Target Hospitality Corp. (TH) Balance Sheet
TH balance sheet, 2025
December 31, 2025 · U.S. dollars$530.2M assets = $141.1M liabilities + $389.1M equity
Both columns are drawn to the same scale: what TH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TH financial health
Descriptive bands, not a rating. Fiscal 2025.
TH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $424.3M2016 | $530.2M2025 | +2.5%/yr | |
| Total liabilities | $113.7M2016 | $141.1M2025 | +2.4%/yr | |
| Shareholders’ equity | $310.6M2016 | $389.3M2025 | +2.5%/yr | |
| Cash & short-term investments | $3.8M2016 | $8.3M2025 | +9.1%/yr | |
| Total debt | $29.8M2016 | $10.7M2025 | −10.8%/yr | |
| Net cash (debt) | −$26.0M2016 | −$2.3M2025 | +$23.7M | |
| Working capital | $91.9M2016 | −$10.7M2025 | −$102.7M | |
| Book value per share | $7.642016 | $3.912025 | −7.2%/yr | |
| Current ratio | 3.272016 | 0.872025 | −2.40 | |
| Debt / equity | 0.102016 | 0.032025 | −0.07 | |
| Shares outstanding | 40.6M2016 | 99.5M2025 | +10.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TH assets
TH liabilities and equity
TH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $8.3M | $190.7M | $103.9M | $181.7M | $23.4M | $7.0M | $6.8M | $12.2M | $12.5M | $3.8M |
| Cash & equivalents | $8.3M | $190.7M | $103.9M | $181.7M | $23.4M | $7.0M | $6.8M | $12.2M | $12.5M | $3.8M |
| Short-term investments | — | — | $1.9M | $1.9M | $1.8M | $1.7M | — | $330.4M | — | — |
| Receivables | $56.2M | $49.3M | $67.1M | $42.2M | $28.8M | $28.2M | $48.5M | $58.8M | $21.0M | $9.8M |
| Inventory | $0 | $0 | $2.1M | $2.0M | $1.6M | $900,000 | $1.1M | $900,000 | $500,000 | $0 |
| Other current assets | $8.8M | $9.3M | $7.4M | $10.6M | $6.8M | $7.5M | $4.4M | $3.1M | $2.0M | $118.7M |
| Total current assets | $73.3M | $249.3M | $180.5M | $236.4M | $60.5M | $43.6M | $60.8M | $75.0M | $36.1M | $132.4M |
| Property, plant & equipment (net) | $42.3M | $380.7M | $403.4M | $416.3M | $291.8M | $311.5M | $353.7M | $312.4M | $199.4M | $193.9M |
| Goodwill & intangible assets | $80.4M | $93.8M | $108.0M | $116.2M | $129.5M | $144.2M | $158.9M | $161.6M | $46.4M | $28.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $334.2M | $1.9M | $2.5M | $2.8M | $31.5M | $35.0M | $27.4M | $16.0M | $0 | $69.5M |
| Total assets | $530.2M | $725.8M | $694.4M | $771.7M | $513.4M | $534.2M | $600.8M | $565.0M | $242.1M | $424.3M |
| Liabilities | ||||||||||
| Accounts payable | $44.4M | $16.2M | $20.9M | $17.6M | $11.8M | $10.6M | $7.8M | $21.6M | $4.7M | $2.6M |
| Short-term debt | $7.9M | $190.7M | $13.3M | $13.7M | $729,000 | $3.6M | $989,000 | $2.4M | $15.3M | $12.3M |
| Deferred revenue | $9.3M | $699,000 | $1.8M | $120.0M | $27.1M | $6.6M | $16.8M | $17.8M | −$33.5M | — |
| Total current liabilities | $84.0M | $233.4M | $70.3M | $190.9M | $72.8M | $45.5M | $60.9M | $65.1M | $225,894 | $40.4M |
| Long-term debt | $0 | $0 | $178.1M | $328.8M | $330.2M | $374.5M | $404.3M | $128.6M | $222.1M | $17.6M |
| Lease obligations | $10.7M | $29.3M | $22.7M | $25.8M | $1.4M | $3.8M | $2.0M | — | — | — |
| Other long-term liabilities | $57.1M | $71.3M | $68.6M | $51.1M | $13.1M | $14.8M | $12.2M | $22.3M | $43.7M | $55.7M |
| Total liabilities | $141.1M | $304.7M | $317.0M | $570.9M | $416.1M | $434.8M | $477.4M | $216.0M | $225,894 | $113.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $10,000 | $10,000 | $10,000 | $10,000 | $83.5M | $89.2M | $85.7M | $928 | $863 | $274.7M |
| Retained earnings (deficit) | $295.3M | $332.4M | $261.1M | $87.7M | $13.7M | $10.2M | $37.7M | $351.5M | −$8,806 | $38.2M |
| Treasury stock | — | — | — | — | — | — | −$23.6M | — | — | — |
| Accumulated other comprehensive income | −$2.8M | −$2.8M | −$2.6M | −$2.6M | −$2.5M | −$2.4M | −$2.6M | −$2.5M | −$1.6M | −$2.2M |
