Target Hospitality Corp. Financial Ratios — TH Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	31.95	-81.34	-28.53	145.77	99.59	24.01	-11.83
Return on Assets (%)	- -	1.75	2.05	-4.43	-0.87	11.51	23.7	10.04	-5.91
Return on Capital (%)	- -	15.72	9.96	- -	- -	24.65	42.5	17.57	- -
Return on Invested Capital (%)	- -	6.14	5.84	- -	- -	24.64	32.82	13.86	- -
Gross Margin (%)	39.52	37.5	45.78	25.39	34.79	49.23	55.59	46.13	13.3
EBITDA Margin (%)	39.61	36.9	33.3	30.96	36.94	48.21	57.59	47.01	12.05
Operating Margin (%)	17.15	20.64	14.95	1.82	12.73	34.74	42.69	28.16	-10.84
Incremental Operating Margin (%)	- -	25.03	-2.04	45.77	49.85	65.16	107.49	74.34	- -
Pretax Margin (%)	19.79	6.95	6.1	-14.92	-0.92	21.18	39.88	24.03	-13.47
Profit Margin (%)	0.73	2.06	3.73	-11.16	-1.57	14.73	30.82	18.45	-11.58
Net Income to Common Margin (%)	0.73	2.06	3.73	-11.16	-1.57	14.73	30.82	18.45	-11.58
Effective Tax Rate (%)	96.31	70.34	38.85	- -	- -	30.45	22.71	23.08	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	31.95	-81.34	-28.53	145.77	99.59	24.01	-11.83

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	131	405	378	332	355	201	210	11
ST Debt	- -	2	1	4	1	14	13	191	8
LT Debt	- -	129	404	375	331	341	188	19	3
Total Debt/EBITDA	- -	1.48	3.79	5.43	3.08	1.47	0.62	1.15	0.28
Net Debt/EBITDA	- -	1.31	3.71	5.27	2.85	0.61	0.23	-0.06	-0.22
Total Debt/EBIT	- -	2.64	8.44	92.26	8.94	2.03	0.83	1.93	-0.31
Net Debt/EBIT	- -	2.34	8.26	89.62	8.27	0.84	0.31	-0.1	0.24
EBITDA to Interest Expense	18.68	3.37	3.54	1.93	3.13	7.28	13.58	8.17	5.03
EBITDA-CapEx/Interest Expense	12.99	0.34	0.72	1.58	2.09	3.04	10.72	6.81	-3.79
EBIT to Interest Expense	8.09	1.88	1.59	0.11	1.08	5.24	10.07	4.9	-4.52
Interest Expense	3	26	30	36	34	33	24	22	8
Common Equity/Total Assets	-3.28	5.57	7.23	3.43	2.68	11.36	37.61	45.8	55.69
Long-Term Debt/Equity (%)	- -	36.85	335.42	378.98	340.19	169.8	49.71	4.49	0.72
Long-Term Debt/Capital (%)	- -	79.12	90.09	94.48	95.81	77.09	40.6	3.49	0.92
Long-Term Debt/Total Assets (%)	- -	22.76	67.29	70.15	64.46	44.19	27.01	2.61	0.53
Total Debt/Equity (%)	- -	37.55	336.24	382.59	340.94	176.6	53.23	49.79	2.75
Total Debt/Capital (%)	- -	80.63	90.31	95.38	96.02	80.18	43.47	38.68	3.5
Total Debt/Total Assets (%)	- -	23.19	67.45	70.82	64.6	45.96	28.92	28.89	2.02
Net Debt to Equity	- -	33.35	328.96	371.65	315.41	73.28	19.66	-2.46	-2.15
Net Debt/Capital (%)	- -	77.42	89.72	94.31	95.29	56.45	20.71	-2.94	-2.81
EBITDA	53	89	107	70	108	242	325	182	39
EBITDA-CapEx	37	9	22	57	72	101	256	151	-29
Operating Income (Loss)	23	50	48	4	37	174	241	109	-35

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.19	0.11	0.15	0.32	0.95	1.48	0.82	0.1
Current Ratio	- -	1.15	1	0.96	0.83	1.24	2.57	1.07	0.87
Quick Ratio	- -	1.09	0.92	0.8	0.72	1.17	2.43	1.03	0.77
CFO/Avg Current Liab	- -	0.8	0.96	0.88	1.77	2.32	1.2	1	0.47
Common Equity/Total Assets	-3.28	5.57	7.23	3.43	2.68	11.36	37.61	45.8	55.69
Long-Term Debt/Equity (%)	- -	36.85	335.42	378.98	340.19	169.8	49.71	4.49	0.72
Long-Term Debt/Capital (%)	- -	79.12	90.09	94.48	95.81	77.09	40.6	3.49	0.92
Long-Term Debt/Total Assets (%)	- -	22.76	67.29	70.15	64.46	44.19	27.01	2.61	0.53
Total Debt/Equity (%)	- -	37.55	336.24	382.59	340.94	176.6	53.23	49.79	2.75
Total Debt/Capital (%)	- -	80.63	90.31	95.38	96.02	80.18	43.47	38.68	3.5
Total Debt/Total Assets (%)	- -	23.19	67.45	70.82	64.6	45.96	28.92	28.89	2.02
CFO/Total Liabilities	18,050.06	12.13	12.6	10.75	25.14	53.53	49.46	49.78	52.49
CFO/CapEx	2.51	0.33	0.71	3.73	2.91	2.17	2.29	5.02	1.09
Altman's Z-Score	867.22	2.28	1.81	0.88	1.59	3.46	5.03	3.85	4.74

