Target Hospitality
TH on Nasdaq. Target Hospitality rents housing and food service to workers at job sites. Market value $1.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 21 cents a year. Above 10 is good.
Quality score: 90 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$18.91 a share, 217% above its 1-year low
Over the past year the price has ranged from $5.97 to $21.76.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $291m | $502m | $564m | $386m | $321m |
| Operating margin | |||||
| Operating margin | 12.7% | 34.7% | 42.7% | 28.2% | -10.8% |
| Debt to equity | |||||
| Debt to equity | 3.41 | 1.65 | 0.48 | 0.44 | 0.01 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive1 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.01× equity
- Revenue growth, five yearsSlow, 7.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $85 million last quarter, up 39% on a year ago.
- A loss of $9 million, compared with a loss of $15 million a year ago.
- It loses 11 cents on each $1 of sales, after keeping 10 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $39 million more than cash, up from $10 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $95m |
| December 2024 | $84m |
| March 2025 | $70m |
| June 2025 | $62m |
| September 2025 | $99m |
| December 2025 | $90m |
| March 2026 | $73m |
| June 2026 | $85m |
| Quarter to | Amount |
|---|---|
| September 2024 | $20m |
| December 2024 | $13m |
| March 2025 | -$6m |
| June 2025 | -$15m |
| September 2025 | -$795,000 |
| December 2025 | -$15m |
| March 2026 | -$13m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 172 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $11m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $11m | <0.1% | |
| Barrow HanleyBarrow Hanley team | $2,891 | <0.1% | New |
Sold out this quarter
Largest holders overall
- Private Capital Management$66mCut
- BlackRock$64mAdded
- Ophir Asset Management Pty$55mNew
- Rubric Capital Management LP$53mAdded
- Westfield Capital Management CO LP$43mNew
- Cooper Creek Partners Management$42mAdded
- HighTower Advisors$38mAdded
- Arrowstreet Capital, Limited Partnership$38mAdded
- Driehaus Capital Management$34mNew
- Vanguard Capital Management$31mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Manjit DalePassive investorat least 16.6%−11.2 pts(filed with 9 related holders)Since 1 October 2026
- Private Capital Management, LLCPassive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Manjit Dale Passive investor | at least 16.6%−11.2 pts (filed with 9 related holders) | 1 October 2026 | |
Private Capital Management, LLC Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $2m of shares on the open market. 1 sold $304,546, $304,546 of it under preset trading plans.
- Schrenk Troy C.Chief Commercial OfficerBought
- Date
- 18 September 2026
- Shares
- 5,907
- Price
- $21.16
- Value
- $124,992
- Archer James BradleyDirector and CEO and President, DirectorBought
- Date
- 15 September 2026
- Shares
- 13,385
- Price
- $18.69
- Value
- $250,166
- Lewis Heidi DianeEVP, General Counsel & SecSoldunder a preset trading plan
- Date
- 20 January 2026
- Shares
- 9,000
- Price
- $7.34
- Value
- $66,060
- Lewis Heidi DianeEVP, General Counsel & SecSoldunder a preset trading plan
- Date
- 15 December 2025
- Shares
- 13,456
- Price
- $8.50
- Value
- $114,376
- Robertson StephenDirectorBought
- Date
- 3 December 2025
- Shares
- 125,000
- Price
- $7.94
- Value
- $992,500
- Lewis Heidi DianeEVP, General Counsel & SecSoldunder a preset trading plan
- Date
- 17 November 2025
- Shares
- 9,000
- Price
- $6.70
- Value
- $60,300
- Robertson StephenDirectorBought
- Date
- 17 November 2025
- Shares
- 145,000
- Price
- $6.85
- Value
- $993,250
- Lewis Heidi DianeEVP, General Counsel & SecSoldunder a preset trading plan
- Date
- 20 October 2025
- Shares
- 9,000
- Price
- $7.09
- Value
- $63,810
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 September 2026 | Schrenk Troy C. Chief Commercial Officer | Bought | 5,907 | $21.16 | $124,992 |
| 15 September 2026 | Archer James Bradley Director and CEO and President, Director | Bought | 13,385 | $18.69 | $250,166 |
| 20 January 2026 | Lewis Heidi Diane EVP, General Counsel & Sec | Sold under a preset trading plan | 9,000 | $7.34 | $66,060 |
| 15 December 2025 | Lewis Heidi Diane EVP, General Counsel & Sec | Sold under a preset trading plan | 13,456 | $8.50 | $114,376 |
| 3 December 2025 | Robertson Stephen Director | Bought | 125,000 | $7.94 | $992,500 |
| 17 November 2025 | Lewis Heidi Diane EVP, General Counsel & Sec | Sold under a preset trading plan | 9,000 | $6.70 | $60,300 |
| 17 November 2025 | Robertson Stephen Director | Bought | 145,000 | $6.85 | $993,250 |
| 20 October 2025 | Lewis Heidi Diane EVP, General Counsel & Sec | Sold under a preset trading plan | 9,000 | $7.09 | $63,810 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
A big holder just moved. The deep dive shows what the business is worth.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.