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    Target Hospitality (TH)

    Market Price (10/2/2026): $19.3 | Market Cap: $1.9 BilSector: Industrials | Industry: Diversified Support Services

    Target Hospitality (TH)

    Market Price (10/2/2026): $19.3
    Market Cap: $1.9 Bil
    Sector: Industrials
    Industry: Diversified Support Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Megatrend and thematic drivers
    Megatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, US LNG, Show more.

    Key risks
    TH key risks include [1] a high vulnerability to the loss of key contracts and [2] significant revenue concentration in the cyclical energy sector.

    0 Megatrend and thematic drivers
    Megatrends include US Energy Independence, and Sustainable Resource Management. Themes include US Oilfield Technologies, US LNG, Show more.
    1 Key risks
    TH key risks include [1] a high vulnerability to the loss of key contracts and [2] significant revenue concentration in the cyclical energy sector.

    TH in ETFs

    Weight = TH's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    AVUV0.09%
    NUSC0.08%
    ESML0.06%
    IWO0.05%
    DFAS0.04%
    +7 more covered ETFs

    Valuation & Metrics

    FYE: 12/31TH [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$347.4 Mil—
    FY 2026 Sales$439.3 Mil—
    FY 2027 Sales$741.9 Mil—
    FY 2026 Sales Growth26.5%—
    FY 2027 Sales Growth68.9%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$-37.7 Mil—
    FY 2026 Net Income (Non-GAAP)$2.8 Mil—
    FY 2027 Net Income (Non-GAAP)$87.5 Mil—
    FY 2027 Net Income Growth3,050.1%18.3%
    FY 2026 EPS (Non-GAAP)$-0.04—
    FY 2027 EPS (Non-GAAP)$0.90—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S4.41.6
    FY 2027 P/S2.6—
    FY 2026 P/E696.67.6
    FY 2027 P/E22.1—

    [1] TH forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    THS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.3
    Rev Chg Q38.7%9.3%
    Rev Chg LTM11.9%8.3%
    Rev Chg 3Y Avg-14.6%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-11.1%18.6%
    CFO/Rev LTM49.0%21.8%
    Net Inc Mgn-10.8%13.1%
    VALUATIONHIGH
    P/S5.43.0
    P/CFO10.914.2
    P/FCF189.618.7
    P/E-49.421.4
    STABILITYFAIR
    Debt/Equity0.030.21
    Cash/Assets0.010.07

    AI Analysis | Feedback

    MetricValueDateSource
    Average utilized beds54299302025Link
    Utilization73%9302025Link
    Average daily rate (ADR)70.249302025Link
    Value of new multi-year contract awardsover $455 million11062025Link
    Customer renewal rateexceeding 90%11062025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Target Hospitality (TH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Performance and Increased Full-Year Guidance.

    Target Hospitality reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, exceeding analyst expectations and subsequently raising its full-year 2026 outlook. On August 10, 2026, the company announced a diluted loss per share of $0.09, beating the consensus estimate of a $0.11 loss. Revenue for the quarter surged by 39% year-over-year to $85.5 million, surpassing analyst estimates of $79.30 million. Additionally, Adjusted EBITDA experienced a significant increase of 420%, reaching $18.2 million. Following these strong results, management raised its full-year 2026 revenue guidance by 11% and Adjusted EBITDA outlook by 13%.

    2. Significant Multi-Year Contract Wins, Especially in Data Centers.

    The company has consistently secured substantial new multi-year contracts, particularly within the high-growth sectors of AI-driven infrastructure and power generation. Since January 2026, Target Hospitality has been awarded over $1.4 billion in multi-year contracts, representing more than 9,000 contracted beds under its Workforce Hospitality Solutions (WHS) segment. A notable achievement in this period was the August 27, 2026, announcement of a new multi-year contract valued at approximately $250 million to support a top-five hyperscaler data center project in West Texas, projected to accommodate around 1,100 individuals through August 2030. This contract, which leverages existing under-utilized assets with less than $15 million in capital expenditures, further contributed to the upward revision of the company's 2026 financial forecasts.

    Show more
    Updated on 10/1/2026

    Target Hospitality (TH) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Performance and Increased Full-Year Guidance.

    Target Hospitality reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, exceeding analyst expectations and subsequently raising its full-year 2026 outlook. On August 10, 2026, the company announced a diluted loss per share of $0.09, beating the consensus estimate of a $0.11 loss. Revenue for the quarter surged by 39% year-over-year to $85.5 million, surpassing analyst estimates of $79.30 million. Additionally, Adjusted EBITDA experienced a significant increase of 420%, reaching $18.2 million. Following these strong results, management raised its full-year 2026 revenue guidance by 11% and Adjusted EBITDA outlook by 13%.

    2. Significant Multi-Year Contract Wins, Especially in Data Centers.

    The company has consistently secured substantial new multi-year contracts, particularly within the high-growth sectors of AI-driven infrastructure and power generation. Since January 2026, Target Hospitality has been awarded over $1.4 billion in multi-year contracts, representing more than 9,000 contracted beds under its Workforce Hospitality Solutions (WHS) segment. A notable achievement in this period was the August 27, 2026, announcement of a new multi-year contract valued at approximately $250 million to support a top-five hyperscaler data center project in West Texas, projected to accommodate around 1,100 individuals through August 2030. This contract, which leverages existing under-utilized assets with less than $15 million in capital expenditures, further contributed to the upward revision of the company's 2026 financial forecasts.

    3. Strategic Capital Allocation, Including a Share Repurchase Program and Enhanced Liquidity.

    Target Hospitality demonstrated a commitment to returning value to shareholders and improving financial flexibility. On September 8, 2026, the company announced its intention to repurchase up to $30 million of its common stock. This share repurchase was planned to be funded by existing cash on hand and borrowings from its new $660 million asset-based revolving credit facility, which matures in 2031. The new credit facility also enhanced the company's liquidity and extended its debt maturity profile.

    4. Positive Analyst Sentiment and Upgraded Price Targets.

    Throughout the period, Wall Street analysts maintained a positive outlook on Target Hospitality's stock. As of September 28, 2026, the company held a consensus rating of "Moderate Buy" from six analysts. The average twelve-month price target was $25.20, implying a potential upside of 28.38% from the stock's price around $19.63 at that time. Following the announcement of the new hyperscaler data center contract in August 2026, analysts at Stifel notably raised their price target on the stock from $23 to $26.

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    Stock Movement Drivers

    Fundamental Drivers

    The 0.6% change in TH stock from 6/30/2026 to 10/1/2026 was primarily driven by a 7.4% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610012026Change
    Stock Price ($)20.3620.480.6%
    Change Contribution By: 
    Total Revenues ($ Mil)3243477.4%
    P/S Multiple6.35.9-6.1%
    Shares Outstanding (Mil)100100-0.3%
    Cumulative Contribution0.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    TH0.6% 
    Market (SPY)2.3%30.3%
    Sector (XLI)-9.0%19.5%

    Fundamental Drivers

    The 120.7% change in TH stock from 3/31/2026 to 10/1/2026 was primarily driven by a 104.6% change in the company's P/S Multiple.
    (LTM values as of)331202610012026Change
    Stock Price ($)9.2820.48120.7%
    Change Contribution By: 
    Total Revenues ($ Mil)3213478.3%
    P/S Multiple2.95.9104.6%
    Shares Outstanding (Mil)100100-0.4%
    Cumulative Contribution120.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    TH120.7% 
    Market (SPY)17.8%21.0%
    Sector (XLI)4.5%20.6%

    Fundamental Drivers

    The 141.5% change in TH stock from 9/30/2025 to 10/1/2026 was primarily driven by a 117.6% change in the company's P/S Multiple.
    (LTM values as of)930202510012026Change
    Stock Price ($)8.4820.48141.5%
    Change Contribution By: 
    Total Revenues ($ Mil)31034711.9%
    P/S Multiple2.75.9117.6%
    Shares Outstanding (Mil)99100-0.8%
    Cumulative Contribution141.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    TH141.5% 
    Market (SPY)15.6%20.9%
    Sector (XLI)10.3%19.1%

    Fundamental Drivers

    The 29.0% change in TH stock from 9/30/2023 to 10/1/2026 was primarily driven by a 121.3% change in the company's P/S Multiple.
    (LTM values as of)930202310012026Change
    Stock Price ($)15.8820.4829.0%
    Change Contribution By: 
    Total Revenues ($ Mil)603347-42.4%
    P/S Multiple2.75.9121.3%
    Shares Outstanding (Mil)1011001.2%
    Cumulative Contribution29.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    TH29.0% 
    Market (SPY)84.9%16.3%
    Sector (XLI)73.0%18.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    TH Return125%325%-36%-1%-17%141%1120%
    Peers Return33%-14%13%-9%0%-9%7%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    TH Win Rate50%50%25%67%58%78% 
    Peers Win Rate65%40%58%42%40%43% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    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 10/1/2026 (YTD)

    How Low Can It Go

    EventTHS&P 500
    2025 US Tariff Shock
      % Loss-48.4%-18.8%
      % Gain to Breakeven93.9%23.1%
      Time to Breakeven401 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-22.8%-9.5%
      % Gain to Breakeven29.6%10.5%
      Time to Breakeven841 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-17.3%-6.7%
      % Gain to Breakeven20.9%7.1%
      Time to Breakeven36 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-23.6%-24.5%
      % Gain to Breakeven30.9%32.4%
      Time to Breakeven39 days427 days
    2020 COVID-19 Crash
      % Loss-75.1%-33.7%
      % Gain to Breakeven302.4%50.9%
      Time to Breakeven718 days140 days

    Compare to UHAL, HTZ, VAI, CTAS, TRI

    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.

    EventTHS&P 500
    2025 US Tariff Shock
      % Loss-48.4%-18.8%
      % Gain to Breakeven93.9%23.1%
      Time to Breakeven401 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-22.8%-9.5%
      % Gain to Breakeven29.6%10.5%
      Time to Breakeven841 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-23.6%-24.5%
      % Gain to Breakeven30.9%32.4%
      Time to Breakeven39 days427 days
    2020 COVID-19 Crash
      % Loss-75.1%-33.7%
      % Gain to Breakeven302.4%50.9%
      Time to Breakeven718 days140 days

    Compare to UHAL, HTZ, VAI, CTAS, TRI

    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)

    ```html

    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.

    ```

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    ```html

    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
    ```

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    1. 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.

    2. 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.

    3. 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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    Target Hospitality (TH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

    • 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.

    AI Analysis | Feedback

    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

    TH has outperformed 100% of its 10 Diversified Support Services peers over 5Y. Diversified Support Services ranks 7th of 20 industries in Industrials by median 5Y return.
    Share of Diversified Support Services constituents that TH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    92%
    of 12 industry peers · 153.5% return
    3Y
    36%
    of 11 industry peers · 29.9% return
    5Y
    100%
    of 10 industry peers · 418.5% return
    No Diversified Support Services peer with a comparable growth profile has beaten TH by more than 20pp over 5Y.
    Median price return by industry across the Industrials sector, ranked by 5Y. Diversified Support Services is TH's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Construction & Engineering 19 15.7%207.1%203.4% FIX 2222% · STRL 2110% · AGX 830%
    Electrical Components & Equipment 16 32.9%107.7%114.9% POWL 2384% · BE 1403% · VRT 908%
    Trading Companies & Distributors 10 7.5%72.3%106.7% DXPE 493% · AIT 286% · WCC 220%
    Construction Machinery & Heavy Transportation Equipment 13 3.2%45.0%101.1% CAT 363% · ALSN 249% · WAB 234%
    Aerospace & Defense 24 -2.8%65.0%96.0% ATI 1004% · HWM 614% · MOG-A 417%
    Industrial Conglomerates 5 9.0%55.7%70.5% CSW 128% · DD 72% · CSL 70%
    Diversified Support Services ← 11 21.7%35.5%57.6% TH 418% · CXW 266% · CACI 137%
    Industrial Machinery & Supplies & Components 41 12.0%56.8%51.2% CRS 1087% · MLI 530% · NPO 268%
    Rail Transportation 3 18.5%58.9%51.1% CSX 64% · UNP 51% · NSC 41%
    Cargo Ground Transportation 12 40.8%9.5%40.0% XPO 265% · R 213% · ARCB 57%
    Office Services & Supplies 6 12.6%34.8%37.0% PBI 169% · TILE 125% · HNI 45%
    Air Freight & Logistics 6 17.9%12.4%30.7% CHRW 100% · FDX 78% · EXPD 71%
    Environmental & Facilities Services 8 -6.6%39.8%30.2% GEO 316% · CLH 191% · RSG 82%
    Building Products 24 -13.9%5.4%27.1% GFF 346% · TT 180% · JCI 143%
    Agricultural & Farm Machinery 5 22.9%16.4%3.5% DE 108% · TTC 8% · AGCO 3%
    Passenger Ground Transportation 3 -30.3%44.7%-8.4% UBER 44% · CAR -8% · LYFT -73%
    Passenger Airlines 8 18.3%35.6%-26.3% UAL 118% · DAL 92% · SKYW 88%
    Data Processing & Outsourced Services 6 -34.8%-14.1%-27.1% EXLS 44% · BR 6% · G -22%
    Research & Consulting Services 7 -26.6%-20.3%-34.9% FCN 5% · BAH -4% · VRSK -13%
    Human Resource & Employment Services 10 6.8%-10.9%-43.5% ADP 46% · KFY 7% · PAYX 2%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Target Hospitality Earnings Notes12/16/2025
    2Target Hospitality Stock Drop Looks Sharp, But How Deep Can It Go?10/17/2025
    3Target Hospitality (TH) Revenue Comparison08/09/2025
    4Target Hospitality (TH) Debt Comparison08/09/2025
    5Target Hospitality (TH) Operating Cash Flow Comparison08/09/2025
    6Target Hospitality (TH) EBITDA Comparison08/09/2025
    7Target Hospitality (TH) Net Income Comparison08/09/2025
    8Target Hospitality (TH) Operating Income Comparison08/09/2025
    9Target Hospitality (TH) Tax Expense Comparison08/09/2025
    10Why Target Hospitality Stock Moved: TH Stock Has Gained 139% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)08/08/2025
    11ARTICLES 
    12The 52-Week-High List: 9 Small Cap Names On Monday09/22/2026
    13Small Cap Stocks At 52-Week Highs: Friday’s Full List09/21/2026

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    KODKodiak Sciences6.2196.4%252.1%
    PACBPacific Biosciences of California0.858.9%34.2%
    IOVAIovance Biotherapeutics6.431.8%421.2%
    DNAGinkgo Bioworks0.822.0%50.4%
    LINDLindblad Expeditions2.221.9%133.2%
    UTHRUnited Therapeutics24.321.0%17.3%
    VIAVViavi Solutions10.720.3%151.3%
    MNKDMannKind1.220.1%-30.3%
    ACNAccenture130.019.7%-18.8%
    EVCMEverCommerce1.718.9%-18.3%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    LQDALiquidia2.5-60.5%-18.8%
    QUREuniQure1.5-39.0%-2.3%
    EMATEvolution Metals & Technologies1.3-32.9%-89.9%
    CYPHCypherpunk Technologies0.5-28.4%151.7%
    OCULOcular Therapeutix1.6-25.8%-40.0%
    GLASGlass House Brands0.5-25.6%-39.9%
    FICOFair Isaac15.0-22.7%-60.9%
    NKTRNektar Therapeutics1.6-20.9%11.1%
    BXBLBOXABL9.6-20.3%-67.3%
    WGSGeneDx2.1-19.8%-45.4%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    KODKodiak Sciences6.2165.7%252.1%
    SECZSecuritize2.0119.8%11.7%
    PACBPacific Biosciences of California0.896.1%34.2%
    DNAGinkgo Bioworks0.880.4%50.4%
    VICRVicor14.275.3%181.6%
    IOVAIovance Biotherapeutics6.471.9%421.2%
    CYPHCypherpunk Technologies0.570.8%151.7%
    GRALGRAIL5.766.1%54.9%
    MXLMaxLinear8.360.0%428.5%
    COHUCohu3.359.3%202.3%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva8.4-85.7%-81.1%
    LQDALiquidia2.5-58.2%-18.8%
    XNDUXanadu Quantum Technologies1.3-54.9%-61.0%
    QUREuniQure1.5-51.2%-2.3%
    ALHCAlignment Healthcare1.6-43.0%-60.8%
    RAREUltragenyx Pharmaceutical1.5-42.9%-35.9%
    METCRamaco Resources0.5-40.5%-53.7%
    FICOFair Isaac15.0-40.0%-60.9%
    EMATEvolution Metals & Technologies1.3-38.8%-89.9%
    GLASGlass House Brands0.5-37.3%-39.9%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    THUHALHTZVAICTASTRIMedian
    NameTarget H.U-Haul Hertz Gl.Valor En.Cintas Thomson . 
    Mkt Price19.3060.141.752.06195.9999.3739.72
    Mkt Cap1.911.80.6-78.443.611.8
    Rev LTM3476,0898,906311,2657,8326,961
    Op Inc LTM-39435248-32,6222,170341
    FCF LTM10-1,234-10,18501,8812,2325
    FCF 3Y Avg63-1,594-8,518-11,7662,02031
    CFO LTM1701,8261,42902,2762,8851,628
    CFO 3Y Avg1411,6221,888-12,1702,6371,755

    Growth & Margins

    THUHALHTZVAICTASTRIMedian
    NameTarget H.U-Haul Hertz Gl.Valor En.Cintas Thomson . 
    Rev Chg LTM11.9%3.0%3.4%-52.5%8.9%7.0%5.2%
    Rev Chg 3Y Avg-14.6%1.7%-0.3%172.4%8.5%5.2%3.4%
    Rev Chg Q38.7%3.2%9.7%-59.3%8.9%9.5%9.2%
    QoQ Delta Rev Chg LTM7.4%0.9%2.4%-18.4%2.2%2.2%2.2%
    Op Inc Chg LTM-225.2%-40.1%127.6%27.7%11.1%12.0%11.5%
    Op Inc Chg 3Y Avg-112.7%-31.8%-236.1%28.1%13.3%4.8%-13.5%
    Op Mgn LTM-11.1%7.1%2.8%-115.2%23.3%27.7%5.0%
    Op Mgn 3Y Avg11.7%12.2%-2.9%-89.4%22.5%25.5%11.9%
    QoQ Delta Op Mgn LTM3.7%-0.5%0.7%-7.4%0.3%1.0%0.5%
    CFO/Rev LTM49.0%30.0%16.0%10.3%20.2%36.8%25.1%
    CFO/Rev 3Y Avg36.8%27.5%21.1%-3.6%20.9%35.6%24.3%
    FCF/Rev LTM2.8%-20.3%-114.4%9.3%16.7%28.5%6.1%
    FCF/Rev 3Y Avg14.8%-27.2%-95.7%-12.7%17.0%27.3%1.1%

    Valuation

    THUHALHTZVAICTASTRIMedian
    NameTarget H.U-Haul Hertz Gl.Valor En.Cintas Thomson . 
    Mkt Cap1.911.80.6-78.443.611.8
    P/S5.61.90.1-7.05.65.6
    P/Op Inc-50.127.12.2-29.920.120.1
    P/EBIT-49.625.40.8-30.018.418.4
    P/E-51.3184.8-2.0-39.226.226.2
    P/CFO11.46.40.4-34.515.111.4
    Total Yield-1.9%0.8%-52.7%-3.5%6.4%0.8%
    Dividend Yield0.0%0.3%0.0%-0.9%2.5%0.3%
    FCF Yield 3Y Avg7.3%-13.1%-811.9%-2.4%3.6%2.4%
    D/E0.00.738.0-0.00.10.1
    Net D/E0.00.536.9-0.00.10.1

    Returns

    THUHALHTZVAICTASTRIMedian
    NameTarget H.U-Haul Hertz Gl.Valor En.Cintas Thomson . 
    1M Rtn4.2%-10.7%-22.9%22.6%-2.9%-7.4%-5.1%
    3M Rtn-2.2%-9.5%-20.5%20.5%12.8%17.8%5.3%
    6M Rtn52.4%27.6%-66.2%20.5%14.5%14.4%17.5%
    12M Rtn127.6%5.4%-74.3%20.5%-3.6%-34.4%0.9%
    3Y Rtn21.5%10.2%-85.7%20.5%67.3%-14.4%15.3%
    1M Excs Rtn4.7%-10.3%-22.4%23.1%-2.4%-6.9%-4.7%
    3M Excs Rtn-4.4%-11.8%-22.8%18.3%10.5%15.5%3.1%
    6M Excs Rtn91.1%8.7%-80.1%3.8%-0.8%-5.6%1.5%
    12M Excs Rtn108.6%-10.4%-90.0%6.1%-17.9%-49.9%-14.1%
    3Y Excs Rtn-46.5%-70.3%-166.7%-53.4%-17.6%-94.8%-61.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/11/20263/11/202611/6/20258/7/20255/19/20253/26/202511/12/20248/7/20245/8/20243/13/202411/8/2023
    Key Financials Quarterly            
    Total Revenue8573909962708495101107126146
    Ebitda145319116404850517387
    Operating Income-7-14-170-17-1212830304668
    Net Income-9-13-15-1-15-6132018203846
    EPS-0.09-0.13-0.15-0.01-0.15-0.070.130.200.180.200.370.45
    Key Financials TTM            
    Total Revenue TTM347324321315310349386429480522564590
    Ebitda TTM40273875104153188221260298333332
    Operating Income TTM-39-48-3533177109134174209241259
    Net Income TTM-38-44-37-1011447197122150174167
    Growth Rates Quarterly            
    Total Revenue Growth38.7%4.1%7.3%4.4%-38.8%-34.5%-33.7%-34.8%-29.9%-27.8%-17.2%-8.5%
    EBITDA Growth1619.6%-67.9%-93.2%-61.1%-98.4%-68.8%-45.5%-45.1%-43.2%-40.4%0.2%60.1%
    Operating Income Growth55.7%-1231.1%-180.9%-99.8%-157.3%-103.5%-55.0%-58.7%-54.4%-50.9%-28.1%13.0%
    Net Income Growth39.5%-100.0%-219.5%-104.0%-181.2%-131.7%-67.0%-56.1%-60.4%-53.5%19.9%139.6%
    Margins Quarterly            
    EBITDA Margin16.2%7.0%3.0%18.7%1.3%22.6%47.7%50.1%49.2%47.5%58.0%59.6%
    Operating Income Margin-8.8%-19.7%-18.7%0.1%-27.5%-1.5%24.9%29.4%29.3%28.5%36.6%46.4%
    Net Income Margin-10.6%-17.8%-16.6%-0.8%-24.2%-9.2%14.9%21.0%18.3%19.1%30.0%31.2%
    Cash & Debt            
    Total Cash658301934191178154124104105
    Total Debt483911133855210196197199201227
    Net Debt / (Cash)42342-1719201919427497122
    Cash Flows Quarterly            
    FCF from Operations1047653114313139513848
    Cash Flows TTM            
    FCF from Operations TTM17077749977105152159176193157166
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0121-021-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-36.7%-68.9%-149.9%1.6%-109.6%-6.8%122.9%132.3%90.7%75.7%76.3%96.0%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-43.0%-58.3%-76.4%16.2%43.6%112.3%166.1%148.4%139.7%130.3%98.1%91.6%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Hospitality & Facilities Services (HFS) - South142150149132117
    Workforce Hospitality Solutions (WHS)9700  
    Government71225404360156
    All Other111211918
    Total321386564502291


    Assets by Segment
    $ Mil20252024202320222021
    Hospitality & Facilities Services (HFS) - South165177184177207
    Government15719120721787
    Workforce Hospitality Solutions (WHS)640   
    All Other212731  
    Hospitality & Facilities Services - Midwest   3044
    Other assets   33
    Other unallocated amounts   342169
    TCPL (TC Energy Pipelines) Keystone   33
    Total408395423772513


    Price Behavior

    Price Behavior
    Market Price$20.48 
    Market Cap ($ Bil)2.1 
    First Trading Date10/07/2014 
    Distance from 52W High-4.5% 
       50 Days200 Days
    DMA Price$18.02$13.86
    DMA Trendupup
    Distance from DMA13.7%47.8%
     3M1YR
    Volatility58.5%65.1%
    Downside Capture53.9759.89
    Upside Capture102.20159.15
    Correlation (SPY)30.1%21.1%
    TH Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.951.641.631.311.040.68
    Up Beta3.853.333.171.291.280.62
    Down Beta5.082.512.380.230.710.65
    Up Capture178%181%81%278%183%43%
    Bmk +ve Days6162766132424
    Stock +ve Days13243271135358
    Down Capture56%-59%112%76%68%94%
    Bmk -ve Days16263760120328
    Stock -ve Days9183255115375

    [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
    TH142.4%65.2%1.59-
    Sector ETF (XLI)10.3%17.3%0.4019.1%
    Equity (SPY)15.7%13.0%0.8520.9%
    Gold (GLD)7.7%29.6%0.257.1%
    Commodities (DBC)43.7%20.8%1.642.1%
    Real Estate (VNQ)1.2%13.6%-0.160.1%
    Bitcoin (BTCUSD)-27.0%44.5%-0.588.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TH
    TH37.9%66.5%0.77-
    Sector ETF (XLI)12.5%17.6%0.5416.0%
    Equity (SPY)13.0%17.2%0.5713.4%
    Gold (GLD)18.6%18.9%0.802.8%
    Commodities (DBC)10.3%19.6%0.408.9%
    Real Estate (VNQ)0.4%18.9%-0.087.5%
    Bitcoin (BTCUSD)13.2%52.3%0.439.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TH
    TH7.2%77.8%0.46-
    Sector ETF (XLI)13.2%20.0%0.5832.3%
    Equity (SPY)15.3%17.9%0.7226.4%
    Gold (GLD)11.6%16.4%0.582.9%
    Commodities (DBC)8.2%18.1%0.3715.9%
    Real Estate (VNQ)4.4%20.7%0.1724.9%
    Bitcoin (BTCUSD)63.9%66.2%1.0411.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity3.8 Mil
    Short Interest: % Change Since 8312026-11.7%
    Average Daily Volume2.4 Mil
    Days-to-Cover Short Interest1.6 days
    Basic Shares Quantity100.2 Mil
    Short % of Basic Shares3.8%

    Returns Analyses

    Earnings Returns History

    Updated 9/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/2026-2.7%5.6%22.7%
    5/11/202617.9%21.7%7.2%
    3/11/202613.8%17.7%86.7%
    11/6/2025-15.5%-17.6%9.3%
    8/7/202512.1%10.4%20.3%
    5/19/20255.1%3.8%-1.7%
    3/26/20256.4%10.8%4.1%
    11/12/20246.8%-9.2%-5.6%
    ...
    SUMMARY STATS   
    # Positive181716
    # Negative678
    Median Positive8.3%12.0%22.1%
    Median Negative-8.3%-12.2%-8.5%
    Max Positive17.9%37.4%86.7%
    Max Negative-15.5%-17.6%-31.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/2026-2.7%5.6%22.7%
    5/11/202617.9%21.7%7.2%
    3/11/202613.8%17.7%86.7%
    11/6/2025-15.5%-17.6%9.3%
    8/7/202512.1%10.4%20.3%
    5/19/20255.1%3.8%-1.7%
    3/26/20256.4%10.8%4.1%
    11/12/20246.8%-9.2%-5.6%
    8/7/202412.1%13.4%11.2%
    5/8/20243.8%4.9%0.8%
    3/13/20241.5%0.2%26.7%
    11/8/202316.0%-10.1%-14.3%
    8/9/202313.9%12.0%21.5%
    5/9/202316.2%25.4%18.5%
    3/10/20235.7%7.4%-20.1%
    11/9/202210.8%17.0%39.3%
    8/9/2022-12.4%-4.1%-11.4%
    5/10/2022-2.8%-12.2%-0.7%
    3/10/20229.7%29.1%25.5%
    11/12/20211.0%-16.7%-31.4%
    8/11/2021-10.2%-16.4%-1.5%
    5/24/20211.4%32.8%33.8%
    3/30/2021-6.4%37.4%23.0%
    11/9/20202.5%0.4%34.3%
    SUMMARY STATS   
    # Positive181716
    # Negative678
    Median Positive8.3%12.0%22.1%
    Median Negative-8.3%-12.2%-8.5%
    Max Positive17.9%37.4%86.7%
    Max Negative-15.5%-17.6%-31.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/11/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/19/202510-Q
    12/31/202403/26/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/13/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/11/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/19/202510-Q
    12/31/202403/26/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/13/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/11/202110-Q
    03/31/202105/24/202110-Q
    12/31/202003/31/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/28/202010-Q
    12/31/201903/13/202010-K
    09/30/201911/14/201910-Q

    Recent Forward Guidance

    Updated 10/1/2026

    Latest: Q2 2026 Earnings Reported 8/10/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported410.00 Mil415.00 Mil420.00 Mil10.7% RaisedGuidance: 375.00 Mil for 2026
    2026 Adjusted EBITDAReported85.00 Mil90.00 Mil95.00 Mil12.5% RaisedGuidance: 80.00 Mil for 2026
    2026 Capital ExpendituresReported490.00 Mil500.00 Mil510.00 Mil6.4% RaisedGuidance: 470.00 Mil for 2026
    2027 Annualized RevenueReported 700.00 Mil 2.9% RaisedGuidance: 680.00 Mil for 2027
    2027 Annualized Adjusted EBITDAReported 260.00 Mil 8.3% RaisedGuidance: 240.00 Mil for 2027


    Prior: Q1 2026 Earnings Reported 5/11/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Total RevenueReported370.00 Mil375.00 Mil380.00 Mil15.4% RaisedGuidance: 325.00 Mil for 2026
    2026 Adjusted EBITDAReported75.00 Mil80.00 Mil85.00 Mil23.1% RaisedGuidance: 65.00 Mil for 2026
    2026 Total Capital ExpendituresReported460.00 Mil470.00 Mil480.00 Mil571.4% RaisedGuidance: 70.00 Mil for 2026
    2027 Annualized RevenueReported 680.00 Mil    
    2027 Annualized Adjusted EBITDAReported 240.00 Mil    

    Q4 2025 Earnings Reported 3/11/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Total RevenueReported320.00 Mil325.00 Mil330.00 Mil3.2% Higher NewActual: 315.00 Mil for 2025
    2026 Adjusted EBITDAReported60.00 Mil65.00 Mil70.00 Mil18.2% Higher NewActual: 55.00 Mil for 2025
    2026 Total Capital ExpendituresReported65.00 Mil70.00 Mil75.00 Mil   

    Q3 2025 Earnings Reported 11/6/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Total RevenueReported310.00 Mil315.00 Mil320.00 Mil0 AffirmedGuidance: 315.00 Mil for 2025
    2025 Adjusted EBITDAReported50.00 Mil55.00 Mil60.00 Mil0 AffirmedGuidance: 55.00 Mil for 2025

    Insider Activity

    Updated 9/28/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Schrenk, Troy CChief Commercial OfficerDirectBuy918202621.165,907124,9924,591,614Form
    2Archer, James BradleyDirector and CEO and PresidentDirectBuy916202618.6913,385250,16634,491,292Form
    3Lewis, Heidi DianeEVP, General Counsel & SecDirectSell12220267.349,00066,060966,986Form
    4Lewis, Heidi DianeEVP, General Counsel & SecDirectSell121720258.5013,456114,3761,196,307Form
    5Robertson, Stephen DirectBuy120420257.94125,000992,5003,533,300Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Schrenk, Troy CChief Commercial OfficerDirectBuy918202621.165,907124,9924,591,614Form
    2Archer, James BradleyDirector and CEO and PresidentDirectBuy916202618.6913,385250,16634,491,292Form
    3Lewis, Heidi DianeEVP, General Counsel & SecDirectSell12220267.349,00066,060966,986Form
    4Lewis, Heidi DianeEVP, General Counsel & SecDirectSell121720258.5013,456114,3761,196,307Form
    5Robertson, Stephen DirectBuy120420257.94125,000992,5003,533,300Form
    6Lewis, Heidi DianeEVP, General Counsel & SecDirectSell111920256.709,00060,3001,033,127Form
    7Robertson, Stephen DirectBuy111920256.85145,000993,2502,192,000Form
    8Lewis, Heidi DianeEVP, General Counsel & SecDirectSell102220257.099,00063,8101,157,074Form
    9Lewis, Heidi DianeEVP, General Counsel & SecDirectSell92420258.7112,256106,7501,499,845Form
    10Schrenk, Troy CSEVP, Operations & CCODirectSell92220258.5849,344423,3721,497,665Form

    Investor Activity (13F)

    Updated Oct 2, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
    Philadelphia Financial Management of San Francisco, LLC$15.0 Mil4.8%42TRIM -51.1%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
    Philosophy Capital Management LLC$5.2 Mil0.6%34ExitedDec 31, 202513F
    Philadelphia Financial Management of San Francisco, LLC$15.0 Mil4.8%42TRIM -51.1%Mar 31, 202613F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Philadelphia Financial Management of San Francisco, LLC$15.0 Mil4.8%42TRIM -51.1%13F

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    Core Cache Last Updated: 10/1/2026