undamentalytics Newsletter
Sign in

Target Hospitality Corp. (TH) stock

Add to watchlist

Add holding +

NASDAQ: TH Nasdaq Hotels, Resorts & Cruise Lines Next results ~November 5, 2026

C Fundamentals grade

Target Hospitality Corp. is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Price vs value

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger). We'll show the comparison once resolved.

Target Hospitality Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 2 selling4 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds119 adding, 46 cuttingOf 36 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Target Hospitality files

Where Target Hospitality stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $347m, up 11.9% on a year earlier, against a decline of 7.4% a quarter earlier. Free-cash-flow margin rose to 46.6% from 24.5% a year earlier. Operating margin narrowed to -11.1% from 9.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks.

Our model value for Target Hospitality is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Target Hospitality Corp.'s trailing-twelve-month revenue grew 11.9% year on year, with a free-cash-flow margin of 46.6%. Where it stands out: change in growth rate of +19.3pp ranks 1 of 25 hotels, resorts & cruise lines companies we cover. Where it lags: gross margin of 13.7% ranks 14 of 14 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$22 per share in the base case (~$16–$29 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 11.9% (+19.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 19.3 points higher than a quarter earlier.
  • Strong cash generation. 46.6% of revenue turned into free cash flow, against a median of 12.7% for hotels, resorts & cruise lines companies we cover.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 30.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -11.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 21.0 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 67% and a beta of 1.2 against the S&P 500.
  • Gross margin slipping. Gross margin is down 18.4 points on a year ago.
  • Below peers: change in share count. Change in share count of -0.2% ranks 19 of 23 hotels, resorts & cruise lines companies we cover (median -3.5%).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
-$0.05 against an average estimate of -$0.10: beat by 52.2%
Revenue
$85m, up 38.7% on a year earlier
Share reaction
+0.7% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.01

Target Hospitality's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-3.2%
  • 1 month-27.8%
  • This year+69.9%
  • 1 year+77.0%
  • 5 years+232.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$347M
Operating margin
-11.1%
Net margin
-10.8%
EPS (TTM, diluted)
$-0.38

Growth

Revenue growth
+11.9%
Change in growth rate
+19.3 pts
Share count change
−0.2%

Cash

Free cash flow (TTM)
$162M
FCF margin
46.6%
Stock pay % of revenue
2.2%

Earnings

Last results
August 10, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Announcement
  4. Announcement
  5. Results
  6. Leadership
  7. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Target Hospitality Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Our value per share comes from a discounted-cash-flow model of Target Hospitality Corp.'s free cash flow after stock-based pay ( $118M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$10.08$5.00$1.58$3.56$15.14$9.73$9.66$8.01$13.61
Market value$416m$473m$152m$344m$1.5bn$1.0bn$980m$797m$1.4bn
+ Net debt (− = net cash)$11m$415m$385m$318m$153m$78m−$7m−$5m$39m
Enterprise value$427m$888m$537m$662m$1.7bn$1.1bn$973m$793m$1.4bn
Multiples
Price / sales 1.7x1.5x0.7x1.2x3.0x1.8x2.5x2.5x3.9x
Price / earnings 84.0x39.5x——20.5x5.9x13.8x——
Price / free cash flow 16.5x7.9x3.3x3.3x5.3x6.7x6.5x10.9x8.4x
EV / EBITDA 5.3x8.3x7.7x6.2x6.9x3.4x5.4x20.5x34.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

59 /100

Moderate moat

How hard Target Hospitality's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 12.0% of total assets over 7 years.

  • Pricing power 6 / 20

    Gross margin has been a median 38.5%, moving by 12.2 percentage points (standard deviation) across 8 years.

  • Durability 4 / 20

    Operating margin has been a median 13.6%; its worst year was -11.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 8 of 8 years, at a median 30.0% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 3.8% over five years; stock-based pay has been a median 2.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $120m and EPS of −$0.01 (range −$0.05 to $0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.03 +86% $439m +37%
Next $0.91 +3061% $751m +71%

Next year's EPS estimate has moved +30.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −83.3% on 90 days ago. In the last 30 days, 3 analysts raised Target Hospitality Corp.'s forecast and 0 cut it.

Consensus EPS forecast Target Hospitality Corp., last 90 days
−$0.50 $0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.19 Current fiscal year, 60 days ago: −$0.19 Current fiscal year, 30 days ago: −$0.03 Current fiscal year, 7 days ago: −$0.03 Current fiscal year, Now: −$0.03 −$0.03 Next fiscal year, 90 days ago: $0.70 Next fiscal year, 60 days ago: $0.71 Next fiscal year, 30 days ago: $0.91 Next fiscal year, 7 days ago: $0.91 Next fiscal year, Now: $0.91 $0.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.19$0.70
60 days ago −$0.19$0.71
30 days ago −$0.03$0.91
7 days ago −$0.03$0.91
Now −$0.03$0.91

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.10 −$0.05 +52.2%
Mar 2026 −$0.11 −$0.10 +5.8%
Dec 2025 −$0.10 −$0.12 −13.1%
Sept 2025 −$0.04 $0.00 +107.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Our model doesn't use the consensus here: consensus revenue is 1.75x the latest quarter's run rate while reported revenue grew 39% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 2026145
  4. Jul 2026314

Counts of recommendations published by analysts covering Target Hospitality Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.2%
of tradable shares
Days to cover
1.49
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
66%
of shares
Held by insiders
3.5%
of shares
Employees
902
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +77.0%

$7.69 on October 31, 2025 to $13.61

ThenNowEffect
Revenue (last 12 months) $310m $347m +11.9%
P/S multiple 2.5x 3.9x +57.8%
Share count 100m 100m +0.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −0.3%

$13.65 on November 3, 2023 to $13.61

ThenNowEffect
Revenue (last 12 months) $603m $347m −42.4%
P/S multiple 2.4x 3.9x +65.8%
Share count 104m 100m +4.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TH+125%+325%−36%−1%−17%+70%
Industry peers (median)+26%−27%+46%+26%+10%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TH50%50%25%67%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TH−37%−34%−50%−38%−54%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 12, 2018: 92% from May 20, 2019 to October 28, 2020. Getting back needed a 1206% gain, reached on July 13, 2022, 623 days after the low.

