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TXNM Energy

TXNM NYSE Electric Utilities Financials FY2016–FY2025

TXNM Energy's revenue rose 9.9% to $2.2 billion in fiscal 2025. Its operating margin was 20.4%, down from 23.0% a year earlier. Free cash flow was −$611 million. It paid out $175 million in dividends and buybacks. The diluted share count rose 13.0%.

Last close · Oct 23, 2026

$58.27

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$2.2B
9.9% vs prior year
Operating margin Operating income as a share of revenue.
20.4%
2.6 pts
Net income Profit after all expenses, interest and tax.
$170M
34.4%
Free cash flow Cash from operations minus capital spending.
−$611M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.8%
0.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
44.1x
On $1.32 EPS (TTM)

What TXNM Energy does

No business description yet.

Legal name
TXNM Energy, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001108426-26-000006
0001108426

Revenue and margins

TXNM Energy had $2.2B of revenue in fiscal 2025, up 9.9% on the year before.

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

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 0.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
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 −$611M in fiscal 2025, −28.2% 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

TXNM Energy returned $175M to shareholders in fiscal 2025. The diluted share count rose 13.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value TXNM Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.6B and divides by 102.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 44.1x · peers 19.6x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably TXNM Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1M$4.1M$2.2M$4.5M$18.3M
Debt incl. finance leases $3.8B$4.3B$4.8B$5.6B$5.6B
Net debt / EBITDA 6.0x5.9x8.2x6.3x6.1x
Debt / equity 1.8x2.0x2.1x2.2x1.7x
Interest coverage 3.2x3.1x1.2x2.0x1.6x
Current ratio 0.5x0.5x0.4x0.3x0.6x
Quick ratio 0.4x0.4x0.3x0.2x0.4x
Total assets $8.7B$9.3B$10.3B$11.2B$12.1B
Total liabilities $6.4B$7.0B$7.8B$8.6B$8.6B
Shareholders' equity $2.2B$2.2B$2.3B$2.5B$3.4B
Net debt (− = net cash) $3.8B$4.3B$4.8B$5.6B$5.6B

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

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Nov 14, 2025 Vicky A BaileyDirector Sold 1,800 $57.74 $0.1M Form 4

Piotroski F-score

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

TestFY23FY24FY25
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 4 / 94 / 86 / 8
Accruals ratio −4.6%−2.3%−3.6%
Altman Z'' 0.240.100.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
TXNM Energy TXNM $6.6B 9.9% 20.4% −28.2% 4.8% 44.1x 6
Idacorp IDA $7.7B −1.2% 20.3% −33.1% 5.5% — 5 Compare →
Hawaiian Electric Industries HE $1.5B −4.1% 7.6% 1.6% 5.2% 6.5x 5 Compare →
Portland General Electric POR $5.2B 4.0% 15.5% −2.0% 5.4% 19.6x 5 Compare →
Otter Tail OTTR $3.8B −2.3% 26.6% 7.5% 12.3% 19.5x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.4B $1.4B $1.4B $1.5B $1.5B $1.8B $2.2B $1.9B $2.0B $2.2B
Gross profit — — — — $607M $649M $741M $656M — —
Operating income $285M $315M $236M $144M $285M $308M $394M $231M $454M $441M
Interest expense $129M $128M $127M $121M $114M $96.9M $128M $190M $228M $272M
Pretax income $195M $226M $109M $66.8M $208M $244M $211M $90.5M $280M $180M
Income tax $63.3M $130M $7.8M −$25.3M $20.6M $32.6M $26.1M −$16.3M $21.5M $10.2M
Net income $117M $79.9M $101M $92.1M $187M $212M $185M $107M $259M $170M
Diluted EPS $1.46 $1.00 $1.07 $0.97 $2.15 $2.27 $1.97 $1.02 $2.67 $1.48
Diluted shares 0.08B 0.08B 0.08B 0.08B 0.08B 0.09B 0.09B 0.09B 0.09B 0.10B
Cash flow
Cash from operations $408M $524M $428M $503M $486M $548M $567M $551M $508M $585M
Capital expenditure $600M $501M $501M $616M $679M $935M $913M $1.1B $1.2B $1.2B
Free cash flow −$192M $23.0M −$73.0M −$113M −$193M −$387M −$345M −$525M −$739M −$611M
Depreciation and amortization $242M $268M $276M $301M $315M $320M $341M $354M $423M $483M
Stock-based compensation $5.6M $6.2M $7.1M $6.4M $8.1M $9.4M $7.8M $7.2M $9.5M $8.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $15.5M $13.9M $12.6M $9.9M $12.0M $10.1M $8.0M $9.6M $8.5M $12.0M
Dividends paid $70.6M $77.8M $85.0M $92.9M $98.5M $113M $120M $127M $140M $163M
Dividends and buybacks $86.1M $91.7M $97.6M $103M $110M $123M $128M $136M $149M $175M
Balance sheet
Cash and short-term investments $5.5M $4.0M $2.1M $3.8M $47.9M $1.1M $4.1M $2.2M $4.5M $18.3M
Total debt $2.7B $2.7B $2.9B $3.2B $3.3B $3.8B $4.3B $4.8B $5.5B $5.6B
Finance lease liabilities $0.0M $0.0M $0.0M $8.7M $20.4M $21.9M $23.5M $26.1M $25.6M $37.5M
Current assets $378M $294M $303M $294M $378M $325M $411M $476M $499M $565M
Current liabilities $805M $836M $513M $968M $978M $664M $890M $1.2B $1.8B $1.0B
Inventory $73.0M $66.5M $71.8M $77.9M $66.4M $65.1M $66.7M $98.0M $167M $181M
Property and equipment, net — — — $12.5M $24.1M $25.4M $26.8M $29.4M — —
Total assets $6.5B $6.6B $6.9B $7.3B $7.9B $8.7B $9.3B $10.3B $11.2B $12.1B
Total liabilities $4.7B $4.9B $5.1B $5.5B $5.8B $6.4B $7.0B $7.8B $8.6B $8.6B
Shareholders' equity $1.7B $1.7B $1.7B $1.7B $2.0B $2.2B $2.2B $2.3B $2.5B $3.4B
Margins
Gross margin — — — — 39.8% 36.5% 32.9% 33.8% — —
Operating margin 20.9% 21.8% 16.4% 9.9% 18.7% 17.3% 17.5% 11.9% 23.0% 20.4%
EBITDA margin 38.7% 40.4% 35.6% 30.6% 39.4% 35.3% 32.7% 30.2% 44.5% 42.7%
Net margin 8.6% 5.5% 7.1% 6.3% 12.3% 11.9% 8.2% 5.5% 13.1% 7.8%
FCF margin −14.1% 1.6% −5.1% −7.8% −12.7% −21.8% −15.4% −27.1% −37.5% −28.2%
Returns
Return on capital 4.6% 3.5% 4.8% 3.0% 5.0% 4.7% 5.5% 3.4% 5.5% 4.8%
Return on capital employed 5.2% 5.5% 3.9% 2.3% 4.3% 4.1% 4.8% 2.7% 4.9% 4.3%
Return on equity 7.0% 4.7% 6.0% 5.5% 10.1% 10.1% 8.5% 4.7% 10.6% 5.7%
Return on assets 1.9% 1.2% 1.5% 1.3% 2.5% 2.6% 2.1% 1.1% 2.4% 1.5%
Growth
Revenue growth — 6.0% −0.6% 1.5% 4.5% 16.9% 26.4% −13.8% 1.7% 9.9%
Net income growth 647.1% −31.6% 26.8% −9.0% 103.3% 13.1% −12.6% −42.3% 142.1% −34.4%
EPS growth 630.0% −31.5% 7.0% −9.4% 121.7% 5.6% −13.2% −48.2% 161.8% −44.6%
FCF growth — — −417.3% — — — — — — —
Share count change −0.0% 0.0% −0.2% −0.0% 0.4% 7.2% 0.1% 0.2% 4.9% 13.0%
Financial health
Net debt / EBITDA 5.1x 4.7x 5.7x 7.2x 5.5x 6.0x 5.9x 8.2x 6.3x 6.1x
Debt / equity 1.6x 1.6x 1.7x 1.9x 1.6x 1.8x 2.0x 2.1x 2.2x 1.7x
Interest coverage 2.2x 2.5x 1.9x 1.2x 2.5x 3.2x 3.1x 1.2x 2.0x 1.6x
Current ratio 0.5x 0.4x 0.6x 0.3x 0.4x 0.5x 0.5x 0.4x 0.3x 0.6x
Quick ratio 0.4x 0.3x 0.5x 0.2x 0.3x 0.4x 0.4x 0.3x 0.2x 0.4x
Capital allocation
Capex / revenue 44.0% 34.6% 34.9% 42.3% 44.6% 52.5% 40.6% 55.5% 63.3% 55.2%
Stock comp / revenue 0.4% 0.4% 0.5% 0.4% 0.5% 0.5% 0.4% 0.4% 0.5% 0.4%
Payouts / FCF — 398.8% — — — — — — — —
Quality scores
Piotroski F-score — 4.0 6.0 4.0 6.0 6.0 4.0 4.0 4.0 6.0
Altman Z'' 0.6 0.5 0.7 0.1 0.4 0.7 0.6 0.2 0.1 0.7
Accruals ratio −4.7% −6.8% −4.8% −5.8% −3.9% −4.1% −4.3% −4.6% −2.3% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0001108426). Data updated October 14, 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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