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Target Hospitality (TH) Financials

Target Hospitality logo
$21.19 +0.43 (+2.07%)
Closing price 09/18/2026 04:00 PM Eastern
Extended Trading
$21.52 +0.33 (+1.56%)
As of 09/18/2026 07:54 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Target Hospitality

Annual Income Statements for Target Hospitality

This table shows Target Hospitality's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.98 4.96 12 -25 -4.58 74 174 71 -37
Consolidated Net Income / (Loss)		 0.98 4.96 12 -25 -4.58 74 174 71 -37
Net Income / (Loss) Continuing Operations		 0.98 4.96 12 -25 -4.58 74 174 71 -37
Total Pre-Tax Income 		27 17 20 -34 -2.67 106 225 93 -43
Total Operating Income		 21 41 48 4.10 37 174 241 109 -35
Total Gross Profit		 53 90 147 57 101 247 313 178 43
Total Revenue		 134 241 321 225 291 502 564 386 321
Operating Revenue		 134 241 321 225 291 502 564 386 321
Total Cost of Revenue		 81 150 174 168 190 255 250 208 278
Operating Cost of Revenue		 81 150 174 168 190 255 250 208 278
Total Operating Expenses		 32 49 99 53 64 73 73 69 77
Selling, General & Admin Expense		 24 41 77 38 46 58 56 54 59
Depreciation Expense		 5.68 7.52 15 16 17 15 15 16 16
Other Operating Expenses / (Income)		 -0.61 -8.13 6.75 -0.72 0.88 0.04 1.24 -0.50 2.69
Total Other Income / (Expense), net		 5.11 -24 -28 -38 -40 -68 -16 -16 -8.46
Interest Expense		 -5.11 24 34 40 39 36 25 17 8.46
Other Income / (Expense), net		 - 0.00 5.92 2.35 -1.07 -32 9.06 0.68 0.00
Income Tax Expense		 26 12 7.61 -8.46 1.90 32 51 21 -6.13
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - 0.00 0.00 0.14 0.04
Basic Earnings per Share		 $0.04 $0.12 $0.13 ($0.26) ($0.05) $0.76 $1.71 $0.71 ($0.37)
Weighted Average Basic Shares Outstanding		 25.69M 41.29M 94.50M 96.02M 96.61M 97.21M 101.35M 100.14M 99.52M
Diluted Earnings per Share		 $0.04 $0.12 $0.13 ($0.26) ($0.05) $0.74 $1.56 $0.70 ($0.37)
Weighted Average Diluted Shares Outstanding		 25.69M 41.29M 94.50M 96.02M 96.61M 100.06M 105.32M 101.43M 99.52M
Weighted Average Basic & Diluted Shares Outstanding		 25.69M 41.29M 94.50M 96.02M 101.95M 100.96M 100.52M 99.36M 100.15M

Quarterly Income Statements for Target Hospitality

This table shows Target Hospitality's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 38 20 18 20 13 -6.46 -15 -0.80 -15 -13 -9.04
Consolidated Net Income / (Loss)		 38 20 18 20 13 -6.46 -15 -0.76 -15 -13 -8.98
Net Income / (Loss) Continuing Operations		 38 20 18 20 13 -6.46 -15 -0.76 -15 -13 -8.98
Total Pre-Tax Income 		48 27 25 24 17 -7.78 -18 -0.39 -17 -15 -8.51
Total Operating Income		 46 30 30 28 21 -1.08 -17 0.07 -17 -14 -7.50
Total Gross Profit		 62 49 47 45 37 18 -0.33 18 7.08 6.88 16
Total Revenue		 126 107 101 95 84 70 62 99 90 73 85
Operating Revenue		 126 107 101 95 84 70 62 99 90 73 85
Total Cost of Revenue		 64 58 54 50 47 52 62 81 83 66 70
Operating Cost of Revenue		 64 58 54 50 47 52 62 81 83 66 70
Total Operating Expenses		 16 19 17 17 16 19 17 18 24 21 23
Selling, General & Admin Expense		 12 15 13 13 13 15 13 13 18 15 19
Depreciation Expense		 3.87 3.89 3.91 3.90 3.95 3.97 4.08 4.09 4.06 4.02 4.12
Other Operating Expenses / (Income)		 -0.00 -0.11 -0.05 -0.00 -0.34 0.26 -0.16 0.87 1.72 2.63 0.42
Total Other Income / (Expense), net		 2.19 -3.91 -4.27 -3.81 -3.95 -6.70 -0.94 -0.46 -0.36 -0.89 -1.01
Interest Expense		 5.06 4.59 4.27 3.81 3.95 6.70 0.94 0.46 0.36 0.89 1.01
Income Tax Expense		 11 6.14 6.89 4.08 4.31 -1.32 -2.94 0.37 -2.24 -2.25 0.47
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 0.00 0.10 - 0.00 0.01 0.04 -0.01 -0.04 0.05
Basic Earnings per Share		 $0.36 $0.20 $0.18 $0.20 $0.13 ($0.07) ($0.15) ($0.01) ($0.14) ($0.13) ($0.09)
Weighted Average Basic Shares Outstanding		 101.35M 100.66M 100.26M 100.44M 100.14M 99.11M 99.40M 99.78M 99.52M 99.93M 100.21M
Diluted Earnings per Share		 $0.31 $0.20 $0.18 $0.20 $0.12 ($0.07) ($0.15) ($0.01) ($0.14) ($0.13) ($0.09)
Weighted Average Diluted Shares Outstanding		 105.32M 102.36M 101.25M 101.30M 101.43M 99.11M 99.40M 99.78M 99.52M 99.93M 100.21M
Weighted Average Basic & Diluted Shares Outstanding		 100.52M 100.28M 100.43M 98.94M 99.36M 99.36M 99.78M 99.78M 100.15M 100.16M 99.62M

