# Target Hospitality Corp. (TH)

> Source: Nexqual · https://nexqual.com/TH · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Target Hospitality Corp. (TH), nexqual.com/TH" · informational, not investment advice.

**Price:** USD 14.24 (+0.92% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 14.11 · day 13.81–14.25 · 52w 5.97–21.76 · market cap $1.39B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $347M, net income -$37.7M (-10.8% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $202M; 1 not under a Rule 10b5-1 plan ($202M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $375K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 25.2 (range 23–27).
- Total return with dividends: 1Y +85.2% vs S&P 500 +14.8%; 5Y +244.0% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.01, revenue estimate $120M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: TH paid no cash dividend in the last five years.
- Short interest: 12.21% of float (as of 2026-10-15), 1.5 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $291M | $502M | $564M | $386M | $321M | $347M |
| Gross profit | $101M | $247M | $313M | $178M | $42.7M | — |
| Operating income | $37.1M | $174M | $241M | $109M | -$34.7M | -$38.6M |
| Net income | -$4.6M | $73.9M | $174M | $71.3M | -$37.1M | -$37.7M |
| EPS (diluted) | -$0.05 | $0.74 | $1.56 | $0.70 | -$0.37 | — |
| Gross margin | 34.8% | 49.2% | 55.6% | 46.1% | 13.3% | — |
| Operating margin | 12.7% | 34.7% | 42.7% | 28.2% | -10.8% | -11.1% |
| Net margin | -1.6% | 14.7% | 30.8% | 18.4% | -11.6% | -10.8% |
| Revenue growth | +29.4% | +72.3% | +12.3% | -31.5% | -17.0% | — |
| Cash + short-term investments | $23.4M | $182M | $104M | $191M | $8.3M | — |
| Total debt | $341M | $330M | $178M | $182M | $1.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.0x · EV/EBITDA 35.2x · EV/Sales 4.1x · P/B 3.8x · Earnings yield -2.70% · Net debt $36.0M · EV $1.43B
P/E at fiscal year-ends: Dec 2024 13.8x, Dec 2023 5.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Tdr Capital Ii Investments Lp |  | 11,000,000 | $202M | 40.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $375K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-18 | Schrenk Troy C. | Chief Commercial Officer | 5,907 | $125K | 21.16 | Too little history (no open-market trades in 2024) |
| 2026-09-15 | Archer James Bradley | Director and CEO and President | 13,385 | $250K | 18.69 | Too little history (no open-market trades in 2024 or 2025) |

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 25.2 (low 23, high 27).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-14 | Morgan Stanley | Target raised | Overweight | $22 → $25 |
| 2026-09-08 | Oppenheimer | Target raised | Outperform | $24 → $27 |
| 2026-08-17 | Morgan Stanley | Initiated | Overweight | $22 |
| 2026-07-14 | Oppenheimer | Target raised | Outperform | $21 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +85.2% | +244.0% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +85.9% | +27.9% |
| Volatility (annualized) | 64.3% | 69.9% |
| Max drawdown | -35.7% (Sep 2026→Oct 2026) | -68.8% (Jan 2023→Feb 2025) |

## Dividends
TH paid no cash dividend in the last five years.

## Short interest
3,650,255 shares sold short, 12.21% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,818,331 shares (-4.4%). Days to cover: 1.5 (short shares ÷ average daily volume).

## Peers (Specialty Business Services)
LZ (LegalZoom.com, Inc.) USD 6.64 +0.45% · BUUU (BUUU Group Limited) USD 5.84 -1.02% · CMPR (Cimpress PLC) USD 60.32 -19.35% · BV (BrightView Holdings, Inc.) USD 11.59 +6.72% · RHLD (Resolute Holdings Management) USD 125.06 +0.32% · KODK (Eastman Kodak Company) USD 9.33 -0.96%

## More
Full page: https://nexqual.com/TH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TH in their own reports (relationship from TH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | LITHIUM AMERICAS CORP. (LAC) | 10-K 2026-03-19 | "In 2025, the Company entered into an agreement with Target Hospitality Corp. for the design, installation, maintenance and operation of Company's WFH located in Winnemucca, Nevada." |
| supplier | Civeo Corp (CVEO) | 10-K 2026-03-03 | "Dexterra Group Inc., Black Diamond Group Limited, ATCO, Ausco Modular (a subsidiary of Modulaire Group) and Target Hospitality Corp. primarily own and lease units to customers and, in some cases, prov…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hospitality & Facilities Services South | $31.5M | 57.6% | -8.5% |
| Workforce Hospitality Solutions | $15.7M | 28.7% | +4.2% |
| Government | $4.5M | 8.3% | +81.2% |
| All Other Segments | $3.0M | 5.5% | +2.8% |
| Total revenue | $54.7M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $51.8M | 94.8% | +28.1% |
| Construction Fee Income | $2.9M | 5.2% | -80.1% |
| Total revenue | $54.7M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 28%, 11%, 11% of revenue from unnamed direct customers (10-K, filed 2026-03-11).

## Company outlook (8-K filed 2026-08-10)

- "Outlook by 11% and 13%, Respectively ​ THE WOODLANDS, Texas, August 10, 2026 (PRNewswire) – Target Hospitality Corp."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $-0.02 | +$0.01 | $119.9M | 3 |
| Next quarter (ends 2026-12-31) | $0.18 | $0.05 | +244.0% | $161.3M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.03 | $-0.19 | +$0.15 | $439.2M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.91 | $0.70 | +30.4% | $751.3M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±13.9%; last 8 reports averaged ±10.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 71.3% | ±13.9% |
| 2026-12-18 | 50 | 68.6% | ±20.0% |
| 2027-01-15 | 78 | 63.8% | ±23.2% |
| 2027-04-16 | 169 | 66.2% | ±35.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 10, 2026 | Quarter ended Jun 30, 2026 | −$0.05 | −$0.10 | Beat +50.0% | +0.7% |
| May 11, 2026 | Quarter ended Mar 31, 2026 | −$0.10 | −$0.11 | Beat +9.1% | +14.0% |
| Apr 21, 2026 | Quarter ended Mar 31, 2026 | −$0.10 | −$0.11 | Beat +9.1% | -6.4% |
| Mar 11, 2026 | Quarter ended Dec 31, 2025 | −$0.12 | −$0.10 | Miss −20.0% | +21.6% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.00 | −$0.04 | Beat +$0.04 | -17.0% |
| Aug 7, 2025 | — | — | — | — | +15.8% |
| May 19, 2025 | — | — | — | — | +2.1% |
| Mar 26, 2025 | — | — | — | — | +9.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-26 | Schedule 13D/A | Manjit Dale, Gary Lindsay: 14.6% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1712189/000095014226002852/0000950142-26-002852-index.htm |
| 2026-10-05 | Schedule 13D/A | Manjit Dale, Gary Lindsay: 16.6% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1712189/000095014226002684/0000950142-26-002684-index.htm |
| 2026-09-28 | Schedule 13D/A | Manjit Dale, Gary Lindsay: 27.8% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1712189/000095014226002613/0000950142-26-002613-index.htm |
| 2026-09-14 | Schedule 13D/A | Manjit Dale, Gary Lindsay: 30.5% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1712189/000095014226002544/0000950142-26-002544-index.htm |
| 2026-09-09 | 8-K | Other material event — “Underwriting Agreement On September 8, 2026, Target Hospitality Corp. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (collectively, the "Underwriters") and Arrow Holdings S. r.l. and MFA Global S. r.l. (collectively, the "Selling Stockholders"), entities controlled by TDR Capital LLP, acting in its capacity as investment…” | https://www.sec.gov/Archives/edgar/data/1712189/000110465926106345/0001104659-26-106345-index.htm |
| 2026-09-01 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1712189/000110465926104096/0001104659-26-104096-index.htm |
| 2026-08-26 | 8-K | Regulation FD disclosure; Other material event — “On August 19, 2026, the Company entered into a new multi-year lease and services agreement (the "Contract") to provide comprehensive facility and hospitality services to assist the development of a data center in the Pecos region of West Texas (the "Community"). The Community will be designed to accommodate approximately 1,100 individuals, with initial occupancy in August 2026 and full completion of the Community anticipated in September 2026. The Contract has an anticipated four-year term. The Contract provides…” | https://www.sec.gov/Archives/edgar/data/1712189/000110465926101033/0001104659-26-101033-index.htm |
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1712189/000110465926093264/0001104659-26-093264-index.htm |
| 2026-08-10 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1712189/000110465926093011/0001104659-26-093011-index.htm |
| 2026-08-05 | 8-K | Director or executive officer change, or pay arrangement — “On August 4, 2026, the Board of Directors (the " Board ") of Target Hospitality Corp. (the " Company ") appointed each of Margaret (Peggy) Smyth, age 62, and Erich Sanchack, age 56, to serve as a member of the Board, effective immediately until their current terms expire as of the date of the Company's 2027 Annual Meeting of Stockholders. The Company announced the appointment of Ms. Smyth and Mr. Sanchack in its August 5, 2026 press release, a copy of which is filed as Exhibit 99.1 to this Current Report on Form…” | https://www.sec.gov/Archives/edgar/data/1712189/000110465926090700/0001104659-26-090700-index.htm |
| 2026-07-27 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Other material event — “On July 24, 2026 (the " Closing Date "), in connection with the refinancing of its existing credit facility, Arrow Bidco, LLC (" Arrow Bidco ") and certain other subsidiaries of Target Hospitality Corp. (the " Company ") entered into an ABL Credit Agreement, dated as of July 24, 2026 (the " ABL Credit Agreement "), that provides for a senior secured asset based revolving credit facility in the aggregate principal amount of up to $660 million (the " New ABL Facility "). Capitalized terms used but not defined herein…” | https://www.sec.gov/Archives/edgar/data/1712189/000110465926087099/0001104659-26-087099-index.htm |
| 2026-07-06 | Schedule 13G/A | passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1712189/000121465926008233/0001214659-26-008233-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.