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TXNM Energy, Inc.

TXNM Utilities Utilities Regulated Electric

TXNM Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 9.86% from fiscal 2024.

Revenue
+13.3%
EPS
+27.1%
Free cash flow
−2,148.2%
Total debt
+13.3%

Quarter to September 2026, against a year earlier

58.26 0.13 −0.22%
Market cap
$6.4B
P/E
27.3×
Fwd P/E
19.2×
Dividend yield
2.90%
F-score
5/9
Altman Z
0.77
Beneish M
−2.45
Dividend safety
16/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 6,430.00
Revenue ttm 2,320.06
Net income ttm 246.11
Free cash flow ttm (602.59)
Net debt Q 5,731.79
Valuation
P/E 27.27
Forward P/E 19.20
Price / sales 2.66
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.67
Financial health
Current ratio Q 0.81 (below 1: weak)
Debt / equity Q 1.56
Interest coverage Q 3.56
Growth
Revenue growth Q +13.31% (above 0%: growing)
Operating income growth Q +33.63% (above 0%: growing)
EPS, this year +25.61% (at or above 15%: strong)
EPS, next year A +11.73%
Revenue, next year A +9.16%
EPS, past 5 yrs −7.20% (below 0%: weak)
EPS, next 5 yrs A +15.85% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.1×, against a ten-year median of 4.3×; over the ten years it ranged from 3.2× in 2016 to 5.4× in 2026.
P/E against its own 10 years 52.13%
10-year low 10-year high
P/S against its own 10 years 78.69%
10-year low 10-year high
P/B against its own 10 years 26.22%
10-year low 10-year high
EV/Sales against its own 10 years 86.54%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.90%
Annual rate
1.69
Payout ratio
80.9%
Growth, 2018–26
+6.00%/yr
  1. 1.06 ’18
  2. 1.16 ’19 +9
  3. 1.23 ’20 +6
  4. 1.31 ’21 +7
  5. 1.39 ’22 +6
  6. 1.47 ’23 +6
  7. 1.55 ’24 +5
  8. 1.63 ’25 +5
  9. 1.69 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2 4 18 29
Receivables 209 175 214 288
Inventory 98 167 181 201
Other 146 127 122 206
476 499 565 759
2023 2024 2025 Q'26
Payables 205 204 243 192
ST’ Debt 280 612 303 128
Other 338 194 111 176
1,231 1,775 1,018 941

Compound Annual Growth %

10y 5y 3y
Sales 4.17% 7.29% (1.26%)
Cash Flow 4.21% 3.77% 1.00%
Earnings 25.48% (2.61%) (3.71%)
Book Value 7.13% 10.29% 15.31%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY25 Estimate 0.46 Actual 0.25

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY24 1.45 1.43 Miss by 0.02
Q4 FY24 0.30 0.30 Met by 0.00
Q1 FY25 0.20 0.19 Miss by 0.01
Q2 FY25 0.46 0.25 Miss by 0.21

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.64 1.50 — —
’25 0.10 0.22 1.22 (0.08) 1.48
’24 0.52 0.53 1.45 0.17 2.67
’23 0.64 0.53 0.44 (0.58) 1.02
’22 0.19 0.18 1.42 0.18 1.97
’21 0.20 0.62 1.32 0.13 2.27
’20 (0.19) 0.72 1.52 0.11 2.15
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 505 549 733 — —
’25 483 502 647 533 2,166
’24 437 488 569 477 1,971
’23 544 477 506 412 1,939
’22 444 500 730 576 2,250
’21 365 427 555 434 1,780
’20 334 358 472 359 1,523
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 153 70 230 — —
’25 141 4 282 158 584
’24 93 77 180 159 508
’23 132 111 170 139 551
’22 117 101 210 140 567
’21 86 88 234 139 548
’20 94 72 202 118 486
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (160) (195) (96) — —
’25 (201) (263) 5 (152) (611)
’24 (193) (216) (144) (183) (736)
’23 (104) (162) (96) (129) (492)
’22 (93) (165) (18) (70) (345)
’21 (86) (75) 73 (299) (387)
’20 (46) (132) 51 (66) (193)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 24.1% a year for ten years.

