TH on Nasdaq

Target Hospitality Corp.

Our company, Target Hospitality, is one of the largest vertically integrated specialty rental and hospitality services companies in North America.1

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Last updated Oct 19, 2026.

Overview

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  • TickerTH on Nasdaq1
  • IndustryHotels, Rooming Houses, Camps & Other Lodging Places1
  • HeadquartersThe Woodlands, Texas1
  • Incorporated inDE2
  • Business address9320 Lakeside Blvd., Suite 300, The Woodlands, Tx 773812
  • Filer categoryAccelerated filer2

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Our company, Target Hospitality, is one of the largest vertically integrated specialty rental and hospitality services companies in North America. We have an extensive network of geographically relocatable specialty rental accommodation units with 16,991 beds across 29 communities. A large portion of our specialty rental asset base is comprised of modular unit assets that are generally interchangeable across segments and geographies. We also operate 2 communities not owned or leased by the Company. A portion of our revenues is currently generated under contracts that include minimum revenue commitments, and nearly all of our revenues are earned through fully executed customer contracts. We expect to continue to enter into additional contracts that include minimum revenue commitments, and we expect these arrangements to comprise a larger share of our revenues going forward.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.5%Gross margin4
-12.6%Operating margin4
-13.5%Net margin4
3.4%Revenue growth, 20254
-9.5%Return on equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin21¢$58.5M
  • Other costs76¢$210.2M
  • Income tax2¢$6.1M

Out of $274.8M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$74.1M

Out of $74.1M of cash from operations.4

Financial statements

Revenue56784$274.8M in 2025+5% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $261.3M$261.3M20192020: $172.2M$172.2M2020−34%2021: $214.4M$214.4M2021+25%2022: $333.7M$333.7M2022+56%2023: $365.6M$365.6M2023+10%2024: $265.9M$265.9M2024−27%2025: $274.8M$274.8M2025+3%
Gross profit56784$42.7M in 2025−71% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $147.0M$147.0M20192020: $57.2M$57.2M2020−61%2021: $101.3M$101.3M2021+77%2022: $247.1M$247.1M2022+144%2023: $313.3M$313.3M2023+27%2024: $178.2M$178.2M2024−43%2025: $42.7M$42.7M2025−76%
Operating income56784-$34.7M in 2025
-$100.0M0$100.0M$200.0M$300.0M2019: $48.0M$48.0M20192020: $4.1M$4.1M2020−91%2021: $37.1M$37.1M2021+805%2022: $174.4M$174.4M2022+370%2023: $240.6M$240.6M2023+38%2024: $108.8M$108.8M2024−55%2025: -$34.7M-$34.7M2025
Net income56784-$37.1M in 2025
-$100.0M0$100.0M$200.0M2019: $12.0M$12.0M20192020: -$25.1M-$25.1M20202021: -$4.6M-$4.6M2021−82%2022: $73.9M$73.9M20222023: $173.7M$173.7M2023+135%2024: $71.3M$71.3M2024−59%2025: -$37.1M-$37.1M2025
Fiscal year2019202020212022202320242025
Revenue$261.3M5$172.2M6$214.4M7$333.7M8$365.6M4$265.9M4$274.8M4
Gross profit$147.0M5$57.2M6$101.3M7$247.1M8$313.3M4$178.2M4$42.7M4
Selling, general and admin$76.6M5$38.1M6$46.5M7$57.9M8$56.1M4$54.3M4$58.5M4
Operating income$48.0M5$4.1M6$37.1M7$174.4M8$240.6M4$108.8M4-$34.7M4
Income before tax-$2.7M7$106.3M8$224.8M4$92.8M4-$43.2M4
Income tax$7.6M5-$8.5M6$1.9M7$32.4M8$51.0M4$21.4M4-$6.1M4
Net income$12.0M5-$25.1M6-$4.6M7$73.9M8$173.7M4$71.3M4-$37.1M4
Earnings per share$0.135-$0.266-$0.057$0.768$1.714$0.714-$0.374
Earnings per share (diluted)$0.135-$0.266-$0.057$0.748$1.564$0.704-$0.374
Shares (weighted, basic)96.6M shares797.2M shares8101.4M shares4100.1M shares499.5M shares4
Shares (weighted, diluted)96.6M shares7100.1M shares8105.3M shares4101.4M shares499.5M shares4

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Leadership

Who has led Target Hospitality Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey Sagansky2018–2019
  2. James B. Archer2019–now

President

  1. Eli Baker2018–2019
  2. James B. Archer2019–now

Chief financial officer

  1. Eli Baker2018–2019
  2. Andrew A. Aberdale2019
  3. Eric Kalamaras2019–2023
  4. Jason Paul Vlacich2024–now
20202025
Board members and other officers (26)

Former names

  • Platinum Eagle Acquisition Corp.Jul 20, 2017 to Mar 15, 20192

Timeline

  1. Mar 19, 2019New chief executive James B. Archer becomes CEO13
  2. Jan 11, 2018New chief executive Jeffrey Sagansky becomes CEO14

Filings

399 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 88 major events, 211 insider forms, 14 large holders, 66 other. The latest 20:

  1. Oct 5, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 5, 2026SCHEDULE 13D/A EDGAR
  3. Oct 1, 2026144 EDGAR
  4. Oct 1, 2026144 EDGAR
  5. Sep 29, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 29, 20264/A OWNERSHIP DOCUMENT EDGAR
  7. Sep 29, 20264/A OWNERSHIP DOCUMENT EDGAR
  8. Sep 28, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Sep 28, 2026SCHEDULE 13D/A EDGAR
  10. Sep 18, 20264 EDGAR
  11. Sep 16, 20264 EDGAR
  12. Sep 14, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Sep 14, 2026SCHEDULE 13D/A EDGAR
  14. Sep 9, 20268-K EDGAR
  15. Sep 9, 2026424B7 EDGAR
  16. Sep 8, 2026424B7 EDGAR
  17. Sep 1, 20268-K EDGAR
  18. Aug 26, 20268-K EDGAR
  19. Aug 10, 202610-Q EDGAR
  20. Aug 10, 20268-K EDGAR

The 399 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

46 open-market trades by officers, directors and large owners since October 2021: 8 buys and 38 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 18, 2026Schrenk Troy C.Chief Commercial OfficerBuy5,907$21.16$125.0KForm 4
Sep 15, 2026Archer James BradleyDirector and CEO and PresidentBuy13,385$18.69$250.2KForm 4
Jan 20, 2026Lewis Heidi DianeEVP, General Counsel & SecSale9,000$7.34$66.1KForm 4
Dec 15, 2025Lewis Heidi DianeEVP, General Counsel & SecSale13,456$8.50$114.4KForm 4
Dec 3, 2025Robertson StephenDirectorBuy125,000$7.94$992.5KForm 4
Nov 17, 2025Lewis Heidi DianeEVP, General Counsel & SecSale9,000$6.70$60.3KForm 4
Nov 17, 2025Robertson StephenDirectorBuy145,000$6.85$993.2KForm 4
Oct 20, 2025Lewis Heidi DianeEVP, General Counsel & SecSale9,000$7.09$63.8KForm 4
Sep 22, 2025Lewis Heidi DianeEVP, General Counsel & SecSale12,256$8.71$106.8KForm 4
Sep 18, 2025Schrenk Troy C.Chief Commercial OfficerSale49,344$8.58$423.4KForm 4
Oct 10, 2023Kalamaras EricChief Financial OfficerSale2,456$16.53$40.6KForm 4
Oct 3, 2023Schrenk Troy C.Chief Commercial OfficerSale4,901$16.50$80.9KForm 4
Oct 3, 2023Kalamaras EricChief Financial OfficerSale442$16.50$7.3KForm 4
Sep 12, 2023Vlacich Jason PaulCFOSale895$16.05$14.4KForm 4
Sep 1, 2023Vlacich Jason PaulCFOSale4,851$16.06$77.9KForm 4
Aug 31, 2023Vlacich Jason PaulCFOSale7,371$16.01$118.0KForm 4
Aug 30, 2023Vlacich Jason PaulCFOSale7,749$16.00$124.0KForm 4
Aug 29, 2023Schrenk Troy C.Chief Commercial OfficerSale200$15.51$3.1KForm 4
Aug 28, 2023Schrenk Troy C.Chief Commercial OfficerSale28,674$15.60$447.3KForm 4
Aug 25, 2023Schrenk Troy C.Chief Commercial OfficerSale7,169$15.51$111.2KForm 4

All 46 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Private Capital Management, LLC3,261,078$66.4M6.0%−1,399,541
BlackRock, Inc.3,158,745$64.3M0.0%+674,996
Ophir Asset Management Pty Ltd2,690,673$54.8M4.5%New
Rubric Capital Management LP2,586,389$52.7M0.5%+396,933
Westfield Capital Management Co LP2,103,813$42.8M0.1%New
HighTower Advisors, LLC1,842,267$37.5M0.0%+238,280
Arrowstreet Capital, Limited Partnership1,841,889$37.5M0.0%+760,808
Driehaus Capital Management LLC1,679,925$34.2M0.2%New
Vanguard Capital Management LLC1,525,878$31.1M0.0%+120,337
Senator Investment Group LP1,399,345$28.5M1.0%New
American Century Companies Inc1,361,041$27.7M0.0%+191,978
Dimensional Fund Advisors LP1,335,450$27.2M0.0%−93,323
Point72 Asset Management, L.P.1,190,691$24.2M0.0%New
Geode Capital Management, LLC1,026,191$20.9M0.0%+181,539
Jennison Associates LLC938,269$19.1M0.0%New
71 West Capital Partners907,322$18.5M0.6%No change
Renaissance Technologies LLC885,044$18.0M0.0%−66,258
State Street Corp867,734$17.7M0.0%+100,048
Millennium Management LLC795,645$16.2M0.0%+567,317
Two Sigma Investments, LP726,830$14.8M0.0%+633,388
Qube Research & Technologies Ltd699,710$14.2M0.0%New
UBS Group AG680,223$13.8M0.0%+619,001
Hood River Capital Management LLC673,847$13.7M0.1%New
KR Capital LP556,093$11.3M1.1%+418,402
Vanguard Portfolio Management LLC551,826$11.2M0.0%+230,765

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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