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Data is in US dollars, converted at the ECB reference rate of Oct 23, 2026.

Tennessee Valley Authority

TVE NYSE Electric Services Financials FY2016–FY2025

Last close · Oct 23, 2026

$23.22

0.2%
Compare
Revenue Total sales reported in the income statement.
—
vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.4B
19.8%
Free cash flow Cash from operations minus capital spending.
−$1.1B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

What Tennessee Valley Authority does

No business description yet.

Legal name
Tennessee Valley Authority
Fiscal year ends
September 30, 2025
Latest annual report
10-K · Nov 13, 2025
Accession · CIK
0001376986-25-000056
0001376986

Revenue and margins

Tennessee Valley Authority had — of revenue in fiscal 2025.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$1.1B in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tennessee Valley Authority returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Tennessee Valley Authority can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $499M$500M$501M$502M$1.6B
Debt incl. finance leases $19.6B$20.0B$20.1B$20.9B$22.7B
Net debt / EBITDA 4.3x4.3x5.0x4.7x4.3x
Current ratio 0.7x0.9x0.8x0.6x0.9x
Quick ratio 0.5x0.6x0.5x0.4x0.7x
Total assets $52.5B$51.2B$51.3B$57.7B$60.9B
Net debt (− = net cash) $19.1B$19.5B$19.6B$20.4B$21.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✓ ✓ ✕ ✓ ✕ ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✕ ✓ ✓ ✓ ✓ ✕ ✕ ✓ ✕
Current ratio rose — ✕ ✓ ✓ ✕ ✓ ✓ ✕ ✕ ✓
Share count didn't rise — — — — — — — — — —
Gross margin rose — — — — — — — — — —
Revenue rose relative to assets — ✓ ✓ ✕ ✕ ✓ ✓ ✕ — —
F-score — / 34 / 77 / 76 / 74 / 77 / 75 / 73 / 7— / 6— / 6
Accruals ratio −3.6%−4.1%−5.7%−4.6%−4.4%−3.3%−3.6%−4.6%−3.4%−3.3%
Altman Z'' ——————————

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.6B $10.7B $11.2B $11.3B $10.2B $10.5B $12.5B $12.1B — —
Operating income $2.3B $2.7B $2.6B $2.8B $2.7B $2.8B $2.4B $1.7B $2.2B $2.6B
Interest expense $1.1B $1.3B $1.2B — — — — — — —
Net income $1.2B $685M $1.1B $1.4B $1.4B $1.5B $1.1B $500M $1.1B $1.4B
Cash flow
Cash from operations $3.0B $2.7B $3.9B $3.7B $3.6B $3.3B $2.9B $2.9B $3.0B $3.3B
Capital expenditure $2.7B $2.2B $1.8B $1.7B $1.6B $2.0B $2.4B $2.5B $3.3B $4.5B
Free cash flow $332M $575M $2.2B $2.0B $2.0B $1.3B $587M $346M −$278M −$1.1B
Depreciation and amortization $1.9B $1.8B $2.6B $2.0B $1.8B $1.6B $2.1B $2.2B $2.2B $2.3B
Acquisitions $0.0M $0.0M — — — — — — — —
Balance sheet
Cash and short-term investments $310M $311M $299M $299M $500M $499M $500M $501M $502M $1.6B
Total debt $25.5B $25.5B $23.9B $22.5B $21.2B $19.4B $19.3B $19.5B $20.2B $22.1B
Finance lease liabilities — — $80.0M $182M $171M $122M $687M $576M $700M $640M
Current assets $3.6B $3.4B $3.4B $3.3B $3.2B $3.5B $4.0B $3.7B $3.8B $5.2B
Current liabilities $5.9B $6.4B $4.9B $4.3B $4.7B $5.0B $4.6B $4.9B $5.9B $5.6B
Inventory $993M $1.1B $961M $999M $1.0B $950M $1.1B $1.1B $1.2B $1.2B
Property and equipment, net $34.0B $34.9B $35.4B $35.1B $35.6B $36.5B $36.9B $37.5B $39.1B $41.5B
Total assets $50.5B $50.0B $48.7B $50.5B $52.8B $52.5B $51.2B $51.3B $57.7B $60.9B
Total liabilities $42.1B $40.9B $38.4B $38.8B $39.9B — — — — —
Margins
Operating margin 21.9% 25.4% 22.9% 24.8% 26.5% 27.1% 19.2% 14.1% — —
EBITDA margin 39.6% 41.9% 45.6% 42.4% 44.5% 41.9% 35.8% 32.6% — —
Net margin 11.6% 6.4% 10.0% 12.5% 13.2% 14.4% 8.8% 4.1% — —
FCF margin 3.1% 5.4% 19.4% 17.8% 19.4% 12.3% 4.7% 2.9% — —
Returns
Return on capital employed 5.2% 6.3% 5.9% 6.1% 5.6% 6.0% 5.2% 3.6% 4.3% 4.6%
Return on assets 2.4% 1.4% 2.3% 2.9% 2.6% 2.9% 2.1% 1.0% 2.1% 2.3%
Growth
Revenue growth — 1.2% 4.6% 0.8% −9.4% 2.5% 19.4% −3.9% — —
Net income growth — −44.4% 63.4% 26.6% −4.6% 11.8% −26.7% −54.9% 127.0% 19.8%
FCF growth — 73.2% 279.0% −7.3% −1.3% −35.1% −54.6% −41.1% −180.3% —
Financial health
Net debt / EBITDA 6.0x 5.6x 4.6x 4.7x 4.6x 4.3x 4.3x 5.0x 4.7x 4.3x
Interest coverage 2.0x 2.0x 2.1x — — — — — — —
Current ratio 0.6x 0.5x 0.7x 0.8x 0.7x 0.7x 0.9x 0.8x 0.6x 0.9x
Quick ratio 0.5x 0.4x 0.5x 0.5x 0.5x 0.5x 0.6x 0.5x 0.4x 0.7x
Capital allocation
Capex / revenue 25.5% 20.0% 15.7% 15.0% 16.0% 18.7% 18.8% 21.0% — —
Quality scores
Piotroski F-score — 4.0 7.0 6.0 4.0 7.0 5.0 3.0 — —
Accruals ratio −3.6% −4.1% −5.7% −4.6% −4.4% −3.3% −3.6% −4.6% −3.4% −3.3%

Source: SEC EDGAR XBRL filings (CIK 0001376986). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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