TH · Target Hospitality Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $72.78M | - | $99.36M | $61.61M | $69.90M | - | $95.19M | $100.72M | $106.67M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | $6.88M | - | $17.95M | ($328.0K) | $17.96M | - | $45.21M | $46.87M | $49.07M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $14.56M | - | $12.92M | $12.66M | $14.80M | - | $13.32M | $13.46M | $14.86M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $19.60M | - | $18.46M | $17.67M | $17.64M | - | $17.96M | $18.71M | $18.67M | - |
| Operating Income | ($14.32M) | - | $69.0K | ($16.92M) | ($1.08M) | - | $27.99M | $29.55M | $30.44M | - |
| Interest Expense | $601.0K | - | $334.0K | $871.0K | $5.42M | - | $5.04M | $5.04M | $5.04M | - |
| Income Tax | ($2.25M) | - | $368.0K | ($2.94M) | ($1.32M) | - | $4.08M | $6.89M | $6.14M | - |
| Net Income | ($12.92M) | - | ($795.0K) | ($14.93M) | ($6.46M) | - | $19.99M | $18.39M | $20.38M | - |
| EPS - Basic | ($0.13) | - | ($0.01) | ($0.15) | ($0.07) | - | $0.20 | $0.18 | $0.20 | - |
| EPS - Diluted | ($0.13) | - | ($0.01) | ($0.15) | ($0.07) | - | $0.20 | $0.18 | $0.20 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.46M | $8.35M | $30.39M | $19.24M | $34.47M | $190.67M | $177.75M | $154.30M | $124.30M | $103.93M |
| Accounts Receivable | $45.63M | $56.20M | $42.73M | $57.44M | $56.95M | $49.34M | $47.29M | $48.74M | $53.84M | $67.09M |
| Inventory | - | $2.10M | - | - | - | $1.90M | - | - | - | $2.10M |
| Accounts Payable | $33.04M | $44.39M | $45.81M | $21.43M | $23.13M | $16.19M | $16.92M | $17.54M | $17.27M | $20.93M |
| Current Assets | $58.61M | $73.34M | $79.44M | $83.05M | $99.59M | $249.34M | $231.38M | $208.83M | $186.07M | $180.50M |
| Total Assets | $539.54M | $530.21M | $541.15M | $533.71M | $562.52M | $725.77M | $709.78M | $697.05M | $687.17M | $694.35M |
| Current Liabilities | $69.23M | $84.04M | $82.42M | $56.62M | $50.51M | $233.40M | $229.29M | $235.51M | $66.81M | $70.33M |
| Long-term Debt | - | - | - | - | - | - | - | - | $178.63M | $178.09M |
| Total Liabilities | $162.92M | $141.15M | $138.91M | $132.53M | $147.25M | $304.68M | $292.15M | $299.88M | $311.63M | $317.05M |
| Stockholders' Equity | $376.92M | $389.26M | $402.38M | $401.28M | $415.31M | $421.08M | $417.60M | $397.17M | $375.53M | $377.31M |
| Retained Earnings | $282.34M | $295.26M | $310.19M | $310.99M | $325.92M | $332.38M | $319.88M | $299.88M | $281.50M | $261.12M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.04M | - | - | - | $3.94M | - | - | - | $50.59M | - |
| Investing Cash Flow | ($39.35M) | - | - | - | ($17.20M) | - | - | - | ($8.92M) | - |
| Financing Cash Flow | $29.43M | - | - | - | ($142.94M) | - | - | - | ($21.30M) | - |
| CapEx | - | - | - | - | $15.50M | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | ($11.56M) | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 9.5% | - | 18.1% | -0.5% | 25.7% | - | 47.5% | 46.5% | 46.0% | - |
| Operating margin | -19.7% | - | 0.1% | -27.5% | -1.5% | - | 29.4% | 29.3% | 28.5% | - |
| EBITDA margin | 7.2% | - | 18.7% | 1.2% | 23.7% | - | 48.3% | 47.9% | 46.0% | - |
| Net margin | -17.8% | - | -0.8% | -24.2% | -9.2% | - | 21.0% | 18.3% | 19.1% | - |
| Free cash flow margin | - | - | - | - | -16.5% | - | - | - | - | - |
| FCF / Net income | - | - | - | - | 1.79 | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 20.0% | - | 13.0% | 20.6% | 21.2% | - | 14.0% | 13.4% | 13.9% | - |
| Effective tax rate | - | - | - | - | - | - | 17.0% | 27.3% | 23.2% | - |
| Return on assets | -2.4% | - | -0.1% | -2.8% | -1.1% | - | 2.8% | 2.6% | 3.0% | - |
| Return on equity | -3.4% | - | -0.2% | -3.7% | -1.6% | - | 4.8% | 4.6% | 5.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | 4.2% | - |
| Liquidity | ||||||||||
| Current ratio | 0.85 | 0.87 | 0.96 | 1.47 | 1.97 | 1.07 | 1.01 | 0.89 | 2.78 | 2.57 |
| Quick ratio | 0.85 | 0.85 | 0.96 | 1.47 | 1.97 | 1.06 | 1.01 | 0.89 | 2.78 | 2.54 |
| Cash ratio | 0.08 | 0.10 | 0.37 | 0.34 | 0.68 | 0.82 | 0.78 | 0.66 | 1.86 | 1.48 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | 0.48 | 0.47 |
| Debt / Assets | - | - | - | - | - | - | - | - | 0.26 | 0.26 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | 3.64 | - |
| Interest coverage | -23.8x | - | 0.2x | -19.4x | -0.2x | - | 5.5x | 5.9x | 6.0x | - |
| Equity multiplier | 1.43 | 1.36 | 1.34 | 1.33 | 1.35 | 1.72 | 1.70 | 1.76 | 1.83 | 1.84 |
| Liabilities / Assets | 0.30 | 0.27 | 0.26 | 0.25 | 0.26 | 0.42 | 0.41 | 0.43 | 0.45 | 0.46 |
| Efficiency | ||||||||||
| Asset turnover | 0.13 | - | 0.18 | 0.12 | 0.12 | - | 0.13 | 0.14 | 0.16 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 229d | - | 157d | 340d | 297d | - | 181d | 177d | 184d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | 38.9x | 48.4x | 54.3x | - |
| P / B | 2.5x | - | 2.1x | 1.8x | 1.6x | - | 1.9x | 2.2x | 3.0x | - |
| P / S | 12.7x | - | 8.5x | 11.5x | 9.3x | - | 8.3x | 8.8x | 10.4x | - |
| EV / EBITDA | 174.8x | - | 44.0x | 920.4x | 37.3x | - | 13.3x | 15.1x | 23.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 4.1% | - | 4.4% | -38.8% | -34.5% | - | -34.8% | -29.9% | -27.8% | - |
| Revenue CAGR (3y) | -21.0% | - | -14.6% | -17.5% | -4.5% | - | 2.2% | 10.3% | 32.9% | - |
| Revenue CAGR (5y) | 9.9% | - | 8.1% | 2.8% | -0.5% | - | 3.1% | 4.4% | 5.4% | - |
| Gross profit growth (YoY) | -61.7% | - | -60.3% | - | -63.4% | - | -47.9% | -43.1% | -40.1% | - |
| Operating income growth (YoY) | -1231.1% | - | -99.8% | - | - | - | -58.7% | -54.4% | -50.9% | - |
| Net income growth (YoY) | -100.0% | - | - | - | - | - | -56.1% | -60.4% | -53.5% | - |
| EPS growth (YoY) | -85.7% | - | - | - | - | - | -53.5% | -59.1% | -47.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -9.2% | -7.6% | -3.6% | 1.0% | 10.6% | 11.6% | 23.5% | 36.8% | 55.4% | 87.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$274.83M totalHospitality And Facilities Services South$135.36M · 49.3%
Workforce Hospitality Solutions$92.45M · 33.6%
Government Segment$35.67M · 13.0%
All Other Segments$11.35M · 4.1%
Product / service
$362.12M totalService$187.53M · 51.8%
Construction Fee Income$87.30M · 24.1%
Construction Fee$87.30M · 24.1%
Peer comparison
Same SIC group: Hotels, Rooming Houses, Camps & Other Lodging Places
Comparing Target Hospitality Corp. against the 3 most active filers in the same SIC group.