Annual Cash Flow Statements for Target Hospitality

This table details how cash moves in and out of Target Hospitality's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 8.72 -0.08 -5.61 0.14 16 158 -78 87 -182
Net Cash From Operating Activities		 41 26 60 47 105 306 157 152 74
Net Cash From Continuing Operating Activities		 41 26 60 47 105 306 157 152 74
Net Income / (Loss) Continuing Operations		 0.98 4.96 12 -25 -4.58 74 174 71 -37
Consolidated Net Income / (Loss)		 0.98 4.96 12 -25 -4.58 74 174 71 -37
Depreciation Expense		 25 32 45 51 56 54 71 59 60
Amortization Expense		 4.90 7.78 18 19 20 19 17 16 15
Non-Cash Adjustments To Reconcile Net Income		 1.16 15 6.71 4.05 7.96 54 9.57 7.14 10
Changes in Operating Assets and Liabilities, net		 8.49 -33 -21 -2.26 26 105 -114 -2.52 27
Net Cash From Investing Activities		 -130 -221 -113 -11 -36 -140 -68 -29 -68
Net Cash From Continuing Investing Activities		 -130 -221 -113 -11 -36 -140 -68 -29 -68
Purchase of Property, Plant & Equipment		 -0.90 -0.95 -0.44 -0.38 -0.43 -21 -3.07 -0.69 -0.75
Acquisitions		 -37 -200 -30 - 0.00 0.00 -4.55 0.00 0.00
Sale of Property, Plant & Equipment		 1.56 0.00 1.44 0.99 0.00 0.62 0.24 1.40 0.00
Other Investing Activities, net		 -15 -75 -84 -12 -35 -120 -61 -30 -67
Net Cash From Financing Activities		 98 195 47 -36 -52 -7.10 -166 -36 -189
Net Cash From Continuing Financing Activities		 98 195 47 -36 -52 -7.10 -166 -36 -189
Repayment of Debt		 -14 -315 -75 -86 -80 -77 -160 -1.70 -261
Repurchase of Common Equity		 0.00 0.00 -18 -5.32 0.00 -0.77 -1.50 -33 0.00
Payment of Dividends		 -24 -27 - - - 0.00 0.00 -0.07 -0.26
Issuance of Debt		 15 190 445 56 28 70 0.00 0.00 75
Other Financing Activities, net		 -5.64 0.00 -344 -0.22 -0.10 0.18 -5.21 -0.81 -2.24
Effect of Exchange Rate Changes		 0.14 -0.18 -0.05 -0.01 0.01 -0.02 0.00 -0.03 0.02
Cash Interest Paid		 0.96 23 24 36 34 33 29 18 13
Cash Income Taxes Paid		 0.62 0.00 1.24 1.27 0.77 4.87 5.97 29 2.82

Quarterly Cash Flow Statements for Target Hospitality

This table details how cash moves in and out of Target Hospitality's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -1.18 20 30 23 13 -156 -15 11 -22 -2.89 0.61
Net Cash From Operating Activities		 38 51 39 31 31 3.94 11 53 5.74 7.04 104
Net Cash From Continuing Operating Activities		 38 51 39 31 31 3.94 11 53 5.74 7.04 104
Net Income / (Loss) Continuing Operations		 38 20 18 20 13 -6.46 -15 -0.76 -15 -13 -8.98
Consolidated Net Income / (Loss)		 38 20 18 20 13 -6.46 -15 -0.76 -15 -13 -8.98
Depreciation Expense		 16 15 15 15 14 14 14 15 16 16 18
Amortization Expense		 4.12 4.05 4.07 4.09 4.11 4.08 3.52 3.53 3.53 3.58 3.58
Non-Cash Adjustments To Reconcile Net Income		 -8.76 2.25 1.40 2.00 1.49 4.49 2.11 1.70 1.79 1.61 2.15
Changes in Operating Assets and Liabilities, net		 -11 8.61 -0.09 -9.34 -1.69 -12 6.05 34 -0.88 -1.42 89
Net Cash From Investing Activities		 -7.27 -8.92 -7.22 -7.28 -5.42 -17 -7.71 -16 -27 -39 -112
Net Cash From Continuing Investing Activities		 -7.27 -8.92 -7.22 -7.28 -5.42 -17 -7.71 -16 -27 -39 -112
Purchase of Property, Plant & Equipment		 -0.13 -0.14 -0.13 -0.06 -0.36 -0.62 -0.04 -0.05 -0.05 -0.18 -5.45
Sale of Property, Plant & Equipment		 - 0.04 - 0.50 0.86 0.00 - - - 0.28 0.33
Other Investing Activities, net		 -7.15 -8.83 -7.09 -7.72 -5.92 -17 -7.67 -16 -27 -39 -106
Net Cash From Financing Activities		 -32 -21 -1.89 -0.69 -12 -143 -19 -26 -1.16 29 8.18
Net Cash From Continuing Financing Activities		 -32 -21 -1.89 -0.69 -12 -143 -19 -26 -1.16 29 8.18
Repayment of Debt		 -32 -0.41 -0.42 -0.40 -0.47 -218 -18 -25 -1.07 -19 -64
Payment of Dividends		 - 0.00 - - - -0.07 -0.06 -0.06 -0.08 -0.06 -0.06
Issuance of Debt		 - 0.00 - - - 75 - - - 49 73
Effect of Exchange Rate Changes		 -0.00 -0.00 -0.00 - -0.03 0.00 0.02 -0.00 0.00 -0.00 -0.01

