Saturday 17 October 2026 Export TH’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 38.7%, EPS grew 40.0%, free cash flow grew 486.2% and total debt rose 59.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

15.46 0.56 −3.50%

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Market cap: $1.6B
P/E: 0.0×
Fwd P/E: −94.7×
Dividend yield: —
F-score: 3/9
Altman Z: 4.53
Beneish M: −1.73
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 2.36

Total sells 202.64

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	1	—	—	—	—	—	—	—	—	2	—
Sell	1	1	1	—	—	—	—	—	—	—	—	1

Insider Ownership 37.42%

Capital & Financial Ratios $m

Market Cap 1,600.00

Revenue 347.37

Net Income (37.64)

Free Cash Flow 10.43

Net Debt 36.05

Current Ratio 0.65

Debt/Equity 0.11

P/E ratio 0.00

Fwd P/E (94.70)

P/S ratio 4.46

P/B ratio 4.19

Past 5Y EPS Growth —

This Y EPS Growth 90.54%

Next Y EPS Growth 2,666.67%

Next Y revenue growth (4.21%)

Next 5Y EPS Growth (17.02%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 93.72%

10-year low 10-year high

P/B against its own 10 years 65.80%

10-year low 10-year high

EV/Sales against its own 10 years 93.72%

10-year low 10-year high

EV/FCF against its own 10 years 94.10%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	9.60	3.80	0.82	1.50	2.72	8.85	6.11	4.00	Analyst estimates 2026–2028 Powerpack
	High	—	—	11.82	12.11	5.77	5.49	16.73	18.48	11.84	11.10
People
People	Employees	—	—	2	826	496	823	921	984	770	902
	Revenue/emp, $m	—	0.00	120.30	0.39	0.45	0.35	0.55	0.57	0.50	0.36
Income, $m
Income, $m	Revenue	—	134	241	321	225	291	502	564	386	321
	Gross margin, %	—	39.52	37.50	45.78	25.39	34.79	49.23	55.59	46.13	13.30
	EBT	—	27	17	20	(34)	(3)	106	225	93	(43)
	EBT margin, %	—	19.79	6.95	6.10	(14.92)	(0.92)	21.18	39.88	24.03	(13.47)
	Net income	—	1	5	12	(25)	(5)	74	174	71	(37)
	Depreciation	—	30	40	63	70	75	73	88	76	75
Per share, $
Per share, $	Revenue	—	5.23	5.83	3.40	2.34	3.02	5.16	5.56	3.86	3.22
	Earnings	—	0.04	0.12	0.13	(0.29)	(0.05)	0.76	1.71	0.71	(0.37)
	Cash flow	—	1.59	0.63	0.64	0.49	1.08	3.14	1.55	1.51	0.74
	Capex	—	(0.57)	(1.93)	(0.89)	(0.12)	(0.37)	(1.44)	(0.67)	(0.29)	(0.68)
	Free cash flow	—	1.02	(1.30)	(0.25)	0.37	0.71	1.70	0.87	1.23	0.06
	Book value	—	0.00	8.45	1.28	1.03	1.01	2.07	3.72	4.21	3.91
	Shares, m	—	26	41	95	96	97	97	101	100	100
Valuation, ×
Valuation, ×	P/E	—	0.00	84.00	166.67	0.00	0.00	19.41	5.71	13.62	0.00
	P/S	—	0.00	1.73	1.47	0.67	1.18	2.88	1.77	2.51	2.49
	P/B	—	0.80	1.19	3.92	1.53	3.54	7.19	2.64	2.30	2.05
	EV/Sales	—	0.00	1.76	2.71	2.32	2.24	3.20	2.27	2.48	3.03
	EV/FCF	—	0.00	(7.94)	(37.49)	14.85	9.50	9.71	14.43	7.81	154.05
Cash, $m
Cash, $m	Operating cash flow	—	41	26	60	47	105	306	157	152	74
	Capex	—	(15)	(80)	(84)	(12)	(36)	(140)	(68)	(29)	(68)
	Free cash flow	—	26	(53)	(23)	35	69	165	89	123	6
Balance, $m
Balance, $m	Working capital	—	0	10	0	(2)	(12)	45	110	16	(11)
	Total debt	—	—	23	405	378	332	344	179	182	2
	Net debt	—	—	11	398	371	308	162	75	(9)	(7)
	Shareholders’ equity	—	0	349	121	99	97	201	377	421	389
Returns, %
Returns, %	ROA	—	0.33	1.75	2.05	(4.43)	(0.87)	11.51	23.70	10.04	(5.91)
	ROIC	—	82,785.49	7.11	5.78	0.55	5.72	30.04	33.23	16.49	(5.68)
	ROE	—	0.56	2.84	5.10	(22.91)	(4.67)	49.60	60.09	17.85	(9.16)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CBZ CBIZ, Inc.	$3.0B	25.6×	12.1×	−0.19% (below 0%: shrinking)	−53.03% (below 0%: shrinking)	+32.13% (above 0%: growing)	10.62%	4.99%	Compare
ABM ABM Industries Incorporated	$3.0B	18.4×	12.2×	+4.19% (above 0%: growing)	+25.37% (above 0%: growing)	−13.91% (below 0%: shrinking)	12.35%	3.95%	Compare
TIC Acuren Corporation	$1.9B	— (loss-making)	— (loss-making)	+86.14% (above 0%: growing)	n/m	−102.16% (below 0%: shrinking)	34.94%	1.86%	Compare
CMPR Cimpress plc	$1.9B	19.5×	18.4×	+8.68% (above 0%: growing)	n/m	−0.56% (below 0%: shrinking)	45.50%	6.86%	Compare
TH Target Hospitality Corp.	$1.6B	— (loss-making)	— (loss-making)	+38.71% (above 0%: growing)	n/m	+486.17% (above 0%: growing)	18.49%	(8.77%)
LZ LegalZoom.com, Inc.	$1.1B	62.9×	21.0×	+6.64% (above 0%: growing)	n/m	+6.58% (above 0%: growing)	68.16%	5.19%	Compare
BV BrightView Holdings, Inc.	$975.1M	— (loss-making)	36.5×	+1.31% (above 0%: growing)	n/m	+69.17% (above 0%: growing)	21.17%	4.50%	Compare
RHLD Resolute Holdings Management, Inc.	$921.6M	20.6×	—	+295.65% (above 0%: growing)	n/m	+64.98% (above 0%: growing)	34.87%	7.44%	Compare
KODK Eastman Kodak Company	$878.2M	— (loss-making)	19.1×	+18.25% (above 0%: growing)	n/m	+100.00% (above 0%: growing)	26.37%	4.82%	Compare
Median of peers	$1.5B	20.6×	18.8×	+7.66%	—	+19.36%	30.62%	4.90%

All 44 Specialty Business Services stocks →

Target Hospitality Corp. (TH) key facts

Concern: Target Hospitality Corp.’s revenue for fiscal 2025 (year ended December 2025) was $320.6 million, down 17.0% from fiscal 2024.
Target Hospitality Corp. (TH) is a Specialty Business Services company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, TH traded at $15.46, a market capitalization of $1.6 billion.
Return on equity was −9.16% and debt-to-equity 0.11.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 4.53 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.