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Txnm Energy Inc (TXNM) stock

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NYSE: TXNM NYSE Electric Utilities Next results ~January 29, 2027

C Fundamentals grade

Txnm Energy Inc is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$38

Valuation models combined (5)

Base case. Range ~$30–$51. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 35% below it.

Price used: $58.70, November 2, 2026

Txnm Energy Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds193 adding, 156 cuttingOf 64 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Txnm Energy files

10-Q filed October 30: Txnm Energy

Model value +43.4%

Txnm Energy's revenue reached $2.32bn in the twelve months to September 2026, a 10.0% rise on the prior year and little changed from the pace seen a quarter earlier. Profitability improved on two fronts: the free-cash-flow margin climbed to -26.0% from -30.4%, while the operating margin widened to 24.4% from 20.1%. Shareholders, however, face continued dilution, as the diluted share count has grown 15.0% over the same period. Our model value has been lifted accordingly, moving from $27.14 to $38.91 a share. Even so, this remains well below the current share price of $58.38, leaving the stock looking expensive on our numbers. The rating stays Sell.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Txnm Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.19bn, up 8.5% on a year earlier, slower than the 9.9% growth a quarter earlier. Free-cash-flow margin rose to -26.0% from -36.9% a year earlier. The diluted share count is up 17.6% on a year earlier, which dilutes existing holders. It passes 1 of our 7 financial-health checks. Our valuation models combined value is $27.14 a share, against a share price of $58.42.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 29, 2027 (estimated)

Txnm Energy Inc's trailing-twelve-month revenue grew 10.0% year on year, with a free-cash-flow margin of -26.0%. Where it stands out: stock pay as % of revenue of 0.3% ranks 2 of 8 electric utilities companies we cover. Where it lags: free-cash-flow margin of -26.0% ranks 24 of 24 electric utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.2% while net income grew 29.2%: a 23pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.3 points on a year ago.

Things to watch

  • Priced above our value. The share price of $58.70 is 35% above our value per share of $38.
  • Burning cash. Free cash flow was -26.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 15.0% in a year.
  • High debt. Long-term debt exceeds cash by $5.6bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -264% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.9% ranks 23 of 24 electric utilities companies we cover (median 40.9%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.62 against an average estimate of $1.52: beat by 6.3%
Revenue
$733m, up 13.3% on a year earlier
Share reaction
+0.1% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Next report
October 30, 2026; average EPS estimate $0.47

Txnm Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+0.5%
  • 1 month+1.2%
  • This year+2.6%
  • 1 year+6.4%
  • 5 years+44.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Operating margin
24.4%
Net margin
9.9%
EPS (TTM, diluted)
$2.05

Growth

Revenue growth
+10.0%
Change in growth rate
+0.0 pts
Share count change
+15.0%

Cash

Free cash flow (TTM)
-$603M
FCF margin
-26.0%
Stock pay % of revenue
0.3%

Earnings

Last results
October 30, 2026
Next results (est.)
January 29, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Announcement
  5. Agreement
  6. Results
  7. Agreement
  8. Agreement
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Txnm Energy Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$38
Price used
$58.59close November 3, 2026
Implied change
▼ 35%
Uncertainty
Medium

How we got here: the combined value of 5 valuation models built for a business like Txnm Energy Inc (see the models table below and how they are combined) , with a 7.37% cost of equity. The models span ~$30–~$51; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Txnm Energy Inc as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$43 ~$35–$54 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$51 ~$50–$63 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$30 ~$26–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$31 ~$22–$45 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$30 ~$25–$39 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$38 ~$30–$51 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Txnm Energy Inc with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$25.63$30.99$32.37$40.95$40.24$38.84$42.80$37.67$46.34$57.20$58.70
Market value$2.1bn$2.5bn$2.6bn$3.28tn$3.2bn$3.3bn$3.7bn$3.3bn$4.2bn$5.9bn$6.5bn
+ Net debt (− = net cash)$2.7bn$2.7bn$2.9bn$3.2bn$3.3bn$3.8bn$4.3bn$4.8bn$5.5bn$5.6bn$6.0bn
Enterprise value$4.7bn$5.2bn$5.5bn$3.28tn$6.5bn$7.1bn$8.0bn$8.0bn$9.7bn$11.4bn$12.5bn
Multiples
Price / sales 1.5x1.7x1.8xn/m2.1x1.9x1.6x1.7x2.1x2.7x2.8x
Price / earnings 17.6x31.1x30.2xn/m18.7x17.1x21.8x37.1x17.3x38.7x28.6x
Price / free cash flow —108.0x—————————
EV / EBITDA 9.0x9.0x10.7xn/m10.9x11.3x10.9x13.7x11.1x12.4x11.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

24 /100

Weak moat

How hard Txnm Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.7% of total assets over 10 years.

