Target Hospitality Corp. (TH) Financial Ratios
10 years of historical data (2016–2025) · Industrials · Specialty Business Services
EV/EBITDA
↑
37.84
↑+335% vs avg
5yr avg: 8.70
30Y Low3.5·High19.3
P/FCF
↑
221.44
↑+654% vs avg
5yr avg: 29.37
30Y Low4.4·High113.0
P/B Ratio
↓
4.00
+10% vs avg
5yr avg: 3.63
30Y Low1.2·High7.5
ROE
↓
-9.2%
↑-140% vs avg
5yr avg: 22.7%
30Y Low-23%·High60%
Debt/EBITDA
↓
0.26
↓-82% vs avg
5yr avg: 1.41
30Y Low0.3·High5.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Target Hospitality Corp. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 221.4x P/FCF, 654% above the 5-year average of 29.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $797M | $980M | $1.0B | $1.5B | $344M | $152M | $473M | $410M | — | — |
| Enterprise Value | $1.6B | $800M | $999M | $1.1B | $1.7B | $652M | $523M | $871M | $528M | — | — |
| P/E Ratio → | -42.30 | — | 13.80 | 6.24 | 20.46 | — | — | 38.46 | 84.00 | — | — |
| P/S Ratio | 4.87 | 2.49 | 2.54 | 1.82 | 3.02 | 1.18 | 0.67 | 1.47 | 1.70 | — | — |
| P/B Ratio | 4.00 | 2.05 | 2.33 | 2.72 | 7.54 | 3.54 | 1.53 | 3.92 | 1.17 | — | — |
| P/FCF | 221.44 | 113.02 | 8.07 | 11.59 | 9.19 | 4.98 | 4.38 | — | — | — | — |
| P/OCF | 21.08 | 10.76 | 6.46 | 6.54 | 4.96 | 3.29 | 3.24 | 7.81 | 15.63 | — | — |
P/E links to full P/E history page with 30-year chart
TH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Target Hospitality Corp.'s enterprise value stands at 37.8x EBITDA, 335% above its 5-year average of 8.7x. The Industrials sector median is 13.7x, placing the stock at a 177% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.49 | 2.59 | 1.99 | 3.36 | 2.24 | 2.32 | 2.71 | 2.20 | — | — |
| EV / EBITDA | 37.84 | 19.34 | 8.03 | 3.46 | 6.63 | 6.06 | 7.50 | 8.15 | 6.58 | — | — |
| EV / EBIT | — | — | 9.13 | 4.51 | 11.71 | 20.58 | 209.40 | 17.50 | 12.92 | — | — |
| EV / FCF | — | 113.36 | 8.23 | 12.69 | 10.24 | 9.44 | 15.12 | — | — | — | — |
TH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Target Hospitality Corp. earns an operating margin of -10.0%, below the Industrials sector average of 4.7%. Operating margins have compressed from 42.7% to -10.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -9.2% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.3% | 8.3% | 46.1% | 55.6% | 49.2% | 34.8% | 25.4% | 45.8% | 37.5% | 39.5% | 65.2% |
| Operating Margin | -10.0% | -10.0% | 28.2% | 42.7% | 34.7% | 12.7% | 1.8% | 14.9% | 17.0% | 16.0% | 27.0% |
| Net Profit Margin | -11.6% | -11.6% | 18.4% | 30.8% | 14.7% | -1.6% | -11.2% | 3.7% | 2.1% | 0.7% | 18.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.2% | -9.2% | 17.9% | 60.1% | 49.6% | -4.7% | -22.9% | 5.1% | 2.8% | 0.6% | 8.7% |
| ROA | -5.9% | -5.9% | 10.0% | 23.7% | 11.5% | -0.9% | -4.4% | 2.1% | 1.8% | 0.5% | 6.3% |
| ROIC | -5.8% | -5.8% | 17.8% | 42.6% | 33.6% | 6.4% | 0.6% | 7.3% | 8.7% | 5.6% | 9.0% |
| ROCE | -6.8% | -6.8% | 19.5% | 39.9% | 34.1% | 8.0% | 0.8% | 9.2% | 16.4% | 11.2% | 10.5% |
TH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Target Hospitality Corp. carries a Debt/EBITDA ratio of 0.3x, which is very conservative (92% below the sector average of 3.1x). Net debt stands at $2M ($11M total debt minus $8M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.50 | 0.53 | 1.77 | 3.41 | 3.83 | 3.36 | 0.38 | 15595.47 | 0.10 |
| Debt / EBITDA | 0.26 | 0.26 | 1.68 | 0.62 | 1.39 | 3.08 | 5.43 | 3.79 | 1.63 | 4.89 | 0.37 |
| Net Debt / Equity | — | 0.01 | 0.05 | 0.26 | 0.86 | 3.17 | 3.76 | 3.31 | 0.34 | 14821.54 | 0.08 |
| Net Debt / EBITDA | 0.06 | 0.06 | 0.15 | 0.30 | 0.68 | 2.86 | 5.33 | 3.73 | 1.48 | 4.65 | 0.32 |
| Debt / FCF | — | 0.33 | 0.16 | 1.10 | 1.05 | 4.46 | 10.73 | — | — | 9.77 | 0.66 |
| Interest Coverage | -5.27 | -5.27 | 4.67 | 8.99 | 4.60 | 1.08 | 0.10 | 1.44 | 1.69 | 7.54 | — |
TH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.87x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 2.57x to 0.87x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.87 | 0.87 | 1.07 | 2.57 | 1.24 | 0.83 | 0.96 | 1.00 | 1.15 | 159.68 | 3.27 |
| Quick Ratio | 0.87 | 0.87 | 1.07 | 2.57 | 1.24 | 0.83 | 0.96 | 1.00 | 1.14 | 157.47 | 3.27 |
| Cash Ratio | 0.10 | 0.10 | 0.82 | 1.48 | 0.95 | 0.32 | 0.15 | 0.11 | 0.19 | 55.48 | 0.09 |
| Asset Turnover | — | 0.60 | 0.53 | 0.81 | 0.65 | 0.57 | 0.42 | 0.53 | 0.43 | 554.49 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 167.07 | 162.38 | — |
| Days Sales Outstanding | — | 63.98 | 46.62 | 43.45 | 30.65 | 36.06 | 47.64 | 56.11 | 89.24 | 49.19 | 24.03 |
TH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Target Hospitality Corp. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 6.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | 539.5% | 2401.7% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.2% | 16.0% | 4.9% | — | — | 2.6% | 1.2% | — | — |
| FCF Yield | 0.5% | 0.9% | 12.4% | 8.6% | 10.9% | 20.1% | 22.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 3.4% | 0.7% | 0.0% | 0.0% | 3.5% | 3.9% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 3.4% | 0.7% | 0.0% | 0.0% | 3.5% | 3.9% | 6.5% | — | — |
| Shares Outstanding | — | $100M | $101M | $105M | $100M | $97M | $96M | $95M | $41M | $41M | $41M |
Peer Comparison
Compare TH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 THYou | $2B | -42.3 | 37.8 | 221.4 | 8.3% | -10.0% | -9.2% | -5.8% | 0.3 |
 MGRC | $3B | 17.8 | 9.4 | 13.1 | 46.1% | 25.9% | 13.2% | 10.5% | 1.5 |
 WSC | $4B | -78.8 | 9.0 | 5.6 | 46.8% | 21.4% | -5.7% | 7.4% | 4.5 |
 CEVA | $810M | -91.1 | — | 1569.5 | 88.1% | -7.1% | -3.3% | -2.3% | — |
 STWD | $7B | 15.0 | 18.9 | 7.1 | 80.5% | 76.2% | 5.6% | 4.8% | 14.7 |
 URI | $59B | 24.2 | 10.5 | 88.4 | 35.4% | 24.7% | 28.4% | 12.4% | 2.3 |
 H | $15B | -300.0 | 22.0 | 97.3 | 11.2% | 7.8% | -1.4% | 5.8% | 5.4 |
 CHH | $5B | 13.0 | 12.0 | 37.7 | 40.9% | 28.4% | 544.2% | 16.7% | 3.8 |
 ASGN | $895M | 8.1 | 5.3 | 3.1 | 27.2% | 6.5% | 6.3% | 6.9% | 3.2 |
 ABM | $2B | 15.7 | 9.2 | 15.4 | 11.7% | 3.7% | 9.1% | 7.5% | 3.9 |
 HAL | $35B | 27.8 | 12.0 | 20.8 | 15.7% | 10.2% | 12.2% | 10.2% | 2.4 |
| Industrials Median | — | 25.7 | 13.7 | 21.2 | 33.0% | 4.7% | 8.2% | 6.3% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 10 years · Updated daily
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Start ComparisonTH — Frequently Asked Questions
Quick answers to the most common questions about buying TH stock.
What is Target Hospitality Corp.'s P/E ratio?
Target Hospitality Corp.'s current P/E ratio is -42.3x. The historical average is 32.6x.
What is Target Hospitality Corp.'s EV/EBITDA?
Target Hospitality Corp.'s current EV/EBITDA is 37.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
What is Target Hospitality Corp.'s ROE?
Target Hospitality Corp.'s return on equity (ROE) is -9.2%. The historical average is 10.8%.
Is TH stock overvalued?
Based on historical data, Target Hospitality Corp. is trading at a P/E of -42.3x. Compare with industry peers and growth rates for a complete picture.
What are Target Hospitality Corp.'s profit margins?
Target Hospitality Corp. has 8.3% gross margin and -10.0% operating margin.
How much debt does Target Hospitality Corp. have?
Target Hospitality Corp.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.