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Target Hospitality Corp. key statistics and ratios

In fiscal 2025, Target Hospitality Corp. had return on equity of -9.2% and a net margin of -11.6%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin0.7%2.1%3.7%−11.2%−1.6%14.7%30.8%18.4%−11.6%−10.8%
Return on equity3.9%2.7%5.1%−22.9%−4.7%49.6%60.1%17.9%−9.2%−9.9%
Return on assets405.2%1.8%2.2%−4.7%−0.9%11.5%23.7%10.0%−5.9%−6.4%
Effective tax rate96.3%70.3%38.9%——30.4%22.7%23.1%——
SG&A as % of revenue18.1%17.2%23.9%16.9%15.9%11.5%10.0%14.0%18.2%18.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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More: Hotels, Resorts & Cruise Lines stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Target Hospitality Corp.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Target Hospitality Corp.