What is Target Hospitality's net debt?

Target Hospitality (TH) reported net debt of $5.56M in Q1 2026.

How has Target Hospitality's net debt changed year-over-year?

Target Hospitality's net debt increased by 127.0% year-over-year, from -$20.61M to $5.56M.

What is the long-term trend for Target Hospitality's net debt?

Over 5 years (2020 to 2025), Target Hospitality's net debt has grown at a -57.9% compound annual growth rate (CAGR), from $337.49M to $4.47M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Target Hospitality TH Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$72.8M+4.1%

Gross profit$6.9M-61.7%

Operating income-$14.3M-1,231%

Net income-$12.9M-100.0%

EPS (diluted)-$0.13-85.7%

Balance sheet

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Cash & equivalents$5.5M-84.2%

Total debt$11.0M-20.4%

Total equity$376.9M-9.2%

Total assets$539.5M-4.1%

Cash flow

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Operating cash flow$7.0M+78.7%

CapEx$176.0K-71.4%

Free cash flow$6.9M+106%

Valuation

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Market cap$1.99B+42.2%

Profitability

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Gross margin9.8%-32.3pp

Operating margin-14.8%-36.9pp

Net margin-13.5%-26.2pp

FCF margin23.8%-6.0pp

Returns & leverage

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Return on equity-11%-22.2pp

Debt / equity0×0.0×

Current ratio0.8×-1.1×

Where this comes from

Calculated from Target Hospitality’s reported figures.

$11.0Mtotal debt−$5.5Mcash and equivalents=$5.56M

The official record: Target Hospitality’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Target Hospitality's net debt?: Target Hospitality (TH) reported net debt of $5.56M in Q1 2026.
How has Target Hospitality's net debt changed year-over-year?: Target Hospitality's net debt increased by 127.0% year-over-year, from -$20.61M to $5.56M.
What is the long-term trend for Target Hospitality's net debt?: Over 5 years (2020 to 2025), Target Hospitality's net debt has grown at a -57.9% compound annual growth rate (CAGR), from $337.49M to $4.47M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.