Implied
24.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten 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 1,363 1,445 1,437 1,458 1,523 1,780 2,250 1,939 1,971 2,166 2,320 +5.3% 2,364 2,539 2,748 +8.3%
Gross margin, % 61.35 62.29 61.77 61.90 61.57 55.68 49.53 53.91 65.62 62.40 64.96 +1.0 pt
EBT 195 226 109 67 208 244 211 91 280 180 275 (0.9%)
EBT margin, % 14.32 15.62 7.59 4.59 13.65 13.73 9.39 4.67 14.22 8.31 11.84 (6.0) pt
Net income 132 95 101 55 187 212 185 107 259 170 246 +2.8%
Per share, $
Per share, $ Revenue 17.09 18.09 17.98 18.24 19.00 20.68 26.12 22.47 21.77 21.33 21.94 +2.5%
Earnings 1.47 1.00 1.07 0.97 2.16 2.28 1.97 1.02 2.67 1.49 2.14 +0.2%
Cash flow 5.12 6.55 5.36 4.44 6.06 6.37 6.59 6.39 5.61 5.76 5.77 +1.3%
Capex (7.52) (6.26) (6.27) (4.28) (8.47) (10.86) (10.60) (12.09) (13.74) (11.78) (11.47) +5.1%
Free cash flow (2.40) 0.29 (0.91) 0.17 (2.41) (4.50) (4.01) (5.70) (8.13) (6.02) (5.70) +10.7%
Book value 22.02 22.19 22.08 21.93 26.45 25.96 26.20 27.93 28.66 34.08 34.97 +5.0%
Shares, m 80 80 80 80 80 86 86 86 91 102 107 +2.7%
Valuation, ×
Valuation, × P/E 23.28 39.95 38.05 52.28 22.47 20.00 24.87 37.97 18.42 40.33 27.27 31.8
P/S 1.99 2.21 2.29 2.78 2.55 2.21 1.88 1.74 2.26 2.76 2.66 2.3
P/B 1.55 1.81 1.87 2.33 1.84 1.77 1.88 1.41 1.72 1.73 1.67 1.8
EV/Sales 3.74 3.89 4.47 4.84 4.69 4.28 3.69 4.07 4.75 5.25 5.13 4.4
EV/FCF (26.59) 244.57 (88.00) 531.57 (36.92) (19.69) (24.02) (16.05) (12.73) (18.61) (19.75) 53.4
Cash, $m
Cash, $m Operating cash flow 408 523 428 355 486 548 567 551 508 584 610 +4.1%
Capex (600) (500) (501) (342) (679) (935) (913) (1,043) (1,244) (1,196) (1,213) +8.0%
Free cash flow (192) 23 (73) 13 (193) (387) (345) (492) (736) (611) (603) +13.7%
Balance, $m
Balance, $m Working capital (427) (541) (210) (673) (600) (340) (479) (755) (1,276) (453) (182) +0.7%
Net debt 2,388 2,434 2,904 3,004 3,247 3,698 4,073 4,520 4,919 5,400 5,732 +9.5%
Shareholders’ equity 1,756 1,773 1,764 1,753 2,120 2,234 2,256 2,411 2,595 3,460 3,698 +7.8%
Returns, %
Returns, % ROA 1.87 1.22 1.27 1.09 2.27 2.36 1.89 0.90 2.26 1.30 1.84 (0.6) pt
ROIC 4.29 4.68 3.16 1.89 3.32 3.25 3.89 2.09 3.77 3.11 3.75 (1.2) pt
ROE 6.73 4.56 4.87 4.43 8.97 9.04 7.59 3.78 9.72 5.02 6.40 (1.7) pt
People
People Employees 1,814 1,699 1,692 1,668 1,708 1,600 1,500 1,635 1,695 1,700 — (0.7%)
Revenue/emp, $m 0.75 0.85 0.85 0.87 0.89 1.11 1.50 1.19 1.16 1.27 — +6.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

TXNM Energy is a holding company for two regulated electric utilities, PNM and TNMP. Together they serve approximately 842,000 residential, commercial, and industrial customers in New Mexico and Texas. TXNM was incorporated in New Mexico in 2000, and its headquarters is the PNM Building.

PNM generates electricity and provides transmission and distribution service to rate-regulated customers in New Mexico. It also provides wholesale transmission service to third parties. Transmission lines carry electricity over longer distances, while distribution systems deliver it locally. PNM uses a mix of its own generation and contracted power resources to serve customers.

