Tennessee Valley Authority Preferred Stock 2.134% Due 06/01/2028 (TVC) Financials

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EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY18	—	—	—	—	$11.2B	—
FY17	—	—	—	—	$10.7B	—
FY16	—	—	—	—	$10.6B	—
FY15	—	—	—	—	$11B	—
FY14	—	—	—	—	$11.1B	—
FY13	—	—	—	—	$11B	—
FY12	—	—	—	—	$11.2B	—
FY11	—	—	—	—	$11.8B	—
FY10	—	—	—	—	$10.9B	—
FY09	—	—	—	—	$11.3B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18
Revenue	$11.3B	$10.9B	$11.8B	$11.2B	$11B	$11.1B	$11B	$10.6B	$10.7B	$11.2B
YoY change	+8.41%	-3.39%	+8.89%	-5.24%	-2.35%	+1.65%	-1.2%	-3.52%	+1.16%	+4.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18
Revenue	11.3B	10.9B	11.8B	11.2B	11B	11.1B	11B	10.6B	10.7B	11.2B
Cost of revenue	4.7B	6.5B	4.4B	3.9B	3.8B	7.2B	6.2B	5.9B	6.5B	5.9B
Gross profit	6.5B	4.4B	7.5B	7.4B	7.1B	4B	4.8B	4.7B	4.2B	5.4B
Gross margin	57.8%	40.7%	63.2%	65.5%	64.9%	35.7%	43.4%	44.1%	39.3%	47.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.4B	—	3.6B	3.5B	3.4B	—	—	—	—	—
Operating expenses	2.4B	—	3.6B	3.5B	3.4B	—	—	—	—	—
Operating income	2B	2.2B	1.4B	1.3B	1.5B	1.6B	2.2B	2.3B	2B	2.3B
Operating margin	17.5%	20.6%	12.1%	11.6%	13.3%	14.3%	20.1%	21.9%	18.4%	20.6%
Non-operating income, net	25M	-35M	156M	204M	21M	224M	243M	278M	56M	50M
Pretax income	—	—	—	—	—	469M	1.1B	1.2B	685M	1.1B
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	726M	972M	162M	60M	271M	469M	1.1B	1.2B	685M	1.1B
Net margin	6.45%	8.94%	1.37%	0.53%	2.47%	4.21%	10.1%	11.6%	6.38%	9.96%
EBITDA	3.9B	4.4B	3.1B	3B	3.2B	3.5B	4.3B	4.3B	3.8B	4.9B
EPS	—	—	—	—	—	—	—	—	—	—
Diluted EPS	—	—	—	—	—	—	—	—	—	—

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19
Revenue	3.3B	2.5B	2.5B	2.6B	3.1B	2.5B	2.8B	2.7B	3.2B	2.7B	2.8B	2.6B
Cost of revenue	1.7B	1.6B	1.4B	1.5B	2.1B	1.4B	1.5B	1.4B	1.6B	1.5B	1.6B	1.4B
Gross profit	1.6B	995M	1.1B	1.1B	1B	1.1B	1.3B	1.3B	1.6B	1.2B	1.2B	1.2B
Gross margin	47.2%	39.1%	43.2%	43.1%	32.9%	44.9%	47.5%	47.9%	49.8%	45.6%	43.4%	46.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	943M	429M	534M	561M	451M	598M	765M	765M	184M	765M	592M	516M
Operating margin	28.7%	16.8%	21%	21.8%	14.7%	23.5%	27.4%	28.3%	5.78%	28.1%	21.5%	19.8%
Non-operating income, net	74M	12M	15M	12M	17M	12M	11M	11M	16M	-40M	-51M	-58M
Pretax income	661M	102M	211M	233M	139M	288M	462M	470M	-101M	423M	241M	165M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	661M	102M	211M	233M	139M	288M	462M	470M	-101M	423M	241M	165M
Net margin	20.1%	4.01%	8.28%	9.06%	4.52%	11.3%	16.5%	17.4%	-3.17%	15.5%	8.76%	6.34%
EBITDA	1.4B	890M	998M	1B	899M	1B	1.2B	1.2B	1.5B	1.1B	1B	1B
EPS	—	—	—	—	—	—	—	—	—	—	—	—
Diluted EPS	—	—	—	—	—	—	—	—	—	—	—	—

Market cap

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	Current
Market cap	—	—	—	—	—	—	—	—	—	—	12.4M
Enterprise value	—	—	—	—	—	—	—	—	—	—	23.8B

Valuation

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	Current
P/S	—	—	—	—	—	—	—	—	—	—	0
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	4.85
EV/Sales	—	—	—	—	—	—	—	—	—	—	2.12
FCF yield	—	—	—	—	—	—	—	—	—	—	-8.6K%

