Target Hospitality (TH) Financials

$6.64 -0.05 (-0.75%)

Closing price 04/17/2025 04:00 PM Eastern

Extended Trading

$6.64 +0.00 (+0.08%)

As of 04/17/2025 04:05 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	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	74	174	71
Consolidated Net Income / (Loss)	74	174	71
Net Income / (Loss) Continuing Operations	74	174	71
Total Pre-Tax Income	106	225	93
Total Operating Income	174	241	109
Total Gross Profit	247	313	178
Total Revenue	502	564	386
Operating Revenue	502	564	386
Total Cost of Revenue	255	250	208
Operating Cost of Revenue	255	250	208
Total Operating Expenses	73	73	69
Selling, General & Admin Expense	58	56	54
Depreciation Expense	15	15	16
Other Operating Expenses / (Income)	0.04	1.24	-0.50
Total Other Income / (Expense), net	-68	-16	-16
Interest Expense	36	25	17
Other Income / (Expense), net	-32	9.06	0.68
Income Tax Expense	32	51	21
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	0.14
Basic Earnings per Share	$0.76	$1.71	$0.71
Weighted Average Basic Shares Outstanding	97.21M	101.35M	100.14M
Diluted Earnings per Share	$0.74	$1.56	$0.70
Weighted Average Diluted Shares Outstanding	100.06M	105.32M	101.43M
Weighted Average Basic & Diluted Shares Outstanding	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
Net Income / (Loss) Attributable to Common Shareholders	19	32	44	46	46	38	20	18	20	13
Consolidated Net Income / (Loss)	19	32	44	46	46	38	20	18	20	13
Net Income / (Loss) Continuing Operations	19	32	44	46	46	38	20	18	20	13
Total Pre-Tax Income	31	45	56	60	60	48	27	25	24	17
Total Operating Income	60	64	62	65	68	46	30	30	28	21
Total Gross Profit	83	84	82	82	87	62	49	47	45	37
Total Revenue	160	152	148	144	146	126	107	101	95	84
Operating Revenue	160	152	148	144	146	126	107	101	95	84
Total Cost of Revenue	77	69	66	61	59	64	58	54	50	47
Operating Cost of Revenue	77	69	66	61	59	64	58	54	50	47
Total Operating Expenses	23	20	20	18	19	16	19	17	17	16
Selling, General & Admin Expense	19	16	15	13	15	12	15	13	13	13
Depreciation Expense	3.56	3.70	3.80	3.84	3.84	3.87	3.89	3.91	3.90	3.95
Other Operating Expenses / (Income)	0.12	0.11	1.00	0.31	-0.07	-0.00	-0.11	-0.05	-0.00	-0.34
Total Other Income / (Expense), net	-29	-20	-5.92	-4.60	-7.53	2.19	-3.91	-4.27	-3.81	-3.95
Interest Expense	8.89	8.20	9.63	5.28	4.95	5.06	4.59	4.27	3.81	3.95
Income Tax Expense	12	13	12	14	15	11	6.14	6.89	4.08	4.31
Basic Earnings per Share	$0.20	$0.31	$0.44	$0.46	$0.45	$0.36	$0.20	$0.18	$0.20	$0.13
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
Diluted Earnings per Share	$0.20	$0.29	$0.38	$0.44	$0.43	$0.31	$0.20	$0.18	$0.20	$0.12
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
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

