What is Target Hospitality Corp.'s earnings per share (EPS)?

Target Hospitality Corp. (TH) reported diluted earnings per share of -$0.37 for fiscal year 2025. This represents a -152.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Target Hospitality Corp. (TH) Financials

Trailing 12 months to June 30, 2026

Revenue $347.4M +11.9% YoY

Net Income -$37.6M -434.7% YoY

EPS (Diluted) -$0.38 -480.0% YoY

Operating Cash Flow $170.1M +121.0% YoY

Market Cap $1.8B as of Oct 10, 2026

Price / Sales 5.2x on $347.4M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 4.9x on $370.1M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TH SEC filings page.

Target Hospitality Corp. (TH) reported $347.4M in revenue over the twelve months to Jun 30, 2026, up 11.9% from the prior twelve months. This page shows its 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).

Rhea AI TH FY2025 2026-10-03

The business shifted from high-margin growth to contraction: margins collapsed while debt stayed minimal and cash remained positive.

Cash conversion stayed positive in FY2025: operating cash flow was $74.1M while net income was a loss of $37.1M, so cash generation did not depend on reported profitability. The cushion also narrowed sharply from FY2024's $151.7M operating cash flow as depreciation reached $73.4M, pointing to cash supported by a large non-cash expense rather than earnings strength.

In FY2025, gross margin fell to 13.3% and operating margin to -10.8%, showing that weaker revenue was accompanied by a sharp deterioration in the economics of each dollar sold. Because revenue had already fallen from $386.3M in FY2024 to $320.6M, the margin collapse points to mix or cost-absorption pressure rather than volume alone.

The balance sheet is far less debt-dependent than in FY2021: debt-to-equity fell from 3.4x to 0.0x by FY2025. Yet near-term liquidity was tighter, with a current ratio of 0.9x, meaning current assets did not fully cover near-term obligations despite the much lighter debt load.

Financial Health Signals

Financial Health Score 38/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Target Hospitality Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Target Hospitality Corp. has an operating margin of -10.8%, meaning the company loses $11 on every $100 of revenue. This results in a profitability score of 62/100. This is down from 28.2% the prior year.

Growth

Target Hospitality Corp.'s revenue declined 17.0% year-over-year, from $386.3M to $320.6M. This contraction results in a growth score of 3/100.

Leverage

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 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Target Hospitality Corp.'s current ratio of 0.87 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Not available for Target Hospitality Corp., and counted as zero in the overall score.

Returns

Target Hospitality Corp. posts a -9.5% return on equity (ROE), meaning it loses $10 for every $100 of shareholders' equity. This results in a returns score of 59/100. This is down from 17.0% the prior year.

Altman Z-Score Safe

8.81

Target Hospitality Corp. scores 8.81, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($141.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Weak

3/9

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.

Earnings Quality Mixed

N/A

Target Hospitality Corp. reported a net loss of $37.1M while generating $74.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Target Hospitality Corp. reported an operating loss of $34.7M against $6.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$85.5M

YoY+38.7%

QoQ+17.4%

5Y CAGR+2.6%

Target Hospitality Corp. generated $85.5M in revenue in Q2 2026. This represents an increase of 38.7% from the same quarter a year earlier. Against the prior quarter it is up 17.4%.

EBITDA

$14.0M

YoY+1777.3%

QoQ+166.3%

5Y CAGR-13.4%

Target Hospitality Corp.'s EBITDA was $14.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1777.3% from the same quarter a year earlier. Against the prior quarter it is up 166.3%.

Net Income

-$9.0M

YoY+39.5%

QoQ+30.1%

Target Hospitality Corp. reported -$9.0M in net income in Q2 2026. This represents an increase of 39.5% from the same quarter a year earlier. Against the prior quarter it is up 30.1%.

EPS (Diluted)

-$0.09

YoY+40.0%

QoQ+30.8%

Target Hospitality Corp. earned -$0.09 per diluted share (EPS) in Q2 2026. This represents an increase of 40.0% from the same quarter a year earlier. Against the prior quarter it is up 30.8%.

