Target Hospitality CorpTarget Hospitality Corp
Target Hospitality Corp

Target Hospitality Corp

TH
Industrials·Commercial Services & Supplies

Target Hospitality Corp. engages in the provision of rental accommodation with catering and hospitality services. It operates through the following business segments: HFS South, WHS, Government, and All Other. The HFS South segment consists primarily of rental and vertically integrated hospitality services revenue from customers in the natural resources and development industry located primarily in Texas and New Mexico. The WHS segment consist primarily of revenue from the construction phase of the contract with Lithium Nevada, LLC (“Lithium Nevada”), supporting a North American critical mineral supply chain, as well as specialty rental and vertically integrated hospitality services revenue from customers in support of the development of a regional data center campus located in Southwestern United States. The Government segment is involved in rental and vertically integrated hospitality services revenue from customers with Government contracts in Texas. The All Other segment focuses on rental and vertically integrated hospitality services revenue from customers primarily in the natural resources and development industry located outside of the HFS South segment. The company was founded by Brian Scott Lash in 1978 and is headquartered in The Woodlands, TX.

Texas; U.S.A
Market cap
No dataNo data
Revenue
$320.6M−17.0% YoY
Net income
$-37.1M−152.1% YoY
Free cash flow
$58.6M−60.1% YoY

Market

Listed stock
THPriceNasdaq
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Financial performance

Revenue
$320.6M−17.0% YoY
Operating income
$-34.7M−131.9% YoY
Net income
$-37.1M−152.1% YoY
Free cash flow
$58.6M−60.1% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $291.3M, 2022 $502M, 2023 $563.6M, 2024 $386.3M, 2025 $320.6M. Operating income: 2021 $37.1M, 2022 $174.4M, 2023 $240.6M, 2024 $108.8M, 2025 $-34.7M. Net income: 2021 $-4.6M, 2022 $73.9M, 2023 $173.7M, 2024 $71.3M, 2025 $-37.1M. Free cash flow: 2021 $104.2M, 2022 $283.3M, 2023 $151.8M, 2024 $146.7M, 2025 $58.6M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-17.0%+1447 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $37.1M, 2022-12-31 $174.4M, 2023-12-31 $240.6M, 2024-12-31 $108.8M, 2025-12-31 $-34.7M. Net income: 2021-12-31 $-4.6M, 2022-12-31 $73.9M, 2023-12-31 $173.7M, 2024-12-31 $71.3M, 2025-12-31 $-37.1M. Free cash flow: 2021-12-31 $104.2M, 2022-12-31 $283.3M, 2023-12-31 $151.8M, 2024-12-31 $146.7M, 2025-12-31 $58.6M

Growth heatmap

2022202320242025CAGR
Revenue
+72.3%
+12.3%
-31.5%
-17.0%
+2.4%
Gross profit
+143.8%
+26.8%
-43.1%
-76.1%
-19.5%
Operating income
+370.0%
+38.0%
-54.8%
-131.9%
No data
Free cash flow
+172.0%
-46.4%
-3.4%
-60.1%
-13.4%

Earnings quality

Operating cash flow
$74.1M−51.2% YoY
Net income
$-37.1M−152.1% YoY
Free cash flow
$58.6M−60.1% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -200%, 2024-12-31 213%, 2023-12-31 90%, 2022-12-31 413%, 2021-12-31 -2286%. Free cash flow: 2025-12-31 -158%, 2024-12-31 206%, 2023-12-31 87%, 2022-12-31 383%, 2021-12-31 -2276%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
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Free cash flow yield
No data
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No data