Price behaviour

52-week range
$6.22 – $21.45
From 52-week high
−36.6%
vs 50-day average
−24.3%
vs 200-day average
−8.0%
Volatility (1 year)
67%
Beta vs S&P 500
1.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±9.7%
After a week
9 up, 3 down
typical move ±10.7%
After a month
10 up, 2 down
typical move ±16.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +0.7% −0.3% +9.4% +16.3%
May 11, 2026 +14.0% +0.1% +17.4% +11.2%
April 21, 2026 −6.4% +0.4% −8.1% +17.0%
March 11, 2026 +21.6% −1.6% +15.2% +81.2%
November 6, 2025 −17.0% −1.0% −19.4% +9.3%
August 7, 2025 +15.8% +0.7% +9.3% +19.9%
May 19, 2025 +2.1% −0.2% +3.7% −0.3%
March 26, 2025 +9.6% −1.5% +12.1% +3.6%
November 12, 2024 +6.4% −0.3% −7.9% −6.2%
August 7, 2024 +12.5% +1.6% +13.4% +10.5%
May 8, 2024 +5.0% +0.6% +5.1% +0.5%
March 13, 2024 +4.8% −0.4% +6.8% +25.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Target Hospitality Corp. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Target Hospitality Corp.
$300M $400M $500M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $589.8M Revenue (TTM), FY23 Q4: $563.6M Revenue (TTM), FY24 Q1: $522.5M Revenue (TTM), FY24 Q2: $479.6M Revenue (TTM), FY24 Q3: $428.8M Revenue (TTM), FY24 Q4: $386.3M Revenue (TTM), FY25 Q1: $349.5M Revenue (TTM), FY25 Q2: $310.4M Revenue (TTM), FY25 Q3: $314.5M Revenue (TTM), FY25 Q4: $320.6M Revenue (TTM), FY26 Q1: $323.5M Revenue (TTM), FY26 Q2: $347.4M $347.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $589.8M
FY23 Q4 $563.6M
FY24 Q1 $522.5M
FY24 Q2 $479.6M
FY24 Q3 $428.8M
FY24 Q4 $386.3M
FY25 Q1 $349.5M
FY25 Q2 $310.4M
FY25 Q3 $314.5M
FY25 Q4 $320.6M
FY26 Q1 $323.5M
FY26 Q2 $347.4M
Revenue growth, TTM YoY Target Hospitality Corp.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 36.8% Revenue growth, TTM YoY, FY23 Q4: 12.3% Revenue growth, TTM YoY, FY24 Q1: -8.3% Revenue growth, TTM YoY, FY24 Q2: -20.5% Revenue growth, TTM YoY, FY24 Q3: -27.3% Revenue growth, TTM YoY, FY24 Q4: -31.5% Revenue growth, TTM YoY, FY25 Q1: -33.1% Revenue growth, TTM YoY, FY25 Q2: -35.3% Revenue growth, TTM YoY, FY25 Q3: -26.6% Revenue growth, TTM YoY, FY25 Q4: -17.0% Revenue growth, TTM YoY, FY26 Q1: -7.4% Revenue growth, TTM YoY, FY26 Q2: 11.9% 11.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 36.8%
FY23 Q4 12.3%
FY24 Q1 -8.3%
FY24 Q2 -20.5%
FY24 Q3 -27.3%
FY24 Q4 -31.5%
FY25 Q1 -33.1%
FY25 Q2 -35.3%
FY25 Q3 -26.6%
FY25 Q4 -17.0%
FY26 Q1 -7.4%
FY26 Q2 11.9%
Operating margin (TTM) Target Hospitality Corp.
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 43.9% Operating margin (TTM), FY23 Q4: 42.7% Operating margin (TTM), FY24 Q1: 40.0% Operating margin (TTM), FY24 Q2: 36.3% Operating margin (TTM), FY24 Q3: 31.3% Operating margin (TTM), FY24 Q4: 28.2% Operating margin (TTM), FY25 Q1: 22.1% Operating margin (TTM), FY25 Q2: 9.9% Operating margin (TTM), FY25 Q3: 0.9% Operating margin (TTM), FY25 Q4: -10.8% Operating margin (TTM), FY26 Q1: -14.8% Operating margin (TTM), FY26 Q2: -11.1% -11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 43.9%
FY23 Q4 42.7%
FY24 Q1 40.0%
FY24 Q2 36.3%
FY24 Q3 31.3%
FY24 Q4 28.2%
FY25 Q1 22.1%
FY25 Q2 9.9%
FY25 Q3 0.9%
FY25 Q4 -10.8%
FY26 Q1 -14.8%
FY26 Q2 -11.1%
FCF margin (TTM) Target Hospitality Corp.
20% 30% 40% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 23.3% FCF margin (TTM), FY23 Q4: 22.7% FCF margin (TTM), FY24 Q1: 35.0% FCF margin (TTM), FY24 Q2: 35.6% FCF margin (TTM), FY24 Q3: 37.1% FCF margin (TTM), FY24 Q4: 39.1% FCF margin (TTM), FY25 Q1: 25.5% FCF margin (TTM), FY25 Q2: 24.5% FCF margin (TTM), FY25 Q3: 31.1% FCF margin (TTM), FY25 Q4: 22.9% FCF margin (TTM), FY26 Q1: 28.4% FCF margin (TTM), FY26 Q2: 46.6% 46.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 23.3%
FY23 Q4 22.7%
FY24 Q1 35.0%
FY24 Q2 35.6%
FY24 Q3 37.1%
FY24 Q4 39.1%
FY25 Q1 25.5%
FY25 Q2 24.5%
FY25 Q3 31.1%
FY25 Q4 22.9%
FY26 Q1 28.4%
FY26 Q2 46.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 134 241 321 225 291 502 564 386 321 347
Gross profit 53 90 147 57 101 247 313 178 43 48
EBITDA 52 80 107 70 108 242 325 182 39 41
Operating income 21 41 48 4 37 174 241 109 −35 −39
Net income 1 5 12 −25 −5 74 174 71 −37 −38
Diluted EPS $0.04 $0.12 $0.13 −$0.26 −$0.05 $0.74 $1.56 $0.70 −$0.37 −$0.38
Growth (year on year)
Revenue — +79.2% +33.5% −29.9% +29.4% +72.3% +12.3% −31.5% −17.0% +11.9%
EBITDA — +55.1% +33.5% −34.8% +54.4% +124.9% +34.1% −44.1% −78.7% −60.0%
Operating income — +90.6% +17.3% −91.5% — +370.0% +38.0% −54.8% −131.9% −225.2%
Net income — — +141.6% −309.9% — — +134.9% −59.0% −152.1% −439.4%
Diluted EPS — — +8.3% −300.0% — — +110.8% −55.1% −152.9% −440.1%
Margins
Gross margin 39.5% 37.5% 45.8% 25.4% 34.8% 49.2% 55.6% 46.1% 13.3% 13.7%
EBITDA margin 38.4% 33.3% 33.3% 31.0% 36.9% 48.2% 57.6% 47.0% 12.1% 11.7%
Operating margin 16.0% 17.0% 14.9% 1.8% 12.7% 34.7% 42.7% 28.2% −10.8% −11.1%
Net margin 0.7% 2.1% 3.7% −11.2% −1.6% 14.7% 30.8% 18.4% −11.6% −10.8%
Free-cash-flow margin 29.7% 10.5% 18.7% 20.6% 35.8% 56.8% 27.3% 39.1% 22.9% 46.6%
Cash flow
Cash from operations 41 26 60 47 105 306 157 152 74 170
Capital spending 1 1 0 0 0 21 3 1 1 8
Free cash flow 40 25 60 46 104 285 154 151 73 162
Stock-based pay — — 2 4 5 19 11 7 8 8
Free cash flow after stock pay — — 58 43 99 266 143 144 66 154
Balance sheet
Cash 13 12 7 7 23 182 104 191 8 6
Total debt 0 23 422 392 341 335 181 184 4 45
Net debt (negative = net cash) −13 11 415 385 318 153 78 −7 −5 39
Diluted shares 26m 41m 95m 96m 97m 100m 105m 101m 100m 100m
Returned to shareholders
Buybacks — — 18 5 — — — 33 — —
Total returned — — 18 5 — — — 33 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $654m
Short-term assets $64mLonger-term assets $590m
What it owes, and who funded it · $655m
Short-term liabilities $99mLonger-term liabilities $186mShareholders' equity $370m
  • Short-term assets cover short-term liabilities $64m of assets due within a year against $99m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $64m short-term assets against $186m of longer-dated liabilities.
  • More cash than debt $6m of cash against $42m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 351% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt $170m of operating cash flow against $42m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Target Hospitality Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−0.2%
year over year
Sales & admin spending
18.5%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated TH CVEO GHG LIND MMYT YTRA Median
Revenue, last 12 months $347m $707m $153m $831m $1.0bn $114m $5.2bn
Revenue growth, last 12 months 11.9% 12.6% −18.2% 18.3% 6.7% 21.2% 9.7%
Revenue growth, 3-year average −16.8% 0.7% — 16.1% 26.8% — 8.0%
Revenue growth, latest quarter 38.7% 13.3% — 18.6% 11.8% — 8.1%
Gross margin 13.7% 23.3% 34.9% 46.6% 73.8% 47.7% 47.7%
Operating margin −11.1% 3.0% 5.2% 7.0% 14.9% −1.2% 16.0%
Operating margin, 3-year average 11.7% 2.1% 20.6% 4.4% −12.2% −16.8% 15.3%
Net margin −10.8% −1.1% 15.2% −2.1% 5.0% −2.3% 11.4%
Cash from operations / revenue 49.0% 6.7% 25.6% 17.2% 17.5% 6.6% 20.4%
Free-cash-flow margin 46.6% 4.2% 1.8% 13.1% 17.1% 6.2% 12.1%
Free-cash-flow margin, 3-year average 35.6% 4.9% 21.2% 9.4% −0.4% −17.4% 10.3%
Stock pay / revenue 2.2% 1.3% 0.0% 1.0% 2.2% 2.8% 1.3%
Change in share count −0.2% −16.9% — 9.0% −4.2% 1.0% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 11.9% 9.7% 12 of 25
Change in growth rate Growth +19.3pp -0.5pp 1 of 25
Gross margin Profitability 13.7% 47.7% 14 of 14
Operating margin Profitability -11.1% 16.0% 22 of 22
Net margin Profitability -10.8% 11.4% 25 of 25
Free-cash-flow margin Cash generation 46.6% 12.7% 1 of 24
Stock pay as % of revenue Cash generation 2.2% 1.4% 19 of 24
Long-term debt as % of assets Balance sheet 6.4% 41.9% 8 of 24
Change in share count Balance sheet -0.2% -3.5% 19 of 23
Days sales outstanding Balance sheet 53 days 52 days 10 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Hospitality and Facilities Services South $135M ▼ 5.9%
Workforce Hospitality Solutions $92.5M —
Government $35.7M ▼ 67.7%
All Other Segments $11.3M ▼ 2.9%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Services $188M ▼ 29.5%
Construction Fee Income $87.3M —

