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Target Hospitality Corp.

TH Industrials Specialty Business Services

Target Hospitality Corp.’s revenue for fiscal 2025 (year ended December 2025) was $320.6 million, down 17.0% from fiscal 2024.

Revenue
+38.7%
EPS
+40.0%
Free cash flow
+486.2%
Total debt
+59.9%

Quarter to June 2026, against a year earlier

11.14 0.72 +6.91%
Market cap
$1.0B
P/E
0.0×
Fwd P/E
−307×
Dividend yield
—
F-score
3/9
Altman Z
4.53
Beneish M
−1.73
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.37
Sold, $m 202.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — 2 — —
Sell 1 1 — — — — — — — — 1 —
Insider Ownership 21.23%

Capital & Financial Ratios $m

Size
Market Cap 1,040.00
Revenue ttm 347.37
Net income ttm (37.64)
Free cash flow ttm 10.43
Net debt Q 36.05
Valuation
P/E 0.00
Forward P/E (307.00) (negative: loss-making)
Price / sales 3.04
Forward P/S Powerpack
Price / FCF 101.09
Price / book 2.85
Financial health
Current ratio Q 0.65 (below 1: weak)
Debt / equity Q 0.11 (at or below 0.5: strong)
Interest coverage Q (7.41)
Growth
Revenue growth Q +38.71% (above 0%: growing)
Operating income growth Q +55.69% (above 0%: growing)
EPS, this year +90.54% (at or above 15%: strong)
EPS, next year A +2,666.67% (at or above 15%: strong)
Revenue, next year A −2.16% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −17.02% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.7×, against a ten-year median of 2.7×; over the ten years it ranged from 1.4× in 2025 to 6.5× in 2026.
P/S against its own 10 years 86.17%
10-year low 10-year high
P/B against its own 10 years 48.31%
10-year low 10-year high
EV/Sales against its own 10 years 82.22%
10-year low 10-year high
EV/FCF against its own 10 years 89.73%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 104 191 8 6
Receivables 67 49 56 50
Inventory — — — —
Other — — — —
181 249 73 64
2023 2024 2025 Q'26
Payables 21 16 44 47
ST’ Debt — 180 — —
Other 1 — — —
70 233 84 99

Compound Annual Growth %

10y 5y 3y
Sales — 7.33% (13.88%)
Cash Flow — 9.63% (37.65%)
Earnings — 0.00% 0.00%
Book Value — 31.51% 24.66%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.10 Actual −0.09

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.04 −0.01 Beat by 0.03
Q4 FY25 −0.10 −0.15 Miss by 0.05
Q1 FY26 −0.11 −0.13 Miss by 0.02
Q2 FY26 −0.10 −0.09 Beat by 0.01
Q3 FY26 0.00 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.13) (0.09) — — —
’25 (0.07) (0.15) (0.01) (0.15) (0.37)
’24 0.20 0.18 0.20 0.12 0.70
’23 0.38 0.44 0.43 0.29 1.56
’22 0.01 0.24 0.20 0.31 0.74
’21 (0.14) (0.01) 0.07 0.03 (0.05)
’20 0.06 (0.15) (0.08) (0.10) (0.29)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 73 85 — — —
’25 70 62 99 90 321
’24 107 101 95 84 386
’23 148 144 146 126 564
’22 80 110 160 152 502
’21 45 75 89 82 291
’20 72 54 48 52 225
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7 104 — — —
’25 4 11 53 6 74
’24 51 39 31 31 152
’23 15 56 48 38 157
’22 (31) 27 261 48 306
’21 (8) 67 40 5 105
’20 11 15 3 18 47
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (25) 20 — — —
’25 (13) 3 37 (21) 6
’24 42 32 24 25 123
’23 (14) 35 36 31 89
’22 (33) (1) 188 11 165
’21 (11) 56 30 (7) 69
’20 0 13 5 18 35
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 134 241 321 225 291 502 564 386 321 347 +11.5% 314 537 611 +24.0%
Gross margin, % — 39.52 37.50 45.78 25.39 34.79 49.23 55.59 46.13 13.30 13.73 (26.2) pt
EBT — 27 17 20 (34) (3) 106 225 93 (43) (41) n/m
EBT margin, % — 19.79 6.95 6.10 (14.92) (0.92) 21.18 39.88 24.03 (13.47) (11.89) (33.3) pt
Net income — 1 5 12 (25) (5) 74 174 71 (37) (38) n/m
Per share, $
Per share, $ Revenue — 5.23 5.83 3.40 2.34 3.02 5.16 5.56 3.86 3.22 3.47 (5.9%)
Earnings — 0.04 0.12 0.13 (0.29) (0.05) 0.76 1.71 0.71 (0.37) (0.38) n/m
Cash flow — 1.59 0.63 0.64 0.49 1.08 3.14 1.55 1.51 0.74 1.70 (9.0%)
Capex — (0.57) (1.93) (0.89) (0.12) (0.37) (1.44) (0.67) (0.29) (0.68) (1.59) +2.2%
Free cash flow — 1.02 (1.30) (0.25) 0.37 0.71 1.70 0.87 1.23 0.06 0.10 (29.3%)
Book value — 0.00 8.45 1.28 1.03 1.01 2.07 3.72 4.21 3.91 3.69 +199.7%
Shares, m — 26 41 95 96 97 97 101 100 100 100 +18.4%
Valuation, ×
Valuation, × P/E — 0.00 84.00 166.67 0.00 0.00 19.41 5.71 13.62 0.00 0.00 32.2
P/S — 0.00 1.73 1.47 0.67 1.18 2.88 1.77 2.51 2.49 3.04 1.6
P/B — 0.80 1.19 3.92 1.53 3.54 7.19 2.64 2.30 2.05 2.85 2.8
EV/Sales — 0.00 1.76 2.71 2.32 2.24 3.20 2.27 2.48 3.03 3.66 2.2
EV/FCF — 0.00 (7.94) (37.49) 14.85 9.50 9.71 14.43 7.81 154.05 121.84 18.3
Cash, $m
Cash, $m Operating cash flow — 41 26 60 47 105 306 157 152 74 170 +7.8%
Capex — (15) (80) (84) (12) (36) (140) (68) (29) (68) (160) +21.1%
Free cash flow — 26 (53) (23) 35 69 165 89 123 6 10 (16.3%)
Balance, $m
Balance, $m Working capital — 0 10 0 (2) (12) 45 110 16 (11) (35) +62.0%
Net debt — — 11 398 371 308 162 75 (9) (7) 36 n/m
Shareholders’ equity — 0 349 121 99 97 201 377 421 389 370 +252.8%
Returns, %
Returns, % ROA — 0.33 1.75 2.05 (4.43) (0.87) 11.51 23.70 10.04 (5.91) (6.34) (6.2) pt
ROIC — 82,785.49 7.11 5.78 0.55 5.72 30.04 33.23 16.49 (5.68) (5.94) (82,791.2) pt
ROE — 0.56 2.84 5.10 (22.91) (4.67) 49.60 60.09 17.85 (9.16) (9.78) (9.7) pt
People
People Employees — — 2 826 496 823 921 984 770 902 — +139.4%
Revenue/emp, $m — 0.00 120.30 0.39 0.45 0.35 0.55 0.57 0.50 0.36 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Target Hospitality Corp. vs peers in Specialty Business Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CMPR Cimpress plc $1.5B 17.6× 11.4× +8.20% (above 0%: growing) n/m +47.91% (above 0%: growing) 43.70% 2.79% Compare
BV BrightView Holdings, Inc. $1.1B — (loss-making) — (loss-making) +1.31% (above 0%: growing) n/m +69.17% (above 0%: growing) 21.17% 4.50% Compare
TH Target Hospitality Corp. $1.0B — (loss-making) — (loss-making) +38.71% (above 0%: growing) n/m +486.17% (above 0%: growing) 18.49% (8.77%)
LZ LegalZoom.com, Inc. $1.0B 51.2× 27.7× +2.62% (above 0%: growing) +66.67% (above 0%: growing) −27.39% (below 0%: shrinking) 70.75% 6.94% Compare
RHLD Resolute Holdings Management, Inc. $1.0B 23.4× — +295.65% (above 0%: growing) n/m +64.98% (above 0%: growing) 34.87% 7.44% Compare
BUUU BUUU Group Limited $997.0M — — — — +124.80% (above 0%: growing) — — Compare
TRNS Transcat, Inc. $944.1M 208× 150× +18.01% (above 0%: growing) +83.57% (above 0%: growing) −28.28% (below 0%: shrinking) 33.61% 5.18% Compare
KODK Eastman Kodak Company $725.9M — (loss-making) 32.5× +2.60% (above 0%: growing) n/m −129.41% (below 0%: shrinking) 26.45% 5.43% Compare
CASS Cass Information Systems, Inc $695.5M 19.1× 17.3× +12.24% (above 0%: growing) +23.88% (above 0%: growing) +625.84% (above 0%: growing) 92.56% 0.00% Compare
Median of peers $1.0B 23.4× 27.7× +8.20% +66.67% +56.45% 34.87% 5.18%

All 45 Specialty Business Services stocks →

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.24m 7.57m 507.00
2024 4.07m 1.96m 612.00
2023 3.46m (3.70m) 616.00
2022 4.87m 25.67m 958.00
2021 3.58m 5.14m 225.00

Ownership

Directors and executive officers, together 3.80%
Arrow Holdings S.à.r.l 49.20%
MFA Global S.à.r.l 15.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Target Hospitality Corp. (TH) Latest News

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stockrow.com/TH · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com