Profitability

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	Current
Gross margin	57.8%	40.7%	63.2%	65.5%	64.9%	35.7%	43.4%	44.1%	39.3%	47.7%	46.9%
Operating margin	17.5%	20.6%	12.1%	11.6%	13.3%	14.3%	20.1%	21.9%	18.4%	20.6%	17.1%
Net margin	6.45%	8.94%	1.37%	0.53%	2.47%	4.21%	10.1%	11.6%	6.38%	9.96%	11.3%
ROE	17.2%	18.9%	3.1%	1.13%	4.8%	7.68%	15.4%	14.6%	7.5%	10.9%	8.45%
ROA	1.81%	2.27%	0.35%	0.13%	0.59%	1.03%	2.28%	2.44%	1.37%	2.3%	2.8%
Return on tangible assets	1.81%	2.27%	0.35%	0.13%	0.59%	1.03%	2.28%	2.44%	1.37%	2.3%	1.51%

Financial health

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	Current
Current ratio	0.58	1.07	0.82	0.64	0.98	0.85	0.89	0.62	0.54	0.71	0.97
Quick ratio	0.35	1.07	0.61	0.49	0.77	0.61	0.63	0.45	0.37	0.51	0.45
Debt / equity	5.7	4.82	4.67	5.03	4.76	4.19	3.56	3.07	2.82	2.35	1.29
Debt / assets	0.6	0.58	0.53	0.57	0.58	0.56	0.53	0.51	0.52	0.5	0.48
Net debt / EBITDA	6.11	5.61	7.79	8.52	8.01	7.11	5.87	6	6.71	4.85	5
Interest coverage	1.55	1.66	1	0.9	1.19	1.35	1.82	1.9	1.51	1.9	1.61

Per share

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	Current
FCF per share	—	—	—	—	—	—	—	—	—	—	-2K

Capital allocation

Metric	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	Current
Capex / revenue	—	22.2%	22.2%	3.22%	21.3%	24.3%	32.2%	28.4%	22.9%	19.7%	8.03%
Capex / operating cash flow	—	145.2%	159.7%	21.5%	116.4%	131.6%	130.3%	123.8%	103.3%	61.7%	23.8%
Dividend yield	—	—	—	—	—	—	—	—	—	—	2.24%

Yield

2.24%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.133

ex-dividend Aug 31, 2026

Payout ratio

—

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$0.133
May 29, 2026	$0.133
Feb 27, 2026	$0.133

Period	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19
Revenue	$3.3B	$2.5B	$2.5B	$2.6B	$3.1B	$2.5B	$2.8B	$2.7B	$3.2B	$2.7B	$2.8B	$2.6B
YoY change	+3.63%	+11.7%	-0.93%	+3.71%	-6.42%	+0.12%	+9.62%	+5.29%	+3.58%	+6.9%	-1.5%	-3.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18
Cash & short-term investments	201M	328M	507M	868M	1.6B	500M	300M	300M	300M	299M
Receivables	1.3B	1.6B	1.7B	1.7B	1.5B	1.6B	1.5B	1.6B	1.4B	1.6B
Inventory	961M	—	1B	1.1B	1.1B	1.1B	1B	993M	1.1B	961M
Total current assets	2.5B	3.8B	4B	4.5B	4.9B	3.8B	3.5B	3.6B	3.4B	3.4B
Property, plant & equipment	26.8B	27.8B	29.3B	29.7B	29.9B	30.4B	32.4B	34B	34.9B	35.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	0	6M
Total assets	40B	42.8B	46.4B	47.3B	46.1B	45.6B	48.8B	50.5B	50B	48.7B
Accounts payable	—	—	—	—	—	2B	2.1B	2.2B	1.9B	2B
Short-term debt	1.3B	1.1B	2B	4.3B	2.6B	1.7B	1.2B	3.1B	3.9B	2.4B
Total current liabilities	4.3B	3.6B	4.9B	7B	5B	4.4B	3.9B	5.9B	6.4B	4.9B
Long-term debt	22.7B	23.7B	22.4B	22.5B	24.3B	23.8B	24.5B	22.7B	21.9B	21.7B
Total liabilities	35.8B	37.6B	41.2B	42B	40.5B	39.5B	41.6B	42.1B	40.9B	38.4B
Shareholders' equity	4.2B	5.1B	5.2B	5.3B	5.6B	6.1B	7.2B	8.4B	9.1B	10.3B
Total debt	24B	24.8B	24.4B	26.8B	26.9B	25.6B	25.6B	25.8B	25.8B	24.1B
Net debt	23.8B	24.4B	23.9B	25.9B	25.3B	25.1B	25.3B	25.5B	25.5B	23.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19
Cash & short-term investments	300M	300M	300M	301M	300M	300M	1.2B	299M	299M	301M	300M	300M
Receivables	1.6B	1.4B	1.2B	1.4B	1.4B	1.4B	1.3B	1.5B	1.6B	1.5B	1.3B	1.4B
Inventory	993M	1.1B	1.1B	1.2B	1.1B	1B	1B	1.1B	961M	1B	1B	1.1B
Total current assets	3.6B	3.4B	3.3B	3.4B	3.4B	3.4B	4.1B	3.5B	3.4B	3.3B	3B	3.2B
Property, plant & equipment	34B	34B	34.3B	34.4B	34.9B	35B	35.1B	35.1B	35.4B	35.5B	35.4B	35.1B
Goodwill & intangibles	—	—	—	—	0	—	—	—	6M	—	—	—
Total assets	50.5B	49.9B	49.8B	50B	50B	50B	50.5B	49.6B	48.7B	48.7B	48.5B	48.3B
Accounts payable	2.2B	1.8B	1.9B	1.8B	1.9B	1.8B	1.8B	1.8B	2B	1.5B	1.6B	1.7B
Short-term debt	3.1B	3.8B	2.6B	3.8B	3.9B	4.9B	4.2B	3B	2.4B	2.5B	2.8B	2.6B
Total current liabilities	5.9B	6.2B	5.2B	6.2B	6.4B	7.2B	6.5B	5.3B	4.9B	4.5B	4.9B	4.8B
Long-term debt	22.7B	22B	23B	22B	21.9B	20.9B	21.9B	21.8B	21.7B	21.8B	20.8B	20.7B
Total liabilities	42.1B	41.3B	41B	41B	40.9B	40.5B	40.6B	39.2B	38.4B	38.1B	37.5B	37.2B
Shareholders' equity	8.4B	8.6B	8.8B	9B	9.1B	9.5B	9.9B	10.4B	10.3B	10.7B	10.9B	11B
Total debt	25.8B	25.9B	25.6B	25.8B	25.8B	25.8B	26B	24.8B	24.1B	24.3B	23.5B	23.3B
Net debt	25.5B	25.6B	25.3B	25.5B	25.5B	25.5B	24.8B	24.5B	23.8B	24B	23.2B	23B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18
Net income	—	—	—	60M	271M	469M	1.1B	1.2B	685M	1.1B
Depreciation & amortization	2B	2.1B	1.8B	1.9B	1.7B	1.9B	2.1B	1.9B	1.8B	2.6B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-92M	-461M	-172M	-42M	141M	102M	-40M	-37M	112M	131M
Operating cash flow	3.1B	1.7B	1.6B	1.7B	2B	2.1B	2.7B	2.4B	2.4B	3.6B
Capital expenditure	—	-2.4B	-2.6B	-361M	-2.3B	-2.7B	-3.5B	-3B	-2.5B	-2.2B
Investing cash flow	-62M	-2.5B	-3.1B	-346M	-2.3B	-2.7B	-3.6B	-3.1B	-2.5B	-2.3B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	-27M	-14M	-5M	-6M	-5M	-5M
Financing cash flow	33M	-133M	766M	216M	522M	-3.2B	70M	71M	-200M	-2.5B
Net change in cash	3.1B	-927M	-671M	1.5B	193M	-3.8B	-796M	-561M	-348M	-1.2B
Free cash flow	-62M	-515M	-196M	94M	259M	270M	-227M	32M	278M	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19
Net income	661M	102M	211M	233M	139M	288M	462M	470M	-101M	423M	241M	165M
Depreciation & amortization	471M	449M	449M	434M	431M	433M	442M	410M	1.3B	350M	471M	581M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-15M	29M	112M	-148M	119M	-102M	228M	-212M	217M	-303M	215M	-125M
Operating cash flow	960M	472M	693M	352M	864M	461M	1B	564M	1.5B	342M	1.1B	860M
Capital expenditure	-777M	-725M	-589M	-588M	-556M	-622M	-513M	-400M	-681M	-97M	-75M	-51M
Investing cash flow	-810M	-707M	-595M	-596M	-589M	-628M	-513M	-405M	-674M	-101M	-77M	-63M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-2M	-1M	-2M	0	-2M	-1M	-2M	—	—	—	—	—
Financing cash flow	-305M	90M	-1.9B	322M	287M	15M	-830M	-1.3B	-1.4B	101M	-806M	-239M
Net change in cash	-155M	-145M	-1.8B	78M	562M	-152M	-317M	-1.1B	-525M	342M	180M	558M
Free cash flow	387M	-108M	310M	-125M	201M	-9M	716M	282M	750M	-95M	808M	251M

Tennessee Valley Authority Preferred Stock 2.134% Due 06/01/2028 Financials

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

Market cap

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement