Target Hospitality Corp. (TH) Stock Analysis
Industrials · Specialty Business Services · NasdaqCM
Target Hospitality Corp. (TH) posted $320.63M in revenue for fiscal 2025 (down 17.0% year over year), with a net loss of $37.12M, and has compounded revenue about 7.3%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Target Hospitality Corp.
Target Hospitality Corp. has grown revenue from $134.24M to $320.63M over the last 9 fiscal years, compounding about 7.3% a year. The most recent year was down 17%, so growth has cooled from its longer-run pace.
Net margin sits at -11.6%, down 30 points year over year on a 13.3% gross margin.
At today's valuation the market is pricing in roughly 44.9% annual free-cash-flow growth. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Target Hospitality Corp.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Target Hospitality Corp. revenue & earnings — last 9 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.24M | $240.60M | $321.10M | $225.15M | $291.34M | $501.99M | $563.61M | $386.27M | $320.63M |
| Gross profit | $53.05M | $90.23M | $147.01M | $57.16M | $101.35M | $247.13M | $313.32M | $178.18M | $42.66M |
| Net income | $981,000 | $4.96M | $11.97M | $-25.13M | $-4.58M | $73.94M | $173.70M | $71.27M | $-37.12M |
| Net margin | 0.7% | 2.1% | 3.7% | -11.2% | -1.6% | 14.7% | 30.8% | 18.4% | -11.6% |
Source: Target Hospitality Corp. SEC filings (10-K).
Target Hospitality Corp.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 13.9% while revenue rose -17.0% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -11.6%).
What growth is priced into TH stock?
At today's market cap of $1.74B, Target Hospitality Corp. is priced for free-cash-flow growth of about 44.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $6.30M from the FY ending 2025-12-31). For comparison, revenue 7.3%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 9 years of Target Hospitality Corp. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeTarget Hospitality Corp. financial history by metric
Compare Target Hospitality Corp. with peers
About Target Hospitality Corp.
Target Hospitality Corp. operates as a specialty rental and hospitality services company in North America. It operates through Hospitality & Facilities Services South, Workforce Hospitality Solutions, and Government segments. The company owns a network of specialty rental accommodation units. It also provides catering and food, maintenance, housekeeping, grounds-keeping, security, health and recreation facilities, workforce community management, concierge, and laundry services. In addition, the company offers construction services. It serves the U.S. government contractors and investment grade natural resource development companies. Target Hospitality Corp. was founded in 1978 and is headquartered in The Woodlands, Texas.
Target Hospitality Corp. — frequently asked questions
What is Target Hospitality Corp.'s revenue?
Target Hospitality Corp. (TH) reported revenue of $320.63M for fiscal year 2025, down 17.0% from the prior year, according to its SEC filings.
Is Target Hospitality Corp. profitable?
No — TH reported a net loss of $-37.12M in fiscal 2025.
What is TH's P/E ratio?
Target Hospitality Corp. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Target Hospitality Corp. growing?
TH's revenue grew at roughly 7.3% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Target Hospitality Corp. have?
As of fiscal year 2025, TH carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Target Hospitality Corp.'s gross margin?
TH's gross margin was 13.3% in fiscal 2025 — gross profit of $42.66M on revenue of $320.63M.
What is Target Hospitality Corp.'s market cap?
Target Hospitality Corp. (TH) has a market capitalization of about $1.74B, based on the latest data in our nightly-refreshed cache.
When does Target Hospitality Corp.'s fiscal year end?
TH's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into TH stock?
At today's market cap of $1.74B, Target Hospitality Corp. is priced for free-cash-flow growth of about 44.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $6.30M from the FY ending 2025-12-31). For comparison, revenue 7.3%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Target Hospitality Corp.'s official SEC filings (10-K and 10-Q), covering 9 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.