Target Hospitality (TH) Financials

$7.73 -0.08 (-1.02%)

Closing price 04:00 PM Eastern

Extended Trading

$7.73 0.00 (0.00%)

As of 07:47 PM Eastern

Annual Income Statements for Target Hospitality

This table shows Target Hospitality's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.98	4.96	12	-25	-4.58	74	174	71
Consolidated Net Income / (Loss)	0.98	4.96	12	-25	-4.58	74	174	71
Net Income / (Loss) Continuing Operations	0.98	4.96	12	-25	-4.58	74	174	71
Total Pre-Tax Income	27	17	20	-34	-2.67	106	225	93
Total Operating Income	21	41	48	4.10	37	174	241	109
Total Gross Profit	53	90	147	57	101	247	313	178
Total Revenue	134	241	321	225	291	502	564	386
Operating Revenue	134	241	321	225	291	502	564	386
Total Cost of Revenue	81	150	174	168	190	255	250	208
Operating Cost of Revenue	81	150	174	168	190	255	250	208
Total Operating Expenses	32	49	99	53	64	73	73	69
Selling, General & Admin Expense	24	41	77	38	46	58	56	54
Depreciation Expense	5.68	7.52	15	16	17	15	15	16
Other Operating Expenses / (Income)	-0.61	-8.13	6.75	-0.72	0.88	0.04	1.24	-0.50
Total Other Income / (Expense), net	5.11	-24	-28	-38	-40	-68	-16	-16
Interest Expense	-5.11	24	34	40	39	36	25	17
Other Income / (Expense), net	-	0.00	5.92	2.35	-1.07	-32	9.06	0.68
Income Tax Expense	26	12	7.61	-8.46	1.90	32	51	21
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	0.14
Basic Earnings per Share	$0.04	$0.12	$0.13	($0.26)	($0.05)	$0.76	$1.71	$0.71
Weighted Average Basic Shares Outstanding	25.69M	41.29M	94.50M	96.02M	96.61M	97.21M	101.35M	100.14M
Diluted Earnings per Share	$0.04	$0.12	$0.13	($0.26)	($0.05)	$0.74	$1.56	$0.70
Weighted Average Diluted Shares Outstanding	25.69M	41.29M	94.50M	96.02M	96.61M	100.06M	105.32M	101.43M
Weighted Average Basic & Diluted Shares Outstanding	25.69M	41.29M	94.50M	96.02M	101.95M	100.96M	100.52M	99.36M

This table shows Target Hospitality's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	19	32	44	46	46	38	20	18	20	13	-6.46
Consolidated Net Income / (Loss)	19	32	44	46	46	38	20	18	20	13	-6.46
Net Income / (Loss) Continuing Operations	19	32	44	46	46	38	20	18	20	13	-6.46
Total Pre-Tax Income	31	45	56	60	60	48	27	25	24	17	-7.78
Total Operating Income	60	64	62	65	68	46	30	30	28	21	-1.08
Total Gross Profit	83	84	82	82	87	62	49	47	45	37	18
Total Revenue	160	152	148	144	146	126	107	101	95	84	70
Operating Revenue	160	152	148	144	146	126	107	101	95	84	70
Total Cost of Revenue	77	69	66	61	59	64	58	54	50	47	52
Operating Cost of Revenue	77	69	66	61	59	64	58	54	50	47	52
Total Operating Expenses	23	20	20	18	19	16	19	17	17	16	19
Selling, General & Admin Expense	19	16	15	13	15	12	15	13	13	13	15
Depreciation Expense	3.56	3.70	3.80	3.84	3.84	3.87	3.89	3.91	3.90	3.95	3.97
Other Operating Expenses / (Income)	0.12	0.11	1.00	0.31	-0.07	-0.00	-0.11	-0.05	-0.00	-0.34	0.26
Total Other Income / (Expense), net	-29	-20	-5.92	-4.60	-7.53	2.19	-3.91	-4.27	-3.81	-3.95	-6.70
Interest Expense	8.89	8.20	9.63	5.28	4.95	5.06	4.59	4.27	3.81	3.95	6.70
Other Income / (Expense), net	-20	-11	3.71	0.68	-2.58	7.25	0.68	0.00	0.00	-	0.00
Income Tax Expense	12	13	12	14	15	11	6.14	6.89	4.08	4.31	-1.32
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-	0.00	-	0.10	-	0.00
Basic Earnings per Share	$0.20	$0.31	$0.44	$0.46	$0.45	$0.36	$0.20	$0.18	$0.20	$0.13	($0.07)
Weighted Average Basic Shares Outstanding	97.24M	97.21M	100.64M	101.47M	101.62M	101.35M	100.66M	100.26M	100.44M	100.14M	99.11M
Diluted Earnings per Share	$0.20	$0.29	$0.38	$0.44	$0.43	$0.31	$0.20	$0.18	$0.20	$0.12	($0.07)
Weighted Average Diluted Shares Outstanding	97.24M	100.06M	106.26M	105.05M	105.09M	105.32M	102.36M	101.25M	101.30M	101.43M	99.11M
Weighted Average Basic & Diluted Shares Outstanding	97.26M	100.96M	101.37M	101.60M	101.66M	100.52M	100.28M	100.43M	98.94M	99.36M	99.36M