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	2022	2023	2024
Net Change in Cash & Equivalents	158	-78	87
Net Cash From Operating Activities	306	157	152
Net Cash From Continuing Operating Activities	306	157	152
Net Income / (Loss) Continuing Operations	74	174	71
Consolidated Net Income / (Loss)	74	174	71
Depreciation Expense	54	71	59
Amortization Expense	19	17	16
Non-Cash Adjustments To Reconcile Net Income	54	9.57	7.14
Changes in Operating Assets and Liabilities, net	105	-114	-2.52
Net Cash From Investing Activities	-140	-68	-29
Net Cash From Continuing Investing Activities	-140	-68	-29
Purchase of Property, Plant & Equipment	-21	-3.07	-0.69
Acquisitions	0.00	-4.55	0.00
Sale of Property, Plant & Equipment	0.62	0.24	1.40
Other Investing Activities, net	-120	-61	-30
Net Cash From Financing Activities	-7.10	-166	-36
Net Cash From Continuing Financing Activities	-7.10	-166	-36
Repayment of Debt	-77	-160	-1.70
Repurchase of Common Equity	-0.77	-1.50	-33
Payment of Dividends	0.00	0.00	-0.07
Issuance of Debt	70	0.00	0.00
Other Financing Activities, net	0.18	-5.21	-0.81
Effect of Exchange Rate Changes	-0.02	0.00	-0.03
Cash Interest Paid	33	29	18
Cash Income Taxes Paid	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
Net Change in Cash & Equivalents	167	4.69	-139	27	36	-1.18	20	30	23	13
Net Cash From Operating Activities	261	48	15	56	48	38	51	39	31	31
Net Cash From Continuing Operating Activities	261	48	15	56	48	38	51	39	31	31
Net Income / (Loss) Continuing Operations	19	32	44	46	46	38	20	18	20	13
Consolidated Net Income / (Loss)	19	32	44	46	46	38	20	18	20	13
Depreciation Expense	12	17	18	18	18	16	15	15	15	14
Amortization Expense	4.59	4.61	4.62	4.15	4.19	4.12	4.05	4.07	4.09	4.11
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
Changes in Operating Assets and Liabilities, net	197	-24	-57	-18	-28	-11	8.61	-0.09	-9.34	-1.69
Net Cash From Investing Activities	-73	-37	-28	-20	-12	-7.27	-8.92	-7.22	-7.28	-5.42
Net Cash From Continuing Investing Activities	-73	-37	-28	-20	-12	-7.27	-8.92	-7.22	-7.28	-5.42
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
Sale of Property, Plant & Equipment	-	-	0.12	0.05	0.08	-	0.04	-	0.50	0.86
Other Investing Activities, net	-69	-36	-23	-20	-11	-7.15	-8.83	-7.09	-7.72	-5.92
Net Cash From Financing Activities	-21	-6.54	-125	-8.26	-0.59	-32	-21	-1.89	-0.69	-12
Net Cash From Continuing Financing Activities	-21	-6.54	-125	-8.26	-0.59	-32	-21	-1.89	-0.69	-12
Repayment of Debt	-54	-6.07	-127	-0.51	-0.34	-32	-0.41	-0.42	-0.40	-0.47
Repurchase of Common Equity	-	-0.77	0.00	-1.50	-	-	-21	0.02	-0.76	-12
Other Financing Activities, net	-0.04	0.31	1.29	-6.25	-0.26	-	0.27	-1.50	0.46	-0.05
Effect of Exchange Rate Changes	-0.02	0.00	0.01	-	-0.00	-0.00	-0.00	-0.00	-	-0.03

