Target Hospitality Corp. (TH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.1	-$0.05	+50.0%	—	$85.5M	—
Q1 26	-$0.11	-$0.1	+9.1%	—	$72.8M	—
Q4 25	-$0.1	-$0.12	-20.0%	—	$89.8M	—
Q2 25	-$0.11	-$0.14	-27.3%	—	$61.6M	—
Q1 25	-$0.02	-$0.04	-100.0%	—	$69.9M	—
Q4 24	$0.07	$0.13	+85.7%	—	$83.7M	—
Q3 24	$0.12	$0.22	+83.3%	—	$95.2M	—
Q2 24	$0.17	$0.2	+17.6%	—	$100.7M	—
Q1 24	$0.15	$0.21	+40.0%	—	$106.7M	—
Q4 23	$0.26	$0.28	+7.7%	—	$126.2M	—
Q3 23	$0.43	$0.46	+7.0%	—	$145.9M	—
Q2 23	$0.37	$0.44	+18.9%	—	$143.6M	—
Q1 23	$0.35	$0.41	+17.1%	—	$147.8M	—
Q4 22	$0.39	$0.31	-20.5%	—	$152.4M	—
Q3 22	$0.55	$0.33	-40.0%	—	$159.6M	—
Q2 22	$0.17	$0.24	+41.2%	—	$109.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.37	—	—	$320.6M	—
FY24	—	$0.71	—	—	$386.3M	—
FY23	—	$1.71	—	—	$563.6M	—
FY22	—	$0.76	—	—	$502M	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$134.2M	$240.6M	$321.1M	$225.1M	$291.3M	$502M	$563.6M	$386.3M	$320.6M
YoY change	—	+79.2%	+33.5%	-29.9%	+29.4%	+72.3%	+12.3%	-31.5%	-17%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	134.2M	240.6M	321.1M	225.1M	291.3M	502M	563.6M	386.3M	320.6M
Cost of revenue	81.2M	150.4M	174.1M	168M	190M	254.9M	250.3M	208.1M	278M
Gross profit	53M	90.2M	147M	57.2M	101.3M	247.1M	313.3M	178.2M	42.7M
Gross margin	39.5%	37.5%	45.8%	25.4%	34.8%	49.2%	55.6%	46.1%	13.3%
Research & development	—	—	—	—	—	—	—	—	—
Selling, general & administrative	24.3M	41.3M	76.6M	38.1M	46.5M	57.9M	56.1M	54.3M	58.5M
Operating expenses	24.3M	33.1M	83.5M	37.4M	47.3M	57.9M	57.4M	53.8M	61.2M
Operating income	23M	49.7M	48M	4.1M	37.1M	174.4M	240.6M	108.8M	-34.7M
Operating margin	17.2%	20.6%	15%	1.82%	12.7%	34.7%	42.7%	28.2%	-10.8%
Non-operating income, net	-1.6M	-8.7M	5M	2.3M	-1.1M	-31.7M	6.8M	675K	-2.4M
Pretax income	26.6M	16.7M	19.6M	-33.6M	-2.7M	106.3M	224.8M	92.8M	-43.2M
Income tax	25.6M	11.8M	7.6M	-8.5M	1.9M	32.4M	51M	21.4M	-6.1M
Net income	981K	5M	12M	-25.1M	-4.6M	73.9M	173.7M	71.4M	-37.1M
Net margin	0.73%	2.06%	3.73%	-11.2%	-1.57%	14.7%	30.8%	18.5%	-11.6%
EBITDA	61.6M	91M	103.7M	65.8M	103.3M	239M	325.8M	187.2M	40.2M
EPS	0.02	0.12	0.07	-0.29	-0.05	0.76	1.71	0.71	-0.37
Diluted EPS	0.02	0.12	0.07	-0.29	-0.05	0.74	1.56	0.7	-0.37

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	145.9M	126.2M	106.7M	100.7M	95.2M	83.7M	69.9M	61.6M	99.4M	89.8M	72.8M	85.5M
Cost of revenue	59.2M	64M	57.6M	53.9M	50M	46.7M	51.9M	61.9M	81.4M	82.7M	65.9M	69.7M
Gross profit	86.8M	62.2M	49.1M	46.9M	45.2M	37M	18M	-328K	17.9M	7.1M	6.9M	15.8M
Gross margin	59.4%	49.3%	46%	46.5%	47.5%	44.2%	25.7%	-0.53%	18.1%	7.88%	9.46%	18.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	15.3M	12.2M	14.9M	13.5M	13.3M	12.6M	14.8M	12.7M	12.9M	18.1M	14.6M	18.8M
Operating expenses	15.2M	12.2M	14.7M	13.4M	13.3M	12.3M	15.1M	12.5M	13.8M	19.8M	17.2M	19.2M
Operating income	67.7M	46.2M	30.4M	29.6M	28M	20.8M	-1.1M	-16.9M	69K	-16.8M	-14.3M	-7.5M
Operating margin	46.4%	36.6%	28.5%	29.3%	29.4%	24.9%	-1.54%	-27.5%	0.07%	-18.7%	-19.7%	-8.77%
Non-operating income, net	-2.6M	7.1M	675K	—	—	0	-2.4M	—	—	0	—	—
Pretax income	60.2M	48.4M	26.5M	25.3M	24.2M	16.9M	-7.8M	-17.9M	-389K	-17.2M	-15.2M	-8.5M
Income tax	14.6M	10.5M	6.1M	6.9M	4.1M	4.3M	-1.3M	-2.9M	368K	-2.2M	-2.3M	473K
Net income	45.6M	37.8M	20.4M	18.4M	20.1M	12.5M	-6.5M	-14.9M	-757K	-14.9M	-13M	-9M
Net margin	31.2%	30%	19.1%	18.3%	21.1%	15%	-9.24%	-24.2%	-0.76%	-16.6%	-17.8%	-10.5%
EBITDA	89.5M	66.2M	50M	49.5M	47.7M	39.9M	18.2M	807K	18.5M	2.7M	5.1M	13.9M
EPS	0.45	—	0.2	0.18	0.2	0.13	-0.07	-0.15	-0.01	-0.15	-0.13	-0.09
Diluted EPS	0.43	—	0.2	0.18	0.2	0.12	-0.07	-0.15	-0.01	-0.15	-0.13	-0.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	409.5M	—	151.7M	343.9M	1.5B	986.1M	967.8M	797.2M	1.9B
Enterprise value	—	528.4M	—	523.1M	652.2M	1.6B	1.1B	986.8M	799.5M	2.1B
Shares outstanding	40.6M	40.6M	94.5M	96M	96.6M	97.2M	101.4M	100.1M	99.5M	99.5M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	82.6	—	—	—	19.9	5.68	13.6	—	77.2
P/S	—	1.7	—	0.67	1.18	2.93	1.75	2.51	2.49	5.52
P/B	—	1.17	—	1.53	3.54	7.33	2.61	2.3	2.05	5.31
EV/EBITDA	—	5.81	—	7.95	6.31	6.88	3.32	5.27	19.9	46.9
EV/Sales	—	2.2	—	2.32	2.24	3.28	1.92	2.55	2.49	6.02
Earnings yield	—	1.21%	—	—	—	5.02%	17.6%	7.38%	—	1.3%
FCF yield	—	-13.1%	—	22.6%	20%	11.2%	8.96%	12.5%	0.79%	-2.34%
PEG	—	—	—	—	—	—	—	—	—	-1.93

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.5%	37.5%	45.8%	25.4%	34.8%	49.2%	55.6%	46.1%	13.3%	18.5%
Operating margin	17.2%	20.6%	15%	1.82%	12.7%	34.7%	42.7%	28.2%	-10.8%	-8.77%
Net margin	0.73%	2.06%	3.73%	-11.2%	-1.57%	14.7%	30.8%	18.5%	-11.6%	-10.8%
ROE	6.1K%	1.42%	9.93%	-25.4%	-4.7%	36.8%	46%	17%	-9.53%	-9.77%
ROA	405.2%	0.88%	1.99%	-4.7%	-0.89%	9.58%	25%	9.84%	-6.99%	-3.66%
ROIC	5.3K%	3.15%	5.66%	0.87%	9.15%	32.4%	39.2%	19%	-8.88%	-9.36%
Return on tangible assets	405.2%	2.05%	4.23%	-10.2%	-1.8%	13.7%	36.3%	13.3%	-10%	-7.43%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0	1.15	1	0.96	0.83	1.24	2.57	1.07	0.87	0.65
Quick ratio	0	1.15	1	0.96	0.83	1.24	2.57	1.07	0.87	0.65
Debt / equity	—	0.38	3.36	3.83	3.41	1.77	0.53	0.5	0.03	0.13
Debt / assets	—	0.23	0.67	0.71	0.65	0.46	0.29	0.29	0.02	0.07
Net debt / EBITDA	—	1.31	3.84	5.65	2.98	0.72	0.3	0.1	0.06	1.05
Interest coverage	10.3	1.63	1.65	0.07	0.92	4.2	10.4	5.18	-4.62	-17.1