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	8.43	6.08	5.87	10.23	14.15	10.32	6.64	6.08
Days Sales Outstanding	- -	43.32	60.01	62.14	35.68	25.79	35.37	55.01	60.07
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	13.92	11.85	18.22	16.93	17.36	13.01	11.21	9.18
Accounts Payable Turnover Days	- -	26.21	30.81	20.03	21.56	21.03	28.07	32.55	39.77
Cash Conversion Cycle	- -	17.1	29.2	42.11	14.12	4.76	7.31	22.46	20.3
Inventory to Cash Days	- -	43.32	60.01	62.14	35.68	25.79	35.37	55.01	60.07
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	410	473	152	344	1,472	986	967	797
- Cash & Cash Equivalents	- -	12	7	7	23	182	104	191	8
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	131	405	378	332	355	201	210	11
Enterprise Value	- -	528	871	523	652	1,645	1,083	986	799
Total Capital	- -	163	449	397	345	442	462	542	306
Total Debt/Capital (%)	- -	80.63	90.31	95.38	96.02	80.18	43.47	38.68	3.5
Total Debt / EV	- -	0.25	0.47	0.72	0.51	0.22	0.19	0.21	0.01
EV/Sales	- -	2.2	2.71	2.32	2.24	3.28	1.92	2.55	2.49
EV/EBITDA	- -	5.95	8.15	7.5	6.06	6.8	3.34	5.43	20.69
EV/EBIT	- -	10.64	18.14	127.55	17.58	9.43	4.5	9.07	- -
EV/Cash Flow to Firm	- -	15.53	11.03	7.09	3.99	5	6.18	5.84	9.91
EV/Free Cash Flow to Firm	- -	4.65	5.31	6.06	3.27	3.5	4.44	4.96	5.38
Diluted Market Cap	- -	410	473	152	344	1,515	1,025	980	797
Diluted Enterprise Value	- -	528	871	523	652	1,688	1,122	999	799
EV per Share	- -	13.01	9.22	5.45	6.75	16.92	10.69	9.85	8.03
TTM Sales	134	241	321	225	291	502	564	386	321
TTM EBITDA	53	89	107	70	108	242	325	182	39
TTM Operating Income	23	50	48	4	37	174	241	109	-35
TTM Cash Flow to Firm	41	34	79	74	163	329	175	169	81
TTM Free Cash Flow to Firm	57	114	164	86	199	470	244	199	148

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	3.87	3.24	2.56	2.45	3.39	4.55	5.39	5.62
EV/EBIT	- -	10.64	18.14	127.55	17.58	9.43	4.5	9.07	- -
Enterprise Value	- -	528	871	523	652	1,645	1,083	986	799
Low Price	- -	9.6	3.8	0.82	1.5	2.72	8.85	6.11	4
EV/Sales	- -	2.2	2.71	2.32	2.24	3.28	1.92	2.55	2.49
EV/EBITDA	- -	5.95	8.15	7.5	6.06	6.8	3.34	5.43	20.69
Price/Earnings	- -	82.63	39.47	- -	- -	19.91	5.68	13.57	- -
Price/Earnings Average	- -	80.73	64.95	-8.55	-67.28	11.94	8.21	13.18	-20.65
Price/Earnings High	- -	96.89	95.59	-22.05	-115.91	22	10.78	16.64	-29.76
Price/Earnings Low	- -	78.69	30	-3.13	-31.67	3.58	5.16	8.59	-10.72
Price/Book Value	- -	13.01	10.87	8.28	25.01	16.78	3.78	2.91	2.7
Price/Book Value Average	- -	12.71	17.89	11.72	22.39	10.07	5.46	2.83	2.6
Price/Book Value High	- -	15.25	26.33	30.23	38.56	18.55	7.17	3.57	3.74
Price/Book Value Low	- -	12.39	8.26	4.3	10.54	3.02	3.43	1.84	1.35
Price/Tangible Book Value	- -	2.18	-12.31	-3.35	-10.66	17.39	3.66	2.96	2.58
Price/Tangible Book Value Average	- -	2.13	-20.26	-4.75	-9.55	10.43	5.29	2.87	2.48
Price/Tangible Book Value High	- -	2.56	-29.82	-12.24	-16.45	19.22	6.95	3.62	3.58
Price/Tangible Book Value Low	- -	2.08	-9.36	-1.74	-4.49	3.12	3.33	1.87	1.29
Price/Sales	- -	1.7	1.47	0.67	1.18	2.93	1.75	2.5	2.49
Price/Sales Average	- -	1.66	2.42	0.95	1.06	1.76	2.53	2.43	2.39
Price/Sales High	- -	2	3.56	2.46	1.82	3.24	3.32	3.07	3.45
Price/Sales Low	- -	1.62	1.12	0.35	0.5	0.53	1.59	1.58	1.24
Price/Cash Flow	- -	15.63	7.81	3.24	3.29	4.82	6.29	6.38	10.76
Price/Cash Flow Average	- -	15.27	12.85	4.59	2.94	2.89	9.09	6.19	10.35
Price/Cash Flow High	- -	18.33	18.92	11.84	5.07	5.32	11.94	7.82	14.91
Price/Cash Flow Low	- -	14.88	5.94	1.68	1.39	0.87	5.72	4.03	5.37
Price/Free Cash Flow Average	- -	3.78	5.34	3.62	2.19	2.03	6.58	5.23	5.4
Price/Free Cash Flow High	- -	4.53	7.86	9.34	3.77	3.75	8.64	6.6	7.79
Price/Free Cash Flow Low	- -	3.68	2.47	1.33	1.03	0.61	4.14	3.41	2.81
EV/Sales Average	- -	2.16	3.66	2.6	2.11	2.1	2.7	2.48	2.4
EV/Sales High	- -	2.49	4.81	4.11	2.88	3.58	3.5	3.12	3.45
EV/Sales Low	- -	2.11	2.36	2	1.56	0.87	1.76	1.63	1.25
EV/EBITDA Average	- -	5.85	11	8.41	5.73	4.36	4.69	5.28	19.89
EV/EBITDA High	- -	6.75	14.43	13.27	7.79	7.43	6.07	6.63	28.65
EV/EBITDA Low	- -	5.73	7.09	6.46	4.21	1.81	3.06	3.47	10.36
EV/EBIT Average	- -	10.45	24.5	142.93	16.61	6.05	6.33	8.81	-22.12
EV/EBIT High	- -	12.07	32.14	225.65	22.61	10.32	8.19	11.07	-31.85
EV/EBIT Low	- -	10.25	15.78	109.75	12.21	2.51	4.13	5.8	-11.52
Last Price	- -	10.08	5	1.58	3.56	15.14	9.73	9.66	8.01
High Price	- -	11.82	12.11	5.77	5.49	16.73	18.48	11.84	11.1
Enterprise Value Average	- -	519	1,176	586	616	1,056	1,523	958	769
Enterprise Value High	- -	599	1,543	925	839	1,799	1,970	1,205	1,107
Enterprise Value Low	- -	509	758	450	453	437	994	631	400

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	41	41	101	101	102	100	102	99	100
Diluted Weighted Avg Shares	41	41	95	96	97	100	105	101	100
Basic Weighted Avg Shares	41	41	95	96	97	97	101	100	100
Revenue per Share	3.3	5.92	3.4	2.34	3.02	5.16	5.56	3.86	3.22
EBITDA per Share	1.31	2.19	1.13	0.73	1.11	2.49	3.2	1.81	0.39
Operating Income per Share	0.57	1.22	0.51	0.04	0.38	1.79	2.37	1.09	-0.35
Basic EPS, GAAP	0.02	0.12	0.13	-0.26	-0.05	0.76	1.71	0.71	-0.37
Basic EPS from Cont Ops	0.02	0.12	0.13	-0.26	-0.05	0.76	1.71	0.71	-0.37
Diluted EPS, GAAP	0.02	0.12	0.13	-0.26	-0.05	0.74	1.65	0.7	-0.37
Diluted EPS from Cont Ops	0.02	0.12	0.13	-0.26	-0.05	0.74	1.65	0.7	-0.37
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1	0.64	0.64	0.49	1.08	3.14	1.55	1.51	0.74
Free Cash Flow per Basic Share	0.6	-1.32	-0.26	0.36	0.71	1.69	0.87	1.21	0.06
Cash & Equivalents per Share	- -	0.3	0.07	0.07	0.24	1.87	1.03	1.9	0.08
Book Value per Share	- -	0.78	0.46	0.19	0.14	0.9	2.58	3.32	2.97
Tangible Book Value per Share	- -	4.61	-0.41	-0.47	-0.33	0.87	2.66	3.27	3.1

Target Hospitality Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)