This table details how cash moves in and out of Target Hospitality's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	8.72	-0.08	-5.61	0.14	16	158	-78	87
Net Cash From Operating Activities	41	26	60	47	105	306	157	152
Net Cash From Continuing Operating Activities	41	26	60	47	105	306	157	152
Net Income / (Loss) Continuing Operations	0.98	4.96	12	-25	-4.58	74	174	71
Consolidated Net Income / (Loss)	0.98	4.96	12	-25	-4.58	74	174	71
Depreciation Expense	25	32	45	51	56	54	71	59
Amortization Expense	4.90	7.78	18	19	20	19	17	16
Non-Cash Adjustments To Reconcile Net Income	1.16	15	6.71	4.05	7.96	54	9.57	7.14
Changes in Operating Assets and Liabilities, net	8.49	-33	-21	-2.26	26	105	-114	-2.52
Net Cash From Investing Activities	-130	-221	-113	-11	-36	-140	-68	-29
Net Cash From Continuing Investing Activities	-130	-221	-113	-11	-36	-140	-68	-29
Purchase of Property, Plant & Equipment	-0.90	-0.95	-0.44	-0.38	-0.43	-21	-3.07	-0.69
Acquisitions	-37	-200	-30	-	0.00	0.00	-4.55	0.00
Sale of Property, Plant & Equipment	1.56	0.00	1.44	0.99	0.00	0.62	0.24	1.40
Other Investing Activities, net	-15	-75	-84	-12	-35	-120	-61	-30
Net Cash From Financing Activities	98	195	47	-36	-52	-7.10	-166	-36
Net Cash From Continuing Financing Activities	98	195	47	-36	-52	-7.10	-166	-36
Repayment of Debt	-14	-315	-75	-86	-80	-77	-160	-1.70
Repurchase of Common Equity	0.00	0.00	-18	-5.32	0.00	-0.77	-1.50	-33
Payment of Dividends	-24	-27	-	-	-	0.00	0.00	-0.07
Issuance of Debt	15	190	445	56	28	70	0.00	0.00
Other Financing Activities, net	-5.64	0.00	-344	-0.22	-0.10	0.18	-5.21	-0.81
Effect of Exchange Rate Changes	0.14	-0.18	-0.05	-0.01	0.01	-0.02	0.00	-0.03
Cash Interest Paid	0.96	23	24	36	34	33	29	18
Cash Income Taxes Paid	0.62	0.00	1.24	1.27	0.77	4.87	5.97	29

This table details how cash moves in and out of Target Hospitality's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	167	4.69	-139	27	36	-1.18	20	30	23	13	-156
Net Cash From Operating Activities	261	48	15	56	48	38	51	39	31	31	3.94
Net Cash From Continuing Operating Activities	261	48	15	56	48	38	51	39	31	31	3.94
Net Income / (Loss) Continuing Operations	19	32	44	46	46	38	20	18	20	13	-6.46
Consolidated Net Income / (Loss)	19	32	44	46	46	38	20	18	20	13	-6.46
Depreciation Expense	12	17	18	18	18	16	15	15	15	14	14
Amortization Expense	4.59	4.61	4.62	4.15	4.19	4.12	4.05	4.07	4.09	4.11	4.08
Non-Cash Adjustments To Reconcile Net Income	29	19	5.47	4.47	8.40	-8.76	2.25	1.40	2.00	1.49	4.49
Changes in Operating Assets and Liabilities, net	197	-24	-57	-18	-28	-11	8.61	-0.09	-9.34	-1.69	-12
Net Cash From Investing Activities	-73	-37	-28	-20	-12	-7.27	-8.92	-7.22	-7.28	-5.42	-17
Net Cash From Continuing Investing Activities	-73	-37	-28	-20	-12	-7.27	-8.92	-7.22	-7.28	-5.42	-17
Purchase of Property, Plant & Equipment	-4.07	-0.53	-1.02	-0.48	-1.45	-0.13	-0.14	-0.13	-0.06	-0.36	-0.62
Sale of Property, Plant & Equipment	-	-	0.12	0.05	0.08	-	0.04	-	0.50	0.86	0.00
Other Investing Activities, net	-69	-36	-23	-20	-11	-7.15	-8.83	-7.09	-7.72	-5.92	-17
Net Cash From Financing Activities	-21	-6.54	-125	-8.26	-0.59	-32	-21	-1.89	-0.69	-12	-143
Net Cash From Continuing Financing Activities	-21	-6.54	-125	-8.26	-0.59	-32	-21	-1.89	-0.69	-12	-143
Repayment of Debt	-54	-6.07	-127	-0.51	-0.34	-32	-0.41	-0.42	-0.40	-0.47	-218
Repurchase of Common Equity	-	-0.77	0.00	-1.50	-	-	-21	0.02	-0.76	-12	0.00
Payment of Dividends	-	-	-	-	-	-	0.00	-	-	-	-0.07
Issuance of Debt	33	-	0.00	-	-	-	0.00	-	-	-	75
Other Financing Activities, net	-0.04	0.31	1.29	-6.25	-0.26	-	0.27	-1.50	0.46	-0.05	0.00
Effect of Exchange Rate Changes	-0.02	0.00	0.01	-	-0.00	-0.00	-0.00	-0.00	-	-0.03	0.00

This table presents Target Hospitality's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	0.24	565	601	534	513	772	694	726
Total Current Assets	0.00	75	61	44	61	236	181	249
Cash & Equivalents	0.00	12	6.79	6.98	23	182	104	191
Accounts Receivable	-	58	49	29	29	42	67	49
Prepaid Expenses	0.00	3.97	4.65	7.20	8.35	13	9.48	9.33
Plant, Property, & Equipment, net	0.00	294	354	311	292	357	349	321
Total Noncurrent Assets	0.24	196	186	179	161	178	166	156
Goodwill	-	34	41	41	41	41	41	41
Intangible Assets	-	127	118	103	88	75	66	53
Other Noncurrent Operating Assets	0.24	20	16	16	15	61	56	60
Other Noncurrent Nonoperating Assets	-	2.87	4.69	3.42	2.16	0.90	2.48	1.87
Total Liabilities & Shareholders' Equity	0.24	565	601	534	513	772	694	726
Total Liabilities	0.23	216	480	435	416	571	317	305
Total Current Liabilities	0.23	65	61	46	73	191	70	233
Short-Term Debt	-	2.45	-	-	-	-	0.00	189
Accounts Payable	0.23	22	7.79	11	12	18	21	16
Accrued Expenses	-	23	35	25	33	40	34	26
Current Deferred Revenue	-	18	17	6.62	27	120	1.79	0.70
Other Current Liabilities	-	-	0.99	3.57	0.73	14	14	1.86
Total Noncurrent Liabilities	0.00	151	419	389	342	374	244	71
Long-Term Debt	-	21	403	374	330	329	178	0.00
Capital Lease Obligations	-	0.01	1.00	0.27	0.70	1.09	1.02	1.45
Asset Retirement Reserve & Litigation Obligation	-	2.61	2.83	2.28	2.08	2.25	2.42	2.56
Noncurrent Deferred Revenue	-	20	9.39	12	7.27	5.48	3.68	0.54
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00	15	53	49
Other Noncurrent Operating Liabilities	-	108	2.88	0.48	1.47	21	5.81	17
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.02	349	121	99	97	201	377	421
Total Preferred & Common Equity	0.02	349	121	99	97	201	377	421
Total Common Equity	0.02	349	121	99	97	201	377	421
Common Stock	0.03	320	103	107	110	139	142	149
Retained Earnings	-0.01	31	43	18	14	88	261	332
Treasury Stock	-	-	-24	-24	-24	-24	-24	-57
Accumulated Other Comprehensive Income / (Loss)	-	-2.46	-2.56	-2.43	-2.46	-2.57	-2.64	-2.79
Noncontrolling Interest	-	-	-	-	-	-	0.00	0.01