Effective tax rate	96.3%	70.3%	38.9%	0%	0%	30.4%	22.7%	23.1%	0%	0%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.3	5.92	3.4	2.34	3.02	5.16	5.56	3.86	3.22	3.48
EPS (basic)	0.02	0.12	0.07	-0.29	-0.05	0.76	1.71	0.71	-0.37	-0.37
EPS (diluted)	0.02	0.12	0.07	-0.29	-0.05	0.74	1.56	0.7	-0.37	-0.37
Book value per share	0	8.59	1.28	1.03	1.01	2.07	3.72	4.21	3.91	3.69
FCF per share	0.6	-1.32	-0.26	0.36	0.71	1.69	0.87	1.21	0.06	0.1
Cash per share	0	0.3	0.07	0.07	0.24	1.87	1.03	1.9	0.08	0.06
Capex per share	0.36	1.96	0.89	0.12	0.37	1.44	0.63	0.29	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.9%	33.1%	26.1%	5.14%	12.3%	27.9%	11.3%	7.47%	—	—
Capex / operating cash flow	40.5%	1.3K%	111.7%	24.7%	38.7%	50.6%	37.4%	17.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$145.9M	$126.2M	$106.7M	$100.7M	$95.2M	$83.7M	$69.9M	$61.6M	$99.4M	$89.8M	$72.8M	$85.5M
YoY change	-8.54%	-17.2%	-27.8%	-29.9%	-34.8%	-33.7%	-34.5%	-38.8%	+4.37%	+7.28%	+4.13%	+38.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	0	12.2M	6.8M	7M	23.4M	181.7M	103.9M	190.7M	8.3M
Receivables	—	57.1M	48.5M	28.2M	28.8M	42.2M	67.1M	49.3M	56.2M
Inventory	—	—	—	—	—	—	—	—	—
Total current assets	0	75M	60.8M	43.6M	60.5M	236.4M	180.5M	249.3M	73.3M
Property, plant & equipment	—	311.5M	365.1M	322.4M	302.9M	415.6M	402.5M	380.7M	374.7M
Goodwill & intangibles	—	323.1M	317.8M	288.3M	259M	232.4M	216M	187.7M	160.7M
Total assets	242.1K	565M	600.8M	534.2M	513.4M	771.7M	694.4M	725.8M	530.2M
Accounts payable	—	21.6M	7.8M	10.6M	11.8M	17.6M	20.9M	16.2M	44.4M
Short-term debt	—	2.4M	989K	3.6M	729K	13.7M	13.3M	190.7M	7.9M
Total current liabilities	225.9K	65.1M	60.9M	45.5M	72.8M	190.9M	70.3M	233.4M	84M
Long-term debt	—	128.6M	404.3M	374.8M	330.9M	341M	187.5M	18.9M	2.8M
Total liabilities	225.9K	216M	480.3M	435.3M	416.1M	570.9M	317M	304.7M	141.1M
Shareholders' equity	16.2K	349M	120.5M	98.9M	97.3M	200.8M	377.3M	421.1M	389.1M
Total debt	—	131.1M	405.2M	378.3M	331.6M	354.7M	200.8M	209.6M	10.7M
Net debt	—	118.9M	398.5M	371.4M	308.2M	173M	96.9M	19M	2.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	105.1M	103.9M	124.3M	154.3M	177.7M	190.7M	34.5M	19.2M	30.4M	8.3M	5.5M	6.1M
Receivables	59.5M	67.1M	53.8M	48.7M	47.3M	49.3M	56.9M	57.4M	42.7M	56.2M	45.6M	50.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	171.6M	180.5M	186.1M	208.8M	231.4M	249.3M	99.6M	83M	79.4M	73.3M	58.6M	63.9M
Property, plant & equipment	410.9M	402.5M	393.7M	384.5M	378.3M	380.7M	370.7M	361.1M	375.6M	374.7M	394.6M	479.3M
Goodwill & intangibles	223.4M	216M	208.4M	201.2M	194.4M	187.7M	181M	174.2M	167.5M	160.7M	154M	147.3M
Total assets	696.5M	694.4M	687.2M	697M	709.8M	725.8M	562.5M	533.7M	541.2M	530.2M	539.5M	654.2M
Accounts payable	21.2M	20.9M	17.3M	17.5M	16.9M	16.2M	23.1M	21.4M	45.8M	44.4M	33M	47.4M
