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Friday 6 November 2026
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Talen Energy Corporation
TLN Utilities Utilities Independent Power Producers
Talen Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 22.0% from fiscal 2024.
- Revenue
- +63.4%
- EPS
- −35.9%
- Free cash flow
- −38.4%
- Total debt
- +220.5%
Quarter to September 2026, against a year earlier
318.66
8.12
−2.48%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 928 | 3,089 | 2,554 | 2,115 | 2,581 | 3,952 | +29.1% | 4,438 | 5,267 | 5,605 | +29.5% | |
| Gross margin, % | — | — | — | — | — | 11.96 | 64.91 | 66.05 | 62.32 | 58.70 | 50.56 | +46.7 pt | ||||||
| EBT | — | — | — | — | — | (1,277) | (1,328) | 871 | 1,111 | (166) | (233) | (40.0%) | ||||||
| EBT margin, % | — | — | — | — | — | (137.61) | (42.99) | 34.10 | 52.53 | (6.43) | (5.90) | +131.2 pt | ||||||
| Net income | — | — | — | — | — | (977) | (1,293) | 608 | 1,013 | (219) | (254) | (31.2%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 0.00 | 0.00 | 43.27 | 38.98 | 56.49 | 82.98 | n/m | |||||
| Earnings | — | — | — | — | — | — | — | 10.39 | 18.40 | (4.79) | (5.66) | n/m | ||||||
| Cash flow | — | — | — | — | — | 0.00 | 0.00 | 14.64 | 4.72 | 15.41 | 16.17 | n/m | ||||||
| Capex | — | — | — | — | — | 0.00 | 0.00 | (5.90) | (3.48) | (4.51) | (10.27) | n/m | ||||||
| Free cash flow | — | — | — | — | — | 0.00 | 0.00 | 8.74 | 1.23 | 10.90 | 5.90 | n/m | ||||||
| Book value | — | — | — | — | — | 0.00 | 0.00 | 42.93 | 25.56 | 23.92 | 33.66 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 59 | 54 | 46 | 46 | (12.0%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 6.58 | 6.58 | 6.58 | 11.29 | 0.00 | 0.00 | 6.2 | |||||
| P/S | — | — | — | — | — | 0.00 | 0.00 | 1.51 | 5.17 | 6.64 | 3.84 | 2.7 | ||||||
| P/B | — | — | — | — | — | 1.20 | 1.20 | 1.52 | 7.88 | 15.67 | 9.47 | 5.5 | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | 0.00 | 2.26 | 6.42 | 8.98 | 6.17 | 3.5 | ||||||
| EV/FCF | — | — | — | — | — | 0.00 | 0.00 | 11.18 | 202.53 | 46.56 | 86.82 | 52.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (294) | 187 | 864 | 256 | 704 | 770 | n/m | |||||
| Capex | — | — | — | — | — | (224) | (312) | (348) | (189) | (206) | (489) | (2.1%) | ||||||
| Free cash flow | — | — | — | — | — | (518) | (125) | 516 | 67 | 498 | 281 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (598) | 1,068 | 585 | 299 | (138) | n/m | |||||
| Net debt | — | — | — | — | — | — | 3,364 | 1,919 | 2,639 | 6,059 | 9,220 | +21.7% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | (482) | 2,534 | 1,387 | 1,093 | 1,603 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | (24.04) | 6.87 | 15.09 | (2.57) | (2.40) | (2.6) pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 5.23 | 1.18 | 3.51 | (0.79) | 0.46 | (0.8) pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 0.00 | 59.75 | 50.91 | (17.66) | (16.54) | (17.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 2,118 | 1,894 | 1,880 | — | (5.8%) | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 1.21 | 1.12 | 1.37 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Talen Energy Corporation vs peers in Utilities Independent Power Producers (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CEG Constellation Energy Corporation | $84.9B | 23.4× | 21.3× | +23.00% (above 0%: growing) | −46.82% (below 0%: shrinking) | −116.62% (below 0%: shrinking) | 46.39% | 7.73% | Compare |
| VST Vistra Corp. | $37.9B | 19.0× | 14.9× | −5.48% (below 0%: shrinking) | −6.10% (below 0%: shrinking) | +401.69% (above 0%: growing) | 34.60% | 13.77% | Compare |
