Target Hospitality Corp. (TH) 10-Year Financial Performance & Capital Metrics

TH • • Industrial / General

IndustrialsBusiness ServicesHospitality & Accommodation ServicesWorkforce Accommodation Services

AboutTarget Hospitality Corp. operates as a specialty rental and hospitality services company in North America. The company operates through four segments: Hospitality & Facilities Services - South, Hospitality & Facilities Services - Midwest, Government, and TCPL Keystone. It owns a network of specialty rental accommodation units with approximately 15,528 beds across 27 communities, which include 26 owned and 1 leased; and operates 1 community not owned or leased by the company. Target Hospitality Corp. also provides catering and food, maintenance, housekeeping, grounds-keeping, security, health and recreation, workforce community management, concierge, and laundry services. It serves the U.S. government, government contractors, investment grade natural resource development companies, and energy infrastructure companies. The company was founded in 1978 and is headquartered in The Woodlands, Texas.Show more

Revenue $386M -31.5%
EBITDA $124M -61.7%
Net Income $71M -59.0%
EPS (Diluted) 0.70 -55.1%
Gross Margin 46.13% -17.0%
EBITDA Margin 32.21% -44.1%
Operating Margin 28.16% -34.0%
Net Margin 18.45% -40.1%
ROE 17.85% -70.3%
ROIC 17.85% -58.1%
Debt/Equity 0.50 -6.5%
Interest Coverage 4.67 -48.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 42.5%
✓Strong 5Y profit CAGR of 42.9%
✓FCF machine: 31.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.7% through buybacks
✓Healthy 5Y average net margin of 10.3%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y3.77%

3Y9.86%

TTM-26.65%

Profit (Net Income) CAGR

10Y-

5Y42.87%

3Y-

TTM-110.03%

EPS CAGR

10Y-

5Y40.03%

3Y-

TTM-112.64%

ROCE

10Y Avg16.63%

5Y Avg20.47%

3Y Avg31.19%

Latest19.49%

Peer Comparison

Workforce Accommodation Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
THTarget Hospitality Corp.	787.26M	7.89	11.27	-31.46%	-3.08%	-2.41%	15.42%	0.50
CVEOCiveo Corporation	286.73M	24.90	-20.92	-2.67%	-4.57%	-15.71%	20.01%	0.24

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	149.47M	134.24M	240.6M	321.1M	225.15M	291.34M	501.99M	563.61M	386.27M
Revenue Growth %	-	-0.1%	0.79%	0.33%	-0.3%	0.29%	0.72%	0.12%	-0.31%
Cost of Goods Sold+	52.03M	81.19M	150.37M	174.08M	167.99M	189.99M	254.86M	250.28M	208.09M
COGS % of Revenue	0.35%	0.6%	0.62%	0.54%	0.75%	0.65%	0.51%	0.44%	0.54%
Gross Profit+	97.44M	53.05M	90.23M	147.01M	57.16M	101.35M	247.13M	313.32M	178.18M
Gross Margin %	0.65%	0.4%	0.38%	0.46%	0.25%	0.35%	0.49%	0.56%	0.46%
Gross Profit Growth %	-	-0.46%	0.7%	0.63%	-0.61%	0.77%	1.44%	0.27%	-0.43%
Operating Expenses+	56.73M	30.02M	48.86M	99.05M	53.05M	64.25M	72.76M	72.72M	69.4M
OpEx % of Revenue	0.38%	0.22%	0.2%	0.31%	0.24%	0.22%	0.14%	0.13%	0.18%
Selling, General & Admin	15.79M	24.34M	41.34M	76.65M	38.13M	46.46M	57.89M	56.13M	54.26M
SG&A % of Revenue	0.11%	0.18%	0.17%	0.24%	0.17%	0.16%	0.12%	0.1%	0.14%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	519K	8.28M	22.4M	14.93M	17.79M	14.87M	16.59M	15.14M
Operating Income+	40.31M	21.46M	40.91M	47.97M	4.1M	37.1M	174.37M	240.61M	108.78M
Operating Margin %	0.27%	0.16%	0.17%	0.15%	0.02%	0.13%	0.35%	0.43%	0.28%
Operating Income Growth %	-	-0.47%	0.91%	0.17%	-0.91%	8.05%	3.7%	0.38%	-0.55%
EBITDA+	81.64M	51.6M	80.24M	106.87M	69.72M	107.62M	254.48M	324.58M	124.42M
EBITDA Margin %	0.55%	0.38%	0.33%	0.33%	0.31%	0.37%	0.51%	0.58%	0.32%
EBITDA Growth %	-	-0.37%	0.55%	0.33%	-0.35%	0.54%	1.36%	0.28%	-0.62%
D&A (Non-Cash Add-back)	41.33M	30.15M	39.33M	58.9M	65.61M	70.52M	80.11M	83.98M	15.64M
EBIT	40.31M	29.41M	40.91M	49.78M	2.5M	31.69M	144.18M	248.65M	109.46M
Net Interest Income+	0	5.11M	-24.2M	-33.4M	-40.03M	-34.37M	-36.32M	-22.64M	-16.62M
Interest Income	3.51M	7.95M	0	0	0	0	1.55M	4.14M	6.7M
Interest Expense	0	2.85M	24.2M	33.4M	40.03M	34.37M	37.87M	26.78M	23.32M
Other Income/Expense	3.91M	5.11M	-24.2M	-28.39M	-37.69M	-39.77M	-68.06M	-15.86M	-15.94M
Pretax Income+	44.22M	26.57M	16.71M	19.58M	-33.59M	-2.67M	106.31M	224.75M	92.84M
Pretax Margin %	0.3%	0.2%	0.07%	0.06%	-0.15%	-0.01%	0.21%	0.4%	0.24%
Income Tax+	17.31M	25.58M	11.76M	7.61M	-8.46M	1.9M	32.37M	51.05M	21.43M
Effective Tax Rate %	0.61%	0.04%	0.3%	0.61%	0.75%	1.71%	0.7%	0.77%	0.77%
Net Income+	26.91M	981K	4.96M	11.97M	-25.13M	-4.58M	73.94M	173.7M	71.27M
Net Margin %	0.18%	0.01%	0.02%	0.04%	-0.11%	-0.02%	0.15%	0.31%	0.18%
Net Income Growth %	-	-0.96%	4.05%	1.42%	-3.1%	0.82%	17.16%	1.35%	-0.59%
Net Income (Continuing)	26.91M	981K	4.96M	11.97M	-25.13M	-4.58M	73.94M	173.7M	71.41M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	9K
EPS (Diluted)+	0.66	0.02	0.12	0.13	-0.29	-0.05	0.74	1.56	0.70
EPS Growth %	-	-0.96%	3.98%	0.08%	-3.23%	0.84%	16.61%	1.11%	-0.55%
EPS (Basic)	0.66	0.02	0.12	0.13	-0.29	-0.05	0.76	1.62	0.71
Diluted Shares Outstanding	40.63M	40.63M	40.63M	94.5M	96.02M	96.61M	100.06M	105.32M	101.44M
Basic Shares Outstanding	40.63M	40.63M	40.63M	94.5M	96.02M	96.61M	97.21M	101.35M	100.14M
Dividend Payout Ratio	-	24.02%	5.4%	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	132.39M	36.07M	74.99M	60.8M	43.56M	60.54M	236.38M	180.5M	249.34M
Cash & Short-Term Investments	3.81M	12.53M	12.19M	6.79M	6.98M	23.41M	181.67M	103.93M	190.67M
Cash Only	3.81M	12.53M	12.19M	6.79M	6.98M	23.41M	181.67M	103.93M	190.67M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.84M	18.09M	58.83M	49.36M	29.39M	28.78M	42.15M	67.09M	49.34M
Days Sales Outstanding	24.03	49.19	89.24	56.11	47.64	36.06	30.65	43.45	46.62
Inventory	0	500K	900K	0	0	0	0	0	0
Days Inventory Outstanding	-	2.25	2.18	-	-	-	-	-	-
Other Current Assets	117.49M	2.95M	0	0	0	0	12.55M	9.48M	9.33M
Total Non-Current Assets+	291.88M	242.09K	490.05M	540M	490.68M	452.86M	535.35M	513.85M	476.44M
Property, Plant & Equipment	193.91M	199.39M	312.44M	365.24M	322.51M	303.04M	416.32M	403.39M	380.72M
Fixed Asset Turnover	0.77x	0.67x	0.77x	0.88x	0.70x	0.96x	1.21x	1.40x	1.01x
Goodwill	0	8.06M	34.18M	41.04M	41.04M	41.04M	41.04M	41.04M	41.04M
Intangible Assets	28.52M	38.33M	127.38M	117.87M	103.12M	88.48M	75.18M	66.94M	52.81M
Long-Term Investments	0	0	3.37M	0	0	0	0	0	0
Other Non-Current Assets	69.45M	-245.55M	257K	9.43M	8.83M	5.58M	2.8M	2.48M	1.87M
Total Assets+	424.28M	242.09K	565.03M	600.79M	534.24M	513.39M	771.73M	694.35M	725.77M
Asset Turnover	0.35x	554.49x	0.43x	0.53x	0.42x	0.57x	0.65x	0.81x	0.53x
Asset Growth %	-	-1%	2332.99%	0.06%	-0.11%	-0.04%	0.5%	-0.1%	0.05%
Total Current Liabilities+	40.45M	225.89K	65.15M	60.92M	45.53M	72.8M	190.9M	70.33M	233.4M
Accounts Payable	2.64M	0	21.6M	7.79M	10.64M	11.8M	17.56M	20.93M	16.19M
Days Payables Outstanding	18.53	-	52.42	16.34	23.13	22.68	25.15	30.52	28.39
Short-Term Debt	12.25M	0	0	0	0	0	0	0	180.33M
Deferred Revenue (Current)	0	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	699K
Other Current Liabilities	21.78M	-4.72M	5.77M	7.13M	6.18M	12.47M	11.87M	10.26M	7.73M
Current Ratio	3.27x	159.68x	1.15x	1.00x	0.96x	0.83x	1.24x	2.57x	1.07x
Quick Ratio	3.27x	157.47x	1.14x	1.00x	0.96x	0.83x	1.24x	2.57x	1.07x
Cash Conversion Cycle	-	-	39	-	-	-	-	-	-
Total Non-Current Liabilities+	73.26M	265.78M	150.89M	419.35M	389.82M	343.32M	379.98M	246.72M	71.28M
Long-Term Debt	17.59M	222.09M	20.55M	403.26M	374.5M	330.21M	328.85M	178.09M	0
Capital Lease Obligations	0	1.7M	14K	996K	269K	696K	12.19M	9.45M	18.91M
Deferred Tax Liabilities	0	0	2.61M	0	0	0	15.17M	53.07M	49.27M
Other Non-Current Liabilities	55.67M	-223.79M	130.33M	5.71M	3.3M	5.14M	18.29M	2.42M	2.56M
Total Liabilities	113.7M	225.89K	216.04M	480.27M	435.35M	416.12M	570.88M	317.05M	304.68M
Total Debt+	29.84M	252.55M	131.06M	405.24M	378.34M	331.64M	354.69M	200.83M	209.65M
Net Debt	26.04M	240.02M	118.86M	398.46M	371.36M	308.23M	173.02M	96.9M	18.98M
Debt / Equity	0.10x	15595.47x	0.38x	3.36x	3.83x	3.41x	1.77x	0.53x	0.50x
Debt / EBITDA	0.37x	4.89x	1.63x	3.79x	5.43x	3.08x	1.39x	0.62x	1.68x
Net Debt / EBITDA	0.32x	4.65x	1.48x	3.73x	5.33x	2.86x	0.68x	0.30x	0.15x
Interest Coverage	-	7.54x	1.69x	1.44x	0.10x	1.08x	4.60x	8.99x	4.67x
Total Equity+	310.57M	16.19K	348.99M	120.52M	98.89M	97.27M	200.85M	377.31M	421.09M
Equity Growth %	-	-1%	21549.64%	-0.65%	-0.18%	-0.02%	1.06%	0.88%	0.12%
Book Value per Share	7.64	0.00	8.59	1.28	1.03	1.01	2.01	3.58	4.15
Total Shareholders' Equity	310.57M	16.19K	348.99M	120.52M	98.89M	97.27M	200.85M	377.31M	421.08M
Common Stock	274.66M	863	928	10K	10K	10K	10K	10K	10K
Retained Earnings	38.15M	-8.81K	351.45M	43.45M	18.32M	13.74M	87.68M	261.12M	332.38M
Treasury Stock	0	0	0	-23.56M	-23.56M	-23.56M	-23.56M	-23.56M	-57.3M
Accumulated OCI	-2.24M	-1.62M	-2.46M	-2.56M	-2.43M	-2.46M	-2.57M	-2.64M	-2.79M
Minority Interest	0	0	0	0	0	0	0	0	9K

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	44.73M	40.77M	26.2M	60.49M	46.78M	104.6M	305.61M	156.8M	151.68M
Operating CF Margin %	0.3%	0.3%	0.11%	0.19%	0.21%	0.36%	0.61%	0.28%	0.39%
Operating CF Growth %	-	-0.09%	-0.36%	1.31%	-0.23%	1.24%	1.92%	-0.49%	-0.03%
Net Income	26.91M	981K	4.96M	6.24M	-27.48M	-4.58M	73.94M	173.7M	71.41M
Depreciation & Amortization	41.33M	30.15M	39.13M	58.9M	65.61M	70.52M	67.67M	83.98M	72.81M
Stock-Based Compensation	0	0	11.38M	1.75M	3.61M	5.08M	19.24M	11.17M	7.31M
Deferred Taxes	0	21.88M	10.86M	5.99M	-8.75M	469K	29.88M	37.9M	-3.8M
Other Non-Cash Items	-20.66M	765K	3.77M	14.51M	7.29M	7.85M	48.39M	15.5M	13.08M
Working Capital Changes	-2.85M	-13.39M	-43.89M	-26.89M	6.5M	25.25M	66.49M	-165.46M	-9.12M
Change in Receivables	-4.46M	-6.88M	-25.91M	7.44M	16.27M	-2.23M	-13.69M	-25.8M	17.6M
Change in Inventory	0	0	3.91M	16.83M	-1.04M	-9.93M	0	10.39M	0
Change in Payables	0	0	1.06M	-16.83M	1.04M	9.93M	0	-10.39M	0
Cash from Investing+	-5.13M	-130.25M	-220.92M	-112.7M	-10.95M	-35.91M	-140.23M	-68.18M	-28.84M
Capital Expenditures	-5.13M	-16.21M	-79.68M	-84.73M	-12.18M	-35.49M	-140.84M	-63.87M	-30.24M
CapEx % of Revenue	0.03%	0.12%	0.33%	0.26%	0.05%	0.12%	0.28%	0.11%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	-77.49M	59.12M	2.03M	238K	-427K	615K	-4.31M	1.4M
Cash from Financing+	-39.94M	98.06M	194.55M	46.65M	-35.68M	-52.27M	-7.1M	-166.37M	-36.06M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-23.56M	-26.74M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	10.68M	96.39M	343.24M	-325.07M	-221K	0	-590K	-5.09M	-873K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	39.6M	24.56M	-53.48M	-24.24M	34.6M	69.11M	164.77M	88.38M	121.43M
FCF Margin %	0.26%	0.18%	-0.22%	-0.08%	0.15%	0.24%	0.33%	0.16%	0.31%
FCF Growth %	-	-0.38%	-3.18%	0.55%	2.43%	1%	1.38%	-0.46%	0.37%
FCF per Share	0.97	0.60	-1.32	-0.26	0.36	0.72	1.65	0.84	1.20
FCF Conversion (FCF/Net Income)	1.66x	41.56x	5.29x	5.05x	-1.86x	-22.86x	4.13x	0.90x	2.13x
Interest Paid	0	955K	0	23.58M	35.6M	33.77M	32.65M	29.27M	17.98M
Taxes Paid	0	620K	0	1.24M	1.27M	765K	4.87M	5.97M	28.77M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.66%	0.63%	2.84%	5.1%	-22.91%	-4.67%	49.6%	60.09%	17.85%
Return on Invested Capital (ROIC)	8.98%	5.58%	8.67%	7.29%	0.62%	6.35%	33.56%	42.56%	17.85%
Gross Margin	65.19%	39.52%	37.5%	45.78%	25.39%	34.79%	49.23%	55.59%	46.13%
Net Margin	18%	0.73%	2.06%	3.73%	-11.16%	-1.57%	14.73%	30.82%	18.45%
Debt / Equity	0.10x	15595.47x	0.38x	3.36x	3.83x	3.41x	1.77x	0.53x	0.50x
Interest Coverage	-	7.54x	1.69x	1.44x	0.10x	1.08x	4.60x	8.99x	4.67x
FCF Conversion	1.66x	41.56x	5.29x	5.05x	-1.86x	-22.86x	4.13x	0.90x	2.13x
Revenue Growth	-	-10.19%	79.24%	33.46%	-29.88%	29.4%	72.3%	12.28%	-31.46%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	265.91M
Service Growth	-	-	-	-	-	-
Hotel	-	53M	-	-	-	120.36M
Hotel Growth	-	-	-	-	-	-
Services	-	-	-	-	365.63M	-
Services Growth	-	-	-	-	-	-
Specialty rental	-	-	76.91M	168.28M	197.98M	-
Specialty rental Growth	-	-	-	118.81%	17.65%	-
Construction Fee	15.8M	-	-	-	-	-
Construction Fee Growth	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024
All Other	-	-	1.7M	333.7M	11.21M	-
All Other Growth	-	-	-	19575.83%	-96.64%	-

Frequently Asked Questions

Valuation & Price

Target Hospitality Corp. (TH) has a price-to-earnings (P/E) ratio of 11.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Target Hospitality Corp. (TH) reported $314.5M in revenue for fiscal year 2024. This represents a 110% increase from $149.5M in 2016.

Target Hospitality Corp. (TH) saw revenue decline by 31.5% over the past year.

Target Hospitality Corp. (TH) reported a net loss of $9.7M for fiscal year 2024.

Dividend & Returns

Target Hospitality Corp. (TH) has a return on equity (ROE) of 17.9%. This is reasonable for most industries.

Target Hospitality Corp. (TH) generated $81.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Target Hospitality Corp. (TH) 10-Year Financial Performance & Capital Metrics

TH • • Industrial / General

IndustrialsBusiness ServicesHospitality & Accommodation ServicesWorkforce Accommodation Services

Revenue $386M -31.5%
EBITDA $124M -61.7%
Net Income $71M -59.0%
EPS (Diluted) 0.70 -55.1%
Gross Margin 46.13% -17.0%
EBITDA Margin 32.21% -44.1%
Operating Margin 28.16% -34.0%
Net Margin 18.45% -40.1%
ROE 17.85% -70.3%
ROIC 17.85% -58.1%
Debt/Equity 0.50 -6.5%
Interest Coverage 4.67 -48.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 42.5%
✓Strong 5Y profit CAGR of 42.9%
✓FCF machine: 31.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.7% through buybacks
✓Healthy 5Y average net margin of 10.3%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y3.77%

3Y9.86%

TTM-26.65%

Profit (Net Income) CAGR

10Y-

5Y42.87%

3Y-

TTM-110.03%

EPS CAGR

10Y-

5Y40.03%

3Y-

TTM-112.64%

ROCE

10Y Avg16.63%

5Y Avg20.47%

3Y Avg31.19%

Latest19.49%

Peer Comparison

Workforce Accommodation Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
THTarget Hospitality Corp.	787.26M	7.89	11.27	-31.46%	-3.08%	-2.41%	15.42%	0.50
CVEOCiveo Corporation	286.73M	24.90	-20.92	-2.67%	-4.57%	-15.71%	20.01%	0.24

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	149.47M	134.24M	240.6M	321.1M	225.15M	291.34M	501.99M	563.61M	386.27M
Revenue Growth %	-	-0.1%	0.79%	0.33%	-0.3%	0.29%	0.72%	0.12%	-0.31%
Cost of Goods Sold+	52.03M	81.19M	150.37M	174.08M	167.99M	189.99M	254.86M	250.28M	208.09M
COGS % of Revenue	0.35%	0.6%	0.62%	0.54%	0.75%	0.65%	0.51%	0.44%	0.54%
Gross Profit+	97.44M	53.05M	90.23M	147.01M	57.16M	101.35M	247.13M	313.32M	178.18M
Gross Margin %	0.65%	0.4%	0.38%	0.46%	0.25%	0.35%	0.49%	0.56%	0.46%
Gross Profit Growth %	-	-0.46%	0.7%	0.63%	-0.61%	0.77%	1.44%	0.27%	-0.43%
Operating Expenses+	56.73M	30.02M	48.86M	99.05M	53.05M	64.25M	72.76M	72.72M	69.4M
OpEx % of Revenue	0.38%	0.22%	0.2%	0.31%	0.24%	0.22%	0.14%	0.13%	0.18%
Selling, General & Admin	15.79M	24.34M	41.34M	76.65M	38.13M	46.46M	57.89M	56.13M	54.26M
SG&A % of Revenue	0.11%	0.18%	0.17%	0.24%	0.17%	0.16%	0.12%	0.1%	0.14%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	519K	8.28M	22.4M	14.93M	17.79M	14.87M	16.59M	15.14M
Operating Income+	40.31M	21.46M	40.91M	47.97M	4.1M	37.1M	174.37M	240.61M	108.78M
Operating Margin %	0.27%	0.16%	0.17%	0.15%	0.02%	0.13%	0.35%	0.43%	0.28%
Operating Income Growth %	-	-0.47%	0.91%	0.17%	-0.91%	8.05%	3.7%	0.38%	-0.55%
EBITDA+	81.64M	51.6M	80.24M	106.87M	69.72M	107.62M	254.48M	324.58M	124.42M
EBITDA Margin %	0.55%	0.38%	0.33%	0.33%	0.31%	0.37%	0.51%	0.58%	0.32%
EBITDA Growth %	-	-0.37%	0.55%	0.33%	-0.35%	0.54%	1.36%	0.28%	-0.62%
D&A (Non-Cash Add-back)	41.33M	30.15M	39.33M	58.9M	65.61M	70.52M	80.11M	83.98M	15.64M
EBIT	40.31M	29.41M	40.91M	49.78M	2.5M	31.69M	144.18M	248.65M	109.46M
Net Interest Income+	0	5.11M	-24.2M	-33.4M	-40.03M	-34.37M	-36.32M	-22.64M	-16.62M
Interest Income	3.51M	7.95M	0	0	0	0	1.55M	4.14M	6.7M
Interest Expense	0	2.85M	24.2M	33.4M	40.03M	34.37M	37.87M	26.78M	23.32M
Other Income/Expense	3.91M	5.11M	-24.2M	-28.39M	-37.69M	-39.77M	-68.06M	-15.86M	-15.94M
Pretax Income+	44.22M	26.57M	16.71M	19.58M	-33.59M	-2.67M	106.31M	224.75M	92.84M
Pretax Margin %	0.3%	0.2%	0.07%	0.06%	-0.15%	-0.01%	0.21%	0.4%	0.24%
Income Tax+	17.31M	25.58M	11.76M	7.61M	-8.46M	1.9M	32.37M	51.05M	21.43M
Effective Tax Rate %	0.61%	0.04%	0.3%	0.61%	0.75%	1.71%	0.7%	0.77%	0.77%
Net Income+	26.91M	981K	4.96M	11.97M	-25.13M	-4.58M	73.94M	173.7M	71.27M
Net Margin %	0.18%	0.01%	0.02%	0.04%	-0.11%	-0.02%	0.15%	0.31%	0.18%
Net Income Growth %	-	-0.96%	4.05%	1.42%	-3.1%	0.82%	17.16%	1.35%	-0.59%
Net Income (Continuing)	26.91M	981K	4.96M	11.97M	-25.13M	-4.58M	73.94M	173.7M	71.41M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	9K
EPS (Diluted)+	0.66	0.02	0.12	0.13	-0.29	-0.05	0.74	1.56	0.70
EPS Growth %	-	-0.96%	3.98%	0.08%	-3.23%	0.84%	16.61%	1.11%	-0.55%
EPS (Basic)	0.66	0.02	0.12	0.13	-0.29	-0.05	0.76	1.62	0.71
Diluted Shares Outstanding	40.63M	40.63M	40.63M	94.5M	96.02M	96.61M	100.06M	105.32M	101.44M
Basic Shares Outstanding	40.63M	40.63M	40.63M	94.5M	96.02M	96.61M	97.21M	101.35M	100.14M
Dividend Payout Ratio	-	24.02%	5.4%	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	132.39M	36.07M	74.99M	60.8M	43.56M	60.54M	236.38M	180.5M	249.34M
Cash & Short-Term Investments	3.81M	12.53M	12.19M	6.79M	6.98M	23.41M	181.67M	103.93M	190.67M
Cash Only	3.81M	12.53M	12.19M	6.79M	6.98M	23.41M	181.67M	103.93M	190.67M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.84M	18.09M	58.83M	49.36M	29.39M	28.78M	42.15M	67.09M	49.34M
Days Sales Outstanding	24.03	49.19	89.24	56.11	47.64	36.06	30.65	43.45	46.62
Inventory	0	500K	900K	0	0	0	0	0	0
Days Inventory Outstanding	-	2.25	2.18	-	-	-	-	-	-
Other Current Assets	117.49M	2.95M	0	0	0	0	12.55M	9.48M	9.33M
Total Non-Current Assets+	291.88M	242.09K	490.05M	540M	490.68M	452.86M	535.35M	513.85M	476.44M
Property, Plant & Equipment	193.91M	199.39M	312.44M	365.24M	322.51M	303.04M	416.32M	403.39M	380.72M
Fixed Asset Turnover	0.77x	0.67x	0.77x	0.88x	0.70x	0.96x	1.21x	1.40x	1.01x
Goodwill	0	8.06M	34.18M	41.04M	41.04M	41.04M	41.04M	41.04M	41.04M
Intangible Assets	28.52M	38.33M	127.38M	117.87M	103.12M	88.48M	75.18M	66.94M	52.81M
Long-Term Investments	0	0	3.37M	0	0	0	0	0	0
Other Non-Current Assets	69.45M	-245.55M	257K	9.43M	8.83M	5.58M	2.8M	2.48M	1.87M
Total Assets+	424.28M	242.09K	565.03M	600.79M	534.24M	513.39M	771.73M	694.35M	725.77M
Asset Turnover	0.35x	554.49x	0.43x	0.53x	0.42x	0.57x	0.65x	0.81x	0.53x
Asset Growth %	-	-1%	2332.99%	0.06%	-0.11%	-0.04%	0.5%	-0.1%	0.05%
Total Current Liabilities+	40.45M	225.89K	65.15M	60.92M	45.53M	72.8M	190.9M	70.33M	233.4M
Accounts Payable	2.64M	0	21.6M	7.79M	10.64M	11.8M	17.56M	20.93M	16.19M
Days Payables Outstanding	18.53	-	52.42	16.34	23.13	22.68	25.15	30.52	28.39
Short-Term Debt	12.25M	0	0	0	0	0	0	0	180.33M
Deferred Revenue (Current)	0	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	699K
Other Current Liabilities	21.78M	-4.72M	5.77M	7.13M	6.18M	12.47M	11.87M	10.26M	7.73M
Current Ratio	3.27x	159.68x	1.15x	1.00x	0.96x	0.83x	1.24x	2.57x	1.07x
Quick Ratio	3.27x	157.47x	1.14x	1.00x	0.96x	0.83x	1.24x	2.57x	1.07x
Cash Conversion Cycle	-	-	39	-	-	-	-	-	-
Total Non-Current Liabilities+	73.26M	265.78M	150.89M	419.35M	389.82M	343.32M	379.98M	246.72M	71.28M
Long-Term Debt	17.59M	222.09M	20.55M	403.26M	374.5M	330.21M	328.85M	178.09M	0
Capital Lease Obligations	0	1.7M	14K	996K	269K	696K	12.19M	9.45M	18.91M
Deferred Tax Liabilities	0	0	2.61M	0	0	0	15.17M	53.07M	49.27M
Other Non-Current Liabilities	55.67M	-223.79M	130.33M	5.71M	3.3M	5.14M	18.29M	2.42M	2.56M
Total Liabilities	113.7M	225.89K	216.04M	480.27M	435.35M	416.12M	570.88M	317.05M	304.68M
Total Debt+	29.84M	252.55M	131.06M	405.24M	378.34M	331.64M	354.69M	200.83M	209.65M
Net Debt	26.04M	240.02M	118.86M	398.46M	371.36M	308.23M	173.02M	96.9M	18.98M
Debt / Equity	0.10x	15595.47x	0.38x	3.36x	3.83x	3.41x	1.77x	0.53x	0.50x
Debt / EBITDA	0.37x	4.89x	1.63x	3.79x	5.43x	3.08x	1.39x	0.62x	1.68x
Net Debt / EBITDA	0.32x	4.65x	1.48x	3.73x	5.33x	2.86x	0.68x	0.30x	0.15x
Interest Coverage	-	7.54x	1.69x	1.44x	0.10x	1.08x	4.60x	8.99x	4.67x
Total Equity+	310.57M	16.19K	348.99M	120.52M	98.89M	97.27M	200.85M	377.31M	421.09M
Equity Growth %	-	-1%	21549.64%	-0.65%	-0.18%	-0.02%	1.06%	0.88%	0.12%
Book Value per Share	7.64	0.00	8.59	1.28	1.03	1.01	2.01	3.58	4.15
Total Shareholders' Equity	310.57M	16.19K	348.99M	120.52M	98.89M	97.27M	200.85M	377.31M	421.08M
Common Stock	274.66M	863	928	10K	10K	10K	10K	10K	10K
Retained Earnings	38.15M	-8.81K	351.45M	43.45M	18.32M	13.74M	87.68M	261.12M	332.38M
Treasury Stock	0	0	0	-23.56M	-23.56M	-23.56M	-23.56M	-23.56M	-57.3M
Accumulated OCI	-2.24M	-1.62M	-2.46M	-2.56M	-2.43M	-2.46M	-2.57M	-2.64M	-2.79M
Minority Interest	0	0	0	0	0	0	0	0	9K

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	44.73M	40.77M	26.2M	60.49M	46.78M	104.6M	305.61M	156.8M	151.68M
Operating CF Margin %	0.3%	0.3%	0.11%	0.19%	0.21%	0.36%	0.61%	0.28%	0.39%
Operating CF Growth %	-	-0.09%	-0.36%	1.31%	-0.23%	1.24%	1.92%	-0.49%	-0.03%
Net Income	26.91M	981K	4.96M	6.24M	-27.48M	-4.58M	73.94M	173.7M	71.41M
Depreciation & Amortization	41.33M	30.15M	39.13M	58.9M	65.61M	70.52M	67.67M	83.98M	72.81M
Stock-Based Compensation	0	0	11.38M	1.75M	3.61M	5.08M	19.24M	11.17M	7.31M
Deferred Taxes	0	21.88M	10.86M	5.99M	-8.75M	469K	29.88M	37.9M	-3.8M
Other Non-Cash Items	-20.66M	765K	3.77M	14.51M	7.29M	7.85M	48.39M	15.5M	13.08M
Working Capital Changes	-2.85M	-13.39M	-43.89M	-26.89M	6.5M	25.25M	66.49M	-165.46M	-9.12M
Change in Receivables	-4.46M	-6.88M	-25.91M	7.44M	16.27M	-2.23M	-13.69M	-25.8M	17.6M
Change in Inventory	0	0	3.91M	16.83M	-1.04M	-9.93M	0	10.39M	0
Change in Payables	0	0	1.06M	-16.83M	1.04M	9.93M	0	-10.39M	0
Cash from Investing+	-5.13M	-130.25M	-220.92M	-112.7M	-10.95M	-35.91M	-140.23M	-68.18M	-28.84M
Capital Expenditures	-5.13M	-16.21M	-79.68M	-84.73M	-12.18M	-35.49M	-140.84M	-63.87M	-30.24M
CapEx % of Revenue	0.03%	0.12%	0.33%	0.26%	0.05%	0.12%	0.28%	0.11%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	-77.49M	59.12M	2.03M	238K	-427K	615K	-4.31M	1.4M
Cash from Financing+	-39.94M	98.06M	194.55M	46.65M	-35.68M	-52.27M	-7.1M	-166.37M	-36.06M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-23.56M	-26.74M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	10.68M	96.39M	343.24M	-325.07M	-221K	0	-590K	-5.09M	-873K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	39.6M	24.56M	-53.48M	-24.24M	34.6M	69.11M	164.77M	88.38M	121.43M
FCF Margin %	0.26%	0.18%	-0.22%	-0.08%	0.15%	0.24%	0.33%	0.16%	0.31%
FCF Growth %	-	-0.38%	-3.18%	0.55%	2.43%	1%	1.38%	-0.46%	0.37%
FCF per Share	0.97	0.60	-1.32	-0.26	0.36	0.72	1.65	0.84	1.20
FCF Conversion (FCF/Net Income)	1.66x	41.56x	5.29x	5.05x	-1.86x	-22.86x	4.13x	0.90x	2.13x
Interest Paid	0	955K	0	23.58M	35.6M	33.77M	32.65M	29.27M	17.98M
Taxes Paid	0	620K	0	1.24M	1.27M	765K	4.87M	5.97M	28.77M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.66%	0.63%	2.84%	5.1%	-22.91%	-4.67%	49.6%	60.09%	17.85%
Return on Invested Capital (ROIC)	8.98%	5.58%	8.67%	7.29%	0.62%	6.35%	33.56%	42.56%	17.85%
Gross Margin	65.19%	39.52%	37.5%	45.78%	25.39%	34.79%	49.23%	55.59%	46.13%
Net Margin	18%	0.73%	2.06%	3.73%	-11.16%	-1.57%	14.73%	30.82%	18.45%
Debt / Equity	0.10x	15595.47x	0.38x	3.36x	3.83x	3.41x	1.77x	0.53x	0.50x
Interest Coverage	-	7.54x	1.69x	1.44x	0.10x	1.08x	4.60x	8.99x	4.67x
FCF Conversion	1.66x	41.56x	5.29x	5.05x	-1.86x	-22.86x	4.13x	0.90x	2.13x
Revenue Growth	-	-10.19%	79.24%	33.46%	-29.88%	29.4%	72.3%	12.28%	-31.46%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	265.91M
Service Growth	-	-	-	-	-	-
Hotel	-	53M	-	-	-	120.36M
Hotel Growth	-	-	-	-	-	-
Services	-	-	-	-	365.63M	-
Services Growth	-	-	-	-	-	-
Specialty rental	-	-	76.91M	168.28M	197.98M	-
Specialty rental Growth	-	-	-	118.81%	17.65%	-
Construction Fee	15.8M	-	-	-	-	-
Construction Fee Growth	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024
All Other	-	-	1.7M	333.7M	11.21M	-
All Other Growth	-	-	-	19575.83%	-96.64%	-

Frequently Asked Questions

Valuation & Price

Target Hospitality Corp. (TH) has a price-to-earnings (P/E) ratio of 11.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Target Hospitality Corp. (TH) reported $314.5M in revenue for fiscal year 2024. This represents a 110% increase from $149.5M in 2016.

Target Hospitality Corp. (TH) saw revenue decline by 31.5% over the past year.

Target Hospitality Corp. (TH) reported a net loss of $9.7M for fiscal year 2024.

Dividend & Returns

Target Hospitality Corp. (TH) has a return on equity (ROE) of 17.9%. This is reasonable for most industries.

Target Hospitality Corp. (TH) generated $81.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.