TH Industrials

Target Hospitality Corp.

$14.49+6.47%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Specialty Business Services
Country: United States
Market cap: 1.4B USD
Enterprise value: 1.6B USD
Full-time employees: 902

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.51 vs a peer median of 0.64) and less short-term liquidity (current ratio 0.65 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.51 vs peers 0.64) and less liquidity (current ratio 0.65 vs peers 1.62)

Ranks #2,222 of 2,308 industrials companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Target Hospitality made a loss per share in its latest year after a profit the year before.
Operating margin at a 6-year low. -11% in 2025, the weakest of the last 6 years.
Target Hospitality's operating margin fell to -11% in 2025, its lowest in the 6 years of filings we have.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Target Hospitality reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 1.51: tends to move more than the market.
Target Hospitality's shares have swung more with the market than most peers' (beta 1.51, above the market's 1.0).

StockQuotient Score

14/ 100

Oct 5 14 → Nov 4 14

Valuation

Is the price right?

19/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield2.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.99Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield0.7%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.81Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield25.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

14/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.4%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.21Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth-16.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -3.36Sector median: 0.0421 · MAD: 0.0625

Revenue growth11.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.98Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

5/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 3.7 points to -11.1%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-11.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.71Sector median: 0.0773 · MAD: 0.0507

Return on assets-5.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-7.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.62Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin13.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-10.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.51

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.16Sector median: 0.6440 · MAD: 0.2745

Current ratio0.65×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.77Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.12×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.83Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Target Hospitality

Is Target Hospitality getting weaker?: Its latest SEC filing (Aug 10, 2026) got stronger: operating margin rose 3.7 points to -11.1%. Its overall score is unchanged at 14/100 since Oct 28, 2026.
How is Target Hospitality valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 19/100 against 2,459 industrials peers. Earnings yield -2.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -2.6% vs peers 3.8% (weaker than 100% of peers).
Is Target Hospitality growing?: More slowly than most of its peers. Growth scores 14/100 against 2,459 industrials peers. Revenue growth 11.9% vs a peer median of 4.4% (stronger than 74% of peers).Revenue growth 11.9% vs peers 4.4% (stronger than 74% of peers). 3-year revenue growth -16.8% vs a peer median of 4.2% (weaker than 94% of peers).3-year revenue growth -16.8% vs peers 4.2% (weaker than 94% of peers).
How profitable is Target Hospitality?: Less profitable than most of its peers. Profitability scores 5/100 against 2,459 industrials peers. Return on assets -5.8% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -5.8% vs peers 3.1% (weaker than 100% of peers).
How risky is Target Hospitality?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.12× vs a peer median of 0.40× (stronger than 75% of peers).Debt / equity 0.12× vs peers 0.40× (stronger than 75% of peers). Current ratio 0.65× vs a peer median of 1.62× (weaker than 100% of peers).Current ratio 0.65× vs peers 1.62× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 3.7 points to -11.1%

Worth watching: Target Hospitality is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	323.5M USD	347.4M USD	+7.4%
Net income (12 months)	−43.5M USD	−37.6M USD	−13.5%
Operating margin	-14.8%	-11.1%	+3.7 pts
Debt	33.5M USD	44.7M USD	+33.1%
Cash	5.5M USD	6.1M USD	+11.1%
Shares outstanding	100.2M	99.6M	−0.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Specialty Business Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	34.8%	49.2%	55.6%	46.1%	13.3%	▼ 33 pts
Operating margin	12.7%	34.7%	42.7%	28.2%	-10.8%	▼ 39 pts
Net margin	-1.6%	14.7%	30.8%	18.4%	-11.6%	▼ 30 pts
Return on assets (ROA)	-0.9%	9.6%	25.0%	9.8%	-7.0%	▼ 17 pts
Return on equity (ROE)	-4.7%	36.8%	46.0%	16.9%	-9.5%	▼ 26 pts
Current ratio	0.83×	1.24×	2.57×	1.07×	0.87×	▼ 18%
Quick ratio	0.81×	1.23×	2.54×	1.06×	0.85×	▼ 20%
Debt to equity	3.51×	1.65×	0.48×	0.44×	0.01×	▼ 98%

TH price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.51 vs a peer median of 0.64) and less short-term liquidity (current ratio 0.65 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.51 vs peers 0.64) and less liquidity (current ratio 0.65 vs peers 1.62)

Ranks #2,222 of 2,308 industrials companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Target Hospitality made a loss per share in its latest year after a profit the year before.

Operating margin at a 6-year low. -11% in 2025, the weakest of the last 6 years.

Target Hospitality's operating margin fell to -11% in 2025, its lowest in the 6 years of filings we have.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Target Hospitality reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

More volatile share price. Beta 1.51: tends to move more than the market.

Target Hospitality's shares have swung more with the market than most peers' (beta 1.51, above the market's 1.0).

Questions investors ask about Target Hospitality

Is Target Hospitality getting weaker?

Its latest SEC filing (Aug 10, 2026) got stronger: operating margin rose 3.7 points to -11.1%. Its overall score is unchanged at 14/100 since Oct 28, 2026.

How is Target Hospitality valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 19/100 against 2,459 industrials peers. Earnings yield -2.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -2.6% vs peers 3.8% (weaker than 100% of peers).

Is Target Hospitality growing?

More slowly than most of its peers. Growth scores 14/100 against 2,459 industrials peers. Revenue growth 11.9% vs a peer median of 4.4% (stronger than 74% of peers).Revenue growth 11.9% vs peers 4.4% (stronger than 74% of peers). 3-year revenue growth -16.8% vs a peer median of 4.2% (weaker than 94% of peers).3-year revenue growth -16.8% vs peers 4.2% (weaker than 94% of peers).

How profitable is Target Hospitality?

Less profitable than most of its peers. Profitability scores 5/100 against 2,459 industrials peers. Return on assets -5.8% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -5.8% vs peers 3.1% (weaker than 100% of peers).

How risky is Target Hospitality?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 0.12× vs a peer median of 0.40× (stronger than 75% of peers).Debt / equity 0.12× vs peers 0.40× (stronger than 75% of peers). Current ratio 0.65× vs a peer median of 1.62× (weaker than 100% of peers).Current ratio 0.65× vs peers 1.62× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

323.5M USD

347.4M USD

+7.4%

Net income (12 months)

−43.5M USD

−37.6M USD

−13.5%

Operating margin

-14.8%

-11.1%

+3.7 pts

Debt

33.5M USD

44.7M USD

+33.1%

Cash

5.5M USD

6.1M USD

+11.1%

Shares outstanding

100.2M

99.6M

−0.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

34.8%

49.2%

55.6%

46.1%

13.3%

▼ 33 pts

Operating margin

12.7%

34.7%

42.7%

28.2%

-10.8%

▼ 39 pts

Net margin

-1.6%

14.7%

30.8%

18.4%

-11.6%

▼ 30 pts

Return on assets (ROA)

-0.9%

9.6%

25.0%

9.8%

-7.0%

▼ 17 pts

Return on equity (ROE)

-4.7%

36.8%

46.0%

16.9%

-9.5%

▼ 26 pts

Current ratio

0.83×

1.24×

2.57×

1.07×

0.87×

▼ 18%

Quick ratio

0.81×

1.23×

2.54×

1.06×

0.85×

▼ 20%

Debt to equity

3.51×

1.65×

0.48×

0.44×

0.01×

▼ 98%