This table presents Target Hospitality's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	547	730	650	666	697	687	697	710	563
Total Current Assets	94	228	103	130	172	186	209	231	100
Cash & Equivalents	9.70	177	42	70	105	124	154	178	34
Accounts Receivable	78	42	53	53	59	54	49	47	57
Prepaid Expenses	6.18	9.09	7.93	6.94	6.99	7.93	5.80	6.34	8.17
Plant, Property, & Equipment, net	291	348	370	366	360	343	336	332	326
Total Noncurrent Assets	162	154	179	170	165	158	152	147	137
Goodwill	41	41	41	41	41	41	41	41	41
Intangible Assets	82	78	76	73	70	63	60	56	49
Other Noncurrent Operating Assets	29	33	60	54	53	52	50	48	45
Other Noncurrent Nonoperating Assets	1.53	1.21	1.60	1.68	1.59	2.33	2.18	2.02	1.72
Total Liabilities & Shareholders' Equity	547	730	650	666	697	687	697	710	563
Total Liabilities	422	584	408	376	358	312	300	292	147
Total Current Liabilities	56	202	366	323	294	67	236	229	51
Short-Term Debt	-	-	219	207	208	-	189	189	0.00
Accounts Payable	25	32	27	17	21	17	18	17	23
Accrued Expenses	29	27	29	32	31	36	26	23	17
Current Deferred Revenue	1.84	142	86	51	15	1.79	2.72	0.40	1.01
Other Current Liabilities	0.83	0.82	6.03	16	18	12	0.00	0.00	8.93
Total Noncurrent Liabilities	366	382	41	50	63	242	63	62	97
Long-Term Debt	353	333	0.00	0.00	0.00	179	0.00	0.00	41
Capital Lease Obligations	0.95	0.92	1.18	1.11	1.05	1.27	1.11	0.99	2.04
Asset Retirement Reserve & Litigation Obligation	2.16	2.21	2.29	2.33	2.38	2.47	2.50	2.53	2.60
Noncurrent Deferred Revenue	6.38	19	5.03	4.58	4.13	3.23	0.54	0.54	0.54
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.21	23	35	48	52	54	53	48
Other Noncurrent Operating Liabilities	3.37	27	9.71	7.18	6.72	4.21	4.29	4.71	2.92
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	125	146	242	290	338	376	397	418	415
Total Preferred & Common Equity	125	146	242	290	338	376	397	418	415
Total Common Equity	125	146	242	290	338	376	397	418	415
Common Stock	114	116	137	139	141	142	145	146	149
Retained Earnings	37	56	131	178	223	281	300	320	326
Treasury Stock	-24	-24	-24	-24	-24	-45	-45	-46	-57
Accumulated Other Comprehensive Income / (Loss)	-2.53	-2.56	-2.60	-2.60	-2.62	-2.66	-2.68	-2.69	-2.79
Noncontrolling Interest	-	-	-	-	-	-	-	0.04	-0.05

This table displays calculated financial ratios and metrics derived from Target Hospitality's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	79.24%	33.46%	-29.88%	29.39%	72.30%	12.28%	-31.46%
EBITDA Growth	0.00%	56.28%	44.36%	-34.23%	45.66%	93.40%	56.37%	-45.12%
EBIT Growth	0.00%	90.65%	31.72%	-88.03%	458.81%	295.85%	75.04%	-56.16%
NOPAT Growth	0.00%	1,431.09%	141.75%	-90.21%	804.63%	366.99%	53.33%	-55.00%
Net Income Growth	0.00%	405.20%	141.57%	-309.91%	81.79%	1,715.80%	134.92%	-58.89%
EPS Growth	0.00%	200.00%	8.33%	-300.00%	80.77%	1,580.00%	110.81%	-55.13%
Operating Cash Flow Growth	0.00%	-35.74%	130.87%	-22.67%	123.59%	192.17%	-48.69%	-3.27%
Free Cash Flow Firm Growth	0.00%	0.00%	63.16%	141.24%	63.30%	100.63%	-49.63%	45.27%
Invested Capital Growth	0.00%	2,204,062.04%	43.81%	-9.65%	-12.85%	-12.46%	28.12%	-9.25%
Revenue Q/Q Growth	0.00%	0.00%	6.16%	-9.82%	11.51%	16.41%	-4.45%	-9.92%
EBITDA Q/Q Growth	0.00%	0.00%	-24.83%	52.39%	20.34%	23.45%	-0.24%	-15.68%
EBIT Q/Q Growth	0.00%	0.00%	-44.44%	132.03%	88.07%	37.16%	0.23%	-22.96%
NOPAT Q/Q Growth	0.00%	0.00%	-25.77%	120.37%	77.80%	43.58%	-5.08%	-19.81%
Net Income Q/Q Growth	0.00%	0.00%	-20.97%	-150.96%	72.58%	63.71%	3.75%	-26.16%
EPS Q/Q Growth	0.00%	0.00%	8.33%	-333.33%	72.22%	54.17%	1.30%	-21.35%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	11.29%	3.93%	-11.08%	16.21%	-5.71%	-4.85%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	163.87%	-26.24%	-0.47%	56.06%	7.71%
Invested Capital Q/Q Growth	0.00%	0.00%	-2.21%	-5.53%	3.76%	17.32%	2.54%	-4.28%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	39.52%	37.50%	45.78%	25.39%	34.79%	49.23%	55.59%	46.13%
EBITDA Margin	38.44%	33.52%	36.26%	34.01%	38.28%	42.97%	59.84%	47.92%
Operating Margin	15.99%	17.00%	14.94%	1.82%	12.73%	34.74%	42.69%	28.16%
EBIT Margin	15.99%	17.00%	16.78%	2.86%	12.37%	28.41%	44.30%	28.34%
Profit (Net Income) Margin	0.73%	2.06%	3.73%	-11.16%	-1.57%	14.73%	30.82%	18.49%
Tax Burden Percent	3.69%	29.66%	61.15%	74.83%	171.26%	69.55%	77.29%	76.92%
Interest Burden Percent	123.80%	40.85%	36.33%	-520.87%	-7.42%	74.53%	90.02%	84.82%
Effective Tax Rate	96.31%	70.34%	38.85%	0.00%	0.00%	30.45%	22.71%	23.08%
Return on Invested Capital (ROIC)	4,893.21%	6.80%	6.74%	0.59%	5.98%	32.00%	46.07%	19.35%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-173.72%	-1.92%	-6.80%	-3.11%	11.41%	35.37%	-17.58%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.96%	-1.64%	-23.50%	-10.65%	17.61%	14.02%	-1.46%
Return on Equity (ROE)	0.00%	2.84%	5.10%	-22.91%	-4.67%	49.60%	60.09%	17.89%
Cash Return on Invested Capital (CROIC)	0.00%	-193.18%	-29.19%	10.72%	19.71%	45.28%	21.42%	29.04%
Operating Return on Assets (OROA)	8,863.72%	14.47%	9.24%	1.14%	6.88%	22.20%	34.06%	15.42%
Return on Assets (ROA)	405.22%	1.75%	2.05%	-4.43%	-0.87%	11.51%	23.70%	10.06%
Return on Common Equity (ROCE)	0.00%	2.84%	5.10%	-22.91%	-4.67%	49.60%	60.09%	17.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	1.42%	9.93%	-25.41%	-4.70%	36.81%	46.04%	16.96%
Net Operating Profit after Tax (NOPAT)	0.79	12	29	2.87	26	121	186	84
NOPAT Margin	0.59%	5.04%	9.13%	1.28%	8.91%	24.16%	32.99%	21.66%
Net Nonoperating Expense Percent (NNEP)	0.00%	180.52%	8.66%	7.39%	9.09%	20.58%	10.70%	36.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	22.85%	33.42%	13.88%
Cost of Revenue to Revenue	60.48%	62.50%	54.22%	74.61%	65.21%	50.77%	44.41%	53.87%
SG&A Expenses to Revenue	18.13%	17.18%	23.87%	16.93%	15.95%	11.53%	9.96%	14.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.53%	20.50%	30.85%	23.56%	22.05%	14.49%	12.90%	17.97%
Earnings before Interest and Taxes (EBIT)	21	41	54	6.45	36	143	250	109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	52	81	116	77	112	216	337	185
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18,210.45	1.17	4.30	1.62	3.73	7.33	2.62	2.27
Price to Tangible Book Value (P/TBV)	18,210.45	2.18	0.00	0.00	0.00	17.40	3.66	2.92
Price to Revenue (P/Rev)	2.20	1.70	1.61	0.71	1.24	2.93	1.76	2.48
Price to Earnings (P/E)	300.61	82.63	43.24	0.00	0.00	19.91	5.69	13.42
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.33%	1.21%	2.31%	0.00%	0.00%	5.02%	17.56%	7.45%
Enterprise Value to Invested Capital (EV/IC)	18,210.45	1.18	1.78	1.14	1.66	4.58	2.35	2.30
Enterprise Value to Revenue (EV/Rev)	2.20	1.75	2.85	2.34	2.30	3.23	1.89	2.45
Enterprise Value to EBITDA (EV/EBITDA)	5.71	5.21	7.86	6.89	6.01	7.51	3.16	5.12
Enterprise Value to EBIT (EV/EBIT)	13.74	10.27	16.98	81.83	18.60	11.36	4.26	8.66
Enterprise Value to NOPAT (EV/NOPAT)	372.16	34.64	31.20	183.80	25.80	13.36	5.72	11.32
Enterprise Value to Operating Cash Flow (EV/OCF)	7.23	16.04	15.13	11.28	6.41	5.30	6.79	6.25
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	10.07	7.83	9.44	12.31	7.54
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.07	3.35	3.79	3.40	1.64	0.47	0.43
Long-Term Debt to Equity	0.00	0.06	3.35	3.79	3.40	1.64	0.47	0.00
