TH

MKT CAP:$1B

Target Hospitality Corp.

Market Cap

$1B

Industrials·Specialty Business Services·🇺🇸 United States·NASDAQ

Industrials·Specialty·🇺🇸·NASDAQ

Stock Price

$14.36+$6.26 (+77.28%)

Apr 23, 2026

Company Details

Target 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, G...

CEO

James Bradley Archer

IPO Date

Mar 12, 2018

Website

www.targethospitality.com

Key Metrics TTM

Revenue

$321M

-17.0% YoY

Net Income

-$37M

EPS (Diluted)

-$0.38

Free Cash Flow

$39M

Revenue / Share

$3.21

Gross Margin

14.2%

Operating Margin

-10.3%

Net Margin

-11.6%

FCF Margin

12.3%

P/S

4.5x

P/E

—

Earnings Reports

FY 2025

Mar 11, 2026

$321M-17.0%EPS -$0.37

Q4 2025

Mar 11, 2026

$90M+7.3%EPS -$0.15

Q3 2025

Nov 6, 2025

$99M+4.4%EPS -$0.01

Q2 2025

Aug 7, 2025

$62M-38.8%EPS -$0.15

Q1 2025

May 19, 2025

$70M-34.5%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$80M	$28M	$12M
Q2 22	$110M	$53M	$38M
Q3 22	$160M	$83M	$60M
Q4 22	$152M	$84M	$64M
Q1 23	$148M	$82M	$62M
Q2 23	$144M	$82M	$65M
Q3 23	$146M	$87M	$68M
Q4 23	$126M	$62M	$46M
Q1 24	$107M	$49M	$30M
Q2 24	$101M	$47M	$30M
Q3 24	$95M	$45M	$28M
Q4 24	$84M	$37M	$21M
Q1 25	$70M	$18M	-$1M
Q2 25	$62M	-$4M	-$17M
Q3 25	$99M	$32M	$69.0K
Q4 25	$90M	-$350.0K	-$15M

Valuation

Quarter	P/S	P/E
Q1 22	1.7x	62.7x
Q2 22	1.6x	17.9x
Q3 22	2.9x	28.0x
Q4 22	3.2x	21.6x
Q1 23	2.3x	11.3x
Q2 23	2.2x	9.6x
Q3 23	2.7x	9.6x
Q4 23	1.7x	5.4x
Q1 24	2.1x	7.2x
Q2 24	1.8x	7.0x
Q3 24	1.8x	8.0x
Q4 24	2.4x	13.2x
Q1 25	1.9x	14.7x
Q2 25	2.3x	63.6x
Q3 25	2.7x	—
Q4 25	2.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$31M	-$34M
Q2 22	$27M	-$1M
Q3 22	$261M	$188M
Q4 22	$48M	$11M
Q1 23	$15M	-$9M
Q2 23	$54M	$34M
Q3 23	$48M	$36M
Q4 23	$38M	$31M
Q1 24	$51M	$42M
Q2 24	$39M	$32M
Q3 24	$31M	$24M
Q4 24	$31M	$30M
Q1 25	$4M	-$13M
Q2 25	$11M	$28M
Q3 25	$53M	$37M
Q4 25	$6M	-$12M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$28M
Q3 22	$73M
Q4 22	$37M
Q1 23	$24M
Q2 23	$20M
Q3 23	$12M
Q4 23	$7M
Q1 24	$9M
Q2 24	$7M
Q3 24	$8M
Q4 24	$363.0K
Q1 25	$17M
Q2 25	$17M
Q3 25	$16M
Q4 25	$18M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+76.6%	+37.0%
Q2 22	+46.2%	+12.0%
Q3 22	+78.9%	+37.4%
Q4 22	+86.6%	+29.7%
Q1 23	+84.0%	+26.4%
Q2 23	+31.0%	+9.8%
Q3 23	-8.5%	-21.5%
Q4 23	-17.2%	-9.3%
Q1 24	-27.8%	-11.2%
Q2 24	-29.9%	-9.8%
Q3 24	-34.8%	-14.1%
Q4 24	-33.7%	-21.4%
Q1 25	-34.5%	-6.9%
Q2 25	-38.8%	+10.6%
Q3 25	+4.4%	+47.7%
Q4 25	+7.3%	+66.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	4.2%
Q2 22	$2M	1.7%
Q3 22	$8M	5.3%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	-$3M	-2.2%
Q1 24	$3M	2.6%
Q2 24	$1M	1.3%
Q3 24	$2M	1.7%
Q4 24	$0	0.0%
Q1 25	$2M	2.5%
Q2 25	$2M	3.4%
Q3 25	$2M	1.9%
Q4 25	$6M	6.2%

OpEx Breakdown

Quarter	SG&A
Q1 22	$12M
Q2 22	$11M
Q3 22	$19M
Q4 22	$16M
Q1 23	$15M
Q2 23	$13M
Q3 23	$15M
Q4 23	$12M
Q1 24	$15M
Q2 24	$13M
Q3 24	$13M
Q4 24	$13M
Q1 25	$15M
Q2 25	$13M
Q3 25	$13M
Q4 25	$15M

Revenue Segments

Quarter	Services	Specialty rental	Hotel	Service
Q3 23	$94M	$52M	—	—
Q1 24	$72M	$34M	—	—
Q2 24	$67M	$33M	—	—
Q3 24	—	—	$29M	$66M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$0	$6M
Q2 22	$10M	$0	$10M
Q3 22	$177M	$0	$177M
Q4 22	$182M	$0	$182M
Q1 23	$42M	$0	$42M
Q2 23	$70M	$0	$70M
Q3 23	$105M	$0	$105M
Q4 23	$104M	$0	$104M
Q1 24	$124M	$0	$124M
Q2 24	$154M	$0	$154M
Q3 24	$178M	$0	$178M
Q4 24	$191M	$0	$191M
Q1 25	$34M	$0	$34M
Q2 25	$19M	$0	$19M
Q3 25	$30M	$0	$30M
Q4 25	$8M	$0	$8M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	97M	+0.1%	+0.8%
Q2 22	97M	+0.1%	+0.6%
Q3 22	97M	+0.2%	+0.4%
Q4 22	102M	+4.8%	+5.2%
Q1 23	106M	+4.3%	+9.6%
Q2 23	105M	-1.1%	+8.2%
Q3 23	105M	+0.0%	+8.1%
Q4 23	105M	-0.5%	+2.6%
Q1 24	102M	-2.1%	-3.7%
Q2 24	101M	-1.1%	-3.6%
Q3 24	101M	+0.0%	-3.6%
Q4 24	100M	-1.1%	-4.2%
Q1 25	99M	-1.0%	-3.2%
Q2 25	99M	+0.3%	-1.8%
Q3 25	100M	+0.4%	-1.5%
Q4 25	100M	+0.0%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$97.6K	823
Q2 22	$133.2K	823
Q3 22	$193.9K	823
Q4 22	$165.5K	921
Q1 23	$160.5K	921
Q2 23	$156.0K	921
Q3 23	$158.5K	921
Q4 23	$128.3K	984
Q1 24	$108.4K	984
Q2 24	$102.4K	984
Q3 24	$96.7K	984
Q4 24	$108.7K	770
Q1 25	$90.8K	770
Q2 25	$80.0K	770
Q3 25	$129.0K	770
Q4 25	$44.9K	2K

Revenue / Employee