Target Hospitality reported $263M of remaining performance obligations at 30 Jun 2026, up 71% from a year earlier and up 4% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.
Net new backlog added in the latest quarter: $10.0M.
Over the last twelve months it turned about 226% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 46.2% of the backlog.
Twelve-month book-to-bill: 1.31, i.e. 1.31 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +59 points — orders are running ahead of revenue.
By backlog size it ranks 360th among US filers the cockpit tracks.
Target Hospitality backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Jun 2026
$263M
$347M
0.8 yrs
$122M
31 Mar 2026
$253M
$324M
0.8 yrs
$29.8M
31 Dec 2025
$123M
$321M
0.4 yrs
$18.6M
30 Sep 2025
$132M
$314M
0.4 yrs
$15.0M
30 Jun 2025
$154M
$310M
0.5 yrs
$9.00M
31 Mar 2025
$154M
$350M
0.4 yrs
$1.50M
31 Dec 2024
$88.8M
$386M
0.2 yrs
$1.20M
30 Sep 2024
$29.1M
$429M
0.1 yrs
$900,000
30 Jun 2024
$49.7M
$480M
0.1 yrs
$3.30M
31 Mar 2024
$122M
$522M
0.2 yrs
$5.00M
31 Dec 2023
$152M
$564M
0.3 yrs
$5.50M
30 Sep 2023
$105M
$590M
0.2 yrs
$19.4M
Questions
What is Target Hospitality's backlog?
Target Hospitality reported $263M of remaining performance obligations at 30 Jun 2026, up 71% from a year earlier and up 4% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.
How fast does Target Hospitality's backlog turn into revenue?
Over the last twelve months Target Hospitality recognised revenue equal to about 226% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.