Annual Balance Sheets for Target Hospitality

This table presents Target Hospitality's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.24 565 601 534 513 772 694 726 530
Total Current Assets		 0.00 75 61 44 61 236 181 249 73
Cash & Equivalents		 0.00 12 6.79 6.98 23 182 104 191 8.35
Accounts Receivable		 - 58 49 29 29 42 67 49 56
Prepaid Expenses		 0.00 3.97 4.65 7.20 8.35 13 9.48 9.33 8.79
Plant, Property, & Equipment, net		 0.00 294 354 311 292 357 349 0.00 0.00
Total Noncurrent Assets		 0.24 196 186 179 161 178 166 476 457
Goodwill		 - 34 41 41 41 41 41 41 41
Intangible Assets		 - 127 118 103 88 75 66 53 39
Other Noncurrent Operating Assets		 0.24 20 16 16 15 61 56 381 375
Other Noncurrent Nonoperating Assets		 - 2.87 4.69 3.42 2.16 0.90 2.48 1.87 1.79
Total Liabilities & Shareholders' Equity		 0.24 565 601 534 513 772 694 726 530
Total Liabilities		 0.23 216 480 435 416 571 317 305 141
Total Current Liabilities		 0.23 65 61 46 73 191 70 233 84
Short-Term Debt		 - 2.45 - - - - 0.00 189 5.81
Accounts Payable		 0.23 22 7.79 11 12 18 21 16 44
Accrued Expenses		 - 23 35 25 33 40 34 26 22
Current Deferred Revenue		 - 18 17 6.62 27 120 1.79 0.70 9.28
Other Current Liabilities		 - - 0.99 3.57 0.73 14 14 1.86 2.09
Total Noncurrent Liabilities		 0.00 151 419 389 342 374 244 71 57
Long-Term Debt		 - 21 403 374 330 329 178 - 0.00
Capital Lease Obligations		 - 0.01 1.00 0.27 0.70 1.09 1.02 1.45 1.68
Asset Retirement Reserve & Litigation Obligation		 - 2.61 2.83 2.28 2.08 2.25 2.42 2.56 2.70
Noncurrent Deferred Revenue		 - 20 9.39 12 7.27 5.48 3.68 0.54 9.29
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - 0.00 15 53 49 42
Other Noncurrent Operating Liabilities		 - 108 2.88 0.48 1.47 21 5.81 17 1.13
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.02 349 121 99 97 201 377 421 389
Total Preferred & Common Equity		 0.02 349 121 99 97 201 377 421 389
Total Common Equity		 0.02 349 121 99 97 201 377 421 389
Common Stock		 0.03 320 103 107 110 139 142 149 154
Retained Earnings		 -0.01 31 43 18 14 88 261 332 295
Treasury Stock		 - - -24 -24 -24 -24 -24 -57 -57
Accumulated Other Comprehensive Income / (Loss)		 - -2.46 -2.56 -2.43 -2.46 -2.57 -2.64 -2.79 -2.80
Noncontrolling Interest		 - - - - - - 0.00 0.01 -0.20

Quarterly Balance Sheets for Target Hospitality

This table presents Target Hospitality's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 650 666 697 687 697 710 563 534 541 540 654
Total Current Assets		 103 130 172 186 209 231 100 83 79 59 64
Cash & Equivalents		 42 70 105 124 154 178 34 19 30 5.46 6.07
Accounts Receivable		 53 53 59 54 49 47 57 57 43 46 50
Prepaid Expenses		 7.93 6.94 6.99 7.93 5.80 6.34 8.17 6.38 6.32 7.51 7.37
Plant, Property, & Equipment, net		 370 366 360 343 336 332 326 317 332 0.00 0.00
Total Noncurrent Assets		 179 170 165 158 152 147 137 133 130 481 590
Goodwill		 41 41 41 41 41 41 41 41 41 41 41
Intangible Assets		 76 73 70 63 60 56 49 46 43 36 33
Other Noncurrent Operating Assets		 60 54 53 52 50 48 45 45 45 402 515
Other Noncurrent Nonoperating Assets		 1.60 1.68 1.59 2.33 2.18 2.02 1.72 1.57 1.42 1.58 2.13
Total Liabilities & Shareholders' Equity		 650 666 697 687 697 710 563 534 541 540 654
Total Liabilities		 408 376 358 312 300 292 147 133 139 163 284
Total Current Liabilities		 366 323 294 67 236 229 51 57 82 69 99
Short-Term Debt		 219 207 208 - 189 189 0.00 0.00 0.00 - 5.84
Accounts Payable		 27 17 21 17 18 17 23 21 46 33 47
Accrued Expenses		 29 32 31 36 26 23 17 17 18 18 24
Current Deferred Revenue		 86 51 15 1.79 2.72 0.40 1.01 8.51 9.43 11 21
Total Noncurrent Liabilities		 41 50 63 242 63 62 97 76 56 94 186
Long-Term Debt		 0.00 0.00 0.00 179 0.00 0.00 41 24 - 30 40
Capital Lease Obligations		 1.18 1.11 1.05 1.27 1.11 0.99 2.04 2.34 2.02 1.47 2.12
Asset Retirement Reserve & Litigation Obligation		 2.29 2.33 2.38 2.47 2.50 2.53 2.60 2.63 2.66 2.73 2.77
Noncurrent Deferred Revenue		 5.03 4.58 4.13 3.23 0.54 0.54 0.54 0.54 5.53 19 100
Noncurrent Deferred & Payable Income Tax Liabilities		 23 35 48 52 54 53 48 44 45 40 40
Other Noncurrent Operating Liabilities		 9.71 7.18 6.72 4.21 4.29 4.71 2.92 1.98 1.64 0.67 0.32
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 242 290 338 376 397 418 415 401 402 377 370
Total Preferred & Common Equity		 242 290 338 376 397 418 415 401 402 377 370
Total Common Equity		 242 290 338 376 397 418 415 401 402 377 370
Common Stock		 137 139 141 142 145 146 149 150 152 155 157
Retained Earnings		 131 178 223 281 300 320 326 311 310 282 273
Treasury Stock		 -24 -24 -24 -45 -45 -46 -57 -57 -57 -57 -57
Accumulated Other Comprehensive Income / (Loss)		 -2.60 -2.60 -2.62 -2.66 -2.68 -2.69 -2.79 -2.77 -2.79 -2.82 -3.01
Noncontrolling Interest		 - - - - - 0.04 -0.05 -0.09 -0.13 -0.30 -0.32

