Target Hospitality Corp. (TH)

Target Hospitality Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	6.07	8.35	190.67	103.93	181.67	23.41
Short-Term Investments	-	2.1	1.9	1.9	1.9	1.8
Cash & Short-Term Investments	6.07	10.45	192.57	105.83	183.57	25.21
Cash Growth	-68.46%	-94.57%	81.96%	-42.35%	628.29%	190.43%
Accounts Receivable	50.43	56.2	49.34	67.09	42.15	28.78
Receivables	50.43	56.2	49.34	67.09	42.15	28.78
Inventory	-	2.1	1.9	2.1	2	1.6
Prepaid Expenses	7.37	4.59	5.53	5.48	8.65	4.95
Total Current Assets	63.87	73.34	249.34	180.5	236.38	60.54
Property, Plant & Equipment	480.25	374.7	380.72	403.39	416.33	303.04
Goodwill	41.04	41.04	41.04	41.04	41.04	41.04
Other Intangible Assets	32.6	39.33	52.81	66.94	77.02	91.84
Long-Term Deferred Tax Assets	-	-	-	-	-	14.71
Long-Term Deferred Charges	2.34	1.79	1.87	2.48	0.9	2.16
Other Long-Term Assets	34.09	-	-	-	0.07	0.07
Total Assets	654.19	530.21	725.77	694.35	771.73	513.39

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	47.41	44.39	16.19	20.93	17.56	11.8
Accrued Expenses	24.36	22.48	25.78	33.65	39.64	33.13
Current Portion of Long-Term Debt	-	-	180.33	-	-	-
Current Portion of Leases	5.84	7.89	10.41	13.28	13.65	0.73
Current Unearned Revenue	21.25	9.28	0.7	1.79	120.04	27.14
Other Current Liabilities	-	-	-	0.68	-	-
Total Current Liabilities	98.86	84.04	233.4	70.33	190.9	72.8
Long-Term Debt	40	-	-	178.09	328.85	330.21
Long-Term Leases	2.44	2.8	18.91	9.45	12.19	0.7
Long-Term Unearned Revenue	100.21	9.29	0.54	3.68	5.48	7.27
Long-Term Deferred Tax Liabilities	40.13	42.31	49.27	53.07	15.17	-
Other Long-Term Liabilities	2.77	2.7	2.56	2.42	18.29	5.14
Total Liabilities	284.4	141.15	304.68	317.05	570.88	416.12

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	0.01	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	157.11	154.09	148.78	142.38	139.29	109.54
Retained Earnings	273.31	295.26	332.38	261.12	87.68	13.74
Treasury Stock	-57.3	-57.3	-57.3	-23.56	-23.56	-23.56
Comprehensive Income & Other	-3.01	-2.8	-2.79	-2.64	-2.57	-2.46
Total Common Equity	370.11	389.26	421.08	377.31	200.85	97.27
Minority Interest	-0.32	-0.2	0.01	-	-	-
Shareholders' Equity	369.79	389.06	421.09	377.31	200.85	97.27
Total Liabilities & Equity	654.19	530.21	725.77	694.35	771.73	513.39

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	48.28	10.7	209.65	200.83	354.69	331.64
Net Cash (Debt)	-42.21	-0.25	-17.08	-95	-171.12	-306.43
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-0.42	-0.00	-0.17	-0.90	-1.71	-3.17
Filing Date Shares Outstanding	99.62	100.15	99.36	100.52	100.96	96.94
Total Common Shares Outstanding	100.29	99.8	98.95	101.66	100.32	96.94
Working Capital	-34.99	-10.71	15.93	110.17	45.48	-12.26
Book Value Per Share	3.69	3.90	4.26	3.71	2.00	1.00
Tangible Book Value	296.47	308.89	327.24	269.33	82.79	-35.61
Tangible Book Value Per Share	2.96	3.10	3.31	2.65	0.83	-0.37
Land	36.31	31.18	30.61	31.11	28.48	9.16
Buildings	-	-	-	-	0.77	0.19
Machinery	2.54	2.4	2.21	1.82	1.58	1.3
Construction In Progress	97.4	21.06	8.48	3.67	4.65	3.56
Leasehold Improvements	0.91	0.91	0.91	0.9	-	-

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Aug 10, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Sep 11, 2026

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