Companies: 10,795·Total market cap: $144.5T
Target Hospitality Corp.

Target Hospitality Corp.

THNASDAQIndustrials● Active
$16.41
+$0.30(+1.83%)
Market Cap$1.6B
P/E Ratio—
52W High$18.93
52W Low$5.97
Free Cash FlowFinancialsRevenue

Target Hospitality Corp. (TH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TH · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $7.1M for FY2025 (fiscal year ending 2025-12-31), down 94.2% year-over-year The FCF margin was 2.2%. Five-year CAGR stands at -27.3%.

FY2025 Free Cash Flow$7.1M▼ -94.2% YoY
Trailing 12M (TTM)$59.5Mtrailing 4 quarters sum
FCF Margin2.2%$7.1M ÷ revenue
3-Year CAGR-65.0%FY2022 → FY2025
5-Year CAGR-27.3%FY2020 → FY2025
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
th free cash flow history · th free cash flow chart · th free cash flow growth rate · th free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$7.1M▼ 94.2%2.2%
FY2024$121.4M▲ +37.4%31.4%
FY2023$88.4M▼ 46.4%15.7%
FY2022$164.8M▲ +138.4%32.8%
FY2021$69.1M▲ +99.7%23.7%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
th free cash flow 2025 · th free cash flow 2024 · th free cash flow 2023 · th operating cash flow

FCF valuation metrics

Target Hospitality Corp. (TH) trades at a FCF yield of 3.62% and a price-to-free-cash-flow ratio of 27.3x. FCF per share stands at $0.60, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
3.62%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$0.60
TTM FCF ÷ Shares Outstanding
Price / FCF
x27.3
Share Price ÷ FCF per Share
EV / FCF (TTM)
x28.2
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
th price to free cash flow · th free cash flow yield · th free cash flow per share · th price to cash flow ratio

Cash flow statement summary

For FY2025, Target Hospitality Corp. generated $74.1M in operating cash flow and spent 67M in capital expenditures, yielding $7.1M in free cash flow.

Operating Activities
+$74.1M
Cash from core business operations
2025-12-31
Investing Activities
−$67.8M
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$188.6M
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($74.1M) − |CapEx| (67M) = FCF ($7.1M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
th cash flow statement · th cash flow statement 2025 · th operating cash flow · th cash flow from operations

Free cash flow vs peers (Industrials)

#CompanyFree Cash FlowYoY
#1
Target Hospitality Corp.
Target Hospitality Corp.YOU
TH
$7.1M-94.2%
#2
Caterpillar Inc.
Caterpillar Inc.
CAT
$10.27B+16.5%#3
RTX Corporation
RTX Corporation
RTX
$7.94B+75.1%#4
GE Aerospace
GE Aerospace
GE
$7.26B+97.5%#5
The Boeing Company
The Boeing Company
BA
−$1.88B+87.0%#6
Space Exploration Technologies Corp.
Space Exploration Technologies Corp.
SPCX
−$13.95B-159.0%
Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Target Hospitality Corp. (TH) reported free cash flow of $7.1M for FY2025 (fiscal year ending 2025-12-31), down 94.2% year-over-year. The FCF margin was 2.2%.

Based on available data, Target Hospitality Corp. has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $164.8M in FY2022. The 5-year CAGR stands at -27.3%.

Target Hospitality Corp.'s FCF yield is 3.62% and price-to-FCF ratio is 27.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

TH free cash flow · 8 questions

Target Hospitality Corp. free cash flow was $7.1M for FY2025, down 94.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $59.5M.

TH free cash flowTH FCFTH FCF 2025TH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Target Hospitality Corp. · Target Hospitality Corp. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026