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TXNM Energy
(NYSE:TXNM)
TXNM Energy (TXNM) vs. SPDR S&P 500 ETF (SPY)
TXNM Energy Business Overview & Revenue Model
TXNM Energy Earnings Call Summary
TXNM Energy Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.17B | 1.97B | 1.94B | 2.25B | 1.78B |
| Gross Profit | 824.79M | 810.16M | 627.10M | 714.73M | 625.65M |
| EBITDA | 940.66M | 929.21M | 627.71M | 682.44M | 663.84M |
| Net Income | 151.36M | 242.68M | 88.35M | 170.06M | 196.36M |
Balance Sheet | |||||
| Total Assets | 4.35B | 11.55B | 10.59B | 9.63B | 9.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.62M | 4.50M | 2.21M | 4.08M | 1.10M |
| Total Debt | 2.60M | 5.83B | 4.99B | 4.39B | 3.87B |
| Total Liabilities | 953.99M | 8.95B | 8.18B | 7.37B | 6.78B |
| Stockholders Equity | 3.40B | 2.55B | 2.36B | 2.20B | 2.18B |
Cash Flow | |||||
| Free Cash Flow | -611.43M | -738.88M | -524.64M | -345.27M | -387.14M |
| Operating Cash Flow | 584.49M | 508.16M | 551.17M | 567.28M | 547.87M |
| Investing Cash Flow | -1.22B | -1.17B | -1.09B | -950.35M | -952.26M |
| Financing Cash Flow | 642.52M | 684.35M | 537.10M | 386.04M | 357.56M |
TXNM Energy Technical Analysis
TXNM Energy Risk Analysis
TXNM Energy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $6.57B | 17.33 | 7.76% | 4.38% | 7.53% | -17.59% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $12.21B | 17.22 | 8.91% | 4.15% | 5.70% | -8.25% | |
64 Neutral | $9.82B | 31.15 | 9.89% | 3.82% | 18.03% | 29.46% | |
62 Neutral | $7.72B | 21.22 | 9.38% | 2.72% | -1.58% | 8.49% | |
61 Neutral | $5.70B | 7.51 | 7.43% | 5.63% | -25.78% | -91.93% | |
50 Neutral | $6.41B | -140.94 | 4.85% | 2.80% | 10.65% | -10.67% |
TXNM Energy Corporate Events
On February 25–26, 2026, TXNM Energy’s board and its Compensation and Human Capital Committee approved a 2026 Officer Annual Incentive Plan that ties named executive officers’ cash bonuses for the 2026 calendar year to achieving threshold levels of a non‑GAAP Incentive Earnings Per Share metric and specified corporate goals, with payout opportunities scaled as a percentage of base salary and subject to funding, pro rata rules and change‑in‑control protections. Over the same meetings, the board also adopted a 2026 Long‑Term Incentive Plan running from January 1, 2026 through December 31, 2028, granting executives performance share opportunities linked to earnings growth and an FFO/Debt ratio and time‑vested restricted stock rights, reinforcing a pay‑for‑performance framework that emphasizes sustained earnings expansion, leverage management and retention of top leadership.
The annual plan’s structure, which withholds payouts unless TXNM exceeds a minimum Incentive EPS, is designed to ensure awards are supported by ongoing earnings rather than one‑off items. The long‑term plan’s mix of performance shares and staggered vesting of restricted stock rights through 2029 further aligns executives’ interests with long‑term shareholder value creation and balance sheet health, while the use of non‑GAAP metrics for internal measurement signals a focus on underlying operational performance separate from reported GAAP results.
The most recent analyst rating on (TXNM) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on TXNM Energy stock, see the TXNM Stock Forecast page.
On March 3, 2026, TXNM Energy, Inc. entered into a distribution agreement with a syndicate of major banks that allows it to sell up to $125 million of common stock from time to time through at-the-market and other negotiated transactions. The shares may also be used in connection with forward stock purchase agreements, under which banks will borrow and sell stock to hedge, and TXNM Energy may later choose physical, cash, or net share settlement, giving the company flexible access to equity capital while introducing potential dilution and settlement obligations for existing shareholders.
The company will pay the sales agents a commission of up to 2% on any shares sold, and the arrangement is conducted under an existing automatic shelf registration that became effective on February 28, 2025. TXNM Energy is not obligated to sell any shares or enter into any forward agreements and may terminate the distribution agreement at any time, underscoring that the facility is a discretionary tool for future financing rather than a committed capital raise.
The most recent analyst rating on (TXNM) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on TXNM Energy stock, see the TXNM Stock Forecast page.
TXNM Energy has notified holders of its 5.75% Junior Subordinated Convertible Notes due 2054 that the notes will be convertible, at the holders’ option, during the first quarter 2026 conversion window from January 1 to March 31, 2026, at a rate equivalent to a conversion price of about $44.40 per share. Investors who elect to convert in that period will receive a mix of a new series of 5.75% non-convertible junior subordinated notes due 2054 equal to the principal amount converted, plus any excess conversion value in TXNM Energy common stock (and cash in lieu of fractional shares), meaning they will effectively exchange into less liquid 5.75% non-convertible notes that are expected to trade at a discount compared with more recently issued higher‑coupon junior subordinated debt. The company also reiterated that, under its previously announced May 18, 2025 merger agreement with an affiliate of Blackstone Infrastructure Partners, consummation of the merger would trigger a make‑whole fundamental change on the convertible notes, granting holders a separate right to convert into an all‑cash consideration based on the merger share price for a limited period after the effective date, although completion of the transaction remains contingent on regulatory and other customary approvals.
The most recent analyst rating on (TXNM) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on TXNM Energy stock, see the TXNM Stock Forecast page.
On December 18–19, 2025, TXNM Energy and its subsidiaries undertook a series of financing and liability-management actions, including TNMP’s private placement of $70 million of 4.69% first mortgage bonds due 2031 secured by a first lien on substantially all of TNMP’s property, with proceeds earmarked for repaying short-term debt and funding general corporate purposes and capital spending. Over the same period, TXNM, PNM and TNMP amended and partially extended their revolving credit agreements, with TXNM and PNM removing SOFR adjustments and extending maturities to March 29, 2030, and TNMP both extending its revolver and upsizing its facility from $200 million to $300 million backed by newly issued Series 2025I first mortgage bonds, while ensuring that the planned merger with Blackstone’s Troy ParentCo will not trigger change-of-control defaults under these facilities or the new TNMP bond indentures. In a separate move to reduce pension risk, on December 18, 2025 TXNM directed the trustee of the PNM Resources Employees’ Retirement Plan to pay a single premium of about $91.9 million to Delaware Life Insurance Company in exchange for a group annuity contract that transfers a portion of PNM’s pension obligations related to its previously sold gas distribution business, a transaction expected to result in a non-cash charge of roughly $60 million to PNM’s net income while shifting future benefit payment responsibilities to the insurer.
The most recent analyst rating on (TXNM) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on TXNM Energy stock, see the TXNM Stock Forecast page.
On December 10, 2025, TXNM Energy, Inc. issued $350 million in 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Convertible Notes due 2056. These notes are unsecured and rank junior to the company’s existing and future senior debt. The issuance allows TXNM Energy to manage its financial obligations with flexibility, as the company can defer interest payments for up to 20 consecutive semi-annual periods if needed. This financial maneuvering could impact the company’s liquidity and debt structure, potentially affecting stakeholders’ perceptions and the company’s market positioning.
The most recent analyst rating on (TXNM) stock is a Hold with a $60.00 price target. To see the full list of analyst forecasts on TXNM Energy stock, see the TXNM Stock Forecast page.