Cash & Balance Sheet

Free Cash Flow

$96.2M

Target Hospitality Corp. generated $96.2M in free cash flow in Q2 2026, representing cash available after capex.

Cash & Debt

$6.1M

YoY-68.5%

QoQ+11.1%

5Y CAGR-1.3%

Target Hospitality Corp. held $6.1M in cash against $42.1M in long-term debt as of Q2 2026.

Shares Outstanding

100M

YoY-0.2%

QoQ-0.5%

5Y CAGR-0.4%

Target Hospitality Corp. had 100M shares outstanding in Q2 2026. This represents a decrease of 0.2% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

18.5%

YoY+19.0pp

QoQ+9.0pp

5Y change-17.6pp

Target Hospitality Corp.'s gross margin was 18.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 19.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.0 percentage points.

Operating Margin

-8.8%

YoY+18.7pp

QoQ+10.9pp

5Y change-23.2pp

Target Hospitality Corp.'s operating margin was -8.8% in Q2 2026, reflecting core business profitability. This is up 18.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.9 percentage points.

Net Margin

-10.6%

YoY+13.7pp

QoQ+7.2pp

5Y change-9.3pp

Target Hospitality Corp.'s net profit margin was -10.6% in Q2 2026, showing the share of revenue converted to profit. This is up 13.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.2 percentage points.

Return on Equity

-2.4%

YoY+1.3pp

QoQ+1.0pp

5Y change-1.4pp

Target Hospitality Corp.'s ROE was -2.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Capital Allocation

Capital Expenditures

$7.8M

Target Hospitality Corp. invested $7.8M in capex in Q2 2026, funding long-term assets and infrastructure.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

