TXNM Energy, Inc.

TXNM

UtilitiesSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

TXNM Energy, Inc., through its subsidiaries, provides electricity and electric services in the United States. The company engages in the generation, transmission, and distribution of electricity for retail electric customers; and owns and leases communications, office and other equipment, office space, vehicles, energy storage facilities, and real estate. It also provides regulated transmission and distribution services in Texas, as well as owns and leases vehicles, service facilities, and office locations throughout its service territory. It serves residential, commercial, and industrial customers and end-users of electricity in New Mexico and Texas. The company was formerly known as PNM Resources, Inc and changed its name to TXNM Energy, Inc. in August 2024. TXNM Energy, Inc. was founded in 1882 and is based in Albuquerque, New Mexico.

Valuation

Market Cap$6.5B

Current Price$58.86

P/E Ratio39.77

P/B Ratio1.88

EV / EBITDA14.10

EV / Sales5.63

Profitability

Operating Margin-

Net Profit Margin7.0%

EBITDA Margin43.2%

Returns

ROE4.4%

ROCE-

ROIC %4.7%

ROA1.3%

Solvency

Current Ratio0.56

Debt / Equity1.65

Debt / Assets0.47

CFO / Net Profit3.85

Price History▲ 9.63% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.2B▲ 9.9%

EBITDA$935M

Net Profit$152M▼ 37.4%

Cash from Ops (CFO)$584M

Free Cash Flow (FCF)$-611M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.2B	$935M	$152M	$-611M	4.4%	9.9%	-37.4%
2024	$2.0B	$931M	$243M	$-739M	9.4%	1.7%	174.7%
2023	$1.9B	$635M	$88M	$-525M	3.7%	-13.8%	-48.0%
2022	$2.2B	$680M	$170M	$-345M	7.5%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	2,249.55	1,939.20	1,971.20	2,165.61
Cost Of Revenue	1,135.29	893.87	677.73	814.38
Gross Profit	1,114.27	1,045.33	1,293.47	1,351.23
Operating Expense	719.67	742.06	831	910.78
Operating Income	394.59	303.26	462.47	440.45
EBITDA	680.34	634.58	931.32	934.91
EBIT	339.22	280.88	508.31	451.54
Pretax Income	211.31	90.53	280.24	180.01
Tax Provision	26.13	-16.35	21.52	10.19
Net Income	170.06	88.35	242.68	151.89
Net Income Common Stockholders	169.53	87.82	242.15	151.36
Total Expenses	1,854.96	1,635.93	1,508.73	1,725.16
Interest Expense	127.91	190.35	228.07	271.52
Interest Income	16.09	21.96	23.54	20.07
Selling General And Administration	227.15	227.90	247.12	274.45
Normalized EBITDA	759.53	687.25	913.45	899.43
Normalized Income	239.45	129.96	226.18	118.42
Basic EPS	1.97	1.02	2.67	0
Diluted EPS	1.97	1.02	2.67	0
Tax Effect Of Unusual Items	-9.79	-11.06	1.37	2.01
Tax Rate For Calcs	0.12	0.21	0.08	0.06
Total Unusual Items	-79.19	-52.68	17.87	35.48
Total Unusual Items Excluding Goodwill	-79.19	-52.68	17.87	35.48
Net Income From Continuing Operation Net Minority Interest	170.06	88.35	242.68	151.89
Reconciled Depreciation	341.12	353.69	423.01	483.38
Reconciled Cost Of Revenue	1,099.02	859.68	639.65	756.64
Net Interest Income	-111.81	-168.39	-204.53	-251.46
Net Income From Continuing And Discontinued Operation	170.06	88.35	242.68	151.89
Total Operating Income As Reported	393.76	231.34	453.49	441.18
Diluted Average Shares	86.17	86.37	90.69	0
Basic Average Shares	86.06	86.10	90.69	0
Diluted NI Availto Com Stockholders	169.53	87.82	242.15	151.36
Preferred Stock Dividends	0.53	0.53	0.53	0.53
Minority Interests	-15.12	-18.53	-16.04	-17.94
Net Income Including Noncontrolling Interests	185.18	106.88	258.72	169.83
Net Income Continuous Operations	185.18	106.88	258.72	169.83
Other Income Expense	-71.47	-44.34	22.30	-8.98
Other Non Operating Income Expenses	7.72	8.34	4.43	-44.46
Special Income Charges	-0.83	-71.92	-8.98	0.73
Restructuring And Mergern Acquisition	0.83	71.92	8.98	-0.73
Gain On Sale Of Security	-78.36	19.25	26.85	34.75
Net Non Operating Interest Income Expense	-111.81	-168.39	-204.53	-251.46
Interest Expense Non Operating	127.91	190.35	228.07	271.52
Interest Income Non Operating	16.09	21.96	23.54	20.07
Other Operating Expenses	94.68	98.72	98.38	100.79
Other Taxes	92.99	95.94	100.58	109.89
Depreciation Amortization Depletion Income Statement	304.85	319.50	384.93	425.64
Depreciation And Amortization In Income Statement	304.85	319.50	384.93	425.64
Selling And Marketing Expense	0	0	0	0
General And Administrative Expense	227.15	227.90	247.12	274.45
Other Gand A	227.15	227.90	247.12	274.45
Operating Revenue	2,249.55	1,939.20	1,971.20	2,165.61

