Target Hospitality (TH)
Market Price (9/6/2026): $19.54 | Market Cap: $2.0 BilSector: Industrials | Industry: Diversified Support Services
Target Hospitality (TH)
Market Price (9/6/2026): $19.54Market Cap: $2.0 BilSector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49% Megatrend and thematic driversMegatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, US LNG, Show more. | Trading close to highsDist 52W High is -4.9%, Dist 3Y High is -4.9% Weak multi-year price returns3Y Excs Rtn is -49% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -39 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% Stock price has recently run up significantly6M Rtn6 month market price return is 149%, 12M Rtn12 month market price return is 122% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% Key risksTH key risks include [1] a high vulnerability to the loss of key contracts and [2] significant revenue concentration in the cyclical energy sector. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, US LNG, Show more. |
| Trading close to highsDist 52W High is -4.9%, Dist 3Y High is -4.9% |
| Weak multi-year price returns3Y Excs Rtn is -49% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -39 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 149%, 12M Rtn12 month market price return is 122% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% |
| Key risksTH key risks include [1] a high vulnerability to the loss of key contracts and [2] significant revenue concentration in the cyclical energy sector. |
Qualitative Assessment
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Target Hospitality (TH) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2026 Performance and Raised Full-Year Guidance. Target Hospitality reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, with revenue increasing by 39% to $85.5 million compared to the same period in the prior year, surpassing consensus estimates of $79.30 million. Adjusted EBITDA saw a significant increase of over 5x year-over-year, reaching $18.2 million. The company also beat EPS estimates, reporting a loss of $0.09 per share against an expected loss of $0.11. Following these results, Target Hospitality initially raised its full-year 2026 revenue guidance to between $410 million and $420 million and adjusted EBITDA to between $85 million and $95 million.
2. Securing a Major Multi-Year Data Center Hospitality Contract. On August 26, 2026, Target Hospitality announced a new multi-year lease and services agreement to provide modular accommodations and hospitality services for a major hyperscaler's data center project in West Texas. This contract is expected to generate approximately $250 million in revenue through August 2030. The community is projected to support around 1,100 individuals and is anticipated to be completed in fiscal Q3 2026 with a capital investment of less than $15 million. This substantial contract further boosted the company's outlook, leading to a second upward revision of its full-year 2026 revenue guidance to a range of $435 million to $445 million and adjusted EBITDA to between $105 million and $115 million.
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Target Hospitality (TH) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2026 Performance and Raised Full-Year Guidance. Target Hospitality reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, with revenue increasing by 39% to $85.5 million compared to the same period in the prior year, surpassing consensus estimates of $79.30 million. Adjusted EBITDA saw a significant increase of over 5x year-over-year, reaching $18.2 million. The company also beat EPS estimates, reporting a loss of $0.09 per share against an expected loss of $0.11. Following these results, Target Hospitality initially raised its full-year 2026 revenue guidance to between $410 million and $420 million and adjusted EBITDA to between $85 million and $95 million.
2. Securing a Major Multi-Year Data Center Hospitality Contract. On August 26, 2026, Target Hospitality announced a new multi-year lease and services agreement to provide modular accommodations and hospitality services for a major hyperscaler's data center project in West Texas. This contract is expected to generate approximately $250 million in revenue through August 2030. The community is projected to support around 1,100 individuals and is anticipated to be completed in fiscal Q3 2026 with a capital investment of less than $15 million. This substantial contract further boosted the company's outlook, leading to a second upward revision of its full-year 2026 revenue guidance to a range of $435 million to $445 million and adjusted EBITDA to between $105 million and $115 million.
3. Enhanced Liquidity and Financial Flexibility with New Credit Facility. Target Hospitality strengthened its financial position by closing a new $660 million asset-based revolving credit facility on July 24, 2026. This new facility replaces a prior $175 million facility, nearly quadrupling the company's committed borrowing capacity and extending its debt maturity profile to July 2031. The new credit facility also significantly reduces borrowing costs by up to 250 basis points, enhancing the company's financial flexibility and supporting future strategic growth initiatives.
