NASDAQ : TH
Target Hospitality Corp. — Financial statements
Industrials · Specialty Business Services · United States
Last price 13.67 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.36B
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Financial statements
Target Hospitality Corp. (TH) reported revenue of 347.37M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 347.37M | 320.63M | 386.27M | 563.61M | 501.99M | 291.34M |
| Cost of Revenue | 236.75M | 220.79M | 150.93M | 181.66M | 202.02M | 136.38M |
| Gross Profit | 110.62M | 99.84M | 235.34M | 381.95M | 299.96M | 154.96M |
| Selling, General & Admin | 60.57M | 54.73M | 49.36M | 51.25M | 57.61M | 45.26M |
| Other Operating Expenses | 5.62M | 2.68M | -180.00K | 1.10M | 137.00K | 497.00K |
| Operating Expenses | 145.40M | 130.79M | 121.98M | 136.33M | 125.41M | 116.28M |
| Operating Income | -34.78M | -30.95M | 113.36M | 245.62M | 174.55M | 38.68M |
| Interest Expense | -3.02M | -8.42M | -23.32M | -26.78M | -37.87M | -38.70M |
| Interest & Investment Income | 297.00K | 2.33M | 6.70M | 4.14M | 1.55M | |
| Other Non Operating Income (Expenses) | 675.00K | 9.06M | -31.73M | -1.07M | ||
| EBT Excluding Unusual Items | -37.50M | -37.04M | 97.41M | 232.04M | 106.49M | -1.09M |
| Merger & Restructuring Charges | -3.78M | -3.78M | -4.90M | -4.88M | -283.00K | -1.20M |
| Gain (Loss) on Sale of Assets | -13.00K | -13.00K | 322.00K | -137.00K | 101.00K | -383.00K |
| Other Unusual Items | -2.37M | -2.28M | ||||
| Pretax Income | -41.30M | -43.20M | 92.84M | 224.75M | 106.31M | -2.67M |
| Income Tax Expense | -3.65M | -6.13M | 21.43M | 51.05M | 32.37M | 1.90M |
| Earnings From Continuing Operations | -37.64M | -37.08M | 71.41M | 173.70M | 73.94M | -4.58M |
| Minority Interest in Earnings | -40.00K | -44.00K | -142.00K | |||
| Net Income | -37.68M | -37.12M | 71.27M | 173.70M | 73.94M | -4.58M |
| Net Income to Common | -37.68M | -37.12M | 71.27M | 173.70M | 73.94M | -4.58M |
| Shares Outstanding (Basic) | 99.93M | 99.52M | 100.14M | 101.35M | 97.21M | 96.61M |
| Shares Outstanding (Diluted) | 99.93M | 99.52M | 101.43M | 105.32M | 100.06M | 96.61M |
| EPS (Basic) | -0.38 | -0.37 | 0.71 | 1.71 | 0.76 | -0.05 |
| EPS (Diluted) | -0.38 | -0.37 | 0.70 | 1.56 | 0.74 | -0.05 |
| Free Cash Flow | 9.82M | 6.30M | 121.43M | 92.93M | 164.77M | 68.68M |
| Free Cash Flow Per Share | 0.10 | 0.06 | 1.20 | 0.88 | 1.65 | 0.71 |
| Gross Margin | 31.85% | 31.14% | 60.93% | 67.77% | 59.76% | 53.19% |
| Operating Margin | -10.01% | -9.65% | 29.35% | 43.58% | 34.77% | 13.28% |
| Profit Margin | -10.85% | -11.58% | 18.45% | 30.82% | 14.73% | -1.57% |
| Free Cash Flow Margin | 2.83% | 1.97% | 31.44% | 16.49% | 32.82% | 23.57% |
| EBITDA | 44.57M | 42.56M | 186.30M | 329.77M | 242.38M | 109.00M |
| EBITDA Margin | 12.83% | 13.28% | 48.23% | 58.51% | 48.28% | 37.41% |
| D&A For EBITDA | 79.35M | 73.52M | 72.94M | 84.15M | 67.83M | 70.31M |
| EBIT | -34.78M | -30.95M | 113.36M | 245.62M | 174.55M | 38.68M |
| EBIT Margin | -10.01% | -9.65% | 29.35% | 43.58% | 34.77% | 13.28% |