Financial Leverage	0.00	0.02	0.85	3.45	3.43	1.54	0.40	0.08
Leverage Ratio	14.95	1.62	2.48	5.17	5.34	4.31	2.54	1.78
Compound Leverage Factor	18.51	0.66	0.90	-26.95	-0.40	3.21	2.28	1.51
Debt to Total Capital	0.00%	6.19%	77.03%	79.12%	77.28%	62.16%	32.19%	30.15%
Short-Term Debt to Total Capital	0.00%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	29.91%
Long-Term Debt to Total Capital	0.00%	5.53%	77.03%	79.12%	77.28%	62.16%	32.19%	0.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	93.81%	22.97%	20.88%	22.72%	37.84%	67.81%	69.85%
Debt to EBITDA	0.00	0.29	3.47	4.89	2.97	1.53	0.53	0.98
Net Debt to EBITDA	0.00	0.13	3.41	4.80	2.76	0.69	0.22	-0.05
Long-Term Debt to EBITDA	0.00	0.26	3.47	4.89	2.97	1.53	0.53	0.01
Debt to NOPAT	0.00	1.90	13.78	130.55	12.74	2.72	0.96	2.17
Net Debt to NOPAT	0.00	0.89	13.55	128.12	11.84	1.22	0.40	-0.11
Long-Term Debt to NOPAT	0.00	1.70	13.78	130.55	12.74	2.72	0.96	0.02
Altman Z-Score	1,629.11	1.90	1.58	0.73	1.33	3.04	4.59	3.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.15	1.00	0.96	0.83	1.24	2.57	1.07
Quick Ratio	0.00	1.07	0.92	0.80	0.72	1.17	2.43	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-345	-127	52	86	172	86	126
Operating Cash Flow to CapEx	0.00%	2,755.31%	0.00%	0.00%	24,496.25%	1,532.58%	5,550.48%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-14.25	-3.70	1.31	2.21	4.72	3.47	7.56
Operating Cash Flow to Interest Expense	0.00	1.08	1.76	1.17	2.70	8.41	6.29	9.13
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.04	1.79	1.18	2.69	7.86	6.18	9.17
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	554.49	0.85	0.55	0.40	0.56	0.78	0.77	0.54
Accounts Receivable Turnover	0.00	0.00	6.00	5.72	10.02	14.15	10.32	6.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.99	0.68	0.97	1.55	1.60	1.15
Accounts Payable Turnover	359.41	13.78	11.85	18.22	16.93	17.36	13.01	11.21
Days Sales Outstanding (DSO)	0.00	0.00	60.87	63.83	36.44	25.79	35.37	55.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1.02	26.49	30.81	20.03	21.56	21.03	28.07	32.55
Cash Conversion Cycle (CCC)	-1.02	-26.49	30.06	43.80	14.88	4.76	7.31	22.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.02	357	513	464	404	354	453	411
Invested Capital Turnover	8,289.18	1.35	0.74	0.46	0.67	1.32	1.40	0.89
Increase / (Decrease) in Invested Capital	0.00	357	156	-50	-60	-50	100	-42
Enterprise Value (EV)	295	420	915	528	670	1,621	1,064	947
Market Capitalization	295	410	518	160	363	1,472	989	956
Book Value per Share	$0.00	$8.59	$1.16	$0.98	$0.96	$2.07	$3.71	$4.26
Tangible Book Value per Share	$0.00	$4.61	($0.37)	($0.45)	($0.32)	$0.87	$2.66	$3.31
Total Capital	0.02	372	525	474	428	531	556	603
Total Debt	0.00	23	404	375	331	330	179	182
Total Long-Term Debt	0.00	21	404	375	331	330	179	1.45
Net Debt	0.00	11	397	368	308	148	75	-8.89
Capital Expenditures (CapEx)	-0.66	0.95	-1.00	-0.61	0.43	20	2.83	-0.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.23	0.09	-6.91	-8.95	-36	-136	6.24	5.59
Debt-free Net Working Capital (DFNWC)	-0.23	12	-0.13	-1.97	-12	45	110	196
Net Working Capital (NWC)	-0.23	9.84	-0.13	-1.97	-12	45	110	16
Net Nonoperating Expense (NNE)	-0.19	7.18	17	28	31	47	12	12
Net Nonoperating Obligations (NNO)	0.00	7.95	393	365	307	153	76	-9.64
Total Depreciation and Amortization (D&A)	30	40	63	70	75	73	88	76
Debt-free, Cash-free Net Working Capital to Revenue	-0.17%	0.04%	-2.15%	-3.98%	-12.24%	-27.13%	1.11%	1.45%
Debt-free Net Working Capital to Revenue	-0.17%	5.11%	-0.04%	-0.88%	-4.21%	9.06%	19.55%	50.81%
Net Working Capital to Revenue	-0.17%	4.09%	-0.04%	-0.88%	-4.21%	9.06%	19.55%	4.12%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.04	$0.00	$0.07	$0.00	($0.05)	$0.76	$1.71	$0.71
Adjusted Weighted Average Basic Shares Outstanding	25.69M	40.63M	102.30M	0.00	96.61M	97.21M	101.35M	100.14M
Adjusted Diluted Earnings per Share	$0.04	$0.00	$0.07	$0.00	($0.05)	$0.74	$1.56	$0.70
Adjusted Weighted Average Diluted Shares Outstanding	25.69M	40.63M	102.30M	0.00	96.61M	100.06M	105.32M	101.43M
Adjusted Basic & Diluted Earnings per Share	$0.04	$0.00	$0.07	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.69M	40.63M	94.50M	0.00	101.95M	100.96M	100.52M	99.36M
Normalized Net Operating Profit after Tax (NOPAT)	17	35	29	2.87	26	121	186	84
Normalized NOPAT Margin	12.33%	14.40%	9.17%	1.28%	8.91%	24.16%	32.99%	21.66%
Pre Tax Income Margin	19.79%	6.95%	6.10%	-14.92%	-0.92%	21.18%	39.88%	24.03%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.69	1.57	0.16	0.93	3.93	10.02	6.59
NOPAT to Interest Expense	0.00	0.50	0.85	0.07	0.67	3.34	7.46	5.03
EBIT Less CapEx to Interest Expense	0.00	1.65	1.60	0.18	0.92	3.38	9.91	6.63
NOPAT Less CapEx to Interest Expense	0.00	0.46	0.88	0.09	0.66	2.79	7.35	5.08
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,401.73%	539.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%
Augmented Payout Ratio	2,401.73%	539.51%	152.36%	-21.16%	0.00%	1.05%	0.87%	47.00%