TH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Revenue	$347.4M	$320.6M-17.0%	$386.3M-31.5%	$563.6M+12.3%	$502.0M+72.3%	$291.3M+29.4%	$225.1M-29.9%	$321.1M+33.5%	$240.6M	N/A
Gross Profit	$47.7M	$42.7M-76.1%	$178.2M-43.1%	$313.3M+26.8%	$247.1M+143.8%	$101.3M+77.3%	$57.2M-61.1%	$147.0M+62.9%	$90.2M	N/A
SG&A Expenses	$64.3M	$58.5M+7.8%	$54.3M-3.3%	$56.1M-3.1%	$57.9M+24.6%	$46.5M+21.9%	$38.1M-50.3%	$76.6M+85.4%	$41.3M	N/A
Operating Income	-$38.6M	-$34.7M-131.9%	$108.8M-54.8%	$240.6M+38.0%	$174.4M+370.0%	$37.1M+804.6%	$4.1M-91.5%	$48.0M+17.3%	$40.9M	N/A
EBITDA	N/A	$38.6M-78.7%	$181.6M-44.1%	$324.6M+34.1%	$242.0M+124.9%	$107.6M+54.4%	$69.7M-34.8%	$106.9M+33.5%	$80.0M	N/A
Interest Expense	-$11.0M	-$6.1M+63.4%	-$16.6M+26.6%	-$22.6M+37.7%	-$36.3M+6.2%	-$38.7M+3.3%	-$40.0M-239.9%	$28.6M+1092.0%	$2.4M	N/A
Income Tax	-$3.7M	-$6.1M-128.6%	$21.4M-58.0%	$51.0M+57.7%	$32.4M+1600.1%	$1.9M+122.5%	-$8.5M-211.1%	$7.6M-35.3%	$11.8M	N/A
Net Income	-$37.6M	-$37.1M-151.9%	$71.4M-58.9%	$173.7M+134.9%	$73.9M+1715.8%	-$4.6M+81.8%	-$25.1M-309.9%	$12.0M+141.6%	$5.0M+405.2%	$981K
EPS (Basic)	N/A	-$0.37-152.1%	$0.71-58.5%	$1.71+125.0%	$0.76+1620.0%	-$0.05+80.8%	-$0.26-300.0%	$0.13	N/A	N/A
EPS (Diluted)	-$0.38	-$0.37-152.9%	$0.70-55.1%	$1.56+110.8%	$0.74+1580.0%	-$0.05+80.8%	-$0.26-300.0%	$0.13	N/A	N/A
Diluted Shares (Avg)	N/A	100M-1.9%	101M-3.7%	105M+5.3%	100M+3.6%	97M+0.6%	96M+1.6%	95M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$85.5M+38.7%	$72.8M+4.1%	$89.8M+7.3%	$99.4M+4.4%	$61.6M-38.8%	$69.9M-34.5%	$83.7M-33.7%	$95.2M-34.8%
Gross Profit	$15.8M+4916.2%	$6.9M-61.7%	$7.1M-80.9%	$17.9M-60.3%	-$328K-100.7%	$18.0M-63.4%	$37.0M-40.5%	$45.2M-47.9%
SG&A Expenses	$18.8M+48.1%	$14.6M-1.7%	$18.1M+43.5%	$12.9M-3.0%	$12.7M-5.9%	$14.8M-0.3%	$12.6M+3.5%	$13.3M-12.8%
Operating Income	-$7.5M+55.7%	-$14.3M-1231.1%	-$16.8M-180.9%	$69K-99.8%	-$16.9M-157.3%	-$1.1M-103.5%	$20.8M-55.0%	$28.0M-58.7%
EBITDA	$14.0M+1777.3%	$5.3M-68.2%	$2.8M-92.7%	$18.5M-59.7%	$748K-98.5%	$16.6M-66.3%	$38.3M-41.5%	$46.0M-48.5%
Interest Expense	$730K-16.2%	$601K-88.9%	-$12.7M+60.0%	$334K-93.4%	$871K-82.7%	$5.4M+7.4%	-$31.7M+21.2%	$5.0M-1.0%
Income Tax	$473K+116.1%	-$2.3M-71.2%	-$2.2M-152.0%	$368K-91.0%	-$2.9M-142.6%	-$1.3M-121.4%	$4.3M-59.0%	$4.1M-72.0%
Net Income	-$9.0M+39.5%	-$12.9M-100.0%	-$14.9M-217.8%	-$795K-104.0%	-$14.9M-181.2%	-$6.5M-131.7%	$12.6M-66.6%	$20.0M-56.1%
EPS (Basic)	-$0.09+40.0%	-$0.13-85.7%	-$0.15-215.4%	-$0.01-105.0%	-$0.15-183.3%	-$0.07-135.0%	$0.13-64.9%	$0.20-55.6%
EPS (Diluted)	-$0.09+40.0%	-$0.13-85.7%	-$0.15-225.0%	-$0.01-105.0%	-$0.15-183.3%	-$0.07-135.0%	$0.12-58.6%	$0.20-53.5%
Diluted Shares (Avg)	100M+0.8%	100M+0.8%	N/A	100M-1.5%	99M-1.8%	99M-3.2%	N/A	101M-3.6%

Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.

TH Balance Sheet

TH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Total Assets	$530.2M-26.9%	$725.8M+4.5%	$694.4M-10.0%	$771.7M+50.3%	$513.4M-3.9%	$534.2M0.0%	$534.2M-5.5%	$565.0M+233299.4%	$242K
Current Assets	$73.3M-70.6%	$249.3M+38.1%	$180.5M-23.6%	$236.4M+290.5%	$60.5M+39.0%	$43.6M-28.3%	$60.8M-18.9%	$75.0M	$0
Cash & Equivalents	$8.3M-95.6%	$190.7M+83.5%	$103.9M-42.8%	$181.7M+676.2%	$23.4M+235.4%	$7.0M+2.8%	$6.8M-44.3%	$12.2M	N/A
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	N/A
Inventory	$2.1M+10.5%	$1.9M-9.5%	$2.1M+5.0%	$2.0M+25.0%	$1.6M+77.8%	$900K-18.2%	$1.1M+22.2%	$900K	N/A
Accounts Receivable	$56.2M+13.9%	$49.3M-26.5%	$67.1M+59.2%	$42.2M+46.5%	$28.8M+2.1%	$28.2M-41.9%	$48.5M-15.1%	$57.1M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	N/A
Goodwill	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M+20.1%	$34.2M	N/A
Total Liabilities	$141.1M-53.7%	$304.7M-3.9%	$317.0M-44.5%	$570.9M+37.2%	$416.1M-4.4%	$435.3M-9.4%	$480.3M+122.3%	$216.0M+976.0%	-$24.7M
Current Liabilities	$84.0M-64.0%	$233.4M+231.9%	$70.3M-63.2%	$190.9M+162.2%	$72.8M+59.9%	$45.5M-25.3%	$60.9M-6.5%	$65.1M+28740.1%	$226K
Non-Current Liabilities	$57.1M-19.9%	$71.3M-71.1%	$246.7M-35.1%	$380.0M+10.7%	$343.3M-11.9%	$389.8M-7.0%	$419.3M+177.9%	$150.9M+706.3%	-$24.9M
Long-Term Debt	$1.7M+15.4%	$1.5M-99.2%	$178.1M-46.0%	$329.9M-0.3%	$330.9M-11.7%	$374.8M-7.3%	$404.2M+1865.8%	$20.6M	N/A
Total Equity	$389.3M-7.6%	$421.1M+11.6%	$377.3M+87.9%	$200.8M+106.5%	$97.3M-1.6%	$98.9M-18.0%	$120.5M-65.5%	$349.0M+1301.3%	$24.9M
Retained Earnings	$295.3M-11.2%	$332.4M+27.3%	$261.1M+197.8%	$87.7M+538.0%	$13.7M-25.0%	$18.3M-57.8%	$43.5M+38.0%	$31.5M+357572.2%	-$9K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$654.2M+22.6%	$539.5M-4.1%	$530.2M-26.9%	$541.2M-23.8%	$533.7M-23.4%	$562.5M-18.1%	$725.8M+4.5%	$709.8M+1.9%
Current Assets	$63.9M-23.1%	$58.6M-41.2%	$73.3M-70.6%	$79.4M-65.7%	$83.0M-60.2%	$99.6M-46.5%	$249.3M+38.1%	$231.4M+34.9%
Cash & Equivalents	$6.1M-68.5%	$5.5M-84.2%	$8.3M-95.6%	$30.4M-82.9%	$19.2M-87.5%	$34.5M-72.3%	$190.7M+83.5%	$177.7M+69.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	$2.1M+10.5%	N/A	N/A	N/A	$1.9M-9.5%	N/A
Accounts Receivable	$50.4M-12.2%	$45.6M-19.9%	$56.2M+13.9%	$42.7M-9.6%	$57.4M+17.8%	$56.9M+5.8%	$49.3M-26.5%	$47.3M-20.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%	$41.0M0.0%
Total Liabilities	$284.4M+114.6%	$162.9M+10.6%	$141.1M-53.7%	$138.9M-52.5%	$132.5M-55.8%	$147.3M-52.7%	$304.7M-3.9%	$292.1M-18.5%
Current Liabilities	$98.9M+74.6%	$69.2M+37.0%	$84.0M-64.0%	$82.4M-64.1%	$56.6M-76.0%	$50.5M-24.4%	$233.4M+231.9%	$229.3M-22.1%
Non-Current Liabilities	$185.5M+144.4%	$93.7M-3.2%	$57.1M-19.9%	$56.5M-10.1%	$75.9M+17.9%	$96.7M-60.5%	$71.3M-71.1%	$62.9M-1.9%
Long-Term Debt	$42.1M+59.9%	$31.5M-26.7%	$1.7M+15.4%	$2.0M+102.8%	$26.3M+2281.8%	$42.9M-76.0%	$1.5M-99.2%	$994K-5.2%
Total Equity	$370.1M-7.8%	$376.9M-9.2%	$389.3M-7.6%	$402.4M-3.6%	$401.3M+1.0%	$415.3M+10.6%	$421.1M+11.6%	$417.6M+23.5%
Retained Earnings	$273.3M-12.1%	$282.3M-13.4%	$295.3M-11.2%	$310.2M-3.0%	$311.0M+3.7%	$325.9M+15.8%	$332.4M+27.3%	$319.9M+43.3%