| NRG NRG Energy, Inc. | $16.9B | 21.4× | 11.9× | +10.99% (above 0%: growing) | n/m | +8,715.12% (above 0%: growing) | 26.88% | 13.05% | Compare |
| TLN Talen Energy Corporation | $13.8B | — (loss-making) | 21.5× | +63.42% (above 0%: growing) | −35.89% (below 0%: shrinking) | −38.44% (below 0%: shrinking) | 50.26% | 19.22% | |
| OKLO Oklo Inc. | $3.6B | — (loss-making) | — | — | n/m | −632.29% (below 0%: shrinking) | 40.41% | (6,048.76%) | Compare |
| KEN Kenon Holdings Ltd. | $3.0B | 25.7× | 5.7× | +93.37% (above 0%: growing) | +750.00% (above 0%: growing) | −3,783.33% (below 0%: shrinking) | 22.16% | 15.04% | Compare |
| HNRG Hallador Energy Company | $441.3M | 234× | — (loss-making) | −1.28% (below 0%: shrinking) | n/m | −3,158.67% (below 0%: shrinking) | 33.82% | (12.05%) | Compare |
| DGXX Digi Power X Inc. | $193.9M | — (loss-making) | — (loss-making) | −18.28% (below 0%: shrinking) | n/m | −850.98% (below 0%: shrinking) | (83.34%) | (153.44%) | Compare |
| ONEN ONE Nuclear Energy Inc. | $183.0M | — | — | — | — | — | — | — | Compare |
| Median of peers | $3.3B | 23.4× | 13.4× | +4.85% | −6.10% | −632.29% | 33.82% | 7.73% |
From the latest earnings call
- CEO Mac McFarland said Talen is discussing power contracts and powered-land development with customers while PJM considers changes to its market rules.
- CFO Cole Muller said Talen’s outlook reflects its existing portfolio and forward power curves, with repurchases included in its per-share cash flow projections.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
100.70%
Held by the ten largest
52.10%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 4.58m | 9.56% | +89.50k |
| BlackRock | 4.36m | 9.09% | +265.42k |
| Rubric Capital Management LP | 3.60m | 7.52% | 0.00 |
| MFN Partners Management, LP | 3.00m | 6.26% | 0.00 |
| ECP ControlCo, LLC | 2.40m | 5.01% | +2.40m |
| FRED ALGER MANAGEMENT, LLC | 1.55m | 3.23% | +360.52k |
| REAVES W H & CO INC | 1.48m | 3.08% | −34.03k |
| State Street | 1.38m | 2.88% | +36.88k |
| Sachem Head Capital Management LP | 1.37m | 2.86% | −177.50k |
| Capital Group | 1.25m | 2.60% | +97.43k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 19 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.74m | 235.88m | 293.99 |
| 2024 | 6.26m | 149.21m | 158.02 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group
10.50%
BlackRock, Inc.
8.60%
Entities Affiliated with Rubric Capital Management LP
7.80%
MFN Partners, LP
6.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Talen Energy Corporation (TLN) Latest News
3 Nov
28 Oct
7 Oct
29 Sep
21 Sep
TLN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Altman Z-score
- Beneish M-score
Talen Energy is an independent power producer: it owns power plants and sells the electricity they generate rather than primarily serving households through a local utility. As of the end of 2025, it owned and operated approximately 13.1 GW of U.S. power infrastructure, including nuclear and fossil-fueled generation. Its chief executive is Mark McFarland.
Talen sells electricity, capacity and ancillary services in wholesale markets. Electricity is the power delivered to the grid; capacity is a commitment to have generation available when needed; and ancillary services help support grid operations. Buyers include wholesale power purchasers and AWS, which has a long-term agreement for nuclear power from Talen’s Susquehanna plant. Talen also receives payments to keep certain plants available for grid reliability.