Target Hospitality Corp Financials
This page shows Target Hospitality Corp (TH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Target Hospitality Corp has an operating margin of -10.8%, meaning the company retains $-11 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 28.2% the prior year.
Target Hospitality Corp's revenue declined 17% year-over-year, from $386.3M to $320.6M. This contraction results in a growth score of 5/100.
Target Hospitality Corp carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Target Hospitality Corp's current ratio of 0.87 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.
Target Hospitality Corp generates a -9.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 16.9% the prior year.
Target Hospitality Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Target Hospitality Corp generates $-2.00 in operating cash flow ($74.1M OCF vs -$37.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Target Hospitality Corp earns $-5.7 in operating income for every $1 of interest expense (-$34.7M vs $6.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Target Hospitality Corp generated $320.6M in revenue in fiscal year 2025. This represents a decrease of 17.0% from the prior year.
Target Hospitality Corp's EBITDA was $38.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 78.7% from the prior year.
Target Hospitality Corp reported -$37.1M in net income in fiscal year 2025. This represents a decrease of 152.1% from the prior year.
Target Hospitality Corp earned $-0.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 152.9% from the prior year.
Cash & Balance Sheet
Target Hospitality Corp held $8.3M in cash against $1.7M in long-term debt as of fiscal year 2025.
Target Hospitality Corp had 100M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Margins & Returns
Target Hospitality Corp's gross margin was 13.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 32.8 percentage points from the prior year.
Target Hospitality Corp's operating margin was -10.8% in fiscal year 2025, reflecting core business profitability. This is down 39.0 percentage points from the prior year.
Target Hospitality Corp's net profit margin was -11.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 30.0 percentage points from the prior year.
Target Hospitality Corp's ROE was -9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 26.5 percentage points from the prior year.
Capital Allocation
TH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $89.8M-9.6% | $99.4M+61.3% | $61.6M-11.9% | $69.9M-16.5% | $83.7M-12.1% | $95.2M-5.5% | $100.7M-5.6% | $106.7M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $7.1M-60.6% | $17.9M+5571.0% | -$328K-101.8% | $18.0M-51.5% | $37.0M-18.1% | $45.2M-3.5% | $46.9M-4.5% | $49.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $18.1M+40.3% | $12.9M+2.0% | $12.7M-14.5% | $14.8M+17.2% | $12.6M-5.2% | $13.3M-1.0% | $13.5M-9.4% | $14.9M |
| Operating Income | -$16.8M-24479.7% | $69K+100.4% | -$16.9M-1472.3% | -$1.1M-105.2% | $20.8M-25.7% | $28.0M-5.3% | $29.6M-2.9% | $30.4M |
| Interest Expense | -$12.7M-3904.2% | $334K-61.7% | $871K-83.9% | $5.4M+117.1% | -$31.7M-729.4% | $5.0M0.0% | $5.0M0.0% | $5.0M |
| Income Tax | -$2.2M-709.0% | $368K+112.5% | -$2.9M-123.2% | -$1.3M-130.5% | $4.3M+5.6% | $4.1M-40.7% | $6.9M+12.2% | $6.1M |
| Net Income | -$14.9M-1778.5% | -$795K+94.7% | -$14.9M-131.1% | -$6.5M-151.7% | $12.5M-37.5% | $20.0M+8.7% | $18.4M-9.8% | $20.4M |
| EPS (Diluted) | N/A | $-0.01+93.3% | $-0.15-114.3% | $-0.07 | N/A | $0.20+11.1% | $0.18-10.0% | $0.20 |
TH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $530.2M-2.0% | $541.2M+1.4% | $533.7M-5.1% | $562.5M-22.5% | $725.8M+2.3% | $709.8M+1.8% | $697.0M+1.4% | $687.2M |
| Current Assets | $73.3M-7.7% | $79.4M-4.3% | $83.0M-16.6% | $99.6M-60.1% | $249.3M+7.8% | $231.4M+10.8% | $208.8M+12.2% | $186.1M |
| Cash & Equivalents | $8.3M-72.5% | $30.4M+58.0% | $19.2M-44.2% | $34.5M-81.9% | $190.7M+7.3% | $177.7M+15.2% | $154.3M+24.1% | $124.3M |
| Inventory | $2.1M | N/A | N/A | N/A | $1.9M | N/A | N/A | N/A |
| Accounts Receivable | $56.2M+31.5% | $42.7M-25.6% | $57.4M+0.9% | $56.9M+15.4% | $49.3M+4.3% | $47.3M-3.0% | $48.7M-9.5% | $53.8M |
| Goodwill | $41.0M0.0% | $41.0M0.0% | $41.0M0.0% | $41.0M0.0% | $41.0M0.0% | $41.0M0.0% | $41.0M0.0% | $41.0M |
| Total Liabilities | $141.1M+1.6% | $138.9M+4.8% | $132.5M-10.0% | $147.3M-51.7% | $304.7M+4.3% | $292.1M-2.6% | $299.9M-3.8% | $311.6M |
| Current Liabilities | $84.0M+2.0% | $82.4M+45.6% | $56.6M+12.1% | $50.5M-78.4% | $233.4M+1.8% | $229.3M-2.6% | $235.5M+252.5% | $66.8M |
| Long-Term Debt | $1.7M-16.9% | $2.0M-92.3% | $26.3M-38.7% | $42.9M+2859.5% | $1.5M+46.0% | $994K-10.1% | $1.1M-99.4% | $178.6M |
| Total Equity | $389.3M-3.3% | $402.4M+0.3% | $401.3M-3.4% | $415.3M-1.4% | $421.1M+0.8% | $417.6M+5.1% | $397.2M+5.8% | $375.5M |
| Retained Earnings | $295.3M-4.8% | $310.2M-0.3% | $311.0M-4.6% | $325.9M-1.9% | $332.4M+3.9% | $319.9M+6.7% | $299.9M+6.5% | $281.5M |
TH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.7M-89.3% | $53.4M+382.3% | $11.1M+180.8% | $3.9M-87.1% | $30.6M-2.8% | $31.4M-19.6% | $39.1M-22.7% | $50.6M |
| Capital Expenditures | N/A | N/A | N/A | $15.5M | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | -$11.6M | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$26.6M-63.7% | -$16.3M-111.0% | -$7.7M+55.2% | -$17.2M-217.4% | -$5.4M+25.6% | -$7.3M-0.9% | -$7.2M+19.1% | -$8.9M |
| Financing Cash Flow | -$1.2M+95.5% | -$25.9M-39.4% | -$18.6M+87.0% | -$142.9M-1073.1% | -$12.2M-1660.8% | -$692K+63.4% | -$1.9M+91.1% | -$21.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $11.6M+954.7% | $1.1M+4882.6% | -$23K-100.1% | $21.2M |
TH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.9%-10.2pp | 18.1%+18.6pp | -0.5%-26.2pp | 25.7%-18.6pp | 44.3%-3.2pp | 47.5%+1.0pp | 46.5%+0.5pp | 46.0% |
| Operating Margin | -18.7%-18.8pp | 0.1%+27.5pp | -27.5%-25.9pp | -1.5%-26.4pp | 24.9%-4.5pp | 29.4%+0.1pp | 29.3%+0.8pp | 28.5% |
| Net Margin | -16.6%-15.8pp | -0.8%+23.4pp | -24.2%-15.0pp | -9.2%-24.2pp | 14.9%-6.1pp | 21.0%+2.7pp | 18.3%-0.9pp | 19.1% |
| Return on Equity | -3.8%-3.6pp | -0.2%+3.5pp | -3.7%-2.2pp | -1.6%-4.5pp | 3.0%-1.8pp | 4.8%+0.2pp | 4.6%-0.8pp | 5.4% |
| Return on Assets | -2.8%-2.7pp | -0.1%+2.6pp | -2.8%-1.7pp | -1.1%-2.9pp | 1.7%-1.1pp | 2.8%+0.2pp | 2.6%-0.3pp | 3.0% |
| Current Ratio | 0.87-0.1 | 0.96-0.5 | 1.47-0.5 | 1.97+0.9 | 1.07+0.1 | 1.01+0.1 | 0.89-1.9 | 2.78 |
| Debt-to-Equity | 0.000.0 | 0.01-0.1 | 0.07-0.0 | 0.10+0.1 | 0.000.0 | 0.000.0 | 0.00-0.5 | 0.48 |
| FCF Margin | N/A | N/A | N/A | -16.5% | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Target Hospitality Corp's annual revenue?
Target Hospitality Corp (TH) reported $320.6M in total revenue for fiscal year 2025. This represents a -17.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Target Hospitality Corp's revenue growing?
Target Hospitality Corp (TH) revenue declined by 17% year-over-year, from $386.3M to $320.6M in fiscal year 2025.
Is Target Hospitality Corp profitable?
No, Target Hospitality Corp (TH) reported a net income of -$37.1M in fiscal year 2025, with a net profit margin of -11.6%.
What is Target Hospitality Corp's EBITDA?
Target Hospitality Corp (TH) had EBITDA of $38.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Target Hospitality Corp have?
As of fiscal year 2025, Target Hospitality Corp (TH) had $8.3M in cash and equivalents against $1.7M in long-term debt.
What is Target Hospitality Corp's gross margin?
Target Hospitality Corp (TH) had a gross margin of 13.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Target Hospitality Corp's operating margin?
Target Hospitality Corp (TH) had an operating margin of -10.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Target Hospitality Corp's net profit margin?
Target Hospitality Corp (TH) had a net profit margin of -11.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Target Hospitality Corp's return on equity (ROE)?
Target Hospitality Corp (TH) has a return on equity of -9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Target Hospitality Corp's operating cash flow?
Target Hospitality Corp (TH) generated $74.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Target Hospitality Corp's total assets?
Target Hospitality Corp (TH) had $530.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Target Hospitality Corp's current ratio?
Target Hospitality Corp (TH) had a current ratio of 0.87 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Target Hospitality Corp's debt-to-equity ratio?
Target Hospitality Corp (TH) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Target Hospitality Corp's return on assets (ROA)?
Target Hospitality Corp (TH) had a return on assets of -7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Target Hospitality Corp's Piotroski F-Score?
Target Hospitality Corp (TH) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Target Hospitality Corp's earnings high quality?
Target Hospitality Corp (TH) has an earnings quality ratio of -2.00x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Target Hospitality Corp cover its interest payments?
Target Hospitality Corp (TH) has an interest coverage ratio of -5.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Target Hospitality Corp?
Target Hospitality Corp (TH) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.