  • Durability 9 / 20

    Operating margin has been a median 17.9%; its worst year was 4.5%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 9 years, at a median -22.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 31.1% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.86 +23% $2.4bn +9%
Next $3.24 +14% $2.5bn +7%

Next year's EPS estimate has moved −0.2% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.7% on 90 days ago. In the last 30 days, 1 analyst raised Txnm Energy Inc's forecast and 0 cut it.

Consensus EPS forecast Txnm Energy Inc, last 90 days
$2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.94 Current fiscal year, 60 days ago: $2.86 Current fiscal year, 30 days ago: $2.87 Current fiscal year, 7 days ago: $2.86 Current fiscal year, Now: $2.86 $2.86 Next fiscal year, 90 days ago: $3.25 Next fiscal year, 60 days ago: $3.26 Next fiscal year, 30 days ago: $3.25 Next fiscal year, 7 days ago: $3.24 Next fiscal year, Now: $3.24 $3.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.94$3.25
60 days ago $2.86$3.26
30 days ago $2.87$3.25
7 days ago $2.86$3.24
Now $2.86$3.24

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.52 $1.62 +6.3%
Jun 2026 $0.57 $0.58 +2.6%
Mar 2026 $0.33 $0.21 −36.7%
Dec 2025 $0.64 $0.48 −24.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

5 analysts, Oct 2026
Buy120%
Hold480%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 2026145
  4. Jul 2026156

Counts of recommendations published by analysts covering Txnm Energy Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.1%
of tradable shares
Days to cover
3.51
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
1,755
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +6.4%

$55.18 on October 31, 2025 to $58.70

ThenNowEffect
Revenue (last 12 months) $2.0bn $2.2bn +10.0%
Net margin 8.7% 8.8% +0.4%
P/E multiple 28.8x 33.3x +15.5%
Share count 93m 111m −16.6%

Biggest factor: share count.

Last 3 years +52.9%

$38.40 on November 3, 2023 to $58.70

ThenNowEffect
Revenue (last 12 months) $2.3bn $2.2bn −4.0%
Net margin 10.2% 8.8% −14.5%
P/E multiple 13.9x 33.3x +140.0%
Share count 86m 111m −22.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TXNM−4%+10%−12%+23%+23%+3%
Industry peers (median)+19%−1%−4%+16%+16%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TXNM33%58%25%67%75%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TXNM−10%−7%−14%−16%−10%−5%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 46% from February 18, 2020 to March 20, 2020. Getting back needed a 86% gain, reached on November 21, 2024, 1707 days after the low.

