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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	3.37	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	3.37	10.45	192.57	105.83	183.57	25.21
Cash Growth	-88.92%	-94.57%	81.96%	-42.35%	628.29%	190.43%
Accounts Receivable	85.27	56.2	49.34	67.09	42.15	28.78
Receivables	85.27	56.2	49.34	67.09	42.15	28.78
Inventory	-	2.1	1.9	2.1	2	1.6
Prepaid Expenses	9.4	4.59	5.53	5.48	8.65	4.95
Total Current Assets	98.04	73.34	249.34	180.5	236.38	60.54
Property, Plant & Equipment	684.2	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	29.5	39.33	52.81	66.94	77.02	91.84
Long-Term Deferred Tax Assets	-	-	-	-	-	14.71
Long-Term Deferred Charges	12.82	1.79	1.87	2.48	0.9	2.16
Other Long-Term Assets	54.38	-	-	-	0.07	0.07
Total Assets	919.98	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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	120.09	44.39	16.19	20.93	17.56	11.8
Accrued Expenses	30.34	22.48	25.78	33.65	39.64	33.13
Current Portion of Long-Term Debt	-	-	180.33	-	-	-
Current Portion of Leases	8.68	7.89	10.41	13.28	13.65	0.73
Current Unearned Revenue	60.28	9.28	0.7	1.79	120.04	27.14
Other Current Liabilities	-	-	-	0.68	-	-
Total Current Liabilities	219.39	84.04	233.4	70.33	190.9	72.8
Long-Term Debt	223	-	-	178.09	328.85	330.21
Long-Term Leases	4.49	2.8	18.91	9.45	12.19	0.7
Long-Term Unearned Revenue	90.32	9.29	0.54	3.68	5.48	7.27
Long-Term Deferred Tax Liabilities	47.56	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	587.54	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	Sep 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	159.12	154.09	148.78	142.38	139.29	109.54
Retained Earnings	264.1	295.26	332.38	261.12	87.68	13.74
Treasury Stock	-87.6	-57.3	-57.3	-23.56	-23.56	-23.56
Comprehensive Income & Other	-2.82	-2.8	-2.79	-2.64	-2.57	-2.46
Total Common Equity	332.81	389.26	421.08	377.31	200.85	97.27
Minority Interest	-0.37	-0.2	0.01	-	-	-
Shareholders' Equity	332.44	389.06	421.09	377.31	200.85	97.27
Total Liabilities & Equity	919.98	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	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	236.17	10.7	209.65	200.83	354.69	331.64
Net Cash (Debt)	-232.8	-0.25	-17.08	-95	-171.12	-306.43
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-2.33	-0.00	-0.17	-0.90	-1.71	-3.17
Filing Date Shares Outstanding	97.93	100.15	99.36	100.52	100.96	96.94
Total Common Shares Outstanding	98.59	99.8	98.95	101.66	100.32	96.94
Working Capital	-121.35	-10.71	15.93	110.17	45.48	-12.26
Book Value Per Share	3.38	3.90	4.26	3.71	2.00	1.00
Tangible Book Value	262.27	308.89	327.24	269.33	82.79	-35.61
Tangible Book Value Per Share	2.66	3.10	3.31	2.65	0.83	-0.37
Land	39	31.18	30.61	31.11	28.48	9.16
Buildings	-	-	-	-	0.77	0.19
Machinery	2.57	2.4	2.21	1.82	1.58	1.3
Construction In Progress	83.07	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: Nov 9, 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:

Nov 13, 2026

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