Annual Metrics And Ratios for Target Hospitality

This table displays calculated financial ratios and metrics derived from Target Hospitality's official financial filings.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - 99,779,532.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 99,779,532.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.37
Growth Metrics		 - - - - - - - - -
Profitability Metrics		 - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 0.79 12 29 2.87 26 121 186 84 -24
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 22.85% 33.42% 13.88% -6.13%
Earnings before Interest and Taxes (EBIT)		 21 41 54 6.45 36 143 250 109 -35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 52 81 116 77 112 216 337 185 40
Valuation Ratios		 - - - - - - - - -
Leverage & Solvency		 - - - - - - - - -
Liquidity Ratios		 - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -345 -127 52 86 172 86 126 8.15
Efficiency Ratios		 - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.02 357 513 464 404 354 453 411 386
Increase / (Decrease) in Invested Capital		 0.00 357 156 -50 -60 -50 100 -42 -32
Book Value per Share		 $0.00 $8.59 $1.16 $0.98 $0.96 $2.07 $3.71 $4.26 $3.90
Tangible Book Value per Share		 $0.00 $4.61 ($0.37) ($0.45) ($0.32) $0.87 $2.66 $3.31 $3.10
Total Capital		 0.02 372 525 474 428 531 556 603 397
Total Debt		 0.00 23 404 375 331 330 179 182 7.48
Total Long-Term Debt		 0.00 21 404 375 331 330 179 1.45 1.68
Net Debt		 0.00 11 397 368 308 148 75 -8.89 -0.87
Capital Expenditures (CapEx)		 -0.66 0.95 -1.00 -0.61 0.43 20 2.83 -0.72 0.75
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.23 0.09 -6.91 -8.95 -36 -136 6.24 5.59 -13
Debt-free Net Working Capital (DFNWC)		 -0.23 12 -0.13 -1.97 -12 45 110 196 -4.90
Net Working Capital (NWC)		 -0.23 9.84 -0.13 -1.97 -12 45 110 16 -11
Net Nonoperating Expense (NNE)		 -0.19 7.18 17 28 31 47 12 12 13
Net Nonoperating Obligations (NNO)		 0.00 7.95 393 365 307 153 76 -9.64 -2.66
Total Depreciation and Amortization (D&A)		 30 40 63 70 75 73 88 76 75
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.04 $0.00 $0.07 $0.00 ($0.05) $0.76 $1.71 $0.71 ($0.37)
Adjusted Weighted Average Basic Shares Outstanding		 25.69M 40.63M 102.30M 0.00 96.61M 97.21M 101.35M 100.14M 99.52M
Adjusted Diluted Earnings per Share		 $0.04 $0.00 $0.07 $0.00 ($0.05) $0.74 $1.56 $0.70 ($0.37)
Adjusted Weighted Average Diluted Shares Outstanding		 25.69M 40.63M 102.30M 0.00 96.61M 100.06M 105.32M 101.43M 99.52M
Adjusted Basic & Diluted Earnings per Share		 $0.04 $0.00 $0.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 25.69M 40.63M 94.50M 0.00 101.95M 100.96M 100.52M 99.36M 100.15M
Normalized Net Operating Profit after Tax (NOPAT)		 17 35 29 2.87 26 121 186 84 -24
Debt Service Ratios		 - - - - - - - - -
Payout Ratios		 - - - - - - - - -

