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Forensic Analysis · Hospitality & Leisure · as of Nov 9, 2026

Target Hospitality Corp. (TH)

A forensic read on Target Hospitality Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
4.1
Distress distance
1
Forensic signals
-9.2%
ROE
-17.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Target Hospitality Corp. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.1, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-6.0%
FY2025
Return on invested capital. Return on invested capital is -6.0% in the latest fiscal year and slipping across FY2023–FY2025 from 35.7%. After-tax operating profit was $186M in FY2023 and ($27M) in FY2025, with operating income at 42.7% of revenue in FY2023, 28.2% in FY2024 and -10.8% in FY2025. The capital base behind it came down -12% across FY2023–FY2025, from $521M to $461M, so this return is struck on a smaller base than it started on.

Key fundamentals

Latest Revenue$320.6M
Revenue Growth YoY-17.0%
Revenue CAGR (2yr)-24.6%
Net Margin-11.6%
Free Cash Flow$73.3M
Return on Equity-9.2%
Debt / Equity0.01x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.