Target Hospitality Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Target Hospitality Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	134	241	321	225	291	502	564	386	321
Gross profit	53	90.2	147	57.2	101	247	313	178	42.7
Selling, general and administrative	24.3	41.3	76.6	38.1	46.5	57.9	56.1	54.3	58.5
General and administrative		1.62
Operating income	21.5	40.9	48	4.1	37.1	174	241	109	-34.7
Interest expense	2.69	2.4	28.6
Interest income		5.63
Pre-tax income	26.6	16.7	19.6	-33.6	-2.67	106	225	92.8	-43.2
Income tax	25.6	11.8	7.61	-8.46	1.9	32.4	51.1	21.4	-6.13
Net income to minority interests								0.14	0.04
Net income	0.98	4.96	12	-25.1	-4.58	73.9	174	71.3	-37.1
EBITDA	51.6	80	107	69.7	108	242	325	182	38.6
EPS, basic	0.04	0.12	0.13	-0.26	-0.05	0.76	1.71	0.71	-0.37
EPS, diluted	0.04	0.12	0.13	-0.26	-0.05	0.74	1.56	0.70	-0.37
Shares, basic (weighted)	25.7	41.3	94.5	96	96.6	97.2	101	100	99.5
Shares, diluted (weighted)	25.7	41.3	94.5	96	96.6	100	105	101	99.5

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12.5	12.2	6.79	6.98	23.4	182	104	191	8.35
Receivables		57.1	48.5	28.2	28.8	42.2	67.1	49.3	56.2
Inventory		0.9	1.1	0.9	1.6	2	2.1	1.9	2.1
Other current assets	0	1	1.4	2.6	3.4	3.9	4	4	4.3
Total current assets	0	75	60.8	43.6	60.5	236	181	249	73.3
Property, plant and equipment		294	354	311	292	357	349	321
Lease right-of-use assets						27.3	19.7	24.9	6.54
Goodwill		34.2	41	41	41	41	41	41	41
Intangible assets		127	118	103	88.5	75.2	66.3	52.8	39.3
Other non-current assets			4.69	5.41	3.42	1.91	0.66
Total assets	0.24	565	534	534	513	772	694	726	530
Accounts payable	0.23	21.6	7.79	10.6	11.8	17.6	20.9	16.2	44.4
Accrued liabilities		23.3	35.3	24.7	33.1	39.6	33.7	25.8	22.5
Deferred revenue		17.8	16.8	6.62	27.1	120	1.79	0.7	9.28
Short-term debt		2.45	1	3.57	0.73	1.14	1.37	180	2.09
Total current liabilities	0.23	65.1	60.9	45.5	72.8	191	70.3	233	84
Long-term debt		20.6	404	375	331	330	178	1.45	1.68
Lease liabilities						11.1	8.43	17.5	1.13
Other non-current liabilities		0.1		0.48	1.47	6.31
Total liabilities	0.23	216	480	435	416	571	317	305	141
Total debt		23	422	392	341	331	180	184	3.76
Paid-in capital	0.02	320	103	107	110	139	142	149	154
Retained earnings	-0.01	31.5	43.5	18.3	13.7	87.7	261	332	295
Treasury stock			-23.6	-23.6	-23.6	-23.6	-23.6	-57.3	-57.3
Shareholders' equity	24.9	349	121	98.9	97.3	201	377	421	389
Minority interests								0.01	-0.2
Total equity	24.9	349	121	98.9	97.3	201	377	421	389
Total liabilities and equity	0.24	565	601	534	513	772	694	726	530
Shares outstanding		74.8	101	101	102	100	102	99	99.8

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.98	4.96	12	-25.1	-4.58	73.9	174	71.4	-37.1
Depreciation and amortization	30.1	39.1	58.9	65.6	70.5	67.7	84	72.8	73.4
Stock-based compensation			1.75	3.61	5.08	19.2	11.2	7.31	7.55
Deferred income tax	21.9	10.9	5.99	-8.75	0.47	29.9	37.9	-3.8	-6.96
Change in receivables	-6.88	-25.9	7.44	16.3	-2.23	-13.7	-25.8	17.6	-7.51
Change in payables	6.6	5.33	-16.8	1.04	9.93	6.37	-10.4	-13.6	23.1
Cash from operations	40.8	26.2	60.5	46.8	105	306	157	152	74.1
Acquisitions	-36.5	-200	-30
Cash from investing	-130	-221	-113	-10.9	-35.9	-140	-68.2	-28.8	-67.8
Debt repaid						-5.5	-153		-181
Stock issued		325				0.23	1.4	1.85
Share buybacks			-18.2	-5.32				-33.5
Cash from financing	98.1	195	46.7	-35.7	-52.3	-7.1	-166	-36.1	-189
Exchange rate effect	0.14	-0.18	-0.05	-0.01	0.01	-0.02	0	-0.03	0.02
Net change in cash	8.72	-0.08	-5.61	0.14	16.4	158	-77.7	86.7	-182
Interest paid	0.96	23.1	23.6	35.6	33.8	32.7	29.3	18	13
Income taxes paid	0.62		1.24	1.27	0.77	4.87	5.97	28.8	2.82

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.7%	Gross profit / revenue.
Operating margin	-11.1%	Operating income / revenue.
EBITDA margin	11.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.9%	Pre-tax income / revenue.
Net margin	-10.8%	Net income / revenue.
Operating cash flow margin	49.0%	Cash from operations / revenue.
Return on equity (ROE)	-10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.8%	Net income / average total assets.
Return on invested capital (ROIC)	-7.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	22.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-17.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-76.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-44.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-5.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-131.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-78.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-45.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-11.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-152.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-152.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-51.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-37.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	31.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-26.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.65x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.8%	Total debt / total assets.
Liabilities / assets	43.5%	Total liabilities / total assets.
Net debt	$38.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$35.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$296.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Receivables turnover	6.89x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.47	Revenue / diluted weighted shares.
Operating cash flow per share	$1.70	Cash from operations / diluted weighted shares.
Book value per share	$3.69	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.96	Tangible book value / shares outstanding.
Cash per share	$0.06	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.05B	Share price x shares outstanding.
Enterprise value	$2.09B	Market cap + total debt - cash - short-term investments.
P/S	5.90x	Market cap / revenue.
P/B	5.54x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.92x	Market cap / tangible book value, when positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	6.01x	Enterprise value / revenue.
EV/EBITDA	51.4x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-1.8%	Net income / market cap (the inverse of P/E).

What was Target Hospitality Corp.'s revenue in fiscal 2025?

Target Hospitality Corp. reported revenue of $320.6M for fiscal 2025, 17% lower than the year before.

Was Target Hospitality Corp. profitable in fiscal 2025?

No. It reported a net loss of $37.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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