THTarget Hospitality Corp.

Hotels, Rooming Houses, Camps & Other Lodging Places

Revenue: $275M; 3.4% YoY
Operating margin: -12.6%; 131% YoY
EBITDA: $39M; 79% YoY
Market cap: $1.4B
Employees: 902; $305K revenue each
Net debt / EBITDA: 0.9×; $36M net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$305K · 71st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 49th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$200M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$214M	$334M	$366M	$266M	$275M	3.4%
Operating income	$37M	$174M	$241M	$109M	−$35M	132%
Net income	−$5M	$74M	$174M	$71M	−$37M	152%
Operating cash flow	$105M	$306M	$157M	$152M	$74M	51%
Stock-based comp	$5M	$19M	$11M	$7M	$8M	3.4%
Buybacks	—	—	—	$33M	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 26, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	43.5%	Passive
Oct 5, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	6.6%	Passive
Sep 28, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	—	Passive
Sep 14, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	53.7%	Passive
Jun 22, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	13.4%	Passive
Jun 1, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	83.2%	Passive
Apr 23, 2026	TDR Capital II Investments LP	SCHEDULE 13D/A	56.8%	Passive
Mar 25, 2024	TDR Capital II Investments LP	SC 13D/A	64.3%	Active
Mar 30, 2021	DALE MANJIT	SC 13D/A	63.2%	Passive
Nov 5, 2020	TDR Capital II Investments LP	SC 13D/A	63.3%	Active

Insider trading

Open-market buys, 12 mo: $2M · 4
Open-market sells, 12 mo: $203M · 4
Net: −$200M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$8M	507	282
FY2024	$4M	$2M	612	223
FY2023	$3M	−$4M	616	187
FY2022	$5M	$26M	958	128
FY2021	$4M	$5M	225	153