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Target Hospitality (TH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Target Hospitality
NasdaqCM•Industrials•Specialty Business Services
$19.25+0.13(0.01%)Market closed
Market Cap
$1.93B
P/S
5.6x
P/B
5.2x

Target Hospitality Corp. operates as a specialty rental and hospitality services company in North America. It operates through Hospitality & Facilities Services – South, Workforce Hospitality Solutions, and Government segments. The company owns a network of specialty rental accommodation units. It also provides catering and food, maintenance, housekeeping, grounds-keeping, security, health and recreation facilities, workforce community management, concierge, and laundry services. In addition, the company offers construction services. It serves the U.S. government contractors and investment grade natural resource development companies. Target Hospitality Corp. was founded in 1978 and is headquartered in The Woodlands, Texas.

C

How this company scores

AverageMetricSide Score: 41/100

Strongest: Balance Sheet & Red Flags (13/25); weakest: Profitability (3/25).

Profitability3/25
Growth12/25
Balance Sheet & Red Flags13/25
Cash & Earnings Quality13/25
Strengths
Low leverageCash-backed earningsImproving marginsNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 63.7x5y range 5.7x – 63.7x
P/E 63.7x · above its 14-quarter median

Currently above its 14-quarter median.

P/S · 5.6x5y range 1.2x – 5.6x
P/S 5.6x · above its 20-quarter median

Currently above its 20-quarter median.

P/B · 5.2x5y range 1.6x – 8.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 286.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume
Market Cap $1.93B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$347.37M
4Q
Q. Revenue
$85.45M
39%
TTM EBITDA
$40.64M
60%
TTM Op. Income
$-38.57M
225%
Q. Op. Income
$-7.50M
2Q
TTM Net Income
$-37.68M
439%
Q. Net Income
$-9.04M
2Q
EPS
$-0.09
2Q
Shares Out.
$100.21M
5Q
$347.37M in TTM revenue grew 11.9% YoY, reaching $85.45M last quarter. TTM EBITDA of $40.64M and TTM operating income of $-38.57M show growth is flowing through to the bottom line. However, net income is negative at $37.68M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
18.5%
2Q
EBITDA Margin
16.4%
2Q
Op. Margin
-8.8%
68%
Net Margin
-10.6%
56%
Op. margin of -8.8% is up 18.7% YoY — cost efficiency is improving. Net margin at -10.6% and gross margin of 18.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 68% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
3Q
P/S Ratio
5.6x
2Q
P/B Ratio
5.2x
2Q
P/S of 5.6x and P/B of 5.2x. Across the last 4 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$654.19M
2Q
Cash
$6.07M
68%
Long-Term Debt
$42.12M
2Q
Book Value
$370.11M
3Q
D/E Ratio
0.1
2Q
Debt/EBITDA
3.0
91%
With $654.19M in assets and $42.12M in long-term debt, D/E is 0.1and book value is $370.11M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$103.98M
2Q
TTM Free Cash Flow
$9.82M
74%
FCF Margin
2.8%
77%
FCF / Net Income
-0.3
108%
TTM FCF of $9.82M on $103.98M in operating cash flow. The FCF / Net Income ratio of -0.3x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 74% — an improving trend.

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· above its 20-quarter median

Currently above its 20-quarter median.

Leverage Risk

Watch

Debt-to-equity has risen 73.3% recently — increasing financial risk even if the current ratio is manageable.

Revenue Decline

Red Flag

TTM revenue has contracted 11.5% — significant decline indicating deteriorating demand.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.