TXNM Energy, Inc. (TXNM)

Industry: Regulated Electric Sector: Utilities Currency Used: US Live Price: $59.16

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023
Stock Price	56.55	56.32	55.45	41.65	45.00
Market Capitalization	5,260.11M	5,238.72M	5,157.79M	3,788.46M	3,897.82M
(-) Cash & Equivalents	0.00M	22.17M	9.41M	4.49M	5.44M
(+) Total Debt	1,031.64M	5,804.42M	4,317.45M	5,437.29M	4,803.11M
Enterprise Value	6,291.75M	11,020.97M	9,465.84M	9,221.27M	8,695.48M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Revenue	2,109M	1,906M	1,971M	1,939M	2,250M	1,780M	1,523M	1,458M
Cost of Revenue	1,308M	1,160M	1,161M	1,312M	1,535M	1,154M	939M	893M
Gross Profit	801M	747M	810M	627M	715M	626M	584M	565M
Gross Profit Margin	38.0%	39.2%	41.1%	32.3%	31.8%	35.2%	38.4%	38.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	272M	240M	247M	228M	227M	230M	216M	189M
Operating Expenses	380M	340M	348M	324M	320M	316M	298M	269M
Operating Income (EBIT)	421M	407M	462M	303M	395M	309M	286M	295M
Operating Income Margin	20.0%	21.4%	23.5%	15.6%	17.5%	17.4%	18.8%	20.3%
Interest Income	20M	24M	24M	22M	16M	15M	14M	14M
Interest Expense	265M	223M	228M	190M	128M	97M	114M	121M
Net Interest Income	-244M	-199M	-205M	-168M	-112M	-82M	-100M	-107M
Unusual Items	41M	-25M	22M	-44M	-71M	17M	22M	-121M
EBT Excluding Unusual Items	177M	208M	258M	135M	283M	227M	186M	188M
Pre-Tax Income	218M	184M	280M	91M	211M	244M	208M	67M
Pre-Tax Margin	10.3%	9.6%	14.2%	4.7%	9.4%	13.7%	13.7%	4.6%
Income Tax Expense	23M	-9M	22M	-16M	26M	33M	21M	-25M
Net Income	177M	177M	243M	88M	170M	196M	173M	78M
Net Income Margin	8.4%	9.3%	12.3%	4.6%	7.6%	11.0%	11.4%	5.3%
Depreciation & Amortization	470M	405M	423M	354M	341M	320M	315M	301M
EBITDA	891M	812M	885M	657M	736M	630M	601M	596M
EBITDA Margin	42.3%	42.6%	44.9%	33.9%	32.7%	35.4%	39.5%	40.9%
NOPAT	377M	428M	427M	358M	346M	268M	258M	407M
NOPAT Margin	17.9%	22.4%	21.7%	18.5%	15.4%	15.1%	16.9%	27.9%
Owner's Earnings	-580M	-592M	-581M	-634M	-401M	-418M	-191M	-237M
Owner's Earnings Margin	-27.5%	-31.0%	-29.5%	-32.7%	-17.8%	-23.5%	-12.5%	-16.3%
EPS (Basic)	1.91	1.93	2.67	1.02	1.97	2.28	2.16	0.97
EPS (Diluted)	1.92	1.96	2.68	1.02	1.97	2.28	2.16	0.97
Shares (Basic)	93M	90M	91M	86M	86M	86M	80M	80M
Shares (Diluted)	92M	90M	91M	86M	86M	86M	80M	80M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Cash & Cash Equivalents	32.07M	35.78M	4.50M	2.22M	4.08M	1.10M	47.93M	3.83M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	32.07M	35.78M	4.50M	2.22M	4.08M	1.10M	47.93M	3.83M
Net Receivables	324.25M	284.90M	244.45M	273.57M	269.81M	204.69M	198.38M	160.40M
Inventory	172.99M	171.17M	166.86M	98.03M	66.73M	65.06M	66.42M	77.93M
Other Current Assets	35.41M	42.00M	57.58M	81.97M	51.89M	16.42M	64.75M	51.85M
Total Current Assets	564.72M	533.86M	473.38M	455.78M	392.51M	287.28M	377.48M	294.01M
Property, Plant & Equipment	9,367.07M	9,113.64M	8,738.73M	7,821.43M	7,055.65M	6,857.85M	6,094.36M	5,609.68M
Goodwill	278.30M	278.30M	278.30M	278.30M	278.30M	278.30M	278.30M	278.30M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	495.89M	489.02M	493.37M	565.88M	508.27M	552.55M	531.05M	454.35M
Tax Assets	0.00M	0.00M	336.39M	338.42M	368.20M	349.18M	393.15M	394.64M
Other Non-Current Assets	1,234.84M	1,220.58M	1,202.50M	1,111.46M	1,004.18M	653.59M	658.67M	662.44M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	11,376.10M	11,101.54M	11,049.29M	10,115.49M	9,214.60M	8,691.46M	7,955.53M	7,399.41M
Total Assets	11,940.81M	11,635.39M	11,522.67M	10,571.27M	9,607.11M	8,978.74M	8,333.00M	7,693.42M
Accounts Payable	154.42M	147.65M	204.47M	205.18M	215.71M	172.60M	169.32M	103.12M
Short-Term Debt	743.01M	786.33M	1,244.32M	563.11M	442.94M	275.07M	639.45M	706.07M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	278.79M	186.43M	326.31M	462.47M	231.73M	216.55M	168.90M	158.29M
Total Current Liabilities	1,176.22M	1,120.40M	1,775.10M	1,230.76M	890.37M	664.21M	977.66M	967.48M
Long-Term Debt	4,680.37M	4,782.54M	4,311.77M	4,241.64M	3,892.59M	3,519.58M	2,719.63M	2,517.45M
Capital Lease Obligations	315.53M	259.49M	269.67M	179.27M	60.12M	83.21M	108.53M	0.00M
Deferred Tax Liabilities	945.75M	918.22M	1,235.78M	1,183.70M	1,191.03M	1,114.03M	1,087.66M	1,020.70M
Other Non-Current Liabilities	1,024.69M	1,016.33M	1,016.42M	1,038.28M	1,011.38M	1,094.60M	1,091.75M	1,143.24M
Total Non-Current Liabilities	6,966.34M	6,976.57M	6,833.64M	6,642.89M	6,155.12M	5,811.41M	5,007.57M	4,681.39M
Total Liabilities	8,142.56M	8,096.96M	8,608.73M	7,873.65M	7,045.49M	6,475.63M	5,985.23M	5,648.87M
Preferred Stock	11.53M	11.53M	11.53M	11.53M	11.53M	11.53M	11.53M	11.53M
Common Stock	2,565.58M	2,366.77M	1,724.44M	1,624.82M	1,429.10M	1,429.26M	1,429.94M	1,150.55M
Retained Earnings	924.21M	879.39M	887.65M	787.11M	828.88M	810.20M	698.71M	627.52M
Accumulated OCI	-73.75M	-75.39M	-75.71M	-62.84M	-66.05M	-71.94M	-79.18M	-99.38M
Minority Interest	45.31M	46.03M	46.90M	49.96M	52.99M	55.41M	59.01M	63.05M
Total Shareholders’ Equity	3,427.57M	3,182.29M	2,547.91M	2,360.62M	2,203.46M	2,179.05M	2,060.99M	1,690.23M
Total Equity	3,472.87M	3,228.32M	2,594.81M	2,410.58M	2,256.46M	2,234.46M	2,120.00M	1,753.28M
Total Liabilities & Equity	11,615.43M	11,325.29M	11,203.55M	10,284.23M	9,301.94M	8,710.08M	8,105.23M	7,402.15M
Tangible Assets	11,662.52M	11,357.10M	11,244.37M	10,292.97M	9,328.81M	8,700.44M	8,054.71M	7,415.12M
Tangible Equity	3,194.58M	2,950.03M	2,316.52M	2,132.28M	1,978.16M	1,956.16M	1,841.71M	1,474.98M
Tangible Book Value	3,194.58M	2,950.03M	2,316.52M	2,132.28M	1,978.16M	1,956.16M	1,841.71M	1,474.98M
Total Investments	495.89M	489.02M	493.37M	565.88M	508.27M	552.55M	531.05M	454.35M
Net Debt	5,391.31M	5,533.08M	5,551.59M	4,802.54M	4,331.45M	3,793.55M	3,311.15M	3,219.69M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Working Capital	-580.8M	-546.7M	-1,276.3M	-755.2M	-479.4M	-339.6M	-600.2M	-673.5M
Total Capital	9,173.0M	9,015.7M	8,375.8M	7,349.7M	6,596.5M	6,045.8M	5,517.1M	5,026.4M
Capital Employed	10,795.3M	10,554.9M	9,773.0M	9,360.3M	8,735.2M	8,351.8M	7,355.3M	6,725.9M
Invested Capital	9,141.0M	8,979.9M	8,371.3M	7,347.5M	6,592.4M	6,044.7M	5,469.2M	5,022.5M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	184.60M	176.74M	242.68M	106.88M	170.06M	196.36M	173.30M	92.13M
Depreciation & Amortization	470.19M	405.05M	423.01M	353.69M	341.12M	320.21M	314.67M	301.07M
Deferred Income Tax	24.57M	14.00M	43.05M	-13.51M	24.53M	30.75M	20.41M	-25.39M
Stock-Based Compensation	6.90M	8.00M	9.48M	7.19M	7.83M	9.45M	8.14M	6.41M
Change in Working Capital	-70.76M	-139.94M	-190.06M	58.42M	-59.14M	-0.96M	-16.57M	14.51M
Accounts Receivable	-51.81M	13.79M	-13.35M	53.23M	-73.10M	-25.92M	-42.04M	3.80M