TXNM Energy, Inc. vs peers in Utilities Regulated Electric (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
KEP Korea Electric Power Corporation $14.3B 2.6× 4.1× −0.14% (below 0%: shrinking) −77.78% (below 0%: shrinking) −689.05% (below 0%: shrinking) 8.72% 5.15% Compare
PNW Pinnacle West Capital Corporation $12.6B 19.0× 22.0× +8.35% (above 0%: growing) +4.27% (above 0%: growing) −24.89% (below 0%: shrinking) 61.58% 31.47% Compare
OGE OGE Energy Corporation $10.5B 19.0× 19.8× +13.19% (above 0%: growing) +33.03% (above 0%: growing) −38.62% (below 0%: shrinking) 62.70% 36.23% Compare
IDA IDACORP, Inc. $8.7B 22.1× 22.7× +15.95% (above 0%: growing) +20.87% (above 0%: growing) −18.34% (below 0%: shrinking) 66.73% 29.39% Compare
TXNM TXNM Energy, Inc. $6.4B 27.3× 19.2× +13.31% (above 0%: growing) +27.05% (above 0%: growing) −2,148.16% (below 0%: shrinking) 69.76% 36.97%
POR Portland General Electric Company $5.5B 19.5× 14.9× +2.00% (above 0%: growing) +7.45% (above 0%: growing) −227.00% (below 0%: shrinking) 60.56% 19.26% Compare
NWE NorthWestern Corporation $5.1B 30.8× 23.6× +9.51% (above 0%: growing) −19.35% (below 0%: shrinking) −5.54% (below 0%: shrinking) 0.00% 17.61% Compare
CIG Comp En De Mn Cemig ADS $3.5B 6.1× 7.8× +15.97% (above 0%: growing) 0.00% +411.73% (above 0%: growing) 17.50% 15.58% Compare
MGEE MGE Energy Inc. $3.0B 18.1× 18.7× +8.38% (above 0%: growing) +22.13% (above 0%: growing) +122.24% (above 0%: growing) 0.00% 30.51% Compare
Median of peers $7.1B 19.0× 19.3× +8.95% +5.86% −21.61% 39.03% 24.33%

All 39 Utilities Regulated Electric stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 108.07%
Held by the ten largest 60.87%
Holder Shares Stake Change
BlackRock 14.60m 14.16% +1.24m
Vanguard 12.46m 12.09% +359.51k
Blackstone Inc. 8.00m 7.76% 0.00
Balyasny Asset Management L.P. 7.11m 6.90% −20.48k
Pentwater Capital Management LP 6.49m 6.30% +3.69m
State Street 4.12m 4.00% +241.66k
Geode Capital Management 3.00m 2.91% +205.05k
Millennium Management 2.47m 2.40% −1.06m
Norges Bank 2.26m 2.20% +2.26m
Goldman Sachs 2.21m 2.14% −133.18k
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 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.90m 3.90m 142.00
2024 5.63m 5.48m 115.00
2023 7.67m 4.90m 92.00
2022 6.60m 7.81m 105.00
2021 5.59m 4.29m 95.00

Ownership

Directors and executive officers, together 1.07%
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

TXNM Energy, Inc. (TXNM) Latest News

30 Oct

Impact 3 · · PR Newswire

17 Oct

Impact 4 · · abqjournal.com

8 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

20 Sep

Impact 3 ·

15 Sep

Impact 4 · · santafenewmexican.com
Impact 4 · · abqjournal.com
Impact 4 ·

14 Sep

Impact 4 · · utilitydive.com

8 Sep

Impact 4 ·

31 Aug

Impact 3 ·

29 Aug

Impact 4 · · santafenewmexican.com

10 Aug

Impact 4 ·

9 Aug

Impact 4 · · santafenewmexican.com

1 Aug

Impact 5 · · abqjournal.com

31 Jul

Impact 3 ·

28 Jul

Impact 4 · · krqe.com
Impact 4 · · sourcenm.com

27 Jul

Impact 4 · · krqe.com

20 Jul

Impact 4 · · sourcenm.com

17 Jul

Impact 4 · · abqjournal.com
Impact 4 ·

2 Jul

Impact 4 · · santafenewmexican.com
Impact 4 · · krqe.com
Impact 4 · · abqjournal.com

9 Jun

Impact 4 · · Simply Wall St.

8 Jun

Impact 4 · · abqjournal.com

1 Jun

Impact 4 · · PR Newswire

29 May

Impact 3 · · PR Newswire

21 May

Impact 4 · · utilitydive.com

TXNM metrics, ten years each

stockrow.com/TXNM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com