Quarterly Metrics And Ratios for Target Hospitality

This table displays calculated financial ratios and metrics derived from Target Hospitality's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 99,779,532.00 100,153,204.00 100,163,841.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 99,779,532.00 100,153,204.00 100,163,841.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.15 -0.13 -0.09
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -17.20% -27.84% -29.87% -34.77% -33.70% -34.47% -38.84% 4.37% - 4.13% 38.71%
EBITDA Growth		 -1.09% -42.88% -44.39% -46.63% -46.88% -65.75% -98.16% -59.96% - -68.26% 1,485.76%
EBIT Growth		 1.09% -52.62% -54.84% -57.03% -61.07% -103.46% -157.25% -99.75% - -1,231.13% 55.69%
NOPAT Growth		 -20.42% -51.73% -57.02% -54.64% -57.15% -103.22% -155.10% -99.79% - -1,231.13% 55.69%
Net Income Growth		 19.86% -53.49% -60.42% -55.91% -66.85% -131.69% -181.14% -103.77% - -100.68% 39.80%
EPS Growth		 6.90% -47.37% -59.09% -53.49% -61.29% -135.00% -183.33% -105.00% - -85.71% 40.00%
Operating Cash Flow Growth		 -19.88% 248.21% -29.85% -34.85% -20.21% -92.21% -71.71% 69.78% - 78.73% 839.97%
Free Cash Flow Firm Growth		 -166.19% -82.91% -79.90% 139.82% 190.58% -25.91% -14.89% 61.67% - 23.74% -153.87%
Invested Capital Growth		 28.12% 2.72% 0.90% -2.78% -9.25% -2.22% -6.19% -13.35% - -4.97% 0.70%
Revenue Q/Q Growth		 -13.51% -15.49% -5.58% -5.49% -12.08% -16.48% -11.86% 61.27% - -18.93% 17.41%
EBITDA Q/Q Growth		 -16.02% -31.28% -2.97% -4.68% -16.42% -55.69% -94.80% 1,978.53% - 86.06% 159.91%
EBIT Q/Q Growth		 -17.98% -41.77% -5.02% -5.28% -25.69% -105.17% -1,472.30% 100.41% - 14.86% 47.66%
NOPAT Q/Q Growth		 -29.54% -35.26% -8.10% 8.23% -33.45% -104.87% -1,472.30% 100.41% - 14.86% 47.66%
Net Income Q/Q Growth		 -16.97% -46.14% -9.80% 9.29% -37.57% -151.49% -130.96% 94.93% - 13.26% 30.71%
EPS Q/Q Growth		 -27.91% -35.48% -10.00% 11.11% -40.00% -158.33% -114.29% 93.33% - 7.14% 30.77%
Operating Cash Flow Q/Q Growth		 -20.62% 32.13% -22.70% -19.63% -2.78% -87.11% 180.83% 382.34% - 22.76% 1,376.99%
Free Cash Flow Firm Q/Q Growth		 28.98% -88.75% 47.51% 101.74% 61.55% -84.59% 69.46% 283.21% - -47.13% -173.77%
Invested Capital Q/Q Growth		 2.54% 52.07% 0.45% -0.85% -4.28% 2.57% -3.63% -8.42% - 3.79% 2.12%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 49.31% 46.00% 46.53% 47.49% 44.25% 25.70% -0.53% 18.06% - 9.46% 18.49%
EBITDA Margin		 58.18% 47.31% 48.61% 49.03% 46.61% 24.73% 1.46% 18.81% - 7.54% 16.68%
Operating Margin		 36.58% 28.53% 29.34% 29.41% 24.86% -1.54% -27.46% 0.07% - -19.68% -8.77%
EBIT Margin		 42.33% 29.17% 29.34% 29.41% 24.86% -1.54% -27.46% 0.07% - -19.68% -8.77%
Profit (Net Income) Margin		 29.98% 19.11% 18.25% 21.11% 14.99% -9.24% -24.22% -0.76% - -17.81% -10.51%
Tax Burden Percent		 78.24% 76.84% 72.74% 83.11% 74.42% 83.07% 83.55% 194.60% - 85.19% 105.56%
Interest Burden Percent		 90.52% 85.26% 85.54% 86.38% 81.03% 722.58% 105.54% -563.77% - 106.23% 113.50%
Effective Tax Rate		 21.76% 23.16% 27.26% 16.89% 25.58% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 39.97% 26.90% 23.71% 24.04% 16.52% -0.88% -14.20% 0.04% - -10.83% -5.23%
ROIC Less NNEP Spread (ROIC-NNEP)		 41.47% 24.34% 20.17% 18.58% 7.68% -19.04% -28.87% 9.21% - -29.66% -21.71%
Return on Net Nonoperating Assets (RNNOA)		 16.43% 9.25% 5.16% 2.85% 0.64% -1.51% -1.52% -0.20% - -1.17% -1.28%
Return on Equity (ROE)		 56.40% 36.15% 28.87% 26.89% 17.16% -2.40% -15.72% -0.16% - -12.00% -6.50%
Cash Return on Invested Capital (CROIC)		 21.42% 35.10% 29.80% 26.74% 29.04% 16.03% 11.75% 14.81% - -3.07% -7.31%
Operating Return on Assets (OROA)		 32.55% 22.80% 20.65% 17.93% 13.52% -0.86% -13.85% 0.03% - -11.55% -5.13%
Return on Assets (ROA)		 23.05% 14.94% 12.84% 12.87% 8.15% -5.17% -12.21% -0.38% - -10.46% -6.15%
Return on Common Equity (ROCE)		 56.40% 36.15% 28.87% 26.89% 17.16% -2.40% -15.72% -0.16% - -12.00% -6.51%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 40.01% 30.77% 23.16% 0.00% 10.73% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 36 23 21 23 15 -0.75 -12 0.05 -12 -10 -5.25