TH Cash Flow Statement

TH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Cash Flow	$170.1M	$74.1M-51.2%	$151.7M-3.3%	$156.8M-48.7%	$305.6M+192.2%	$104.6M+123.6%	$46.8M-22.7%	$60.5M+130.9%	$26.2M	N/A
Depreciation & Amortization	N/A	$73.4M+0.8%	$72.8M-13.3%	$84.0M+24.1%	$67.7M-4.0%	$70.5M+7.5%	$65.6M+11.4%	$58.9M+50.5%	$39.1M	N/A
Stock-Based Compensation	N/A	$7.6M+3.4%	$7.3M-34.6%	$11.2M-41.9%	$19.2M+278.5%	$5.1M+41.0%	$3.6M+106.2%	$1.7M	N/A	N/A
Investing Cash Flow	-$193.8M	-$67.8M-135.0%	-$28.8M+57.7%	-$68.2M+51.4%	-$140.2M-290.4%	-$35.9M-228.0%	-$10.9M+90.3%	-$112.7M+48.9%	-$220.7M	N/A
Financing Cash Flow	$10.5M	-$188.6M-423.1%	-$36.1M+78.3%	-$166.4M-2243.9%	-$7.1M+86.4%	-$52.3M-46.5%	-$35.7M-176.5%	$46.7M-76.0%	$194.6M	N/A
Share Buybacks	N/A	N/A	$33.5M	N/A	N/A	N/A	$5.3M-70.8%	$18.2M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$104.0M+840.0%	$7.0M+78.7%	$5.7M-81.2%	$53.4M+69.8%	$11.1M-71.7%	$3.9M-92.2%	$30.6M-20.2%	$31.4M-34.8%
Depreciation & Amortization	$21.5M+21.9%	$19.6M+11.1%	$19.6M+12.3%	$18.5M+2.8%	$17.7M-5.6%	$17.6M-5.5%	$17.5M-9.3%	$18.0M-16.4%
Stock-Based Compensation	N/A	$1.7M-3.4%	N/A	N/A	N/A	$1.7M-37.6%	N/A	N/A
Capital Expenditures	$7.8M	N/A	N/A	N/A	N/A	$15.5M	N/A	N/A
Free Cash Flow	$96.2M	N/A	N/A	N/A	N/A	-$11.6M	N/A	N/A
Investing Cash Flow	-$111.5M-1347.5%	-$39.4M-128.7%	-$26.6M-391.0%	-$16.3M-123.2%	-$7.7M-6.7%	-$17.2M-92.9%	-$5.4M+25.4%	-$7.3M+39.9%
Financing Cash Flow	$8.2M+144.0%	$29.4M+120.6%	-$1.2M+90.5%	-$25.9M-3648.8%	-$18.6M-883.9%	-$142.9M-571.2%	-$12.2M+62.1%	-$692K-16.9%
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$11.6M	$1.1M

Not reported in any period shown, so not listed: Dividends Paid.