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
TXNM Energy, Inc.this co.	TXNM	$6.5B	39.77↑ premium	1.88	4.4%	14.10
Ormat Technologies, Inc.	ORA	$6.8B	54.61	2.64	4.6%	20.43
Southwest Gas Holdings, Inc.	SWX	$6.7B	28.28	1.68	11.1%	11.64
Portland General Electric Company	POR	$5.9B	18.43	1.43	7.4%	9.72
Black Hills Corporation	BKH	$5.7B

Learn while you research

Hand-picked academy chapters to deepen your understanding of TXNM Energy, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.2B

$935M

$152M

$-611M

4.4%

9.9%

-37.4%

2024

$2.0B

$931M

$243M

$-739M

9.4%

1.7%

174.7%

2023

$1.9B

$635M

$88M

$-525M

3.7%

-13.8%

-48.0%

2022

$2.2B

$680M

$170M

$-345M

7.5%

Metric

2022

2023

2024

2025

Total Revenue

2,249.55

1,939.20

1,971.20

2,165.61

Cost Of Revenue

1,135.29

893.87

677.73

814.38

Gross Profit

1,114.27

1,045.33

1,293.47

1,351.23

Operating Expense

719.67

742.06

831

910.78

Operating Income

394.59

303.26

462.47

440.45

EBITDA

680.34

634.58

931.32

934.91

EBIT

339.22

280.88

508.31

451.54

Pretax Income

211.31

90.53

280.24

180.01

Tax Provision

26.13

-16.35

21.52

10.19

Net Income

170.06

88.35

242.68

151.89

Net Income Common Stockholders

169.53

87.82

242.15

151.36

Total Expenses

1,854.96

1,635.93

1,508.73

1,725.16

Interest Expense

127.91

190.35

228.07

271.52

Interest Income

16.09

21.96

23.54

20.07

Selling General And Administration

227.15

227.90

247.12

274.45

Normalized EBITDA

759.53

687.25

913.45

899.43

Normalized Income

239.45

129.96

226.18

118.42

Basic EPS

1.97

1.02

2.67

Diluted EPS

1.97

1.02

2.67

Tax Effect Of Unusual Items

-9.79

-11.06

1.37

2.01

Tax Rate For Calcs

0.12

0.21

0.08

0.06

Total Unusual Items

-79.19

-52.68

17.87

35.48

Total Unusual Items Excluding Goodwill

-79.19

-52.68

17.87

35.48

Net Income From Continuing Operation Net Minority Interest

170.06

88.35

242.68

151.89

Reconciled Depreciation

341.12

353.69

423.01

483.38

Reconciled Cost Of Revenue

1,099.02

859.68

639.65

756.64

Net Interest Income

-111.81

-168.39

-204.53

-251.46

Net Income From Continuing And Discontinued Operation

170.06

88.35

242.68

151.89

Total Operating Income As Reported

393.76

231.34

453.49

441.18

Diluted Average Shares

86.17

86.37

90.69

Basic Average Shares

86.06

86.10

90.69

Diluted NI Availto Com Stockholders

169.53

87.82

242.15

151.36

Preferred Stock Dividends

0.53

Minority Interests

-15.12

-18.53

-16.04

-17.94

Net Income Including Noncontrolling Interests

185.18

106.88

258.72

169.83

Net Income Continuous Operations

185.18

106.88

258.72

169.83

Other Income Expense

-71.47

-44.34

22.30

-8.98

Other Non Operating Income Expenses

7.72

8.34

4.43

-44.46

Special Income Charges

-0.83

-71.92

-8.98

0.73

Restructuring And Mergern Acquisition

0.83

71.92

8.98

-0.73

Gain On Sale Of Security

-78.36

19.25

26.85

34.75

Net Non Operating Interest Income Expense

-111.81

-168.39

-204.53

-251.46

Interest Expense Non Operating

127.91

190.35

228.07

271.52

Interest Income Non Operating

16.09

21.96

23.54

20.07

Other Operating Expenses

94.68

98.72

98.38

100.79

Other Taxes

92.99

95.94

100.58

109.89

Depreciation Amortization Depletion Income Statement

304.85

319.50

384.93

425.64

Depreciation And Amortization In Income Statement

304.85

319.50

384.93

425.64

Selling And Marketing Expense

General And Administrative Expense

227.15

227.90

247.12

274.45

Other Gand A

227.15

227.90

247.12

274.45

Operating Revenue

2,249.55

1,939.20

1,971.20

2,165.61

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

TXNM Energy, Inc.this co.

TXNM

$6.5B

39.77↑ premium

1.88

4.4%

14.10

Ormat Technologies, Inc.

ORA

$6.8B

54.61

2.64

4.6%

20.43

Southwest Gas Holdings, Inc.

SWX

$6.7B

28.28

1.68

11.1%

11.64

Portland General Electric Company

POR

$5.9B

18.43

1.43

7.4%

9.72

Black Hills Corporation

BKH

$5.7B

TXNM Energy, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

TXNM Energy, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on