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	2022	2023	2024
Total Assets	772	694	726
Total Current Assets	236	181	249
Cash & Equivalents	182	104	191
Accounts Receivable	42	67	49
Prepaid Expenses	13	9.48	9.33
Plant, Property, & Equipment, net	357	349	321
Total Noncurrent Assets	178	166	156
Goodwill	41	41	41
Intangible Assets	75	66	53
Other Noncurrent Operating Assets	61	56	60
Other Noncurrent Nonoperating Assets	0.90	2.48	1.87
Total Liabilities & Shareholders' Equity	772	694	726
Total Liabilities	571	317	305
Total Current Liabilities	191	70	233
Short-Term Debt	-	0.00	180
Accounts Payable	18	21	16
Accrued Expenses	40	34	26
Current Deferred Revenue	120	1.79	0.70
Other Current Liabilities	14	14	10
Total Noncurrent Liabilities	374	244	70
Long-Term Debt	329	178	0.00
Capital Lease Obligations	1.09	1.02	1.45
Asset Retirement Reserve & Litigation Obligation	2.25	2.42	2.56
Noncurrent Deferred Revenue	5.48	3.68	0.54
Noncurrent Deferred & Payable Income Tax Liabilities	15	53	49
Other Noncurrent Operating Liabilities	21	5.81	16
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	201	377	421
Total Preferred & Common Equity	201	377	421
Total Common Equity	201	377	421
Common Stock	139	142	149
Retained Earnings	88	261	332
Treasury Stock	-24	-24	-57
Accumulated Other Comprehensive Income / (Loss)	-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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	730	650	666	697	687	697	710
Total Current Assets	228	103	130	172	186	209	231
Cash & Equivalents	177	42	70	105	124	154	178
Accounts Receivable	42	53	53	59	54	49	47
Prepaid Expenses	9.09	7.93	6.94	6.99	7.93	5.80	6.34
Plant, Property, & Equipment, net	348	370	366	360	343	336	332
Total Noncurrent Assets	154	179	170	165	158	152	147
Goodwill	41	41	41	41	41	41	41
Intangible Assets	78	76	73	70	63	60	56
Other Noncurrent Operating Assets	33	60	54	53	52	50	48
Other Noncurrent Nonoperating Assets	1.21	1.60	1.68	1.59	2.33	2.18	2.02
Total Liabilities & Shareholders' Equity	730	650	666	697	687	697	710
Total Liabilities	584	408	376	358	312	300	292
Total Current Liabilities	202	366	323	294	67	236	229
Short-Term Debt	-	219	207	208	-	189	189
Accounts Payable	32	27	17	21	17	18	17
Accrued Expenses	27	29	32	31	36	26	23
Current Deferred Revenue	142	86	51	15	1.79	2.72	0.40
Other Current Liabilities	0.82	6.03	16	18	12	0.00	0.00
Total Noncurrent Liabilities	382	41	50	63	242	63	62
Long-Term Debt	333	0.00	0.00	0.00	179	0.00	0.00
Capital Lease Obligations	0.92	1.18	1.11	1.05	1.27	1.11	0.99
Asset Retirement Reserve & Litigation Obligation	2.21	2.29	2.33	2.38	2.47	2.50	2.53
Noncurrent Deferred Revenue	19	5.03	4.58	4.13	3.23	0.54	0.54
Noncurrent Deferred & Payable Income Tax Liabilities	0.21	23	35	48	52	54	53
Other Noncurrent Operating Liabilities	27	9.71	7.18	6.72	4.21	4.29	4.71
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	146	242	290	338	376	397	418
Total Preferred & Common Equity	146	242	290	338	376	397	418
Total Common Equity	146	242	290	338	376	397	418
Common Stock	116	137	139	141	142	145	146
Retained Earnings	56	131	178	223	281	300	320
Treasury Stock	-24	-24	-24	-24	-45	-45	-46
Accumulated Other Comprehensive Income / (Loss)	-2.56	-2.60	-2.60	-2.62	-2.66	-2.68	-2.69
Noncontrolling Interest	-	-	-	-	-	-	0.04

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

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	72.30%	12.28%	-31.46%
EBITDA Growth	93.40%	56.37%	-45.12%
EBIT Growth	295.85%	75.04%	-56.16%
NOPAT Growth	366.99%	53.33%	-55.00%
Net Income Growth	1,715.80%	134.92%	-58.89%
EPS Growth	1,580.00%	110.81%	-55.13%
Operating Cash Flow Growth	192.17%	-48.69%	-3.27%
Free Cash Flow Firm Growth	100.63%	-49.63%	45.27%
Invested Capital Growth	-12.46%	28.12%	-9.25%
Revenue Q/Q Growth	16.41%	-4.45%	-9.92%
EBITDA Q/Q Growth	23.45%	-0.24%	-15.68%
EBIT Q/Q Growth	37.16%	0.23%	-22.96%
NOPAT Q/Q Growth	43.58%	-5.08%	-19.81%
Net Income Q/Q Growth	63.71%	3.75%	-26.16%
EPS Q/Q Growth	54.17%	1.30%	-21.35%
Operating Cash Flow Q/Q Growth	16.21%	-5.71%	-4.85%
Free Cash Flow Firm Q/Q Growth	-0.47%	56.06%	7.71%
Invested Capital Q/Q Growth	17.32%	2.54%	-4.28%
Profitability Metrics	-	-	-
Gross Margin	49.23%	55.59%	46.13%
EBITDA Margin	42.97%	59.84%	47.92%
Operating Margin	34.74%	42.69%	28.16%
EBIT Margin	28.41%	44.30%	28.34%
Profit (Net Income) Margin	14.73%	30.82%	18.49%
Tax Burden Percent	69.55%	77.29%	76.92%
Interest Burden Percent	74.53%	90.02%	84.82%
Effective Tax Rate	30.45%	22.71%	23.08%
Return on Invested Capital (ROIC)	32.00%	46.07%	19.35%
ROIC Less NNEP Spread (ROIC-NNEP)	11.41%	35.37%	-17.58%
Return on Net Nonoperating Assets (RNNOA)	17.61%	14.02%	-1.46%
Return on Equity (ROE)	49.60%	60.09%	17.89%
Cash Return on Invested Capital (CROIC)	45.28%	21.42%	29.04%
Operating Return on Assets (OROA)	22.20%	34.06%	15.42%
Return on Assets (ROA)	11.51%	23.70%	10.06%
Return on Common Equity (ROCE)	49.60%	60.09%	17.89%
Return on Equity Simple (ROE_SIMPLE)	36.81%	46.04%	16.96%
Net Operating Profit after Tax (NOPAT)	121	186	84
NOPAT Margin	24.16%	32.99%	21.66%
Net Nonoperating Expense Percent (NNEP)	20.58%	10.70%	36.93%
Return On Investment Capital (ROIC_SIMPLE)	22.85%	33.42%	13.88%
Cost of Revenue to Revenue	50.77%	44.41%	53.87%
SG&A Expenses to Revenue	11.53%	9.96%	14.05%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.49%	12.90%	17.97%
Earnings before Interest and Taxes (EBIT)	143	250	109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	216	337	185
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	7.33	2.62	2.27
Price to Tangible Book Value (P/TBV)	17.40	3.66	2.92
Price to Revenue (P/Rev)	2.93	1.76	2.48
Price to Earnings (P/E)	19.91	5.69	13.42
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	5.02%	17.56%	7.45%
Enterprise Value to Invested Capital (EV/IC)	4.58	2.35	2.30
Enterprise Value to Revenue (EV/Rev)	3.23	1.89	2.45
Enterprise Value to EBITDA (EV/EBITDA)	7.51	3.16	5.12
Enterprise Value to EBIT (EV/EBIT)	11.36	4.26	8.66
Enterprise Value to NOPAT (EV/NOPAT)	13.36	5.72	11.32
Enterprise Value to Operating Cash Flow (EV/OCF)	5.30	6.79	6.25
Enterprise Value to Free Cash Flow (EV/FCFF)	9.44	12.31	7.54
Leverage & Solvency	-	-	-
Debt to Equity	1.64	0.47	0.43
Long-Term Debt to Equity	1.64	0.47	0.00
Financial Leverage	1.54	0.40	0.08
Leverage Ratio	4.31	2.54	1.78
Compound Leverage Factor	3.21	2.28	1.51
Debt to Total Capital	62.16%	32.19%	30.15%
Short-Term Debt to Total Capital	0.00%	0.00%	29.91%
Long-Term Debt to Total Capital	62.16%	32.19%	0.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.84%	67.81%	69.85%
Debt to EBITDA	1.53	0.53	0.98
Net Debt to EBITDA	0.69	0.22	-0.05
Long-Term Debt to EBITDA	1.53	0.53	0.01
Debt to NOPAT	2.72	0.96	2.17
Net Debt to NOPAT	1.22	0.40	-0.11
Long-Term Debt to NOPAT	2.72	0.96	0.02
Altman Z-Score	3.04	4.59	3.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	1.24	2.57	1.07
Quick Ratio	1.17	2.43	1.03
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	172	86	126
Operating Cash Flow to CapEx	1,532.58%	5,550.48%	0.00%
Free Cash Flow to Firm to Interest Expense	4.72	3.47	7.56
Operating Cash Flow to Interest Expense	8.41	6.29	9.13
Operating Cash Flow Less CapEx to Interest Expense	7.86	6.18	9.17
Efficiency Ratios	-	-	-
Asset Turnover	0.78	0.77	0.54
Accounts Receivable Turnover	14.15	10.32	6.64
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	1.55	1.60	1.15
Accounts Payable Turnover	17.36	13.01	11.21
Days Sales Outstanding (DSO)	25.79	35.37	55.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	21.03	28.07	32.55
Cash Conversion Cycle (CCC)	4.76	7.31	22.46
Capital & Investment Metrics	-	-	-
Invested Capital	354	453	411
Invested Capital Turnover	1.32	1.40	0.89
Increase / (Decrease) in Invested Capital	-50	100	-42
Enterprise Value (EV)	1,621	1,064	947
Market Capitalization	1,472	989	956
Book Value per Share	$2.07	$3.71	$4.26
Tangible Book Value per Share	$0.87	$2.66	$3.31
Total Capital	531	556	603
Total Debt	330	179	182
Total Long-Term Debt	330	179	1.45
Net Debt	148	75	-8.89
Capital Expenditures (CapEx)	20	2.83	-0.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-136	6.24	5.59
Debt-free Net Working Capital (DFNWC)	45	110	196
Net Working Capital (NWC)	45	110	16
Net Nonoperating Expense (NNE)	47	12	12
Net Nonoperating Obligations (NNO)	153	76	-9.64
Total Depreciation and Amortization (D&A)	73	88	76
Debt-free, Cash-free Net Working Capital to Revenue	-27.13%	1.11%	1.45%
Debt-free Net Working Capital to Revenue	9.06%	19.55%	50.81%
Net Working Capital to Revenue	9.06%	19.55%	4.12%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.76	$1.71	$0.71
Adjusted Weighted Average Basic Shares Outstanding	97.21M	101.35M	100.14M
Adjusted Diluted Earnings per Share	$0.74	$1.56	$0.70
Adjusted Weighted Average Diluted Shares Outstanding	100.06M	105.32M	101.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	100.96M	100.52M	99.36M
Normalized Net Operating Profit after Tax (NOPAT)	121	186	84
Normalized NOPAT Margin	24.16%	32.99%	21.66%
Pre Tax Income Margin	21.18%	39.88%	24.03%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	3.93	10.02	6.59
NOPAT to Interest Expense	3.34	7.46	5.03
EBIT Less CapEx to Interest Expense	3.38	9.91	6.63
NOPAT Less CapEx to Interest Expense	2.79	7.35	5.08
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.09%
Augmented Payout Ratio	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	78.95%	86.61%	84.00%	30.99%	-8.54%	-17.20%	-27.84%	-29.87%	-34.77%	-33.70%
EBITDA Growth	51.83%	123.15%	201.99%	58.74%	54.14%	-1.09%	-42.88%	-44.39%	-46.63%	-46.88%
EBIT Growth	124.36%	271.90%	488.74%	69.14%	63.09%	1.09%	-52.62%	-54.84%	-57.03%	-61.07%
NOPAT Growth	174.91%	441.33%	1,153.21%	67.85%	39.66%	-20.42%	-51.73%	-57.02%	-54.64%	-57.15%
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%
EPS Growth	185.71%	866.67%	3,700.00%	83.33%	115.00%	6.90%	-47.37%	-59.09%	-53.49%	-61.29%
Operating Cash Flow Growth	552.88%	827.58%	147.51%	104.85%	-81.53%	-19.88%	248.21%	-29.85%	-34.85%	-20.21%
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%
Invested Capital Growth	-22.58%	-12.46%	-4.85%	-8.05%	46.59%	28.12%	2.72%	0.90%	-2.78%	-9.25%
Revenue Q/Q Growth	45.53%	-4.47%	-3.03%	-2.83%	1.61%	-13.51%	-15.49%	-5.58%	-5.49%	-12.08%
EBITDA Q/Q Growth	2.27%	30.88%	19.00%	-0.34%	-0.69%	-16.02%	-31.28%	-2.97%	-4.68%	-16.42%
EBIT Q/Q Growth	3.24%	32.32%	24.25%	-0.36%	-0.45%	-17.98%	-41.77%	-5.02%	-5.28%	-25.69%
NOPAT Q/Q Growth	23.25%	23.64%	6.72%	3.21%	2.55%	-29.54%	-35.26%	-8.10%	8.23%	-33.45%
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%
EPS Q/Q Growth	-16.67%	45.00%	31.03%	15.79%	-2.27%	-27.91%	-35.48%	-10.00%	11.11%	-40.00%
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%
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%
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%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.87%	55.04%	55.45%	57.35%	59.45%	49.31%	46.00%	46.53%	47.49%	44.25%
EBITDA Margin	35.55%	48.71%	59.77%	61.30%	59.92%	58.18%	47.31%	48.61%	49.03%	46.61%
Operating Margin	37.57%	42.12%	41.91%	45.09%	46.40%	36.58%	28.53%	29.34%	29.41%	24.86%
EBIT Margin	25.03%	34.67%	44.42%	45.56%	44.64%	42.33%	29.17%	29.34%	29.41%	24.86%
Profit (Net Income) Margin	11.92%	20.71%	29.65%	32.34%	31.23%	29.98%	19.11%	18.25%	21.11%	14.99%
Tax Burden Percent	61.26%	70.70%	78.20%	77.22%	75.73%	78.24%	76.84%	72.74%	83.11%	74.42%
Interest Burden Percent	77.75%	84.49%	85.34%	91.94%	92.40%	90.52%	85.26%	85.54%	86.38%	81.03%
Effective Tax Rate	38.74%	29.30%	21.80%	22.78%	24.27%	21.76%	23.16%	27.26%	16.89%	25.58%
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%
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%
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%
Return on Equity (ROE)	68.21%	91.02%	107.10%	99.57%	83.31%	56.40%	36.15%	28.87%	26.89%	17.16%
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%
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%
Return on Assets (ROA)	8.16%	16.18%	29.56%	32.18%	25.83%	23.05%	14.94%	12.84%	12.87%	8.15%
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%
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%
Net Operating Profit after Tax (NOPAT)	37	45	48	50	51	36	23	21	23	15
NOPAT Margin	23.01%	29.78%	32.78%	34.82%	35.14%	28.62%	21.93%	21.34%	24.44%	18.50%
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%
Return On Investment Capital (ROIC_SIMPLE)	-	8.55%	-	-	-	6.49%	-	-	-	2.57%
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%
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%
R&D to Revenue	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%
Earnings before Interest and Taxes (EBIT)	40	53	66	65	65	53	31	30	28	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	74	88	88	87	73	50	49	47	39
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
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
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
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
Dividend Yield	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%
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
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
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
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
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
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
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
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
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
Financial Leverage	1.89	1.54	1.54	1.16	0.54	0.40	0.38	0.26	0.15	0.08
Leverage Ratio	5.27	4.31	3.36	2.92	2.95	2.54	2.17	1.98	1.86	1.78
Compound Leverage Factor	4.10	3.64	2.87	2.69	2.72	2.30	1.85	1.70	1.61	1.44
Debt to Total Capital	69.65%	62.16%	47.64%	41.80%	38.21%	32.19%	32.39%	32.43%	31.30%	30.15%
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%
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%
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%
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%
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%
Debt to EBITDA	1.91	1.53	0.80	0.68	0.62	0.53	0.60	0.73	0.87	0.98
Net Debt to EBITDA	0.90	0.69	0.65	0.45	0.31	0.22	0.19	0.14	0.06	-0.05
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
Debt to NOPAT	3.96	2.72	1.35	1.13	1.07	0.96	1.12	1.44	1.82	2.17
Net Debt to NOPAT	1.86	1.22	1.09	0.75	0.53	0.40	0.35	0.27	0.12	-0.11
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
Altman Z-Score	2.18	2.65	2.96	3.43	4.09	3.65	3.80	3.13	2.97	3.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.13	1.24	0.28	0.40	0.58	2.57	2.78	0.89	1.01	1.07
Quick Ratio	1.08	1.17	0.26	0.38	0.56	2.43	2.67	0.86	0.98	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	125	96	70	88	-89	-63	12	18	36	57
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%
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
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
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
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.78	1.00	1.00	0.83	0.77	0.78	0.70	0.61	0.54
Accounts Receivable Turnover	11.48	14.15	12.08	9.17	11.66	10.32	9.80	9.40	8.03	6.64
Inventory Turnover	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
Accounts Payable Turnover	10.80	17.36	13.70	12.82	9.59	13.01	10.96	13.49	11.81	11.21
Days Sales Outstanding (DSO)	31.79	25.79	30.20	39.82	31.31	35.37	37.25	38.84	45.43	55.01
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	-2.02	4.76	3.57	11.35	-6.76	7.31	3.93	11.78	14.53	22.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	302	354	420	430	442	453	432	434	430	411
Invested Capital Turnover	1.25	1.32	1.32	1.35	1.59	1.40	1.23	1.11	0.98	0.89
Increase / (Decrease) in Invested Capital	-88	-50	-21	-38	141	100	11	3.88	-12	-42
Enterprise Value (EV)	1,384	1,621	1,504	1,499	1,717	1,064	1,148	910	794	947
Market Capitalization	1,227	1,472	1,327	1,360	1,613	989	1,093	873	781	956
Book Value per Share	$1.50	$2.07	$2.39	$2.86	$3.33	$3.71	$3.74	$3.96	$4.16	$4.26
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
Total Capital	480	531	461	499	547	556	555	588	608	603
Total Debt	334	330	220	209	209	179	180	191	190	182
Total Long-Term Debt	334	330	1.18	1.11	1.05	179	180	1.11	0.99	1.45
Net Debt	157	148	177	139	104	75	56	36	13	-8.89
Capital Expenditures (CapEx)	4.07	0.53	0.90	0.43	1.37	0.13	0.09	0.13	-0.44	-0.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-151	-136	-87	-56	-20	6.24	-5.05	8.51	14	5.59
Debt-free Net Working Capital (DFNWC)	26	45	-44	14	85	110	119	163	191	196
Net Working Capital (NWC)	26	45	-263	-194	-123	110	119	-27	2.08	16
Net Nonoperating Expense (NNE)	18	14	4.63	3.55	5.70	-1.71	3.01	3.11	3.17	2.94
Net Nonoperating Obligations (NNO)	156	153	179	139	104	76	56	36	12	-9.64
Total Depreciation and Amortization (D&A)	17	21	23	23	22	20	19	19	19	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%
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%
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%
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
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
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
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
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
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
Normalized Net Operating Profit after Tax (NOPAT)	37	45	48	50	51	36	23	21	23	15
Normalized NOPAT Margin	23.01%	29.78%	32.78%	34.82%	35.14%	28.62%	21.93%	21.34%	24.44%	18.50%
Pre Tax Income Margin	19.46%	29.29%	37.91%	41.88%	41.24%	38.32%	24.87%	25.10%	25.40%	20.14%
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
NOPAT to Interest Expense	4.13	5.54	5.03	9.48	10.35	7.14	5.10	5.03	6.10	3.92
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
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
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%
Augmented Payout Ratio	0.00%	1.05%	0.00%	1.62%	1.36%	0.87%	15.08%	17.30%	22.64%	47.00%

Frequently Asked Questions About Target Hospitality's Financials

When does Target Hospitality's fiscal year end?

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

How has Target Hospitality's net income changed over the last 2 years?

Target Hospitality's net income were at $71.41 million at the end of 2024, a 58.9% decrease from 2023, and a 3.4% decrease since 2022.

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 revenue changed over the last 2 years?

Over the last 2 years, Target Hospitality's total revenue changed from $501.99 million in 2022 to $386.27 million in 2024, a change of -23.1%.

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 46.6% decrease since 2022.

How much cash does Target Hospitality have?

In the past 2 years, Target Hospitality's cash and equivalents has ranged from $103.93 million in 2023 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 2 years?

Over the last 2 years, Target Hospitality's book value per share changed from 2.07 in 2022 to 4.26 in 2024, a change of 106.1%.

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This page (NASDAQ:TH) was last updated on 4/18/2025 by MarketBeat.com Staff

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Target Hospitality (TH) Financials

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Target Hospitality (TH) Financials

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