TH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Gross Margin	13.3%-32.8pp	46.1%-9.5pp	55.6%+6.4pp	49.2%+14.4pp	34.8%+9.4pp	25.4%-20.4pp	45.8%+8.3pp	37.5%	N/A
Operating Margin	-10.8%-39.0pp	28.2%-14.5pp	42.7%+8.0pp	34.7%+22.0pp	12.7%+10.9pp	1.8%-13.1pp	14.9%-2.1pp	17.0%	N/A
Net Margin	-11.6%-30.0pp	18.5%-12.3pp	30.8%+16.1pp	14.7%+16.3pp	-1.6%+9.6pp	-11.2%-14.9pp	3.7%+1.7pp	2.1%	N/A
Return on Equity	-9.5%-26.5pp	17.0%-29.1pp	46.0%+9.2pp	36.8%+41.5pp	-4.7%+20.7pp	-25.4%-35.3pp	9.9%+8.5pp	1.4%-2.5pp	3.9%
Return on Assets	-7.0%-16.8pp	9.8%-15.2pp	25.0%+15.4pp	9.6%+10.5pp	-0.9%+3.8pp	-4.7%-6.9pp	2.2%+1.4pp	0.9%-404.3pp	405.2%
Current Ratio	0.87-0.2x	1.07-1.5x	2.57+1.3x	1.24+0.4x	0.83-0.1x	0.960.0x	1.00-0.2x	1.15+1.2x	0.00
Debt-to-Equity	0.000.0x	0.00-0.5x	0.47-1.2x	1.64-1.8x	3.40-0.4x	3.79+0.4x	3.35+3.3x	0.06	N/A
Asset Turnover	0.60+0.1x	0.53-0.3x	0.81+0.2x	0.65+0.1x	0.57+0.1x	0.42-0.2x	0.60+0.2x	0.43	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	18.5%+19.0pp	9.5%-16.2pp	7.9%-36.4pp	18.1%-29.4pp	-0.5%-47.1pp	25.7%-20.3pp	44.3%-5.1pp	47.5%-12.0pp
Operating Margin	-8.8%+18.7pp	-19.7%-18.1pp	-18.7%-43.6pp	0.1%-29.3pp	-27.5%-56.8pp	-1.5%-30.1pp	24.9%-11.7pp	29.4%-17.0pp
Net Margin	-10.6%+13.7pp	-17.8%-8.5pp	-16.6%-31.7pp	-0.8%-21.8pp	-24.2%-42.5pp	-9.2%-28.3pp	15.1%-14.9pp	21.0%-10.2pp
Return on Equity	-2.4%+1.3pp	-3.4%-1.9pp	-3.8%-6.8pp	-0.2%-5.0pp	-3.7%-8.3pp	-1.6%-7.0pp	3.0%-7.0pp	4.8%-8.7pp
Return on Assets	-1.4%+1.4pp	-2.4%-1.2pp	-2.8%-4.5pp	-0.1%-3.0pp	-2.8%-5.4pp	-1.1%-4.1pp	1.7%-3.7pp	2.8%-3.7pp
Current Ratio	0.65-0.8x	0.85-1.1x	0.87-0.2x	0.960.0x	1.47+0.6x	1.97-0.8x	1.07-1.5x	1.01+0.4x
Debt-to-Equity	0.110.0x	0.080.0x	0.000.0x	0.010.0x	0.07+0.1x	0.10-0.4x	0.00-0.5x	0.000.0x
Asset Turnover	0.130.0x	0.130.0x	0.17+0.1x	0.180.0x	0.120.0x	0.120.0x	0.12-0.1x	0.13-0.1x
FCF Margin	112.5%	N/A	N/A	N/A	N/A	-16.5%	N/A	N/A

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

Note: The current ratio is below 1.0 (0.87), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Target Hospitality Corp. TH	FY2025	$320.6M	-$37.1M	-11.6%	$1.8B	38/100
Transcat Inc TRNS	FY2026	$331.9M	$5.4M	1.6%	$807.1M	56/100
BrightView Holdings, Inc. BV	FY2025	$2.7B	$56.0M	2.1%	$988.0M	39/100
BlackSky Technology Inc. BKSY	FY2025	$106.6M	$70K	0.1%	$856.1M	36/100
Cass Information Systems Inc CASS	FY2025	$191.1M	$35.1M	18.4%	$683.8M	22/100
Cimpress PLC CMPR	FY2026	$3.7B	$95.9M	2.6%	$1.8B	44/100

Where Target Hospitality Corp. Ranks

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 17.0% 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.

How many shares does Target Hospitality Corp. have outstanding?

Target Hospitality Corp. (TH) had 100M shares outstanding as of fiscal year 2025.

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 P/E ratio?

Target Hospitality Corp. (TH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Target Hospitality Corp.'s price-to-sales ratio?

Target Hospitality Corp. (TH) trades at 5.2x sales, its market capitalization divided by revenue of $347.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Target Hospitality Corp.'s Altman Z-Score?

Target Hospitality Corp. (TH) has an Altman Z-Score of 8.81, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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 to 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) reported a net loss of $37.1M while generating $74.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $34.7M against $6.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.