Price behaviour

52-week range
$55.28 – $58.70
From 52-week high
0.0%
vs 50-day average
+1.4%
vs 200-day average
+2.0%
Volatility (1 year)
5%
Beta vs S&P 500
0.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
11 up, 1 down
typical move ±1.2%
After a week
8 up, 3 down
typical move ±1.7%
After a month
9 up, 2 down
typical move ±3.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +0.1% −2.2% — —
July 31, 2026 +0.1% +2.2% +0.1% +0.1%
May 1, 2026 +0.2% −0.1% −0.1% +0.3%
February 27, 2026 +0.1% −0.4% −0.5% −0.9%
October 31, 2025 +0.1% +0.5% +0.9% +2.1%
August 1, 2025 +0.6% −0.1% +0.7% +0.6%
May 9, 2025 +0.6% +3.2% +0.4% +7.5%
February 21, 2025 +1.7% −2.2% +1.6% +5.6%
November 1, 2024 −2.0% +0.2% +2.7% +13.6%
July 31, 2024 +1.3% +0.2% −3.7% −2.2%
April 30, 2024 +0.9% −1.9% +3.7% +0.8%
February 6, 2024 +6.4% +1.1% +4.4% +8.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Txnm Energy Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Txnm Energy Inc
$1.8B $2B $2.2B $2.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.9B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.8B Revenue (TTM), FY24 Q3: $1.9B Revenue (TTM), FY24 Q4: $2B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B Revenue (TTM), FY26 Q3: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.9B
FY24 Q1 $1.8B
FY24 Q2 $1.8B
FY24 Q3 $1.9B
FY24 Q4 $2B
FY25 Q1 $2B
FY25 Q2 $2B
FY25 Q3 $2.1B
FY25 Q4 $2.2B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
FY26 Q3 $2.3B
Revenue growth, TTM YoY Txnm Energy Inc
-30% -20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -13.8% Revenue growth, TTM YoY, FY24 Q1: -22.0% Revenue growth, TTM YoY, FY24 Q2: -20.8% Revenue growth, TTM YoY, FY24 Q3: -9.3% Revenue growth, TTM YoY, FY24 Q4: 1.7% Revenue growth, TTM YoY, FY25 Q1: 10.1% Revenue growth, TTM YoY, FY25 Q2: 10.2% Revenue growth, TTM YoY, FY25 Q3: 10.6% Revenue growth, TTM YoY, FY25 Q4: 9.9% Revenue growth, TTM YoY, FY26 Q1: 8.5% Revenue growth, TTM YoY, FY26 Q2: 10.0% Revenue growth, TTM YoY, FY26 Q3: 10.0% 10.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -13.8%
FY24 Q1 -22.0%
FY24 Q2 -20.8%
FY24 Q3 -9.3%
FY24 Q4 1.7%
FY25 Q1 10.1%
FY25 Q2 10.2%
FY25 Q3 10.6%
FY25 Q4 9.9%
FY26 Q1 8.5%
FY26 Q2 10.0%
FY26 Q3 10.0%
Operating margin (TTM) Txnm Energy Inc
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.9% Operating margin (TTM), FY24 Q1: 11.6% Operating margin (TTM), FY24 Q2: 12.3% Operating margin (TTM), FY24 Q3: 17.3% Operating margin (TTM), FY24 Q4: 23.0% Operating margin (TTM), FY25 Q1: 22.1% Operating margin (TTM), FY25 Q2: 20.3% Operating margin (TTM), FY25 Q3: 20.1% Operating margin (TTM), FY25 Q4: 20.4% Operating margin (TTM), FY26 Q1: 20.4% Operating margin (TTM), FY26 Q2: 22.2% Operating margin (TTM), FY26 Q3: 24.4% 24.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.9%
FY24 Q1 11.6%
FY24 Q2 12.3%
FY24 Q3 17.3%
FY24 Q4 23.0%
FY25 Q1 22.1%
FY25 Q2 20.3%
FY25 Q3 20.1%
FY25 Q4 20.4%
FY26 Q1 20.4%
FY26 Q2 22.2%
FY26 Q3 24.4%
FCF margin (TTM) Txnm Energy Inc
-40% -30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -27.1% FCF margin (TTM), FY24 Q1: -32.1% FCF margin (TTM), FY24 Q2: -34.9% FCF margin (TTM), FY24 Q3: -35.9% FCF margin (TTM), FY24 Q4: -37.5% FCF margin (TTM), FY25 Q1: -36.9% FCF margin (TTM), FY25 Q2: -38.9% FCF margin (TTM), FY25 Q3: -30.4% FCF margin (TTM), FY25 Q4: -28.2% FCF margin (TTM), FY26 Q1: -26.0% FCF margin (TTM), FY26 Q2: -22.5% FCF margin (TTM), FY26 Q3: -26.0% -26.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -27.1%
FY24 Q1 -32.1%
FY24 Q2 -34.9%
FY24 Q3 -35.9%
FY24 Q4 -37.5%
FY25 Q1 -36.9%
FY25 Q2 -38.9%
FY25 Q3 -30.4%
FY25 Q4 -28.2%
FY26 Q1 -26.0%
FY26 Q2 -22.5%
FY26 Q3 -26.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Txnm Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.2B
  2. Selling, general and admin $274M · 12.7%
  3. Other operating costs $1.4B · 67.0%
  4. Operating income $441M · 20.4%
  5. Interest and other $280M · 12.9%
  6. Net income $151M · 7.0%

Shares of revenue. Source: Txnm Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,363 1,445 1,437 1,458 1,523 1,780 2,250 1,939 1,971 2,166 2,320
Gross profit — — — — 607 649 740 656 — — —
EBITDA 527 583 512 445 600 628 735 585 876 925 1,067
Operating income 285 315 236 144 285 308 394 231 453 441 565
Net income 117 80 86 77 173 196 170 88 242 151 229
Diluted EPS $1.46 $1.00 $1.07 $0.97 $2.15 $2.27 $1.97 $1.02 $2.67 $1.48 $2.05
Growth (year on year)
Revenue — +6.0% −0.6% +1.5% +4.5% +16.9% +26.4% −13.8% +1.7% +9.9% +10.0%
EBITDA — +10.7% −12.3% −13.0% +34.7% +4.7% +17.0% −20.4% +49.8% +5.5% +19.4%
Operating income — +10.6% −25.1% −38.9% +97.8% +8.0% +27.8% −41.2% +96.0% −2.7% +33.4%
Net income — −31.6% +7.2% −9.7% +123.3% +13.3% −13.4% −48.2% +175.7% −37.5% +29.2%
Diluted EPS — −31.5% +7.0% −9.3% +121.6% +5.6% −13.2% −48.2% +161.8% −44.6% +12.3%
Margins
Gross margin — — — — 39.8% 36.5% 32.9% 33.8% — — —
EBITDA margin 38.6% 40.4% 35.6% 30.5% 39.4% 35.3% 32.7% 30.2% 44.5% 42.7% 46.0%
Operating margin 20.9% 21.8% 16.4% 9.9% 18.7% 17.3% 17.5% 11.9% 23.0% 20.4% 24.4%
Net margin 8.6% 5.5% 6.0% 5.3% 11.3% 11.0% 7.5% 4.5% 12.3% 7.0% 9.9%
Free-cash-flow margin −14.1% 1.6% −5.1% −7.8% −12.7% −21.8% −15.3% −27.1% −37.5% −28.2% −26.0%
Cash flow
Cash from operations 408 523 428 503 486 548 567 551 508 584 610
Capital spending 600 500 501 616 679 935 913 1,076 1,247 1,196 1,213
Free cash flow −192 23 −73 −113 −193 −387 −345 −525 −739 −611 −603
Stock-based pay 6 6 7 6 8 9 8 7 9 9 8
Free cash flow after stock pay −197 17 −80 −120 −201 −397 −353 −532 −748 −620 −610
Balance sheet
Cash 6 4 2 4 48 1 4 2 4 18 29
Total debt 2,680 2,743 2,906 3,193 3,327 3,762 4,309 4,784 5,533 5,600 5,997
Net debt (negative = net cash) 2,674 2,739 2,904 3,189 3,279 3,761 4,305 4,781 5,528 5,582 5,968
Diluted shares 80m 80m 80m 79,990m 80m 86m 86m 86m 91m 102m 111m
Returned to shareholders
Dividends 71 78 85 93 99 113 120 127 140 163 181
Buybacks 15 14 13 10 12 10 8 10 8 12 10
Total returned 86 92 98 103 110 123 128 136 149 175 191

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $12.8bn
Short-term assets $759mLonger-term assets $12.1bn
What it owes, and who funded it · $12.8bn
Short-term liabilities $941mLonger-term liabilities $8.2bnShareholders' equity $3.6bn
  • Short-term assets cover short-term liabilities $759m of assets due within a year against $941m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $759m short-term assets against $8.2bn of longer-dated liabilities.
  • More cash than debt $29m of cash against $5.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 158% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 171% to 158% over five years.
  • A year's operating cash flow covers at least 20% of debt $610m of operating cash flow against $5.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $565m against $280m of interest.

From Txnm Energy Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$10M
Dividends (TTM)
$181M
Returned to shareholders
-32%
of free cash flow
Buybacks, last 3 fiscal years
$30.1M
Diluted share count
+15.0%
year over year
Total shareholder yield
3.0%
dividends 2.8% + buybacks 0.1% of market value
Dividend payout ratio
79%
of net income paid out
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated TXNM AQN HE OGE POR OTTR Median
Revenue, last 12 months $2.3bn $2.4bn $3.3bn $3.4bn $3.6bn $1.3bn $9.4bn
Revenue growth, last 12 months 10.0% 4.9% 5.1% 2.4% 1.2% −0.2% 6.4%
Revenue growth, 3-year average 3.3% — −0.9% 6.2% 7.2% −1.6% 3.7%
Revenue growth, latest quarter 13.3% — 25.9% 13.2% 2.0% 0.7% 4.3%
Gross margin 41.0% 69.0% — 62.0% — — 65.9%
Operating margin 24.4% 20.7% 11.5% 25.8% 14.4% 17.2% 22.3%
Operating margin, 3-year average 20.6% 21.2% −11.1% 25.0% 15.3% 24.5% 22.4%
Net margin 9.9% 7.4% 6.9% 16.4% 7.7% 14.9% 13.3%
Cash from operations / revenue 26.3% 24.4% −4.4% 37.9% 27.0% 31.3% 27.0%
Free-cash-flow margin −26.0% −7.3% −17.2% 6.2% −11.7% −6.1% −10.0%
Free-cash-flow margin, 3-year average −30.8% −25.1% −4.3% −0.8% −11.4% 3.3% −8.2%
Stock pay / revenue 0.3% 0.5% 0.1% 0.5% — 0.8% 0.4%
Change in share count 15.0% 5.2% 9.6% 2.4% 6.1% −0.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 10.0% 6.4% 6 of 25
Change in growth rate Growth +0.0pp -0.1pp 12 of 25
Operating margin Profitability 24.4% 22.5% 6 of 24
Net margin Profitability 9.9% 13.3% 21 of 25
Free-cash-flow margin Cash generation -26.0% -10.0% 24 of 24
Stock pay as % of revenue Cash generation 0.3% 0.5% 2 of 8
Long-term debt as % of assets Balance sheet 43.9% 40.9% 23 of 24
Change in share count Balance sheet 15.0% 1.7% 23 of 23
Days sales outstanding Balance sheet 34 days 45 days 4 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Electricity $2.2B ▲ 9.9%
Electric Transmission Service $320M ▲ 7.3%
Wholesale Energy Sales $97.8M ▲ 50.6%
Miscellaneous Revenue From Contracts With Customers $10.2M ▲ 6.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Txnm Energy Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.3B
Institutions reporting
384
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
42 / 36

Top buyers and sellers, Q2 2026: 193 institutions bought and 156 sold ; the biggest buyer was Pentwater Capital Management LP (+3.7M shares) and the biggest seller HBK Investments L P (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $829M 14.6M 13.1% ▲ 9.2%
Blackstone Inc. $454M 8.0M 7.2% 0.0%
Balyasny Asset Management L.P. $404M 7.1M 6.4% ▼ 0.3%
Vanguard Portfolio Management LLC $383M 6.7M 6.0% ▲ 2.9%
Pentwater Capital Management LP $368M 6.5M 5.8% ▲ 131.7%
Vanguard Capital Management LLC $275M 4.8M 4.3% ▲ 2.7%
State Street Corp $234M 4.1M 3.7% ▲ 6.2%
Geode Capital Management, LLC $170M 3.0M 2.7% ▲ 7.3%
Millennium Management LLC $140M 2.5M 2.2% ▼ 30.0%
Norges Bank $129M 2.3M 2.0% —
Goldman Sachs Group Inc $125M 2.2M 2.0% ▼ 5.7%
Qube Research & Technologies Ltd $118M 2.1M 1.9% ▲ 66.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Txnm Energy Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $103,932 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $103,932 net selling
Insider Date Trade Shares Price Value
Bailey Vicky A Director November 14, 2025 Sell 1,800 $57.74 $103,932

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Txnm Energy Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 7, 2025, filed May 14, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 29, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 31, 2026
  • May 1, 2026
  • February 27, 2026
  • October 31, 2025
  • August 1, 2025

Recent SEC filings

Data status

When each part of this page on Txnm Energy Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Txnm Energy Inc in brief

What does Txnm Energy Inc do?
Txnm Energy Inc is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Txnm Energy Inc's stock ticker?
Txnm Energy Inc trades under the ticker TXNM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Txnm Energy Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Txnm Energy Inc reported revenue of $2.3B, 10.0% higher than a year earlier, according to its SEC filings.
What is Txnm Energy Inc's free cash flow?
Txnm Energy Inc's free-cash-flow margin is -26.0% of revenue over the trailing twelve months, ranking 24 of the 24 electric utilities companies we cover.
Who are Txnm Energy Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Blackstone Inc. and Balyasny Asset Management L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Txnm Energy Inc buying back stock, and does it pay a dividend?
Txnm Energy Inc spent $10M on share repurchases over the trailing twelve months, and its diluted share count still rose 15.0% over the year.
What is Txnm Energy Inc's market cap?
On November 2, 2026, Txnm Energy Inc's market capitalisation was about $6.5B, with a price-to-earnings ratio of 28.6 and net debt of $6B. Market figures come from third-party market data and may be delayed.
Does Txnm Energy Inc pay a dividend?
Yes: Txnm Energy Inc paid $181M in dividends over the trailing twelve months, a dividend yield of 2.80% and a payout ratio of 79.3%.
How much debt does Txnm Energy Inc have?
Txnm Energy Inc's debt-to-equity ratio is 158.3%, from its latest balance sheet (171.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Txnm Energy Inc's competitors?
In our Electric Utilities peer group, the companies closest to Txnm Energy Inc are Algonquin Power & Utilities Corp., Hawaiian Electric Industries Inc, OGE Energy Corp., Portland General Electric Co and Otter Tail Corp. The side-by-side comparison below sets their revenue, margins and growth against Txnm Energy Inc's.
Are insiders buying or selling Txnm Energy Inc stock?
Over the last 12 months, Txnm Energy Inc's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Txnm Energy Inc's next earnings date?
Around January 29, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Txnm Energy Inc announces its own schedule.