Target Hospitality Corp. (TH)

Target Hospitality Balance Sheet

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
Cash & Equivalents	30.39	190.67	103.93	181.67	23.41	6.98
Short-Term Investments	-	1.9	1.9	1.9	1.8	1.7
Cash & Short-Term Investments	30.39	192.57	105.83	183.57	25.21	8.68
Cash Growth	-82.90%	81.96%	-42.35%	628.29%	190.43%	27.88%
Accounts Receivable	42.73	49.34	67.09	42.15	28.78	28.18
Other Receivables	-	-	-	-	-	1.21
Receivables	42.73	49.34	67.09	42.15	28.78	29.39
Inventory	-	1.9	2.1	2	1.6	0.9
Prepaid Expenses	6.32	5.53	5.48	8.65	4.95	4.6
Total Current Assets	79.44	249.34	180.5	236.38	60.54	43.56
Property, Plant & Equipment	376.55	380.72	403.39	416.33	303.04	322.51
Goodwill	41.04	41.04	41.04	41.04	41.04	41.04
Other Intangible Assets	42.7	52.81	66.94	77.02	91.84	108.53
Long-Term Deferred Tax Assets	-	-	-	-	14.71	15.18
Long-Term Deferred Charges	1.42	1.87	2.48	0.9	2.16	3.42
Other Long-Term Assets	-	-	-	0.07	0.07	-
Total Assets	541.16	725.77	694.35	771.73	513.39	534.24
Accounts Payable	45.81	16.19	20.93	17.56	11.8	10.64
Accrued Expenses	17.54	25.78	33.65	39.64	33.13	24.7
Short-Term Debt	-	-	-	-	-	2.94
Current Portion of Long-Term Debt	-	180.33	-	-	-	-
Current Portion of Leases	9.63	10.41	13.28	13.65	0.73	0.63
Current Unearned Revenue	9.43	0.7	1.79	120.04	27.14	6.62
Other Current Liabilities	-	-	0.68	-	-	-
Total Current Liabilities	82.42	233.4	70.33	190.9	72.8	45.53
Long-Term Debt	-	-	178.09	328.85	330.21	374.5
Long-Term Leases	3.65	18.91	9.45	12.19	0.7	0.27
Long-Term Unearned Revenue	5.53	0.54	3.68	5.48	7.27	11.75
Long-Term Deferred Tax Liabilities	44.64	49.27	53.07	15.17	-	-
Other Long-Term Liabilities	2.66	2.56	2.42	18.29	5.14	3.3
Total Liabilities	138.91	304.68	317.05	570.88	416.12	435.35
Common Stock	0.01	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	152.27	148.78	142.38	139.29	109.54	106.55
Retained Earnings	310.19	332.38	261.12	87.68	13.74	18.32
Treasury Stock	-57.3	-57.3	-23.56	-23.56	-23.56	-23.56
Comprehensive Income & Other	-2.79	-2.79	-2.64	-2.57	-2.46	-2.43
Total Common Equity	402.38	421.08	377.31	200.85	97.27	98.89
Minority Interest	-0.13	0.01	-	-	-	-
Shareholders' Equity	402.25	421.09	377.31	200.85	97.27	98.89
Total Liabilities & Equity	541.16	725.77	694.35	771.73	513.39	534.24
Total Debt	13.28	209.65	200.83	354.69	331.64	378.34
Net Cash (Debt)	17.1	-17.08	-95	-171.12	-306.43	-369.66
Net Cash Per Share	0.17	-0.17	-0.90	-1.71	-3.17	-3.85
Filing Date Shares Outstanding	99.78	99.36	100.52	100.96	96.94	96.22
Total Common Shares Outstanding	99.78	98.95	101.66	100.32	96.94	96.16
Working Capital	-2.98	15.93	110.17	45.48	-12.26	-1.97
Book Value Per Share	4.03	4.26	3.71	2.00	1.00	1.03
Tangible Book Value	318.64	327.24	269.33	82.79	-35.61	-50.68
Tangible Book Value Per Share	3.19	3.31	2.65	0.83	-0.37	-0.53
Land	31.18	30.61	31.11	28.48	9.16	9.16
Buildings	-	-	-	0.77	0.19	0.12
Machinery	2.35	2.21	1.82	1.58	1.3	1.07
Construction In Progress	11.34	8.48	3.67	4.65	3.56	5.83
Leasehold Improvements	0.91	0.91	0.9	-	-	-

Updated Nov 6, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q