These categories overlap or exclude eliminations, so shares aren't shown.

From Target Hospitality Corp.'s 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1B
Institutions reporting
170
Shares held vs prior quarter
▲ 62.4%
Positions opened / closed
50 / 13

Top buyers and sellers, Q2 2026: 119 institutions bought and 46 sold ; the biggest buyer was Ophir Asset Management Pty Ltd (+2.7M shares) and the biggest seller Philadelphia Financial Management Of San Francisco, LLC (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Private Capital Management, LLC $66.4M 3.3M 6.4% ▼ 30.0%
Blackrock, Inc. $64.3M 3.2M 6.2% ▲ 27.2%
Ophir Asset Management Pty Ltd $54.8M 2.7M 5.3% New
Rubric Capital Management LP $52.7M 2.6M 5.1% ▲ 18.1%
Westfield Capital Management Co LP $42.8M 2.1M 4.2% New
Cooper Creek Partners Management LLC $41.8M 2.1M 4.1% ▲ 183.6%
Hightower Advisors, LLC $37.5M 1.8M 3.6% ▲ 14.9%
Arrowstreet Capital, Limited Partnership $37.5M 1.8M 3.6% ▲ 70.4%
Driehaus Capital Management LLC $34.2M 1.7M 3.3% New
Vanguard Capital Management LLC $31.1M 1.5M 3.0% ▲ 8.6%
Senator Investment Group LP $28.5M 1.4M 2.8% —
American Century Companies Inc $27.7M 1.4M 2.7% ▲ 16.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Target Hospitality Corp.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.4M 4 trades by 3 insiders, last 12 months Insider sales History → $203M 4 trades by 2 insiders · 0% under pre-set plans
Net ▼ $200M net selling
Insider Date Trade Shares Price Value
Tdr Capital Ii Investments Lp 10% owner October 1, 2026 Sell 11,000,000 $18.40 $202M
Schrenk Troy C. Chief Commercial Officer September 18, 2026 Buy 5,907 $21.16 $124,992
Archer James Bradley Director and CEO and President September 15, 2026 Buy 13,385 $18.69 $250,166
Lewis Heidi Diane EVP, General Counsel & Sec January 20, 2026 Sell pre-set plan 9,000 $7.34 $66,060
Lewis Heidi Diane EVP, General Counsel & Sec December 15, 2025 Sell pre-set plan 13,456 $8.50 $114,376
Robertson Stephen Director December 3, 2025 Buy 125,000 $7.94 $992,500
Robertson Stephen Director November 17, 2025 Buy 145,000 $6.85 $993,250
Lewis Heidi Diane EVP, General Counsel & Sec November 17, 2025 Sell pre-set plan 9,000 $6.70 $60,300

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • April 21, 2026
  • March 11, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Target Hospitality Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Target Hospitality Corp. in brief

What does Target Hospitality Corp. do?
Target Hospitality Corp. is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Target Hospitality Corp.'s stock ticker?
Target Hospitality Corp. trades under the ticker TH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Target Hospitality Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Target Hospitality Corp. reported revenue of $347M, 11.9% higher than a year earlier, according to its SEC filings.
What is Target Hospitality Corp.'s free cash flow?
Target Hospitality Corp.'s free-cash-flow margin is 46.6% of revenue over the trailing twelve months, ranking 1 of the 24 hotels, resorts & cruise lines companies we cover.
Who are Target Hospitality Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Private Capital Management, LLC, Blackrock, Inc. and Ophir Asset Management Pty Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Target Hospitality Corp.'s market cap?
On November 2, 2026, Target Hospitality Corp.'s market capitalisation was about $1.4B and net debt of $38.6M. Market figures come from third-party market data and may be delayed.
How much debt does Target Hospitality Corp. have?
Target Hospitality Corp.'s debt-to-equity ratio is 11.4%, from its latest balance sheet (351.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Target Hospitality Corp.'s competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Target Hospitality Corp. are Civeo Corp, Greentree Hospitality Group Ltd., Lindblad Expeditions Holdings, Inc., Makemytrip Ltd and Yatra Online, Inc. The side-by-side comparison below sets their revenue, margins and growth against Target Hospitality Corp.'s.
Are insiders buying or selling Target Hospitality Corp. stock?
Over the last 12 months, Target Hospitality Corp.'s directors and officers reported 4 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Target Hospitality Corp.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Target Hospitality Corp. announces its own schedule.