Target Hospitality Corp. (TH) intrinsic value & 10-year financials
Target Hospitality Corp. (TH) has a Graham intrinsic value of $23.25 per share. At $15.46 on Oct 17, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 17.5% a year to $274.8M, with an average return on invested capital of 13.5%.
- Graham intrinsic value
- $23.25
- Share price (Oct 17, 2026)
- $15.46
- Price vs Graham value
- 34% below
- Market cap
- $1.5B
- Revenue (FY2025)
- $274.8M
- Revenue growth (10-yr CAGR)
- 17.5%
- ROIC (10-yr avg)
- 13.5%
- Free cash flow (FY2025)
- $73.3M
TH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $274.8M | -$37.1M | -$0.37 | $73.3M | -12.6% | -9.7% |
| FY2024 | $265.9M | $71.3M | $0.70 | $151.0M | 40.9% | 24.4% |
| FY2023 | $365.6M | $173.7M | $1.56 | $153.7M | 65.8% | 46.4% |
| FY2022 | $333.7M | $73.9M | $0.74 | $285.1M | 52.3% | 32.2% |
| FY2021 | $214.4M | -$4.6M | -$0.05 | $104.2M | 17.3% | 8.5% |
| FY2020 | $172.2M | -$27.5M | -$0.26 | $46.4M | 2.4% | 0.6% |
| FY2019 | $261.3M | $6.2M | $0.13 | $60.1M | 18.4% | 8.8% |
| FY2018 | $186.9M | $4.0M | — | -$1.6M | -0.9% | -3.2% |
| FY2017 | $75.4M | $981.0K | — | $39.9M | 28.5% | — |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Target Hospitality Corp. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Target Hospitality Corp. returns on capital have been average, hovering around 13.5% ROIC over the decade.
Target Hospitality Corp. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Target Hospitality Corp. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.25 per share.