| Effective Tax Rate | 23.08% | 22.71% | 30.45% | |||
| Revenue as Reported | 347.37M | 320.63M | 386.27M | 563.61M | 501.99M | 291.34M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.07M | 8.35M | 190.67M | 103.93M | 181.67M | 23.41M |
| Short-Term Investments | 2.10M | 1.90M | 1.90M | 1.90M | 1.80M | |
| Cash & Short-Term Investments | 6.07M | 10.45M | 192.57M | 105.83M | 183.57M | 25.21M |
| Accounts Receivable | 50.43M | 56.20M | 49.34M | 67.09M | 42.15M | 28.78M |
| Receivables | 50.43M | 56.20M | 49.34M | 67.09M | 42.15M | 28.78M |
| Inventory | 2.10M | 1.90M | 2.10M | 2.00M | 1.60M | |
| Prepaid Expenses | 7.37M | 4.59M | 5.53M | 5.48M | 8.65M | 4.95M |
| Total Current Assets | 63.87M | 73.34M | 249.34M | 180.50M | 236.38M | 60.54M |
| Property, Plant & Equipment | 480.25M | 374.70M | 380.72M | 403.39M | 416.32M | 303.04M |
| Goodwill | 41.04M | 41.04M | 41.04M | 41.04M | 41.04M | 41.04M |
| Other Intangible Assets | 32.60M | 39.33M | 52.81M | 66.94M | 77.02M | 91.84M |
| Long-Term Deferred Tax Assets | 14.71M | |||||
| Long-Term Deferred Charges | 2.34M | 1.79M | 1.87M | 2.48M | 896.00K | 2.16M |
| Other Long-Term Assets | 34.09M | 66.00K | 66.00K | |||
| Total Assets | 654.19M | 530.21M | 725.77M | 694.35M | 771.73M | 513.39M |
| Accounts Payable | 47.41M | 44.39M | 16.19M | 20.93M | 17.56M | 11.80M |
| Accrued Expenses | 24.36M | 22.48M | 25.78M | 33.65M | 39.64M | 33.13M |
| Current Portion of Long-Term Debt | 180.33M | |||||
| Current Portion of Leases | 5.84M | 7.89M | 10.41M | 13.28M | 13.65M | 729.00K |
| Current Unearned Revenue | 21.25M | 9.28M | 699.00K | 1.79M | 120.04M | 27.14M |
| Other Current Liabilities | 675.00K | |||||
| Total Current Liabilities | 98.86M | 84.04M | 233.40M | 70.33M | 190.90M | 72.80M |
| Long-Term Debt | 40.00M | 178.09M | 328.85M | 330.21M | ||
| Long-Term Leases | 2.44M | 2.80M | 18.91M | 9.45M | 12.19M | 696.00K |
| Long-Term Unearned Revenue | 100.21M | 9.29M | 536.00K | 3.67M | 5.48M | 7.27M |
| Long-Term Deferred Tax Liabilities | 40.13M | 42.31M | 49.27M | 53.07M | 15.17M | |
| Other Long-Term Liabilities | 2.77M | 2.69M | 2.56M | 2.42M | 18.29M | 5.14M |
| Total Liabilities | 284.40M | 141.15M | 304.68M | 317.05M | 570.88M | 416.12M |
| Common Stock | 10.00K | 10.00K | 10.00K | 10.00K | 10.00K | 10.00K |
| Additional Paid-In Capital | 157.11M | 154.09M | 148.78M | 142.38M | 139.29M | 109.54M |
| Retained Earnings | 273.31M | 295.26M | 332.38M | 261.12M | 87.68M | 13.74M |
| Treasury Stock | -57.30M | -57.30M | -57.30M | -23.56M | -23.56M | -23.56M |
| Comprehensive Income & Other | -3.01M | -2.80M | -2.79M | -2.64M | -2.57M | -2.46M |
| Total Common Equity | 370.11M | 389.26M | 421.08M | 377.31M | 200.85M | 97.27M |
| Minority Interest | -322.00K | -197.00K | 9.00K | |||
| Shareholders' Equity | 369.79M | 389.06M | 421.09M | 377.31M | 200.85M | 97.27M |
| Total Liabilities & Equity | 654.19M | 530.21M | 725.77M | 694.35M | 771.73M | 513.39M |
| Total Debt | 48.28M | 10.70M | 209.65M | 200.83M | 354.69M | 331.64M |
