11.6M | — | ||
| Q4 24 | — | $58.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 114.9% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.1% | — | ||
| Q4 24 | — | 142.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 2.22× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 2.74× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | 2.44× | 3.36× | ||
| Q3 24 | 1.57× | 2.15× | ||
| Q2 24 | 2.13× | 4.73× | ||
| Q1 24 | 2.48× | 1.23× |
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% |
WSR
Segment breakdown not available.