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Stock Movement Drivers
Fundamental Drivers
The 12.4% change in TH stock from 5/31/2026 to 9/5/2026 was primarily driven by a 7.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.36 | 19.52 | 12.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 324 | 347 | 7.4% |
| P/S Multiple | 5.4 | 5.6 | 5.0% |
| Shares Outstanding (Mil) | 100 | 100 | -0.3% |
| Cumulative Contribution | 12.4% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| TH | 12.4% | |
| Market (SPY) | 1.8% | 26.0% |
| Sector (XLI) | 1.2% | 10.5% |
Fundamental Drivers
The 150.6% change in TH stock from 2/28/2026 to 9/5/2026 was primarily driven by a 127.9% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.79 | 19.52 | 150.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 315 | 347 | 10.4% |
| P/S Multiple | 2.5 | 5.6 | 127.9% |
| Shares Outstanding (Mil) | 100 | 100 | -0.4% |
| Cumulative Contribution | 150.6% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| TH | 150.6% | |
| Market (SPY) | 12.6% | 16.6% |
| Sector (XLI) | -0.8% | 17.7% |
Fundamental Drivers
The 115.2% change in TH stock from 8/31/2025 to 9/5/2026 was primarily driven by a 93.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.07 | 19.52 | 115.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 310 | 347 | 11.9% |
| P/S Multiple | 2.9 | 5.6 | 93.9% |
| Shares Outstanding (Mil) | 99 | 100 | -0.8% |
| Cumulative Contribution | 115.2% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| TH | 115.2% | |
| Market (SPY) | 20.4% | 19.3% |
| Sector (XLI) | 16.5% | 17.9% |
Fundamental Drivers
The 22.8% change in TH stock from 8/31/2023 to 9/5/2026 was primarily driven by a 110.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.90 | 19.52 | 22.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 603 | 347 | -42.4% |
| P/S Multiple | 2.7 | 5.6 | 110.6% |
| Shares Outstanding (Mil) | 101 | 100 | 1.2% |
| Cumulative Contribution | 22.8% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| TH | 22.8% | |
| Market (SPY) | 77.1% | 15.7% |
| Sector (XLI) | 68.7% | 18.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TH Return | 125% | 325% | -36% | -1% | -17% | 131% | 1073% |
| Peers Return | 33% | -14% | 13% | -9% | 0% | -1% | 16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TH Win Rate | 50% | 50% | 25% | 67% | 58% | 78% | |
| Peers Win Rate | 65% | 40% | 58% | 42% | 40% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| TH Max Drawdown | -37% | -34% | -50% | -38% | -53% | -30% | |
| Peers Max Drawdown | -12% | -31% | -28% | -31% | -35% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UHAL, HTZ, VAI, CTAS, TRI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | TH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.4% | -18.8% |
| % Gain to Breakeven | 93.9% | 23.1% |
| Time to Breakeven | 401 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.8% | -9.5% |
| % Gain to Breakeven | 29.6% | 10.5% |
| Time to Breakeven | 841 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.3% | -6.7% |
| % Gain to Breakeven | 20.9% | 7.1% |
| Time to Breakeven | 36 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.6% | -24.5% |
| % Gain to Breakeven | 30.9% | 32.4% |
| Time to Breakeven | 39 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.1% | -33.7% |
| % Gain to Breakeven | 302.4% | 50.9% |
| Time to Breakeven | 718 days | 140 days |
In The Past
Target Hospitality's stock fell -48.4% during the 2025 US Tariff Shock. Such a loss loss requires a 93.9% gain to breakeven.
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Asset Allocation
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| Event | TH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.4% | -18.8% |
| % Gain to Breakeven | 93.9% | 23.1% |
| Time to Breakeven | 401 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.8% | -9.5% |
| % Gain to Breakeven | 29.6% | 10.5% |
| Time to Breakeven | 841 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.6% | -24.5% |
| % Gain to Breakeven | 30.9% | 32.4% |
| Time to Breakeven | 39 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.1% | -33.7% |
| % Gain to Breakeven | 302.4% | 50.9% |
| Time to Breakeven | 718 days | 140 days |
In The Past
Target Hospitality's stock fell -48.4% during the 2025 US Tariff Shock. Such a loss loss requires a 93.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Target Hospitality (TH)
Target Hospitality Corp. (TH) operates as a specialty rental and hospitality services company primarily across North America. The company's core business revolves around owning and operating large-scale, remote accommodation facilities, which include a network of 27 communities offering approximately 15,528 beds. These facilities serve as essential lodging solutions for workforces operating in remote or specialized environments.
Beyond simply providing accommodation units, Target Hospitality offers a comprehensive suite of "turnkey" hospitality and support services. This extensive offering includes catering and food services, maintenance, housekeeping, grounds-keeping, security, health and recreation facilities, and general workforce community management. The company also provides concierge and laundry services, aiming to create fully managed, self-sufficient communities that cater to all the needs of their residents.
Target Hospitality serves a focused client base that requires extensive remote workforce housing and support. Its primary customers include the U.S. government and government contractors, demonstrating its role in supporting critical public sector operations. Additionally, the company provides services to investment-grade natural resource development companies and energy infrastructure companies, catering to the significant housing and logistical needs within these industrial sectors.
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Here are 1-3 brief analogies for Target Hospitality (TH):
- They're like Marriott for workforce housing.
- Think of them as Extended Stay America for remote industrial communities.
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- Specialty Accommodation Rental: Target Hospitality provides temporary housing units, primarily for workforces in remote or specialized locations.
- Hospitality Support Services: The company offers a comprehensive suite of services including catering, maintenance, housekeeping, grounds-keeping, security, health and recreation, workforce community management, concierge, and laundry services to support its accommodation offerings.
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Target Hospitality (TH) primarily serves other organizations rather than individuals. Its major customers can be categorized as:
- U.S. government
- Government contractors
- Investment grade natural resource development companies
- Energy infrastructure companies
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Brad Archer, President & Chief Executive Officer
Brad Archer joined Target Hospitality in 2009 as Chief Operating Officer and was appointed President and CEO in 2014. He has 25 years of experience in the modular, lodging, and hospitality industries. Prior to joining Target Hospitality, Mr. Archer began his career with GE Capital Modular Space from 1992-1994 and then with Resun from 1994-2004, where he rose to Senior Vice President and was instrumental in expanding the company from two offices to 48. He also served as COO for two other modular leasing and manufacturing companies before joining Target Hospitality.
Jason Vlacich, Chief Financial Officer & Chief Accounting Officer
Jason Vlacich joined Target Hospitality in October 2018 and is responsible for the company's finance, accounting, IT business applications, tax, and investor relations functions. He brings over twenty years of experience in public accounting, hospitality accounting, and finance. Before his tenure at Target Hospitality, Mr. Vlacich served as Chief Accounting Officer at Highgate Hotels, L.P. from 2012, where he managed the corporate accounting department and global accounting services platform, and spearheaded the company's domestic and European accounting expansion and centralization.
Troy Schrenk, Executive Vice President Operations and Chief Commercial Officer
Troy Schrenk is responsible for Target Hospitality's business and commercial operations, construction, business development, commercial strategy, and government relations. He possesses more than 22 years of executive leadership experience, with extensive knowledge of the construction, housing, and hospitality industries.
Heidi Lewis, Executive Vice President, General Counsel and Secretary
Heidi Lewis oversees the legal and governance framework for Target Hospitality.
Brendan Dowhaniuk, Executive Vice President, Strategy & Corporate Development
Brendan Dowhaniuk joined Target Hospitality in December 2024. He has a diverse background in M&A and corporate finance across the consumer, industrials, and energy sectors. Previously, Mr. Dowhaniuk held senior M&A roles at Alimentation Couche-Tard (Circle K), Hoonigan, and Eastman Chemical Company, where he was involved in acquisition activity, portfolio strategy, and executing complex carve-out transactions. Earlier in his career, he worked in the oil & gas industry.
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Key Business Risks for Target Hospitality (TH)
Target Hospitality Corp. faces several key risks inherent in its business model of providing specialty rental and hospitality services, primarily to government entities, natural resource development, and energy infrastructure companies.
-
Reliance on Government Contracts and Associated Political and Policy Changes
Target Hospitality has a significant dependency on contracts with the U.S. government and government contractors, a sector that can be subject to unpredictable changes in policy, funding levels, and contract renewals. For example, the company experienced a notable impact on its revenue from the termination of the Pecos Children's Center Contract, effective February 21, 2025. Sector-specific risks for Target Hospitality include dependencies on government contracts. The potential for a slowdown in the influx of migrants could also dampen revenue from the government segment. -
High Customer Concentration
A substantial portion of Target Hospitality's revenue is concentrated among a very small number of customers. As of the end of 2022, the two largest customers contributed 61% and 11% of the company's total revenue, respectively. The loss of one or both of these major customers could significantly impact Target Hospitality's financial performance and the market value of its stock. -
Exposure to Economic Cycles and Industry-Specific Downturns
As a company operating in the Industrials sector, Target Hospitality is exposed to risks related to broader economic cycles. While the background mentions serving natural resource development and energy infrastructure companies, the company also faces macroeconomic pressures that can influence customer demand and its pricing power. Downturns in the sectors it serves, driven by factors such as commodity price volatility or reduced capital expenditures, could lead to decreased demand for its accommodations and services.
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Target Hospitality Corp. operates in several addressable markets related to workforce accommodation and hospitality services in North America. The key addressable markets for Target Hospitality's main products and services are:
- Workforce Housing and Accommodation Services: The global Workforce Housing and Accommodation Services market was valued at approximately $6.89 billion in 2025 and is projected to reach around $7.97 billion by 2032. North America is a leading region in this market.
- Corporate Housing/Serviced Apartments: The U.S. serviced apartment segment, which closely aligns with corporate housing, was valued at $13.8 billion in 2024. This market is projected to expand significantly to $44.0 billion by 2033, growing at a compound annual growth rate (CAGR) of 14.5%.
- Remote Workplace Services: The global Remote Workplace Services Market, which encompasses various technological solutions and support systems for remote work, is expected to reach a valuation of USD 100.03 billion by 2032, up from USD 19.79 billion in 2022. North America has been a leading adopter of remote workplace solutions. In 2024, North America held a dominant market position in the Global Digital Nomad Services Market, capturing over a 32.1% share, with a revenue of USD 10.95 billion.
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-
Expansion of Workforce Hospitality Solutions (WHS) in High-Growth Sectors
Target Hospitality anticipates significant growth in its Workforce Hospitality Solutions (WHS) segment, driven by increasing demand from sectors such as AI infrastructure, data center development, power generation, and critical minerals development. This segment is projected to become the largest operating segment by the end of 2026, contributing over 40% of consolidated revenue. The company has secured new multi-year contract awards, including a West Texas power community agreement for 1,400 beds with $129 million of committed minimum revenue, and has reactivated over 2,850 existing beds to support this expansion. -
New and Reactivated U.S. Government Contracts
The re-contracting of the Dilley assets (South Texas Family Residential Center) effective March 5, 2025, is a significant driver. This new contract is expected to generate over $246 million in revenue over its anticipated five-year term, with approximately $30 million in revenue projected for 2025 alone. While some non-recurring government segment revenue decreased, the re-secured Dilley contract provides a stable and long-term revenue stream. -
Strategic Diversification and New Service Offerings
Target Hospitality is actively pursuing opportunities to broaden its value chain participation and diversify its contract portfolio. An example of this strategy is the launch of "Target Hyper/Scale," a new brand focused on delivering highly customized, vertically integrated solutions for large-scale, remote data center projects. This initiative aims to capture the substantial market opportunity presented by these specialized infrastructure developments. -
Leveraging Existing Network to Meet Sustained Customer Demand
The company continues to benefit from sustained momentum in customer demand for its premium service offerings across its various segments. Target Hospitality's expansive network of accommodation units and its flexible operating model allow it to effectively align with and capitalize on this demand, providing value-added hospitality solutions to its diverse customer base.
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Share Repurchases
- On November 3, 2022, Target Hospitality's Board of Directors authorized a stock repurchase program for up to $100 million of its outstanding common stock.
Capital Expenditures
- Target Hospitality reported approximately $72.7 million in capital expenditures for the year ended December 31, 2025, primarily directed towards growth in its Workforce Hospitality Solutions (WHS) segment, including the Workforce Hub Contract and the development and expansion of the Data Center Community.
- The company projects capital spending, excluding acquisitions, to be between $65 million and $75 million for 2026, focused on growth initiatives.
- Recent growth-focused capital outlays include $10 million to $15 million for a community expansion in Q4 2025, and an estimated $8 million to $10 million for a Power Community Contract starting in June 2026, leveraging existing infrastructure.
Peer Outperformance in Diversified Support Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.5% | 108.7% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 70.5% | 67.6% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.8% | 59.6% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.2% | 52.4% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 31.0% | 73.3% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components | 71 | 10.1% | 47.7% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 38.0% | 6.5% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 2.7% | 36.2% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services ← | 33 | 12.7% | 31.6% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 17.6% | 50.5% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products | 33 | -11.0% | 7.1% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -10.1% | -21.1% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery | 17 | 14.1% | -1.3% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.5% | 14.1% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.4% | 20.3% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.5% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 2.4% | 0.2% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.0% | 25.4% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 8.4% | -18.4% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -8.2% | -22.2% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.1% | 7.1% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -67.1% | -76.5% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.35 |
| Mkt Cap | 13.2 |
| Rev LTM | 6,961 |
| Op Inc LTM | 341 |
| FCF LTM | 5 |
| FCF 3Y Avg | 31 |
| CFO LTM | 1,628 |
| CFO 3Y Avg | 1,755 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 11.5% |
| Op Inc Chg 3Y Avg | -13.5% |
| Op Mgn LTM | 5.0% |
| Op Mgn 3Y Avg | 11.9% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 25.1% |
| CFO/Rev 3Y Avg | 24.3% |
| FCF/Rev LTM | 6.1% |
| FCF/Rev 3Y Avg | 1.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hospitality & Facilities Services (HFS) - South | 142 | 150 | 149 | 132 | 117 |
| Workforce Hospitality Solutions (WHS) | 97 | 0 | 0 | ||
| Government | 71 | 225 | 404 | 360 | 156 |
| All Other | 11 | 12 | 11 | 9 | 18 |
| Total | 321 | 386 | 564 | 502 | 291 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hospitality & Facilities Services (HFS) - South | 165 | 177 | 184 | 177 | 207 |
| Government | 157 | 191 | 207 | 217 | 87 |
| Workforce Hospitality Solutions (WHS) | 64 | 0 | |||
| All Other | 21 | 27 | 31 | ||
| Hospitality & Facilities Services - Midwest | 30 | 44 | |||
| Other assets | 3 | 3 | |||
| Other unallocated amounts | 342 | 169 | |||
| TCPL (TC Energy Pipelines) Keystone | 3 | 3 | |||
| Total | 408 | 395 | 423 | 772 | 513 |
Price Behavior
| Market Price | $19.52 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 10/07/2014 | |
| Distance from 52W High | -4.9% | |
| 50 Days | 200 Days | |
| DMA Price | $17.06 | $12.76 |
| DMA Trend | up | down |
| Distance from DMA | 14.4% | 53.0% |
| 3M | 1YR | |
| Volatility | 54.8% | 64.0% |
| Downside Capture | 47.11 | 58.16 |
| Upside Capture | 125.71 | 138.86 |
| Correlation (SPY) | 28.5% | 20.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.22 | 1.50 | 1.05 | 0.94 | 0.97 | 0.66 |
| Up Beta | 3.35 | 2.96 | 2.31 | 0.72 | 1.23 | 0.59 |
| Down Beta | -1.83 | 2.00 | 0.32 | 0.09 | 0.63 | 0.66 |
| Up Capture | 176% | 41% | 99% | 269% | 157% | 37% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 32 | 69 | 129 | 355 |
| Down Capture | -251% | 117% | 75% | 35% | 71% | 92% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 23 | 32 | 58 | 120 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TH | |
|---|---|---|---|---|
| TH | 125.4% | 63.9% | 1.50 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 18.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 19.6% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 4.6% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | 1.5% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | -1.5% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 9.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TH | |
|---|---|---|---|---|
| TH | 36.3% | 66.4% | 0.75 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 15.8% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 13.2% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 2.1% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 8.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 7.6% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 9.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TH | |
|---|---|---|---|---|
| TH | 6.6% | 77.9% | 0.46 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 32.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 26.4% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 2.6% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 16.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 24.9% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 11.6% |
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Returns Analyses
Earnings Returns History
Updated 8/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -2.7% | 5.6% | |
| 5/11/2026 | 17.9% | 21.7% | 7.2% |
| 3/11/2026 | 13.8% | 17.7% | 86.7% |
| 11/6/2025 | -15.5% | -17.6% | 9.3% |
| 8/7/2025 | 12.1% | 10.4% | 20.3% |
| 5/19/2025 | 5.1% | 3.8% | -1.7% |
| 3/26/2025 | 6.4% | 10.8% | 4.1% |
| 11/12/2024 | 6.8% | -9.2% | -5.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 19 | 18 | 15 |
| # Negative | 6 | 7 | 9 |
| Median Positive | 6.8% | 12.7% | 21.5% |
| Median Negative | -8.3% | -12.2% | -7.6% |
| Max Positive | 17.9% | 37.4% | 86.7% |
| Max Negative | -15.5% | -17.6% | -31.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -2.7% | 5.6% | |
| 5/11/2026 | 17.9% | 21.7% | 7.2% |
| 3/11/2026 | 13.8% | 17.7% | 86.7% |
| 11/6/2025 | -15.5% | -17.6% | 9.3% |
| 8/7/2025 | 12.1% | 10.4% | 20.3% |
| 5/19/2025 | 5.1% | 3.8% | -1.7% |
| 3/26/2025 | 6.4% | 10.8% | 4.1% |
| 11/12/2024 | 6.8% | -9.2% | -5.6% |
| 8/7/2024 | 12.1% | 13.4% | 11.2% |
| 5/8/2024 | 3.8% | 4.9% | 0.8% |
| 3/13/2024 | 1.5% | 0.2% | 26.7% |
| 11/8/2023 | 16.0% | -10.1% | -14.3% |
| 8/9/2023 | 13.9% | 12.0% | 21.5% |
| 5/9/2023 | 16.2% | 25.4% | 18.5% |
| 3/10/2023 | 5.7% | 7.4% | -20.1% |
| 11/9/2022 | 10.8% | 17.0% | 39.3% |
| 8/9/2022 | -12.4% | -4.1% | -11.4% |
| 5/10/2022 | -2.8% | -12.2% | -0.7% |
| 3/10/2022 | 9.7% | 29.1% | 25.5% |
| 11/12/2021 | 1.0% | -16.7% | -31.4% |
| 8/11/2021 | -10.2% | -16.4% | -1.5% |
| 5/24/2021 | 1.4% | 32.8% | 33.8% |
| 3/30/2021 | -6.4% | 37.4% | 23.0% |
| 11/9/2020 | 2.5% | 0.4% | 34.3% |
| 8/10/2020 | 4.1% | 13.8% | -7.6% |
| SUMMARY STATS | |||
| # Positive | 19 | 18 | 15 |
| # Negative | 6 | 7 | 9 |
| Median Positive | 6.8% | 12.7% | 21.5% |
| Median Negative | -8.3% | -12.2% | -7.6% |
| Max Positive | 17.9% | 37.4% | 86.7% |
| Max Negative | -15.5% | -17.6% | -31.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/24/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/28/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Recent Forward Guidance
Updated 8/11/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 410.00 Mil | 415.00 Mil | 420.00 Mil | 10.7% | Raised | Guidance: 375.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 85.00 Mil | 90.00 Mil | 95.00 Mil | 12.5% | Raised | Guidance: 80.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 490.00 Mil | 500.00 Mil | 510.00 Mil | 6.4% | Raised | Guidance: 470.00 Mil for 2026 | |
| 2027 Annualized Revenue | Reported | 700.00 Mil | 2.9% | Raised | Guidance: 680.00 Mil for 2027 | |||
| 2027 Annualized Adjusted EBITDA | Reported | 260.00 Mil | 8.3% | Raised | Guidance: 240.00 Mil for 2027 | |||
Prior: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | Reported | 370.00 Mil | 375.00 Mil | 380.00 Mil | 15.4% | Raised | Guidance: 325.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 75.00 Mil | 80.00 Mil | 85.00 Mil | 23.1% | Raised | Guidance: 65.00 Mil for 2026 | |
| 2026 Total Capital Expenditures | Reported | 460.00 Mil | 470.00 Mil | 480.00 Mil | 571.4% | Raised | Guidance: 70.00 Mil for 2026 | |
| 2027 Annualized Revenue | Reported | 680.00 Mil | ||||||
| 2027 Annualized Adjusted EBITDA | Reported | 240.00 Mil | ||||||
Q4 2025 Earnings Reported 3/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | Reported | 320.00 Mil | 325.00 Mil | 330.00 Mil | 3.2% | Higher New | Actual: 315.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 60.00 Mil | 65.00 Mil | 70.00 Mil | 18.2% | Higher New | Actual: 55.00 Mil for 2025 | |
| 2026 Total Capital Expenditures | Reported | 65.00 Mil | 70.00 Mil | 75.00 Mil | ||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total Revenue | Reported | 310.00 Mil | 315.00 Mil | 320.00 Mil | 0 | Affirmed | Guidance: 315.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 50.00 Mil | 55.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 55.00 Mil for 2025 | |
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 1222026 | 7.34 | 9,000 | 66,060 | 966,986 | Form |
| 2 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 12172025 | 8.50 | 13,456 | 114,376 | 1,196,307 | Form |
| 3 | Robertson, Stephen | Direct | Buy | 12042025 | 7.94 | 125,000 | 992,500 | 3,533,300 | Form | |
| 4 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 11192025 | 6.70 | 9,000 | 60,300 | 1,033,127 | Form |
| 5 | Robertson, Stephen | Direct | Buy | 11192025 | 6.85 | 145,000 | 993,250 | 2,192,000 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 1222026 | 7.34 | 9,000 | 66,060 | 966,986 | Form |
| 2 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 12172025 | 8.50 | 13,456 | 114,376 | 1,196,307 | Form |
| 3 | Robertson, Stephen | Direct | Buy | 12042025 | 7.94 | 125,000 | 992,500 | 3,533,300 | Form | |
| 4 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 11192025 | 6.70 | 9,000 | 60,300 | 1,033,127 | Form |
| 5 | Robertson, Stephen | Direct | Buy | 11192025 | 6.85 | 145,000 | 993,250 | 2,192,000 | Form | |
| 6 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 10222025 | 7.09 | 9,000 | 63,810 | 1,157,074 | Form |
| 7 | Lewis, Heidi Diane | EVP, General Counsel & Sec | Direct | Sell | 9242025 | 8.71 | 12,256 | 106,750 | 1,499,845 | Form |
| 8 | Schrenk, Troy C | SEVP, Operations & CCO | Direct | Sell | 9222025 | 8.58 | 49,344 | 423,372 | 1,497,665 | Form |
Investor Activity (13F)
Updated Sep 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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