This table displays calculated financial ratios and metrics derived from Target Hospitality's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	78.95%	86.61%	84.00%	30.99%	-8.54%	-17.20%	-27.84%	-29.87%	-34.77%	-33.70%	-34.47%
EBITDA Growth	51.83%	123.15%	201.99%	58.74%	54.14%	-1.09%	-42.88%	-44.39%	-46.63%	-46.88%	-65.75%
EBIT Growth	124.36%	271.90%	488.74%	69.14%	63.09%	1.09%	-52.62%	-54.84%	-57.03%	-61.07%	-103.46%
NOPAT Growth	174.91%	441.33%	1,153.21%	67.85%	39.66%	-20.42%	-51.73%	-57.02%	-54.64%	-57.15%	-103.22%
Net Income Growth	184.97%	1,027.97%	8,771.46%	103.29%	139.61%	19.86%	-53.49%	-60.42%	-55.91%	-66.85%	-131.69%
EPS Growth	185.71%	866.67%	3,700.00%	83.33%	115.00%	6.90%	-47.37%	-59.09%	-53.49%	-61.29%	-135.00%
Operating Cash Flow Growth	552.88%	827.58%	147.51%	104.85%	-81.53%	-19.88%	248.21%	-29.85%	-34.85%	-20.21%	-92.21%
Free Cash Flow Firm Growth	8.68%	40.89%	77.60%	663.56%	-171.57%	-166.19%	-82.91%	-79.90%	139.82%	190.58%	-25.91%
Invested Capital Growth	-22.58%	-12.46%	-4.85%	-8.05%	46.59%	28.12%	2.72%	0.90%	-2.78%	-9.25%	-2.22%
Revenue Q/Q Growth	45.53%	-4.47%	-3.03%	-2.83%	1.61%	-13.51%	-15.49%	-5.58%	-5.49%	-12.08%	-16.48%
EBITDA Q/Q Growth	2.27%	30.88%	19.00%	-0.34%	-0.69%	-16.02%	-31.28%	-2.97%	-4.68%	-16.42%	-55.69%
EBIT Q/Q Growth	3.24%	32.32%	24.25%	-0.36%	-0.45%	-17.98%	-41.77%	-5.02%	-5.28%	-25.69%	-105.17%
NOPAT Q/Q Growth	23.25%	23.64%	6.72%	3.21%	2.55%	-29.54%	-35.26%	-8.10%	8.23%	-33.45%	-104.87%
Net Income Q/Q Growth	-16.76%	65.98%	38.81%	6.00%	-1.88%	-16.97%	-46.14%	-9.80%	9.29%	-37.57%	-151.49%
EPS Q/Q Growth	-16.67%	45.00%	31.03%	15.79%	-2.27%	-27.91%	-35.48%	-10.00%	11.11%	-40.00%	-158.33%
Operating Cash Flow Q/Q Growth	859.80%	-81.70%	-69.60%	283.69%	-13.47%	-20.62%	32.13%	-22.70%	-19.63%	-2.78%	-87.11%
Free Cash Flow Firm Q/Q Growth	902.03%	-23.20%	-27.05%	25.42%	-201.85%	28.98%	-88.75%	47.51%	101.74%	61.55%	-84.59%
Invested Capital Q/Q Growth	-35.45%	17.32%	18.74%	2.26%	2.90%	2.54%	52.07%	0.45%	-0.85%	-4.28%	2.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.87%	55.04%	55.45%	57.35%	59.45%	49.31%	46.00%	46.53%	47.49%	44.25%	25.70%
EBITDA Margin	35.55%	48.71%	59.77%	61.30%	59.92%	58.18%	47.31%	48.61%	49.03%	46.61%	24.73%
Operating Margin	37.57%	42.12%	41.91%	45.09%	46.40%	36.58%	28.53%	29.34%	29.41%	24.86%	-1.54%
EBIT Margin	25.03%	34.67%	44.42%	45.56%	44.64%	42.33%	29.17%	29.34%	29.41%	24.86%	-1.54%
Profit (Net Income) Margin	11.92%	20.71%	29.65%	32.34%	31.23%	29.98%	19.11%	18.25%	21.11%	14.99%	-9.24%
Tax Burden Percent	61.26%	70.70%	78.20%	77.22%	75.73%	78.24%	76.84%	72.74%	83.11%	74.42%	83.07%
Interest Burden Percent	77.75%	84.49%	85.34%	91.94%	92.40%	90.52%	85.26%	85.54%	86.38%	81.03%	722.58%
Effective Tax Rate	38.74%	29.30%	21.80%	22.78%	24.27%	21.76%	23.16%	27.26%	16.89%	25.58%	0.00%
Return on Invested Capital (ROIC)	28.71%	39.44%	43.32%	46.85%	55.73%	39.97%	26.90%	23.71%	24.04%	16.52%	-0.88%
ROIC Less NNEP Spread (ROIC-NNEP)	20.89%	33.43%	41.55%	45.37%	51.35%	41.47%	24.34%	20.17%	18.58%	7.68%	-19.04%
Return on Net Nonoperating Assets (RNNOA)	39.50%	51.58%	63.78%	52.73%	27.57%	16.43%	9.25%	5.16%	2.85%	0.64%	-1.51%
Return on Equity (ROE)	68.21%	91.02%	107.10%	99.57%	83.31%	56.40%	36.15%	28.87%	26.89%	17.16%	-2.40%
Cash Return on Invested Capital (CROIC)	49.89%	45.28%	42.88%	49.45%	14.90%	21.42%	35.10%	29.80%	26.74%	29.04%	16.03%
Operating Return on Assets (OROA)	17.14%	27.09%	44.30%	45.33%	36.92%	32.55%	22.80%	20.65%	17.93%	13.52%	-0.86%
Return on Assets (ROA)	8.16%	16.18%	29.56%	32.18%	25.83%	23.05%	14.94%	12.84%	12.87%	8.15%	-5.17%
Return on Common Equity (ROCE)	68.21%	91.02%	107.10%	99.57%	83.31%	56.40%	36.15%	28.87%	26.89%	17.16%	-2.40%
Return on Equity Simple (ROE_SIMPLE)	31.02%	0.00%	48.54%	48.52%	49.50%	0.00%	40.01%	30.77%	23.16%	0.00%	10.73%
Net Operating Profit after Tax (NOPAT)	37	45	48	50	51	36	23	21	23	15	-0.75
NOPAT Margin	23.01%	29.78%	32.78%	34.82%	35.14%	28.62%	21.93%	21.34%	24.44%	18.50%	-1.08%
Net Nonoperating Expense Percent (NNEP)	7.83%	6.01%	1.77%	1.47%	4.39%	-1.50%	2.56%	3.54%	5.46%	8.84%	18.16%
Return On Investment Capital (ROIC_SIMPLE)	-	8.55%	-	-	-	6.49%	-	-	-	2.57%	-0.16%
Cost of Revenue to Revenue	48.13%	44.96%	44.55%	42.65%	40.55%	50.69%	54.00%	53.47%	52.51%	55.75%	74.30%
SG&A Expenses to Revenue	12.00%	10.42%	10.28%	9.37%	10.47%	9.66%	13.93%	13.36%	13.99%	15.09%	21.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.31%	12.91%	13.53%	12.26%	13.05%	12.73%	17.46%	17.20%	18.09%	19.39%	27.24%
Earnings before Interest and Taxes (EBIT)	40	53	66	65	65	53	31	30	28	21	-1.08
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	74	88	88	87	73	50	49	47	39	17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.43	7.33	5.49	4.69	4.77	2.62	2.91	2.20	1.87	2.27	1.57
Price to Tangible Book Value (P/TBV)	46.88	17.40	10.68	7.72	7.09	3.66	4.02	2.95	2.44	2.92	2.01
Price to Revenue (P/Rev)	2.85	2.93	2.33	2.25	2.74	1.76	2.09	1.82	1.82	2.48	1.87
Price to Earnings (P/E)	27.17	19.91	11.31	9.66	9.64	5.69	7.27	7.15	8.09	13.42	14.72
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.68%	5.02%	8.84%	10.35%	10.38%	17.56%	13.75%	13.99%	12.36%	7.45%	6.79%
Enterprise Value to Invested Capital (EV/IC)	4.59	4.58	3.58	3.49	3.88	2.35	2.66	2.10	1.85	2.30	1.57
Enterprise Value to Revenue (EV/Rev)	3.21	3.23	2.64	2.48	2.91	1.89	2.20	1.90	1.85	2.45	1.89
Enterprise Value to EBITDA (EV/EBITDA)	7.92	7.51	5.47	4.88	5.08	3.16	3.84	3.49	3.62	5.12	4.36
Enterprise Value to EBIT (EV/EBIT)	13.31	11.36	7.63	6.70	6.89	4.26	5.34	5.08	5.59	8.66	8.57
Enterprise Value to NOPAT (EV/NOPAT)	16.39	13.36	9.21	8.14	8.77	5.72	7.14	6.87	7.61	11.32	11.26
Enterprise Value to Operating Cash Flow (EV/OCF)	5.26	5.30	4.29	3.95	10.33	6.79	5.95	5.16	4.98	6.25	6.31
Enterprise Value to Free Cash Flow (EV/FCFF)	8.03	9.44	8.14	6.76	31.00	12.31	7.68	7.07	6.81	7.54	9.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.30	1.64	0.91	0.72	0.62	0.47	0.48	0.48	0.46	0.43	0.10