Short-term debt	218.3M	13.3M	11.8M	189.5M	189.3M	190.7M	8.9M	9.5M	9.6M	7.9M	6.9M	5.8M
Total current liabilities	294.2M	70.3M	66.8M	235.5M	229.3M	233.4M	50.5M	56.6M	82.4M	84M	69.2M	98.9M
Long-term debt	9.1M	187.5M	186.9M	7.2M	7M	18.9M	45.8M	28.3M	3.7M	2.8M	32.1M	42.4M
Total liabilities	358.3M	317M	311.6M	299.9M	292.1M	304.7M	147.3M	132.5M	138.9M	141.1M	162.9M	284.4M
Shareholders' equity	338.3M	377.3M	375.5M	397.2M	417.6M	421.1M	415.3M	401.2M	402.2M	389.1M	376.6M	369.8M
Total debt	227.4M	200.8M	198.7M	196.7M	196.3M	209.6M	54.8M	37.8M	13.3M	10.7M	39M	48.3M
Net debt	122.3M	96.9M	74.4M	42.4M	18.6M	19M	20.3M	18.6M	-17.1M	2.3M	33.5M	42.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	981K	5M	12M	-25.1M	-4.6M	73.9M	173.7M	71.4M	-37.1M
Depreciation & amortization	30.1M	39.1M	58.9M	65.6M	70.5M	67.7M	84M	72.8M	73.4M
Stock-based compensation	0	0	1.7M	3.6M	5.1M	19.2M	11.2M	7.3M	7.6M
Change in working capital	-17.6M	-48.9M	-9.2M	8M	16.5M	70.2M	-158.1M	4.3M	29K
Operating cash flow	36.2M	6M	75M	46.8M	92.7M	277.3M	170.2M	165.8M	74.1M
Capital expenditure	-14.7M	-79.7M	-83.7M	-11.6M	-35.9M	-140.2M	-63.6M	-28.8M	—
Investing cash flow	-130.2M	-220.4M	-112.7M	-10.9M	-35.9M	-140.2M	-63.6M	-28.8M	—
Dividends paid	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-18.2M	-5.3M	0	0	—	-33.5M	0
Financing cash flow	98.1M	519.6M	46.7M	-35.7M	-52.3M	-6.6M	-166.5M	-37.9M	-188.6M
Net change in cash	4M	305.2M	8.9M	211K	4.6M	130.5M	-59.9M	99.1M	-114.5M
Free cash flow	24.6M	-53.5M	-24.7M	34.2M	68.7M	164.8M	88.4M	121.4M	6.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	45.6M	37.8M	20.4M	18.4M	20.1M	12.5M	-6.5M	-14.9M	-757K	-14.9M	-13M	-9M
Depreciation & amortization	21.5M	19.3M	18.7M	18.7M	18M	17.5M	17.6M	17.7M	18.5M	19.6M	19.6M	21.5M
Stock-based compensation	4.8M	-2.8M	2.7M	1.3M	1.6M	1.6M	1.7M	2.1M	1.9M	1.8M	1.7M	2.3M
Change in working capital	-45.2M	-25M	10.5M	1.4M	-4.1M	-3.5M	-9M	4.4M	16.8M	-12.2M	19.3M	84M
Operating cash flow	45.5M	38.7M	55M	45.1M	37.5M	28.2M	5.1M	11.1M	53.4M	5.7M	7M	104M
Capital expenditure	-12.1M	-7.3M	-8.9M	-7.2M	-7.3M	-5.4M	-17.2M	—	—	—	—	—
Investing cash flow	-12.1M	-7.3M	-8.9M	-7.2M	-7.3M	-5.4M	-17.2M	—	—	—	-6.9M	-27.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	-21.2M	23K	-757K	-11.6M	0	0	0	0	—	—
Financing cash flow	-736K	-32.2M	-21.6M	-394K	-1.2M	-12.2M	-142.9M	-18.6M	-25.9M	-1.2M	29.4M	8M
Net change in cash	32.6M	-788K	24.5M	37.5M	29.1M	10.6M	-155M	-7.5M	27.4M	4.6M	29.6M	84.7M
Free cash flow	36M	31M	41.6M	31.9M	23.6M	24.3M	-13.3M	3.4M	37.1M	-20.9M	-25.7M	19.3M

Target Hospitality Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement