HIGHOutside partyCustomer
63%
top five customers
“10-K Item 1A: 'the Company had three customers who accounted for 28%, 11% and 11% of total revenue, respectively, and our five largest customers accounted for approximately 63% of our total revenue'”
TH · Concentration risk · 10-K extracted
Target Hospitality (TH) concentration risks
Updated
The most significant concentration Target Hospitality discloses is top five customers at 63%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Target Hospitality’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
Permian Basin / Southwestern U.S.
“10-K Item 1: 'Our current footprint supporting natural resource development customers is strategically concentrated in the southwestern portion of the United States near the Permian Basin region served by our HFS – South segment.'”
MEDIUMOutside partyCustomer
28%
largest customer
“10-K Item 1A: 'the Company had three customers who accounted for 28%, 11% and 11% of total revenue, respectively, and our five largest customers accounted for approximately 63% of our total revenue'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Target Hospitality's concentration risk is heavily customer-driven. Three customers accounted for 28%, 11%, and 11% of total revenue respectively, and the five largest customers together made up approximately 63% of total revenue. The largest of these alone represented 28% of total revenue — a disclosed mid-range share for a single counterparty, layered inside a high-range combined top-five exposure. This is a dependency-type risk: the loss or pullback of even one or two of these relationships could materially affect results given how much of revenue rests on so few customers. Compounding that customer concentration is a geographic one: the company's footprint serving natural resource development customers is strategically concentrated in the southwestern United States near the Permian Basin, served by its HFS – South segment. This is structural rather than counterparty-specific, tying Target Hospitality's fortunes to the health of one regional energy-and-resources ecosystem. Together, these exposures compound rather than offset each other — the same Permian-area dynamics that could pressure the region's resource-development activity would also bear directly on the concentrated customer base operating there, making this combination of customer and geographic concentration the dominant risk factor in the current disclosure set.
For the engine’s reasoning on TH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Specialty Business Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| TH● | Target Hospitality Corp. | 2 | 1 | 0 | 3 |
| ARMK | Aramark | 1 | 1 | 0 | 2 |
| AMTM | Amentum Holdings, Inc. | 1 | 0 | 0 | 1 |
| BKSY | BlackSky Technology Inc. | 1 | 0 | 0 | 1 |
| ABM | ABM Industries Incorporated | 0 | 0 | 0 | 0 |
| AZZ | AZZ Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.