Long-Term Debt to Equity	2.30	1.64	0.00	0.00	0.00	0.47	0.48	0.00	0.00	0.00	0.10
Financial Leverage	1.89	1.54	1.54	1.16	0.54	0.40	0.38	0.26	0.15	0.08	0.08
Leverage Ratio	5.27	4.31	3.36	2.92	2.95	2.54	2.17	1.98	1.86	1.78	1.58
Compound Leverage Factor	4.10	3.64	2.87	2.69	2.72	2.30	1.85	1.70	1.61	1.44	11.42
Debt to Total Capital	69.65%	62.16%	47.64%	41.80%	38.21%	32.19%	32.39%	32.43%	31.30%	30.15%	9.37%
Short-Term Debt to Total Capital	0.00%	0.00%	47.38%	41.58%	38.02%	0.00%	0.00%	32.24%	31.14%	29.91%	0.00%
Long-Term Debt to Total Capital	69.65%	62.16%	0.25%	0.22%	0.19%	32.19%	32.39%	0.19%	0.16%	0.24%	9.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	-0.01%
Common Equity to Total Capital	30.35%	37.84%	52.36%	58.20%	61.79%	67.81%	67.61%	67.57%	68.69%	69.85%	90.64%
Debt to EBITDA	1.91	1.53	0.80	0.68	0.62	0.53	0.60	0.73	0.87	0.98	0.28
Net Debt to EBITDA	0.90	0.69	0.65	0.45	0.31	0.22	0.19	0.14	0.06	-0.05	0.06
Long-Term Debt to EBITDA	1.91	1.53	0.00	0.00	0.00	0.53	0.60	0.00	0.00	0.01	0.28
Debt to NOPAT	3.96	2.72	1.35	1.13	1.07	0.96	1.12	1.44	1.82	2.17	0.73
Net Debt to NOPAT	1.86	1.22	1.09	0.75	0.53	0.40	0.35	0.27	0.12	-0.11	0.14
Long-Term Debt to NOPAT	3.96	2.72	0.01	0.01	0.01	0.96	1.12	0.01	0.01	0.02	0.73
Altman Z-Score	2.18	2.65	2.96	3.43	4.09	3.65	3.80	3.13	2.97	3.18	4.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.13	1.24	0.28	0.40	0.58	2.57	2.78	0.89	1.01	1.07	1.97
Quick Ratio	1.08	1.17	0.26	0.38	0.56	2.43	2.67	0.86	0.98	1.03	1.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	125	96	70	88	-89	-63	12	18	36	57	8.85
Operating Cash Flow to CapEx	6,412.72%	9,050.95%	1,621.54%	12,904.17%	3,515.82%	30,631.20%	54,398.92%	31,035.71%	0.00%	0.00%	640.49%
Free Cash Flow to Firm to Interest Expense	14.03	11.68	7.26	16.61	-18.02	-12.52	2.60	4.12	9.32	14.55	1.32
Operating Cash Flow to Interest Expense	29.39	5.83	1.51	10.57	9.74	7.56	11.03	9.15	8.24	7.74	0.59
Operating Cash Flow Less CapEx to Interest Expense	28.93	5.77	1.42	10.48	9.46	7.54	11.01	9.12	8.36	7.87	0.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.78	1.00	1.00	0.83	0.77	0.78	0.70	0.61	0.54	0.56
Accounts Receivable Turnover	11.48	14.15	12.08	9.17	11.66	10.32	9.80	9.40	8.03	6.64	6.31
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.34	1.55	1.75	1.84	1.67	1.60	1.47	1.37	1.24	1.15	1.04
Accounts Payable Turnover	10.80	17.36	13.70	12.82	9.59	13.01	10.96	13.49	11.81	11.21	10.02
Days Sales Outstanding (DSO)	31.79	25.79	30.20	39.82	31.31	35.37	37.25	38.84	45.43	55.01	57.85
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	33.81	21.03	26.64	28.47	38.07	28.07	33.32	27.06	30.90	32.55	36.42
Cash Conversion Cycle (CCC)	-2.02	4.76	3.57	11.35	-6.76	7.31	3.93	11.78	14.53	22.46	21.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	302	354	420	430	442	453	432	434	430	411	422
Invested Capital Turnover	1.25	1.32	1.32	1.35	1.59	1.40	1.23	1.11	0.98	0.89	0.82
Increase / (Decrease) in Invested Capital	-88	-50	-21	-38	141	100	11	3.88	-12	-42	-9.60
Enterprise Value (EV)	1,384	1,621	1,504	1,499	1,717	1,064	1,148	910	794	947	662
Market Capitalization	1,227	1,472	1,327	1,360	1,613	989	1,093	873	781	956	654
Book Value per Share	$1.50	$2.07	$2.39	$2.86	$3.33	$3.71	$3.74	$3.96	$4.16	$4.26	$4.18
Tangible Book Value per Share	$0.27	$0.87	$1.23	$1.74	$2.24	$2.66	$2.70	$2.96	$3.19	$3.31	$3.27
Total Capital	480	531	461	499	547	556	555	588	608	603	458
Total Debt	334	330	220	209	209	179	180	191	190	182	43
Total Long-Term Debt	334	330	1.18	1.11	1.05	179	180	1.11	0.99	1.45	43
Net Debt	157	148	177	139	104	75	56	36	13	-8.89	8.48
Capital Expenditures (CapEx)	4.07	0.53	0.90	0.43	1.37	0.13	0.09	0.13	-0.44	-0.50	0.62
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-151	-136	-87	-56	-20	6.24	-5.05	8.51	14	5.59	15
Debt-free Net Working Capital (DFNWC)	26	45	-44	14	85	110	119	163	191	196	49
Net Working Capital (NWC)	26	45	-263	-194	-123	110	119	-27	2.08	16	49
Net Nonoperating Expense (NNE)	18	14	4.63	3.55	5.70	-1.71	3.01	3.11	3.17	2.94	5.71
Net Nonoperating Obligations (NNO)	156	153	179	139	104	76	56	36	12	-9.64	6.75
Total Depreciation and Amortization (D&A)	17	21	23	23	22	20	19	19	19	18	18
Debt-free, Cash-free Net Working Capital to Revenue	-34.99%	-27.13%	-15.26%	-9.24%	-3.33%	1.11%	-0.97%	1.78%	3.18%	1.45%	4.18%
Debt-free Net Working Capital to Revenue	6.06%	9.06%	-7.81%	2.29%	14.49%	19.55%	22.83%	33.95%	44.63%	50.81%	14.04%
Net Working Capital to Revenue	6.06%	9.06%	-46.20%	-32.08%	-20.79%	19.55%	22.83%	-5.56%	0.49%	4.12%	14.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$0.31	$0.44	$0.46	$0.45	$0.36	$0.20	$0.18	$0.20	$0.13	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	97.24M	97.21M	100.64M	101.47M	101.62M	101.35M	100.66M	100.26M	100.44M	100.14M	99.11M
Adjusted Diluted Earnings per Share	$0.20	$0.29	$0.38	$0.44	$0.43	$0.31	$0.20	$0.18	$0.20	$0.12	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	97.24M	100.06M	106.26M	105.05M	105.09M	105.32M	102.36M	101.25M	101.30M	101.43M	99.11M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	97.26M	100.96M	101.37M	101.60M	101.66M	100.52M	100.28M	100.43M	98.94M	99.36M	99.36M
Normalized Net Operating Profit after Tax (NOPAT)	37	45	48	50	51	36	23	21	23	15	-0.75
Normalized NOPAT Margin	23.01%	29.78%	32.78%	34.82%	35.14%	28.62%	21.93%	21.34%	24.44%	18.50%	-1.08%
Pre Tax Income Margin	19.46%	29.29%	37.91%	41.88%	41.24%	38.32%	24.87%	25.10%	25.40%	20.14%	-11.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.49	6.45	6.82	12.40	13.15	10.55	6.78	6.92	7.34	5.27	-0.16
NOPAT to Interest Expense	4.13	5.54	5.03	9.48	10.35	7.14	5.10	5.03	6.10	3.92	-0.11
EBIT Less CapEx to Interest Expense	4.04	6.38	6.73	12.32	12.87	10.53	6.76	6.89	7.46	5.40	-0.25
NOPAT Less CapEx to Interest Expense	3.67	5.47	4.94	9.40	10.08	7.11	5.08	5.00	6.22	4.05	-0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.30%
Augmented Payout Ratio	0.00%	1.05%	0.00%	1.62%	1.36%	0.87%	15.08%	17.30%	22.64%	47.00%	27.98%