NOPAT Margin		 28.62% 21.93% 21.34% 24.44% 18.50% -1.08% -19.22% 0.05% - -13.78% -6.14%
Net Nonoperating Expense Percent (NNEP)		 -1.50% 2.56% 3.54% 5.46% 8.84% 18.16% 14.67% -9.17% - 18.83% 16.49%
Return On Investment Capital (ROIC_SIMPLE)		 6.49% - - - 2.57% -0.16% -2.77% 0.01% -2.97% -2.46% -1.26%
Cost of Revenue to Revenue		 50.69% 54.00% 53.47% 52.51% 55.75% 74.30% 100.53% 81.94% - 90.54% 81.51%
SG&A Expenses to Revenue		 9.66% 13.93% 13.36% 13.99% 15.09% 21.18% 20.56% 13.00% - 20.00% 21.94%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 12.73% 17.46% 17.20% 18.09% 19.39% 27.24% 26.93% 17.99% - 29.14% 27.26%
Earnings before Interest and Taxes (EBIT)		 53 31 30 28 21 -1.08 -17 0.07 -17 -14 -7.50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 73 50 49 47 39 17 0.90 19 2.95 5.49 14
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.62 2.91 2.20 1.87 2.27 1.57 1.76 2.10 - 2.47 5.51
Price to Tangible Book Value (P/TBV)		 3.66 4.02 2.95 2.44 2.92 2.01 2.25 2.66 - 3.10 6.88
Price to Revenue (P/Rev)		 1.76 2.09 1.82 1.82 2.48 1.87 2.28 2.69 - 2.87 5.87
Price to Earnings (P/E)		 5.69 7.27 7.15 8.09 13.42 14.72 63.71 0.00 - 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield		 17.56% 13.75% 13.99% 12.36% 7.45% 6.79% 1.57% 0.00% - 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.35 2.66 2.10 1.85 2.30 1.57 1.76 2.20 - 2.38 5.08
Enterprise Value to Revenue (EV/Rev)		 1.89 2.20 1.90 1.85 2.45 1.89 2.30 2.60 - 2.95 5.99
Enterprise Value to EBITDA (EV/EBITDA)		 3.16 3.84 3.49 3.62 5.12 4.36 6.88 10.78 - 34.09 50.29
Enterprise Value to EBIT (EV/EBIT)		 4.26 5.34 5.08 5.59 8.66 8.57 23.20 284.29 - 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 5.72 7.14 6.87 7.61 11.32 11.26 31.73 406.13 - 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.79 5.95 5.16 4.98 6.25 6.31 9.28 8.27 - 12.37 12.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.31 7.68 7.07 6.81 7.54 9.68 14.48 13.76 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.47 0.48 0.48 0.46 0.43 0.10 0.07 0.01 - 0.08 0.13
Long-Term Debt to Equity		 0.47 0.48 0.00 0.00 0.00 0.10 0.07 0.01 - 0.08 0.11
Financial Leverage		 0.40 0.38 0.26 0.15 0.08 0.08 0.05 -0.02 - 0.04 0.06
Leverage Ratio		 2.54 2.17 1.98 1.86 1.78 1.58 1.54 1.53 - 1.39 1.54
Compound Leverage Factor		 2.30 1.85 1.70 1.61 1.44 11.42 1.63 -8.60 - 1.48 1.75
Debt to Total Capital		 32.19% 32.39% 32.43% 31.30% 30.15% 9.37% 6.16% 0.50% - 7.71% 11.48%
Short-Term Debt to Total Capital		 0.00% 0.00% 32.24% 31.14% 29.91% 0.00% 0.00% 0.00% - 0.00% 1.40%
Long-Term Debt to Total Capital		 32.19% 32.39% 0.19% 0.16% 0.24% 9.37% 6.16% 0.50% - 7.71% 10.08%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.01% 0.00% -0.01% -0.02% -0.03% - -0.07% -0.08%
Common Equity to Total Capital		 67.81% 67.61% 67.57% 68.69% 69.85% 90.64% 93.86% 99.53% - 92.36% 88.60%
Debt to EBITDA		 0.53 0.60 0.73 0.87 0.98 0.28 0.25 0.03 - 1.12 1.16
Net Debt to EBITDA		 0.22 0.19 0.14 0.06 -0.05 0.06 0.07 -0.37 - 0.93 1.01
Long-Term Debt to EBITDA		 0.53 0.60 0.00 0.00 0.01 0.28 0.25 0.03 - 1.12 1.02
Debt to NOPAT		 0.96 1.12 1.44 1.82 2.17 0.73 1.17 1.00 - -0.94 -1.78
Net Debt to NOPAT		 0.40 0.35 0.27 0.12 -0.11 0.14 0.32 -14.09 - -0.77 -1.55
Long-Term Debt to NOPAT		 0.96 1.12 0.01 0.01 0.02 0.73 1.17 1.00 - -0.94 -1.56
Altman Z-Score		 3.65 3.80 3.13 2.97 3.18 4.19 4.56 5.03 - 4.64 5.32
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.01% -0.01% -0.01% - -0.04% -0.05%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.57 2.78 0.89 1.01 1.07 1.97 1.47 0.96 - 0.85 0.65
Quick Ratio		 2.43 2.67 0.86 0.98 1.03 1.81 1.35 0.89 - 0.74 0.57
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -63 12 18 36 57 8.85 15 57 21 11 -8.08
Operating Cash Flow to CapEx		 30,631.20% 54,398.92% 31,035.71% 0.00% 0.00% 640.49% 31,605.71% 108,889.80% - 0.00% 2,032.05%
Free Cash Flow to Firm to Interest Expense		 -12.52 2.60 4.12 9.32 14.55 1.32 16.00 125.43 - 12.27 -7.98
Operating Cash Flow to Interest Expense		 7.56 11.03 9.15 8.24 7.74 0.59 11.81 116.50 - 7.89 102.75
Operating Cash Flow Less CapEx to Interest Expense		 7.54 11.01 9.12 8.36 7.87 0.50 11.77 116.39 - 8.00 97.69