| Minority interest | −$197,000 | $9,000 | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $389.3M | $421.1M | $377.3M | $200.8M | $97.3M | $99.4M | $123.4M | $349.0M | $241.9M | $310.6M |
| Key figures | ||||||||||
| Total debt | $10.7M | $209.6M | $200.8M | $354.7M | $330.9M | $378.1M | $405.2M | $131.1M | $252.6M | $29.8M |
| Net cash (debt) | −$2.3M | −$19.0M | −$96.9M | −$173.0M | −$307.5M | −$371.1M | −$398.5M | −$118.9M | −$240.0M | −$26.0M |
| Working capital | −$10.7M | $15.9M | $110.2M | $45.5M | −$12.3M | −$2.0M | −$126,000 | $9.8M | $35.8M | $91.9M |
| Tangible book value | $308.9M | $327.2M | $269.3M | $84.6M | −$32.3M | −$44.7M | −$35.5M | $187.4M | $195.5M | $282.1M |
| Book value per share | $3.91 | $4.15 | $3.58 | $2.01 | $1.01 | $1.04 | $1.31 | $8.59 | $5.95 | $7.64 |
| Shares outstanding | 99.5M | 101.4M | 105.3M | 100.1M | 96.6M | 96.0M | 94.5M | 40.6M | 40.6M | 40.6M |
| Current ratio | 0.87 | 1.07 | 2.57 | 1.24 | 0.83 | 0.96 | 1.00 | 1.15 | 159.68 | 3.27 |
| Quick ratio | 0.77 | 1.03 | 2.43 | 1.17 | 0.72 | 0.77 | 0.91 | 1.09 | 148.51 | 0.34 |
| Debt / equity | 0.03 | 0.50 | 0.53 | 1.77 | 3.40 | 3.80 | 3.28 | 0.38 | 1.04 | 0.10 |
| Equity / assets | 73.4% | 58.0% | 54.3% | 26.0% | 18.9% | 18.6% | 20.5% | 61.8% | 99.9% | 73.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $6.1M | $5.5M | $8.3M | $30.4M | $19.2M | $34.5M | $190.7M | $177.7M | $154.3M | $124.3M | $103.9M | $105.1M |
| Cash & equivalents | $6.1M | $5.5M | $8.3M | $30.4M | $19.2M | $34.5M | $190.7M | $177.7M | $154.3M | $124.3M | $103.9M | $105.1M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $1.9M | — |
| Receivables | $50.4M | $45.6M | $56.2M | $42.7M | $57.4M | $56.9M | $49.3M | $47.3M | $48.7M | $53.8M | $67.1M | $59.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.1M | $1 |
| Other current assets | $7.4M | $7.5M | $8.8M | $6.3M | $6.4M | $8.2M | $9.3M | $6.3M | $5.8M | $7.9M | $7.4M | $7.0M |
| Total current assets | $63.9M | $58.6M | $73.3M | $79.4M | $83.0M | $99.6M | $249.3M | $231.4M | $208.8M | $186.1M | $180.5M | $171.6M |
| Property, plant & equipment (net) | $45.6M | $395.5M | $374.7M | $376.6M | $362.0M | $370.7M | $380.7M | $379.2M | $385.5M | $394.6M | $403.4M | $411.7M |
| Goodwill & intangible assets | $73.6M | $77.0M | $80.4M | $83.7M | $87.1M | $90.5M | $93.8M | $97.2M | $100.6M | $104.2M | $108.0M | $111.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $471.1M | $8.5M | $1.8M | $1.4M | $1.6M | $1.7M | $1.9M | $2.0M | $2.2M | $2.3M | $2.5M | $1.6M |
| Total assets | $654.2M | $539.5M | $530.2M | $541.2M | $533.7M | $562.5M | $725.8M | $709.8M | $697.0M | $687.2M | $694.4M | $696.5M |
| Liabilities | ||||||||||||
| Accounts payable | $47.4M | $33.0M | $44.4M | $45.8M | $21.4M | $23.1M | $16.2M | $16.9M | $17.5M | $17.3M | $20.9M | $21.2M |
| Short-term debt | $5.8M | $6.9M | $7.9M | $9.6M | $9.5M | $8.9M | $190.7M | $189.3M | $189.5M | $11.8M | $13.3M | $218.3M |
| Deferred revenue | $21.3M | $11.0M | $9.3M | $9.4M | $8.5M | $1.0M | $699,000 | $400,000 | $2.7M | $1.8M | $1.8M | $15.3M |
| Total current liabilities | $98.9M | $69.2M | $84.0M | $82.4M | $56.6M | $50.5M | $233.4M | $229.3M | $235.5M | $66.8M | $70.3M | $294.2M |
| Long-term debt | $40.0M | $30.0M | $0 | $0 | $24.0M | $40.9M | $0 | $0 | $0 | $178.6M | $178.1M | $0 |
| Lease obligations | $8.3M | $9.0M | $10.7M | $13.3M | $13.8M | $13.9M | $29.3M | $16.6M | $17.5M | $20.1M | $22.7M | $19.3M |
| Other long-term liabilities | $145.5M | $63.7M | $57.1M | $56.5M | $51.9M | $55.8M | $71.3M | $62.9M | $64.4M | $66.2M | $68.6M | $64.1M |
| Total liabilities | $284.4M | $162.9M | $141.1M | $138.9M | $132.5M | $147.3M | $304.7M | $292.1M | $299.9M | $311.6M | $317.0M | $358.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| Retained earnings (deficit) | $273.3M | $282.3M | $295.3M | $310.2M | $311.0M | $325.9M | $332.4M | $319.9M | $299.9M | $281.5M | $261.1M | $223.3M |
| Accumulated other comprehensive income | −$3.0M | −$2.8M | −$2.8M | −$2.8M | −$2.8M | −$2.8M | −$2.8M | −$2.7M | −$2.7M | −$2.7M | −$2.6M | −$2.6M |
| Minority interest | −$322,000 | −$302,000 | −$197,000 | −$131,000 | −$91,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $370.1M | $376.9M | $389.3M | $402.4M | $401.3M | $415.3M | $421.1M | $417.6M | $397.2M | $375.5M | $377.3M | $338.3M |
| Key figures | ||||||||||||
| Total debt | $8.3M | $39.0M | $10.7M | $13.3M | $37.8M | $54.8M | $209.6M | $196.3M | $196.7M | $198.7M | $200.8M | $227.4M |
| Net cash (debt) | −$2.2M | −$33.5M | −$2.3M | $17.1M | −$18.6M | −$20.3M | −$19.0M | −$18.6M | −$42.4M | −$74.4M | −$96.9M | −$122.3M |
| Working capital | −$35.0M | −$10.6M | −$10.7M | −$3.0M | $26.4M | $49.1M | $15.9M | $2.1M | −$26.7M | $119.3M | $110.2M | −$122.6M |
| Tangible book value | $296.5M | $299.9M | $308.9M | $318.6M | $314.2M | $324.8M | $327.2M | $320.4M | $296.6M | $271.3M | $269.3M | $226.6M |
| Book value per share | $3.69 | $3.77 | $3.90 | $4.03 | $4.04 | $4.19 | $4.20 | $4.12 | $3.92 | $3.67 | $3.61 | $3.22 |
| Shares outstanding | 100.2M | 99.9M | 99.8M | 99.8M | 99.4M | 99.1M | 100.2M | 101.3M | 101.3M | 102.4M | 104.5M | 105.1M |
| Current ratio | 0.65 | 0.85 | 0.87 | 0.96 | 1.47 | 1.97 | 1.07 | 1.01 | 0.89 | 2.78 | 2.57 | 0.58 |
| Quick ratio | 0.57 | 0.74 | 0.77 | 0.89 | 1.35 | 1.81 | 1.03 | 0.98 | 0.86 | 2.67 | 2.43 | 0.56 |
| Debt / equity | 0.02 | 0.10 | 0.03 | 0.03 | 0.09 | 0.13 | 0.50 | 0.47 | 0.50 | 0.53 | 0.53 | 0.67 |
| Equity / assets | 56.6% | 69.9% | 73.4% | 74.4% | 75.2% | 73.8% | 58.0% | 58.8% | 57.0% | 54.6% | 54.3% | 48.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 11, 2026); data from EODHD.
TH financial position
At the end of fiscal 2025 (December 31, 2025), Target Hospitality had total assets of $530.2 million (down 26.9% from a year earlier), total liabilities of $141.1 million and shareholders' equity of $389.3 million. It held $8.3 million in cash and short-term investments against $10.7 million of debt, net debt of $2.3 million. Its current ratio was 0.87. In the latest quarter (ended June 30, 2026) total assets were $654.2 million and equity $370.1 million.
Related: TH income statement, TH cash flow statement, TH key metrics. See the TH stock overview for the latest quote and news.
TH balance sheet FAQ
What are Target Hospitality's total assets?
Target Hospitality reported total assets of $530.2 million at the end of fiscal 2025 (December 31, 2025), compared with $725.8 million a year earlier.
How much debt does Target Hospitality have?
Target Hospitality had $10.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.03.
How much cash does Target Hospitality have?
Target Hospitality held $8.3 million in cash and short-term investments at the end of fiscal 2025; with $10.7 million of debt that is net debt of $2.3 million.
What is Target Hospitality's book value?
Target Hospitality's shareholders' equity (book value) was $389.3 million at the end of fiscal 2025, or $3.91 per share.
What is Target Hospitality's current ratio?
Target Hospitality had current assets of $73.3 million and current liabilities of $84.0 million, a current ratio of 0.87 (current liabilities exceed current assets).
How much goodwill does Target Hospitality have?
Target Hospitality carried $80.4 million of goodwill and intangible assets, 15.2% of total assets, at the end of fiscal 2025.