Target Hospitality Corp.
TH- Exchange
- Nasdaq
- Industry
- Hotels, Rooming Houses, Camps & Other Lodging Places
- SEC CIK
- 0001712189
In the last 90 days, Target Hospitality Corp. insiders filed 3 open-market purchases and 1 sale; 171 institutions reported holding it in 13F filings for Q2 2026, worth $1.03B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 10, 2026, 1:18 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $37.1M (11.6% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 11, 2026 | Mar 26, 2025 | Mar 13, 2024 | Mar 10, 2023 | Mar 10, 2022 |
| Revenue | $320.6M | $386.3M | $563.6M | $502.0M | $291.3M |
| Gross profit | $42.7M | $178.2M | $313.3M | $247.1M | $101.3M |
| Selling, general and administrative | $58.5M | $54.3M | $56.1M | $57.9M | $46.5M |
| Operating income | -$34.7M | $108.8M | $240.6M | $174.4M | $37.1M |
| Income tax | -$6.13M | $21.4M | $51.0M | $32.4M | $1.90M |
| Net income | -$37.1M | $71.3M | $173.7M | $73.9M | -$4.58M |
| EPS, basic | $-0.37 | $0.71 | $1.71 | $0.76 | $-0.05 |
| EPS, diluted | $-0.37 | $0.70 | $1.56 | $0.74 | $-0.05 |
| Weighted shares, basic | 99.5M | 100.1M | 101.4M | 97.2M | 96.6M |
| Weighted shares, diluted | 99.5M | 101.4M | 105.3M | 100.1M | 96.6M |
| Margins and growth | |||||
| Gross margin | 13.3% | 46.1% | 55.6% | 49.2% | 34.8% |
| Operating margin | -10.8% | 28.2% | 42.7% | 34.7% | 12.7% |
| Net margin | -11.6% | 18.4% | 30.8% | 14.7% | -1.6% |
| Revenue growth, year over year | −17.0% | −31.5% | +12.3% | +72.3% | +29.4% |
| Net income growth, year over year | −152.1% | −59.0% | +134.9% | – | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 11, 2026 | Mar 26, 2025 | Mar 13, 2024 | Mar 10, 2023 | Mar 10, 2022 |
| Cash and equivalents | $8.35M | $190.7M | $103.9M | $181.7M | $23.4M |
| Accounts receivable | $56.2M | $49.3M | $67.1M | $42.2M | $28.8M |
| Inventory | $2.10M | $1.90M | $2.10M | $2.00M | $1.60M |
| Total current assets | $73.3M | $249.3M | $180.5M | $236.4M | $60.5M |
| Property, plant and equipment | – | $320.9M | $349.1M | $357.1M | $291.8M |
| Goodwill | $41.0M | $41.0M | $41.0M | $41.0M | $41.0M |
| Intangible assets | $39.3M | $52.8M | $66.3M | $75.2M | $88.5M |
| Total assets | $530.2M | $725.8M | $694.4M | $771.7M | $513.4M |
| Accounts payable | $44.4M | $16.2M | $20.9M | $17.6M | $11.8M |
| Short-term debt | – | $180.3M | – | – | – |
| Total current liabilities | $84.0M | $233.4M | $70.3M | $190.9M | $72.8M |
| Long-term debt | – | – | $178.1M | – | $341.4M |
| Total liabilities | $141.1M | $304.7M | $317.0M | $570.9M | $416.1M |
| Shareholders' equity | $389.1M | $421.1M | $377.3M | $200.8M | $97.3M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 11, 2026 | Mar 26, 2025 | Mar 13, 2024 | Mar 10, 2023 | Mar 10, 2022 |
| Operating cash flow | $74.1M | $151.7M | $156.8M | $305.6M | $104.6M |
| Depreciation and amortization | $73.4M | $72.8M | $84.0M | $67.7M | $70.5M |
| Stock-based compensation | $7.55M | $7.31M | $11.2M | $19.2M | $5.08M |
| Share buybacks | – | $33.5M | – | – | – |
| Investing cash flow | -$67.8M | -$28.8M | -$68.2M | -$140.2M | -$35.9M |
| Financing cash flow | -$188.6M | -$36.1M | -$166.4M | -$7.10M | -$52.3M |
| Net change in cash | -$182.3M | $86.7M | -$77.7M | $158.3M | $16.4M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 2.4% | 1.9% | 2.0% | 3.8% | 1.7% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Nov 5, 2026 | 97.9M | −1.9% | SEC |
| Aug 6, 2026 | 99.6M | −0.2% | SEC |
| May 6, 2026 | 100.2M | +0.8% | SEC |
| Mar 6, 2026 | 100.2M | +0.8% | SEC |
| Nov 3, 2025 | 99.8M | +0.8% | SEC |
| Aug 4, 2025 | 99.8M | −0.6% | SEC |
| May 14, 2025 | 99.4M | −0.9% | SEC |
| Mar 20, 2025 | 99.4M | −1.2% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.