Inventory	-17.45M	-37.13M	-33.80M	-31.30M	-8.53M	1.36M	11.51M	-6.10M
Accounts Payable	37.06M	-45.34M	10.02M	-33.54M	47.57M	10.64M	7.40M	-0.27M
Other Working Capital	-38.56M	-71.26M	-152.93M	70.02M	-25.09M	12.97M	6.55M	17.08M
Other Non-Cash Items	-30.07M	24.23M	-20.00M	38.50M	82.89M	-7.93M	-14.25M	114.42M
Net Cash from Operating Activities	585.43M	488.09M	508.16M	551.17M	567.28M	547.87M	485.70M	503.16M
Capital Expenditures (PPE)	-1,227.64M	-1,173.39M	-1,247.04M	-1,075.81M	-912.56M	-935.02M	-679.03M	-616.27M
Acquisitions (Net)	0.00M	2.84M	2.84M	32.65M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-445.27M	-939.42M	-769.36M	-619.49M	-564.91M	-477.67M	-630.84M	-552.12M
Sales / Maturities of Investments	402.41M	1,024.21M	824.27M	574.20M	526.45M	460.44M	591.00M	494.53M
Other Investing Activities	11.46M	3.38M	14.91M	0.04M	0.67M	-0.01M	-14.93M	-0.04M
Net Cash from Investing Activities	-1,259.03M	-1,082.39M	-1,174.37M	-1,088.41M	-950.35M	-952.26M	-733.80M	-673.90M
Net Debt Issuance	17.89M	585.07M	760.87M	478.00M	547.80M	435.70M	136.90M	286.90M
Long-Term Debt Issuance	17.89M	585.07M	760.87M	478.00M	547.80M	435.70M	136.90M	436.90M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-150.00M
Net Stock Issuance	932.58M	190.18M	90.14M	188.53M	-7.98M	-10.13M	271.25M	-8.98M
Common Stock Issuance	941.49M	198.18M	98.60M	198.18M	0.00M	0.00M	283.23M	0.94M
Common Stock Repurchased	-8.91M	-8.00M	-8.46M	-9.65M	-7.98M	-10.13M	-11.98M	-9.92M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M
Net Dividends Paid	-153.94M	-136.93M	-140.34M	-126.71M	-119.84M	-112.97M	-98.50M	-92.93M
Common Dividends Paid	-153.94M	-136.93M	-140.34M	-126.71M	-119.84M	-112.97M	-98.50M	-92.93M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-99.38M	-35.35M	-26.32M	-2.72M	-33.94M	44.96M	-17.45M	-12.55M
Net Cash from Financing Activities	697.15M	602.97M	684.35M	537.10M	386.04M	357.56M	292.19M	172.45M
Effect of FX on Cash	1.28M	-9.20M	-15.86M	-1.73M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	24.83M	-0.53M	2.28M	-1.86M	2.97M	-46.82M	44.10M	1.71M
Cash at Beginning of Period	61.68M	16.21M	2.22M	4.08M	1.10M	47.93M	3.83M	2.12M
Cash at End of Period	86.51M	15.67M	4.50M	2.22M	4.08M	1.10M	47.93M	3.83M
Operating Cash Flow	585.43M	488.09M	508.16M	551.17M	567.28M	547.87M	485.70M	503.16M
Capital Expenditure	-1,227.64M	-1,173.39M	-1,247.04M	-1,075.81M	-912.56M	-935.02M	-679.03M	-616.27M
Free Cash Flow	-642.21M	-685.30M	-738.88M	-524.64M	-345.27M	-387.14M	-193.33M	-113.11M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
EBITDA	998.89M	911.68M	986.06M	752.90M	828.70M	715.57M	682.57M	676.42M
(-) Tax Adjustment	105.29M	0.00M	75.71M	0.00M	102.48M	95.38M	67.73M	0.00M
(-) Change In Working Capital	-70.76M	-139.94M	-190.06M	58.42M	-59.14M	-0.96M	-16.57M	14.51M
(-) Capital Expenditure	-1,227.64M	-1,173.39M	-1,247.04M	-1,075.81M	-912.56M	-935.02M	-679.03M	-616.27M
Unlevered Free Cash Flow	-263.29M	-121.78M	-146.64M	-381.33M	-127.18M	-313.87M	-47.62M	45.63M
(-) Net Interest Income After Taxes	-218.36M	-198.84M	-188.82M	-168.39M	-97.99M	-71.26M	-90.23M	-106.99M
Net Debt Issuance	17.89M	585.07M	760.87M	478.00M	547.80M	435.70M	136.90M	286.90M
Levered Free Cash Flow	-27.03M	662.12M	803.06M	265.06M	518.60M	193.08M	179.51M	439.52M