Target Hospitality Corp. (TH)

Target Hospitality Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-9.59	71.41	173.7	73.94	-4.58	-25.13
Depreciation & Amortization	71.24	72.81	83.98	67.67	70.52	65.61
Stock-Based Compensation	7.36	7.31	11.17	19.24	5.08	3.61
Other Adjustments	5.44	9.28	53.41	78.43	8.73	-2.84
Change in Receivables	3.95	17.6	-25.8	-13.69	-2.23	16.27
Changes in Accounts Payable	15.11	-13.57	-10.39	6.37	9.93	1.04
Changes in Unearned Revenue	14.03	-4.24	-120.05	91.11	16.04	-7.83
Changes in Other Operating Activities	-9.18	-8.82	-9.21	-17.29	1.51	-2.59
Operating Cash Flow	98.91	151.68	156.8	305.81	104.6	46.78
Operating Cash Flow Growth	-37.95%	-3.27%	-48.73%	192.37%	123.59%	-22.67%
Capital Expenditures	-47.45	-30.24	-63.87	-140.84	-35.92	-12.56
Sale of Property, Plant & Equipment	0.86	1.4	0.24	0.62	-	0.99
Purchases of Intangible Assets	-	-	-4.55	-	-	-
Other Investing Activities	-	-	-	-	-	0.62
Investing Cash Flow	-46.59	-28.84	-68.18	-140.23	-35.92	-10.95
Short-Term Debt Issued	112.5	-	-	70	28	42.5
Short-Term Debt Repaid	-75	-	-	-70	-76	-74.5
Net Short-Term Debt Issued (Repaid)	37.5	-	-	-	-48	-32
Long-Term Debt Issued	-	-	-	-	-	13.44
Long-Term Debt Repaid	-252.55	-1.7	-154.46	-6.51	-4.17	-11.58
Net Long-Term Debt Issued (Repaid)	-252.55	-1.7	-154.46	-6.51	-4.17	1.86
Issuance of Common Stock	0.23	1.85	1.61	0.31	-	-
Repurchase of Common Stock	-33.5	-33.5	-	-	-	-5.32
Net Common Stock Issued (Repurchased)	-33.26	-31.64	1.61	0.31	-	-5.32
Other Financing Activities	-4.76	-2.73	-13.52	-0.9	-0.1	-0.22
Financing Cash Flow	-199.67	-36.06	-166.37	-7.1	-52.27	-35.68
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.01	-0.03	0	-0.02	0.01	-0.01
Net Cash Flow	-147.36	86.74	-77.74	158.27	16.43	0.14
Free Cash Flow	51.46	121.43	92.93	164.97	68.68	34.22
Free Cash Flow Growth	-57.63%	30.67%	-43.67%	140.19%	100.70%	-
FCF Margin	16.36%	31.44%	16.49%	32.86%	23.58%	15.20%
Free Cash Flow Per Share	0.52	1.20	0.88	1.65	0.71	0.36
Levered Free Cash Flow	-90.27	85.51	-100.31	74.44	5.33	-11.6
Unlevered Free Cash Flow	46.76	99.61	66.4	128.28	125.61	46.74

Updated Nov 6, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q