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.77 0.78 0.70 0.61 0.54 0.56 0.50 0.50 - 0.59 0.58
Accounts Receivable Turnover		 10.32 9.80 9.40 8.03 6.64 6.31 5.85 6.99 - 6.31 6.44
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Fixed Asset Turnover		 1.60 1.47 1.37 1.24 1.15 1.04 0.95 0.95 - 0.00 0.00
Accounts Payable Turnover		 13.01 10.96 13.49 11.81 11.21 10.02 10.80 7.71 - 10.40 8.71
Days Sales Outstanding (DSO)		 35.37 37.25 38.84 45.43 55.01 57.85 62.43 52.23 - 57.87 56.67
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Days Payable Outstanding (DPO)		 28.07 33.32 27.06 30.90 32.55 36.42 33.78 47.32 - 35.11 41.92
Cash Conversion Cycle (CCC)		 7.31 3.93 11.78 14.53 22.46 21.43 28.64 4.91 - 22.76 14.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 453 432 434 430 411 422 407 372 386 401 410
Invested Capital Turnover		 1.40 1.23 1.11 0.98 0.89 0.82 0.74 0.78 - 0.79 0.85
Increase / (Decrease) in Invested Capital		 100 11 3.88 -12 -42 -9.60 -27 -57 -32 -21 2.83
Enterprise Value (EV)		 1,064 1,148 910 794 947 662 714 818 - 955 2,081
Market Capitalization		 989 1,093 873 781 956 654 707 846 - 929 2,039
Book Value per Share		 $3.71 $3.74 $3.96 $4.16 $4.26 $4.18 $4.04 $4.03 $3.90 $3.76 $3.70
Tangible Book Value per Share		 $2.66 $2.70 $2.96 $3.19 $3.31 $3.27 $3.16 $3.19 $3.10 $2.99 $2.96
Total Capital		 556 555 588 608 603 458 428 404 397 408 418
Total Debt		 179 180 191 190 182 43 26 2.02 7.48 31 48
Total Long-Term Debt		 179 180 1.11 0.99 1.45 43 26 2.02 1.68 31 42
Net Debt		 75 56 36 13 -8.89 8.48 7.11 -28 -0.87 26 42
Capital Expenditures (CapEx)		 0.13 0.09 0.13 -0.44 -0.50 0.62 0.04 0.05 0.05 -0.10 5.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 6.24 -5.05 8.51 14 5.59 15 7.19 -33 -13 -16 -35
Debt-free Net Working Capital (DFNWC)		 110 119 163 191 196 49 26 -2.98 -4.90 -11 -29
Net Working Capital (NWC)		 110 119 -27 2.08 16 49 26 -2.98 -11 -11 -35
Net Nonoperating Expense (NNE)		 -1.71 3.01 3.11 3.17 2.94 5.71 3.08 0.81 3.17 2.94 3.73
Net Nonoperating Obligations (NNO)		 76 56 36 12 -9.64 6.75 5.54 -30 -2.66 24 40
Total Depreciation and Amortization (D&A)		 20 19 19 19 18 18 18 19 20 20 22
Debt-free, Cash-free Net Working Capital to Revenue		 1.11% -0.97% 1.78% 3.18% 1.45% 4.18% 2.32% -10.61% - -4.97% -10.14%
Debt-free Net Working Capital to Revenue		 19.55% 22.83% 33.95% 44.63% 50.81% 14.04% 8.51% -0.95% - -3.28% -8.39%
Net Working Capital to Revenue		 19.55% 22.83% -5.56% 0.49% 4.12% 14.04% 8.51% -0.95% - -3.28% -10.07%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.36 $0.20 $0.18 $0.20 $0.13 ($0.07) ($0.15) ($0.01) ($0.14) ($0.13) ($0.09)
Adjusted Weighted Average Basic Shares Outstanding		 101.35M 100.66M 100.26M 100.44M 100.14M 99.11M 99.40M 99.78M 99.52M 99.93M 100.21M
Adjusted Diluted Earnings per Share		 $0.31 $0.20 $0.18 $0.20 $0.12 ($0.07) ($0.15) ($0.01) ($0.14) ($0.13) ($0.09)
Adjusted Weighted Average Diluted Shares Outstanding		 105.32M 102.36M 101.25M 101.30M 101.43M 99.11M 99.40M 99.78M 99.52M 99.93M 100.21M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 100.52M 100.28M 100.43M 98.94M 99.36M 99.36M 99.78M 99.78M 100.15M 100.16M 99.62M
Normalized Net Operating Profit after Tax (NOPAT)		 36 23 21 23 15 -0.75 -12 0.05 -12 -10 -5.25
Normalized NOPAT Margin		 28.62% 21.93% 21.34% 24.44% 18.50% -1.08% -19.22% 0.05% - -13.78% -6.14%
Pre Tax Income Margin		 38.32% 24.87% 25.10% 25.40% 20.14% -11.12% -28.98% -0.39% - -20.91% -9.96%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.55 6.78 6.92 7.34 5.27 -0.16 -18.06 0.15 - -16.06 -7.41
NOPAT to Interest Expense		 7.14 5.10 5.03 6.10 3.92 -0.11 -12.64 0.11 - -11.24 -5.19
EBIT Less CapEx to Interest Expense		 10.53 6.76 6.89 7.46 5.40 -0.25 -18.09 0.04 - -15.95 -12.46
NOPAT Less CapEx to Interest Expense		 7.11 5.08 5.00 6.22 4.05 -0.20 -12.68 0.00 - -11.13 -10.24
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.09% 0.30% 1.70% -2.58% - -0.57% -0.67%
Augmented Payout Ratio		 0.87% 15.08% 17.30% 22.64% 47.00% 27.98% 111.45% -123.56% - -0.57% -0.67%

