Growth & profitability
- Revenue has grown 9.8% per year over the past 5 years.
- Operating margin has contracted, at -12.6% in the latest year.
Financial health
- Total debt has grown slower than revenue (-19.4% vs 9.8% per year).
TH Financials Target Hospitality Corp.
9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $275M | -$37M | 15.5% | -12.6% | — | — | $8M |
| 2024 | $266M | $71M | 67.0% | 40.9% | — | — | $191M |
| 2023 | $366M | $174M | 85.7% | 65.8% | — | $178M | $104M |
| 2022 | $334M | $74M | 74.1% | 52.3% | — | — | $182M |
| 2021 | $214M | -$5M | 47.3% | 17.3% | — | $341M | $23M |
| 2020 | $172M | -$25M | 33.2% | 2.4% | — | $392M | $7M |
| 2019 | $261M | $12M | 56.3% | 18.4% | — | $422M | $7M |
| 2018 | $187M | $5M | 48.3% | 21.9% | — | — | $12M |
| 2017 | $75M | $981000 | 70.3% | 28.5% | — | — | $13M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $56M | -$13M | 12.2% | -25.5% | — | — | $5M |
| Dec '25 | $73M | -$15M | 9.6% | -22.9% | — | — | $8M |
| Sep '25 | $92M | -$795000 | 19.6% | 0.1% | — | — | $30M |
| Jun '25 | $55M | -$15M | -0.6% | -30.8% | — | — | $19M |
| Mar '25 | $55M | -$6M | 32.7% | -2.0% | -$12M | — | $34M |
| Dec '24 | $60M | $13M | 61.5% | 34.5% | — | — | $191M |
| Sep '24 | $66M | $20M | 68.7% | 42.5% | — | — | $178M |
| Jun '24 | $67M | $18M | 69.4% | 43.8% | — | — | $154M |
| Mar '24 | $72M | $20M | 67.8% | 42.0% | — | $179M | $124M |
| Dec '23 | $85M | $38M | 73.5% | 54.5% | — | $178M | $104M |
| Sep '23 | $94M | $46M | 92.7% | 72.4% | $43M | — | $105M |
| Jun '23 | $93M | $46M | 89.0% | 70.0% | $51M | — | $70M |
| Mar '23 | $95M | $44M | 86.4% | 65.3% | -$4M | — | $42M |
| Dec '22 | $98M | $32M | 85.9% | 65.8% | — | — | $182M |
| Sep '22 | $103M | $19M | 80.4% | 58.2% | $239M | $341M | $177M |
| Jun '22 | $74M | $23M | 70.7% | 50.9% | — | $362M | $10M |
| Mar '22 | $59M | $494000 | 47.6% | 21.1% | — | $358M | $6M |
| Dec '21 | $59M | $3M | 49.3% | 23.1% | — | $341M | $23M |
| Sep '21 | $67M | $7M | 50.1% | 24.9% | — | $340M | $31M |
| Jun '21 | $54M | -$912000 | 50.0% | 20.0% | — | $346M | $6M |
Valuation over time
How the market has priced TH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 17.8× (Mar '23) to 10.9× (Nov '25).
- The price-to-sales ratio has risen from 3.9× (Mar '23) to 7.4× (Jun '26).
P/E
P/S
Frequently asked questions
Is TH growing its revenue and profit?
Over the past 5 years, Target Hospitality Corp.'s revenue has grown 9.8% per year. These are computed facts, not advice.
How much debt does TH have?
As of FY2025, Target Hospitality Corp. reported — of total debt against $8M of cash.
What is TH's profit margin?
In FY2025, gross margin was 15.5%, operating margin -12.6%, and net margin -13.5%.
What is TH's P/E ratio?
As of Jun '26, Target Hospitality Corp. traded at a price-to-earnings ratio of about 10.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.