Target Hospitality Corp. TH
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.37 | 0.71 | 1.71 | 0.76 | -0.05 | -0.26 | 0.13 | — | — | — |
| EPS, diluted | -0.37 | 0.70 | 1.56 | 0.74 | -0.05 | -0.26 | 0.13 | 0.12 | 0.04 | — |
| Shares, diluted (wtd. avg.) | $99.5M | $101.4M | $105.3M | $100.1M | $96.6M | $96.0M | $94.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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