Financials Breakdown Chart

Key Financial Trends

Target Hospitality’s latest financial statements show a business in transition. Revenue has recovered sequentially in 2026, but profitability remains weak and liquidity has tightened substantially compared with 2023 and 2024. The company generated strong operating cash flow in the second quarter, although much of that improvement came from working-capital movements rather than net income.

  • Second-quarter revenue improved. Revenue rose to $85.5 million in Q2 2026 from $72.8 million in Q1 2026, a 17.5% sequential increase. Gross profit also improved to $15.8 million from $6.9 million, lifting the gross margin to approximately 18.5% from 9.5%.
  • Operating cash flow rebounded sharply. Cash flow from operations increased to $104.0 million in Q2 2026 from $7.0 million in Q1. This provided enough cash to fund $5.4 million of property and equipment purchases and still produce a modest $607,000 increase in cash during the quarter.
  • Debt appears lower than during the 2023-2024 period. Q2 2026 reported $5.8 million of short-term debt and $40.0 million of long-term debt, plus $2.1 million of capital lease obligations. That is substantially below the $189.5 million of short-term debt reported in Q2 2024 and the $208.1 million reported in Q3 2023.
  • Accounts receivable increased alongside the quarterly revenue recovery. Accounts receivable rose from $45.6 million in Q1 2026 to $50.4 million in Q2, which may reflect higher activity and billings, although collections will need to be monitored.
  • Operating losses narrowed but have not been eliminated. The operating loss improved from $14.3 million in Q1 2026 to $7.5 million in Q2. However, Target Hospitality still reported a $9.0 million net loss attributable to common shareholders, compared with a $12.9 million loss in Q1.
  • Noncash expenses remain significant. Q2 operating cash flow benefited from $18.2 million of depreciation and $3.6 million of amortization. These expenses help explain why cash flow was positive despite the net loss, but they also highlight the capital-intensive nature of the company’s assets.
  • The longer-term revenue trend remains unfavorable. Quarterly revenue declined from $143.6 million in Q2 2023 and $100.7 million in Q2 2024 to $61.6 million in Q2 2025, before recovering to $85.5 million in Q2 2026. The latest figure remains below the comparable 2023 and 2024 levels.
  • Profitability has deteriorated materially. Target Hospitality reported positive net income in every provided 2023 and 2024 comparison quarter, including $18.4 million in Q2 2024. It has reported net losses in Q2 2025, Q3 2025, Q4 2025, Q1 2026 and Q2 2026. Q2 2026 interest expense was $1.0 million, adding pressure below the operating line.
  • Liquidity is considerably weaker than it was two years ago. Cash and equivalents fell to $6.1 million at June 30, 2026, compared with $177.7 million at September 30, 2024 and $154.3 million at June 30, 2024. Total current assets of $63.9 million were below total current liabilities of $98.9 million, producing a current ratio of approximately 0.65.
  • Cash flow depends heavily on working-capital benefits and external financing. Q2 operating cash flow included an $89.1 million benefit from changes in operating assets and liabilities, while the company issued $72.7 million of debt and repaid $63.6 million. This suggests that the unusually strong quarterly cash generation may not be fully representative of recurring earnings power.

Overall, the statements provide some evidence of a near-term recovery in revenue, gross margin and operating cash flow. However, the multi-year picture is still challenged by lower revenue, consecutive net losses, minimal cash reserves and reliance on working-capital changes and debt financing. Investors should focus on whether Target Hospitality can sustain positive operating cash flow and return to profitability without another significant drawdown in liquidity.

09/20/26 10:32 AM ETAI Generated. May Contain Errors.

Target Hospitality Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Target Hospitality's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Target Hospitality's net income appears to be on an upward trend, with a most recent value of -$37.08 million in 2025, falling from $981 thousand in 2017. The previous period was $71.41 million in 2024. See Target Hospitality's forecast for analyst expectations on what's next for the company.

Target Hospitality's total operating income in 2025 was -$34.75 million, based on the following breakdown:
  • Total Gross Profit: $42.66 million
  • Total Operating Expenses: $77.41 million

Over the last 8 years, Target Hospitality's total revenue changed from $134.24 million in 2017 to $320.64 million in 2025, a change of 138.9%.

Target Hospitality's total liabilities were at $141.15 million at the end of 2025, a 53.7% decrease from 2024, and a 62,382.8% increase since 2017.

In the past 8 years, Target Hospitality's cash and equivalents has ranged from $0.00 in 2017 to $190.67 million in 2024, and is currently $8.35 million as of their latest financial filing in 2025.

Over the last 8 years, Target Hospitality's book value per share changed from 0.00 in 2017 to 3.90 in 2025, a change of 650,100.0%.


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Financial statements for NASDAQ:TH last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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