| Net Cash (Debt) | -42.21M | -248.00K | -17.08M | -95.00M | -171.12M | -306.43M |
| Net Cash Per Share | -0.42 | -0.00 | -0.17 | -0.90 | -1.71 | -3.17 |
| Filing Date Shares Outstanding | 99.62M | 100.15M | 99.36M | 100.52M | 100.96M | 96.94M |
| Total Common Shares Outstanding | 100.29M | 99.80M | 98.95M | 101.66M | 100.32M | 96.94M |
| Working Capital | -34.99M | -10.71M | 15.93M | 110.17M | 45.48M | -12.26M |
| Book Value Per Share | 3.69 | 3.90 | 4.26 | 3.71 | 2.00 | 1.00 |
| Tangible Book Value | 296.47M | 308.89M | 327.24M | 269.33M | 82.79M | -35.61M |
| Tangible Book Value Per Share | 2.96 | 3.10 | 3.31 | 2.65 | 0.83 | -0.37 |
| Land | 36.31M | 31.18M | 30.61M | 31.11M | 28.48M | 9.16M |
| Buildings | 769.00K | 191.00K | ||||
| Machinery | 2.54M | 2.40M | 2.21M | 1.82M | 1.58M | 1.30M |
| Construction In Progress | 97.40M | 21.06M | 8.48M | 3.67M | 4.65M | 3.56M |
| Leasehold Improvements | 908.00K | 908.00K | 908.00K | 901.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -37.68M | -37.12M | 71.27M | 173.70M | 73.94M | -4.58M |
| Depreciation & Amortization | 79.35M | 73.52M | 72.94M | 84.15M | 67.83M | 70.31M |
| Other Amortization | 738.00K | 1.18M | 2.84M | 3.63M | 5.40M | 4.98M |
| Loss (Gain) From Sale of Assets | -234.00K | 13.00K | -322.00K | 137.00K | -101.00K | 383.00K |
| Stock-Based Compensation | 7.72M | 7.55M | 7.31M | 11.17M | 19.24M | 5.08M |
| Provision & Write-off of Bad Debts | 880.00K | 703.00K | 257.00K | 544.00K | 407.00K | 1.63M |
| Other Operating Activities | 4.66M | 4.53M | 6.50M | 48.92M | 72.40M | 1.54M |
| Change in Accounts Receivable | 6.18M | -7.51M | 17.60M | -25.80M | -13.69M | -2.23M |
| Change in Accounts Payable | 7.66M | 23.15M | -13.57M | -10.39M | 6.37M | 9.93M |
| Change in Unearned Revenue | 112.42M | 17.34M | -4.24M | -120.05M | 91.11M | 16.04M |
| Change in Other Net Operating Assets | -11.57M | -9.25M | -8.92M | -9.21M | -17.29M | 1.51M |
| Operating Cash Flow | 170.11M | 74.09M | 151.68M | 156.80M | 305.61M | 104.60M |
| Capital Expenditures | -160.29M | -67.79M | -30.24M | -63.87M | -140.84M | -35.91M |
| Sale of Property, Plant & Equipment | 606.00K | 1.40M | 241.00K | 615.00K | ||
| Sale (Purchase) of Intangibles | -4.55M | |||||
| Other Investing Activities | -34.09M | |||||
| Investing Cash Flow | -193.78M | -67.79M | -28.84M | -68.18M | -140.23M | -35.91M |
| Short-Term Debt Issued | 70.00M | |||||
| Long-Term Debt Issued | 75.00M | 28.00M | ||||
| Total Debt Issued | 121.30M | 75.00M | 70.00M | 28.00M | ||
| Short-Term Debt Repaid | -70.00M | |||||
| Long-Term Debt Repaid | -258.79M | -1.70M | -154.46M | -6.51M | -80.17M | |
| Total Debt Repaid | -107.66M | -258.79M | -1.70M | -154.46M | -76.51M | -80.17M |
| Net Debt Issued (Repaid) | 13.64M | -183.79M | -1.70M | -154.46M | -6.51M | -52.17M |
| Issuance of Common Stock | 207.00K | 1.85M | 1.60M | 305.00K | ||
| Repurchase of Common Stock | -2.31M | -2.24M | -36.16M | -6.82M | -121.00K | -99.00K |
| Other Financing Activities | -1.02M | -2.61M | -65.00K | -6.70M | -774.00K | |
| Financing Cash Flow | 10.51M | -188.64M | -36.06M | -166.37M | -7.10M | -52.27M |
| Foreign Exchange Rate Adjustments | -17.00K | 19.00K | -30.00K | 4.00K | -19.00K | 14.00K |
| Net Cash Flow | -13.17M | -182.32M | 86.74M | -77.74M | 158.27M | 16.43M |
| Free Cash Flow | 9.82M | 6.30M | 121.43M | 92.93M | 164.77M | 68.68M |
| Free Cash Flow Margin | 2.83% | 1.97% | 31.44% | 16.49% | 32.82% | 23.57% |
| Free Cash Flow Per Share | 0.10 | 0.06 | 1.20 | 0.88 | 1.65 | 0.71 |
| Levered Free Cash Flow | -44.14M | 17.26M | 112.65M | 25.28M | 124.76M | 74.12M |
| Unlevered Free Cash Flow | -42.99M | 21.34M | 124.38M | 38.38M | 143.03M | 93.33M |
| Cash Interest Paid | 12.98M | 12.98M | 17.98M | 29.27M | 32.65M | 33.77M |
| Cash Income Tax Paid | 2.82M | 2.82M | 28.77M | 5.97M | 4.87M | 765.00K |
| Change in Working Capital | 114.69M | 23.72M | -9.12M | -165.46M | 66.49M | 25.25M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.36B | 799.23M | 956.27M | 989.16M | 1.47B | 344.68M |
| Enterprise Value | 1.40B | 782.00M | 974.88M | 1.11B | 1.63B | 643.44M |
| Last Close Price | 13.67 | 8.01 | 9.66 | 9.73 | 15.14 | 3.56 |
| PE Ratio | 13.42 | 5.70 | 19.91 | |||
| Forward PE | 26.86 | 263.09 | 25.66 | 14.63 | 9.01 | 68.86 |
| PS Ratio | 3.92 | 2.49 | 2.48 | 1.75 | 2.93 | 1.18 |
| PB Ratio | 3.70 | 2.05 | 2.27 | 2.62 | 7.33 | 3.54 |
| P/TBV Ratio | 4.59 | 2.59 | 2.92 | 3.67 | 17.79 | |
| P/FCF Ratio | 138.64 | 126.82 | 7.88 | 10.64 | 8.94 | 5.02 |
| P/OCF Ratio | 8.01 | 10.79 | 6.30 | 6.31 | 4.82 | 3.29 |
| PEG Ratio | 1.79 | 17.54 | 1.71 | 0.97 | 0.60 | 4.59 |
| EV/Sales Ratio | 4.04 | 2.44 | 2.52 | 1.97 | 3.25 | 2.21 |
| EV/EBITDA Ratio | 31.50 | 18.37 | 5.23 | 3.37 | 6.73 | 5.90 |
| EV/EBIT Ratio | 8.60 | 4.53 | 9.34 | 16.64 | ||
| EV/FCF Ratio | 142.94 | 124.09 | 8.03 | 11.96 | 9.90 | 9.37 |
| Debt / Equity Ratio | 0.13 | 0.03 | 0.50 | 0.53 | 1.77 | 3.41 |
| Debt / EBITDA Ratio | 0.81 | 0.19 | 1.05 | 0.57 | 1.34 | 3.04 |
| Debt / FCF Ratio | 4.92 | 1.70 | 1.73 | 2.16 | 2.15 | 4.83 |
| Net Debt / Equity Ratio | 0.11 | 0.00 | 0.04 | 0.25 | 0.85 | 3.15 |
| Net Debt / EBITDA Ratio | 0.95 | 0.01 | 0.09 | 0.29 | 0.71 | 2.81 |
| Net Debt / FCF Ratio | 4.30 | 0.04 | 0.14 | 1.02 | 1.04 | 4.46 |
| Asset Turnover | 0.58 | 0.51 | 0.54 | 0.77 | 0.78 | 0.56 |
| Inventory Turnover | 110.40 | 75.47 | 88.61 | 112.24 | 109.10 | |
| Quick Ratio | 0.57 | 0.79 | 1.04 | 2.46 | 1.18 | 0.74 |
| Current Ratio | 0.65 | 0.87 | 1.07 | 2.57 | 1.24 | 0.83 |
| Return on Equity (ROE) | -9.77% | -9.15% | 17.89% | 60.09% | 49.60% | -4.67% |
| Return on Assets (ROA) | -3.66% | -3.08% | 9.98% | 20.94% | 16.98% | 4.61% |
| Return on Invested Capital (ROIC) | -8.46% | -7.48% | 19.15% | 44.97% | 31.30% | 8.87% |
| Return on Capital Employed (ROCE) | -6.30% | -6.90% | 23.00% | 39.40% | 30.10% | 8.80% |
| Earnings Yield | -2.76% | -4.64% | 7.45% | 17.56% | 5.02% | -1.33% |
| FCF Yield | 0.72% | 0.79% | 12.70% | 9.40% | 11.19% | 19.93% |
| Buyback Yield / Dilution | 0.18% | 1.89% | 3.69% | -5.26% | -3.57% | -0.62% |