Key Financial Trends

Target Hospitality’s Q1 2025 results show a sharp pullback in top-line and profitability, continuing a multi-quarter revenue decline since early 2024. However, the balance sheet remains solid with ample liquidity, low leverage and positive free cash flow. Valuation multiples have compressed, reflecting the slowdown and investor caution about demand for the company’s workforce housing services.

Strong liquidity and low leverage: Q1 2025 current ratio of 1.97 and net debt/EBITDA of just 0.056 help cushion variability in cash flow.
Positive free cash flow: Generated $8.8 million of FCFF in Q1 2025 despite an operating loss.
Minimal debt burden: Total debt of $42.9 million, long-term debt to capital of 9.4%, and limited interest expense.
Undemanding valuation: P/Rev of 1.87x and EV/EBITDA of 4.36x reflect investor wariness but could offer upside if fundamentals recover.
Stable SG&A ratio: Q1 2025 SG&A/revenue of 21.2% remains in line with historical levels, helping preserve gross margin.
Revenue down 34.5% year-over-year: Q1 2025 sales of $69.9 million mark the lowest quarterly revenue in at least four years.
Return to operating loss: NOPAT of –$0.75 million after four consecutive profitable quarters through 2024.
EBITDA plunge: Q1 2025 EBITDA of $17.3 million (24.7% margin) versus $50.4 million (47% margin) in Q1 2024.
Operating cash flow collapse: Cash from ops of $3.94 million in Q1 2025 versus $50.6 million in Q1 2024.
Net loss of $6.46 million (–$0.07 EPS) in Q1 2025 compared with net income of $20.4 million ($0.20 EPS) in Q1 2024.

07/24/25 10:33 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Target Hospitality's Financials

When does Target Hospitality's financial year end?

According to the most recent income statement we have on file, Target Hospitality's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Target Hospitality's net income changed over the last 7 years?

Target Hospitality's net income appears to be on an upward trend, with a most recent value of $71.41 million in 2024, rising from $981 thousand in 2017. The previous period was $173.70 million in 2023. See where experts think Target Hospitality is headed by visiting Target Hospitality's forecast page.

What is Target Hospitality's operating income?

Target Hospitality's total operating income in 2024 was $108.78 million, based on the following breakdown:

Total Gross Profit: $178.18 million
Total Operating Expenses: $69.40 million

How has Target Hospitality's revenue changed over the last 7 years?

Over the last 7 years, Target Hospitality's total revenue changed from $134.24 million in 2017 to $386.27 million in 2024, a change of 187.8%.

How much debt does Target Hospitality have?

Target Hospitality's total liabilities were at $304.68 million at the end of 2024, a 3.9% decrease from 2023, and a 134,779.2% increase since 2017.

How much cash does Target Hospitality have?

In the past 7 years, Target Hospitality's cash and equivalents has ranged from $0.00 in 2017 to $190.67 million in 2024, and is currently $190.67 million as of their latest financial filing in 2024.

How has Target Hospitality's book value per share changed over the last 7 years?

Over the last 7 years, Target Hospitality's book value per share changed from 0.00 in 2017 to 4.26 in 2024, a change of 709,216.7%.

Related Companies

This page (NASDAQ:TH) was last updated on 7/24/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Target Hospitality (TH) Financials

Key Financial Trends

Frequently Asked Questions About Target Hospitality's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Target Hospitality (TH) Financials

Annual Income Statements for Target Hospitality

Quarterly Income Statements for Target Hospitality

Annual Cash Flow Statements for Target Hospitality

Quarterly Cash Flow Statements for Target Hospitality

Annual Balance Sheets for Target Hospitality

Quarterly Balance Sheets for Target Hospitality

Annual Metrics And Ratios for Target Hospitality

Quarterly Metrics And Ratios for Target Hospitality

Key Financial Trends

Frequently Asked Questions About Target Hospitality's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools