Logo

TH

Target Hospitality Corp.

TH

Target Hospitality Corp. • NASDAQ
$7.80 ▲ 1.56% (+0.12)
Market Cap $778.28 M
52w High $11.10
52w Low $4.00
Dividend Yield 0%
P/E -78
Volume 411.85K
Outstanding Shares 99.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $99.355M ▲ $32.247M ▲ $-795K ▲ -0.8% ▲ $-0.01 ▲ $18.719M ▲
Q2-2025 $61.606M ▼ $12.664M ▼ $-14.931M ▼ -24.236% ▼ $-0.15 ▼ $748K ▼
Q1-2025 $69.897M ▼ $19.04M ▲ $-6.461M ▼ -9.244% ▼ $-0.07 ▼ $15.819M ▼
Q4-2024 $83.688M ▼ $16.229M ▼ $12.502M ▼ 14.939% ▼ $0.13 ▼ $39.91M ▼
Q3-2024 $95.191M $17.219M $19.994M 21.004% $0.2 $47.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.387M ▲ $541.155M ▲ $138.909M ▲ $402.377M ▲
Q2-2025 $19.237M ▼ $533.714M ▼ $132.529M ▼ $401.276M ▼
Q1-2025 $34.468M ▼ $562.52M ▼ $147.252M ▼ $415.315M ▼
Q4-2024 $190.668M ▲ $725.774M ▲ $304.684M ▲ $421.081M ▲
Q3-2024 $177.747M $709.785M $292.15M $417.6M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-795K ▲ $53.356M ▲ $-16.26M ▼ $-25.942M ▼ $11.15M ▲ $37.096M ▲
Q2-2025 $-14.918M ▼ $11.062M ▲ $-7.706M ▲ $-18.606M ▲ $-15.231M ▲ $27.617M ▲
Q1-2025 $-6.459M ▼ $3.939M ▼ $-17.205M ▼ $-142.937M ▼ $-156.2M ▼ $-13.266M ▼
Q4-2024 $12.544M ▼ $30.552M ▼ $-5.421M ▲ $-12.185M ▼ $12.921M ▼ $30.189M ▲
Q3-2024 $19.994M $31.427M $-7.284M $-692K $23.451M $23.644M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Hotel
Hotel
 $90.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Service
Service
 $200.00M ▲$50.00M ▼$40.00M ▼$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past several years but appears to have stepped down from its peak, suggesting a transition period after a very strong 2023. Even with that pullback, sales and profit levels remain well above the early‑period baseline. Margins have expanded meaningfully over time, indicating better pricing, mix, or efficiency, though 2024 shows some margin compression from the high point. The business has shifted from small losses earlier in the period to consistent profitability, with earnings solid but down from the prior year’s exceptionally strong level. Overall, the income statement shows a profitable, higher‑margin company that is now working through a normalization after a surge in performance.

Balance Sheet

Balance Sheet The balance sheet has strengthened noticeably. Asset levels have grown while the debt load has gradually come down from earlier years and then held fairly steady, pointing to reduced financial strain compared with the past. Cash on hand has increased significantly versus the early part of the period, giving the company more of a liquidity cushion and flexibility to fund projects or weather volatility. Shareholders’ equity has risen meaningfully over time, reflecting accumulated profits and a thicker capital base. In simple terms, the company looks more robust and less stretched than it did a few years ago, even if it still relies on a meaningful amount of debt funding.

Cash Flow

Cash Flow The company consistently generates positive cash flow from its operations, a key sign that reported profits are backed by real cash. Free cash flow has been positive in each year, even as the business has spent more on capital projects during its growth phase. Operating cash flow appears to have peaked around 2022 and eased somewhat since then, but still remains comfortably above earlier levels, suggesting the core business is cash generative even in a softer revenue environment. Capital spending has increased compared with the earliest years, which fits with expansion into new markets and capacity, but has not overwhelmed cash generation. Overall, the cash flow profile looks disciplined, with room to invest while still retaining some financial flexibility.

Competitive Edge

Competitive Edge Target Hospitality occupies a specialized niche: turnkey workforce lodging and services in remote or challenging environments. Its key strength is a vertically integrated model that covers planning, modular construction, catering, security, and facility management under one roof, which is hard for smaller or less focused competitors to replicate. Long‑term contracts with large corporations and government agencies provide a degree of revenue visibility and help lock in relationships. Specialization in remote hospitality, backed by an established operating track record, creates a practical barrier to entry for new players. The main competitive risks are concentration in a relatively narrow set of end markets, reliance on large contracts, and sensitivity to project cycles in industries like energy, government programs, and now data center infrastructure.

Innovation and R&D

Innovation and R&D The company’s innovation is more about business model and execution than traditional lab‑style R&D. Its advanced modular construction methods allow fast, flexible deployment of high‑quality facilities, which is a clear competitive advantage in time‑sensitive projects. A notable strategic move is the pivot into supporting data centers through its “Hyper/Scale” initiative, effectively building dedicated communities for data center construction workforces. This aligns the company with the broader AI and cloud infrastructure boom and diversifies beyond traditional energy and government customers. Future opportunities include expanding these data center communities, applying its model to other large infrastructure or disaster‑relief projects, and layering in more technology for efficiency and guest experience. The key innovation risk is execution: scaling into a new, high‑growth sector while managing costs and project complexity without eroding margins.

Summary

Target Hospitality has evolved from a more cyclical, marginally profitable operator into a higher‑margin, consistently profitable business with a sturdier balance sheet and reliable cash generation. Financial strength has improved through higher earnings, better cash reserves, and a more comfortable capital structure, although the company still uses leverage. Recent results show some cooling from an exceptionally strong year, which may reflect contract timing, mix shifts, or normalization after rapid growth. Strategically, the company is leveraging its modular, turnkey capabilities to move into the fast‑growing data center and AI infrastructure ecosystem, which could provide a new growth leg but also introduces execution and customer‑concentration risks. Overall, the picture is of a niche specialist with stronger financial foundations, meaningful competitive advantages in remote hospitality, and a sizeable strategic bet on serving the digital infrastructure build‑out.

NEWS

November 17, 2025 · 6:45 AM UTC

Target Hospitality Expands Data Center Community by 160% to Meet Accelerating Customer Demand

Read more

November 6, 2025 · 6:45 AM UTC

Target Hospitality Announces Third Quarter 2025 Results with Continued Execution on Strategic Growth Initiatives and Expanding End-Market Demand

Read more

October 29, 2025 · 6:45 AM UTC

Target Hospitality Announces Third Quarter 2025 Earnings Release and Conference Call Schedule

Read more

October 27, 2025 · 6:45 AM UTC

Target Hospitality Announces Launch of New Sub-Brand, Target Hyper/Scale Supporting Data Center Development

Read more