Target Hospitality Corp. TH

Consumer discretionary SIC 7000 - Hotels, Rooming Houses, Camps & Other Lodging Places NAICS Accommodation and Food Services › Accommodation derived Nasdaq

Our company, Target Hospitality, is one of the largest vertically integrated specialty rental and hospitality services companies in North America. We have an extensive network of geographically relocatable specialty rental accommodation units with 16,991 beds across 29 communities. A large portion of our specialty rental asset base is comprised of modular unit assets that are generally interchangeable across segments and geographies. We also operate 2 communities not owned or leased by the Company. A portion of our revenues is currently generated under contracts that include minimum revenue commitments, and nearly all of our revenues are earned through fully executed customer contracts. We expect to continue to enter into additional contracts that include minimum revenue commitments, and we expect these arrangements to comprise a larger share of our revenues going forward.

Last close 13.79 2026-10-23
Market cap $1.37B 2026-06-30 share count
52-week range 5.97 - 21.76

Valuation FY2025 figures against the last close

P/S5.0x
P/E—
P/FCF18.5x
EV/EBITDA54.6x
Dividend yield—
Diluted EPS-0.37

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $274.8M$265.9M$365.6M$333.7M$214.4M$172.2M$261.3M$186.9M$75.4M—
Gross profit $42.7M$178.2M$313.3M$247.1M$101.3M$57.2M$147.0M$90.2M$53.0M—
SG&A $58.5M$54.3M$56.1M$57.9M$46.5M$38.1M$76.6M$41.3M$24.3M—
Operating income -$34.7M$108.8M$240.6M$174.4M$37.1M$4.1M$48.0M$40.9M$21.5M—
Interest expense $6.1M$16.6M$22.6M$36.3M$38.7M$40.0M$33.4M$24.2M$5.1M—
Pre-tax income -$43.2M$92.8M$224.8M$106.3M-$2.7M-$33.6M$19.6M$16.7M$26.6M—
Income tax $6.1M$21.4M$51.0M$32.4M$1.9M$8.5M$7.6M$11.8M$25.6M—
Net income -$37.1M$71.4M$173.7M$73.9M-$4.6M-$25.1M$12.0M$5.0M$981.0K—
EPS, basic -0.370.711.710.76-0.05-0.260.13———
EPS, diluted -0.370.701.560.74-0.05-0.260.130.120.04—
Shares, diluted (wtd. avg.) 99.5M101.4M105.3M100.1M96.6M96.0M94.5M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $8.3M$190.7M$103.9M$181.7M$23.4M$7.0M$6.8M$12.5M$12.5M$3.8M
Receivables $56.2M$49.3M$67.1M$42.2M$28.8M$28.2M$48.5M$57.1M——
Inventory $2.1M$1.9M$2.1M$2.0M$1.6M$900.0K$1.1M$900.0K——
Total current assets $73.3M$249.3M$180.5M$236.4M$60.5M$43.6M$60.8M$75.0M$0—
Property, plant and equipment —$320.9M$349.1M$357.1M$291.8M$311.5M$353.7M$293.6M——
Goodwill $41.0M$41.0M$41.0M$41.0M$41.0M$41.0M$41.0M$34.2M——
Other intangibles $39.3M$52.8M$66.3M$75.2M$88.5M$103.1M$117.9M$127.4M——
Total assets $530.2M$725.8M$694.4M$771.7M$513.4M$534.2M$600.8M$565.0M$242.1K—
Accounts payable $44.4M$16.2M$20.9M$17.6M$11.8M$10.6M$7.8M$21.6M$225.9K—
Short-term debt —$180.3M————————
Total current liabilities $84.0M$233.4M$70.3M$190.9M$72.8M$45.5M$60.9M$65.1M$225.9K—
Long-term debt ——$178.1M—$341.4M$391.8M$422.0M———
Total liabilities $141.1M$304.7M$317.0M$570.9M$416.1M$435.3M$484.7M$469.3M$225.9K—
Retained earnings $295.3M$332.4M$261.1M$87.7M$13.7M$18.3M$24.9M$17.0M-$8.8K—
Total equity $389.3M$421.1M$377.3M$200.8M$97.3M$98.9M$120.5M$349.0M$24.9M$310.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $74.1M$151.7M$156.8M$305.6M$104.6M$46.8M$60.5M$26.2M$40.8M—
Depreciation and amortisation $59.9M$59.3M$70.5M$54.4M$55.9M$50.9M$44.6M$32.0M$25.2M—
Stock-based compensation $7.6M$7.3M$11.2M$19.2M$5.1M$3.6M$1.7M———
Investing cash flow -$67.8M-$28.8M-$68.2M-$140.2M-$35.9M-$10.9M-$112.7M-$220.7M-$130.2M—
Financing cash flow -$188.6M-$36.1M-$166.4M-$7.1M-$52.3M-$35.7M$46.7M$194.6M$98.1M—
Buybacks —$33.5M———$5.3M$18.2M———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040125.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M Revenue, FY2017: 75.4M Gross profit, FY2017: 53M Net income, FY2017: 981K Revenue, FY2018: 186.9M Gross profit, FY2018: 90.2M Net income, FY2018: 5M Revenue, FY2019: 261.3M Gross profit, FY2019: 147M Net income, FY2019: 12M Revenue, FY2020: 172.2M Gross profit, FY2020: 57.2M Net income, FY2020: -25.1M Revenue, FY2021: 214.4M Gross profit, FY2021: 101.3M Net income, FY2021: -4.6M Revenue, FY2022: 333.7M Gross profit, FY2022: 247.1M Net income, FY2022: 73.9M Revenue, FY2023: 365.6M Gross profit, FY2023: 313.3M Net income, FY2023: 173.7M Revenue, FY2024: 265.9M Gross profit, FY2024: 178.2M Net income, FY2024: 71.4M Revenue, FY2025: 274.8M Gross profit, FY2025: 42.7M Net income, FY2025: -37.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $75.4M $186.9M $261.3M $172.2M $214.4M $333.7M $365.6M $265.9M $274.8M
Gross profit — $53.0M $90.2M $147.0M $57.2M $101.3M $247.1M $313.3M $178.2M $42.7M
Net income — $981.0K $5.0M $12.0M -$25.1M -$4.6M $73.9M $173.7M $71.4M -$37.1M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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