TxnM Energy Inc. (TXNM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

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 %
Q2 26	$0.57	$0.58	+1.8%	—	$548.6M	—
Q1 26	$0.33	$0.21	-36.4%	—	$505M	—
Q4 25	$0.64	$0.48	-25.0%	—	$533.2M	—
Q3 25	$1.44	$1.33	-7.6%	—	$647.2M	—
Q2 25	$0.41	$0.25	-39.0%	—	$502.4M	—
Q1 25	$0.2	$0.19	-5.0%	—	$482.8M	—
Q4 24	$0.3	$0.3	0.0%	—	$477M	—
Q3 24	$1.42	$1.43	+0.7%	—	$569.3M	—
Q2 24	$0.55	$0.6	+9.1%	—	$488.1M	—
Q1 24	$0.4	$0.41	+2.5%	—	$436.9M	—
Q4 23	$0.14	$0.18	+28.6%	—	$412.1M	—
Q3 23	$1.38	$1.54	+11.6%	—	$505.9M	—
Q2 23	$0.56	$0.55	-1.8%	—	$477.2M	—
Q1 23	$0.41	$0.55	+34.1%	—	$544.1M	—
Q4 22	$0.14	$0.15	+7.1%	—	$575.8M	—
Q3 22	$1.35	$1.46	+8.1%	—	$729.9M	—

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 %
FY25	—	$1.49	—	—	$2.2B	—
FY24	—	$2.67	—	—	$2B	—
FY23	—	$1.02	—	—	$1.9B	—
FY22	—	$1.97	—	—	$2.2B

Total revenue

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

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.4B	$1.4B	$1.4B	$1.5B	$1.5B	$1.8B	$2.2B	$1.9B	$2B	$2.2B
YoY change	-5.29%	+6.02%	-0.58%	+1.46%	+4.49%	+16.9%	+26.4%	-13.8%	+1.65%	+9.86%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.4B	1.4B	1.4B	1.5B	1.5B	1.8B	2.2B	1.9B	2B	2.2B
Cost of revenue	526.8M	544.9M	549.2M	555.4M	585.2M	788.8M	1.1B	893.9M	677.7M	814.4M
Gross profit	836.2M	900.1M	887.4M	902.2M	937.8M	991.1M	1.1B	1B	1.3B	1.4B
Gross margin	61.3%	62.3%	61.8%	61.9%	61.6%	55.7%	49.5%	53.9%	65.6%	62.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	184.8M	177.8M	188.5M	189.2M	216.3M	230.3M	227.1M	227.9M	247.1M	274.5M
Operating expenses	251M	249.4M	264.9M	259.1M	294.3M	311.6M	321.8M	326.6M	345.5M	375.2M
Operating income	299.7M	342.1M	301.6M	295.3M	286.4M	309.3M	394.6M	303.3M	462.5M	440.4M
Operating margin	22%	23.7%	21%	20.3%	18.8%	17.4%	17.5%	15.6%	23.5%	20.3%
Non-operating income, net	1.8M	-4.6M	-80.9M	-121.5M	21.7M	17.3M	-71.5M	-44.3M	22.3M	-9M
Pretax income	195.2M	225.8M	109.1M	66.8M	208M	244.4M	211.3M	90.5M	280.2M	180M
Income tax	63.3M	130.3M	7.8M	-25.3M	20.6M	32.6M	26.1M	-16.4M	21.5M	10.2M
Net income	131.9M	95.4M	101.3M	92.1M	187.3M	211.8M	185.2M	106.9M	258.7M	169.8M
Net margin	9.68%	6.6%	7.05%	6.32%	12.3%	11.9%	8.23%	5.51%	13.1%	7.84%
EBITDA	561.3M	621.5M	594.7M	610.4M	616.5M	645.9M	759.5M	687.3M	913.4M	899.4M
EPS	1.47	1	1.07	0.97	2.16	2.28	1.97	1.02	2.67	1.49
Diluted EPS	1.46	1	1.07	0.97	2.15	2.27	1.97	1.02	2.67	1.48

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	505.9M	412.1M	436.9M	488.1M	569.3M	477M	482.8M	502.4M	647.2M	533.2M	505M	548.6M
Cost of revenue	230.7M	201.1M	154.5M	179.3M	160.2M	183.8M	193.7M	193.7M	216.2M	210.7M	190.9M	189.5M
Gross profit	275.1M	211M	282.4M	308.8M	409.1M	293.2M	289.1M	308.7M	430.9M	322.5M	314.1M	359.1M
Gross margin	54.4%	51.2%	64.6%	63.3%	71.9%	61.5%	59.9%	61.4%	66.6%	60.5%	62.2%	65.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	58.5M	60.3M	78.2M	84.6M	64.8M	67.3M	86.3M	102.5M	68.4M	69.2M	92.8M	90.2M
Operating expenses	83.6M	86.3M	78.2M	84.6M	88.5M	94.2M	86.3M	102.5M	95.6M	90.9M	92.8M	90.2M
Operating income	89M	19.1M	85M	105.7M	197.2M	74.5M	71.9M	72.7M	202.1M	93.7M	77M	123.3M
Operating margin	17.6%	4.65%	19.5%	21.7%	34.6%	15.6%	14.9%	14.5%	31.2%	17.6%	15.3%	22.5%
Non-operating income, net	-6.8M	-46.7M	1.9M	6.6M	13.6M	172K	1.2M	22.8M	16.8M	-49.8M	-4M	29.5M
Pretax income	37.6M	-74.8M	37.8M	60.9M	159.8M	21.7M	13.8M	27.3M	155.3M	-16.4M	8M	87.7M
Income tax	-5.3M	-29.1M	-12.6M	9M	23.4M	1.7M	1M	1.3M	18.9M	-11.1M	-9K	12.3M
Net income	42.9M	-45.7M	50.4M	52M	136.4M	20M	12.8M	26M	136.3M	-5.3M	8M	75.4M
Net margin	8.48%	-11.1%	11.5%	10.6%	24%	4.19%	2.65%	5.18%	21.1%	-0.99%	1.59%	13.7%
EBITDA	186.9M	118.5M	181M	219.6M	319.4M	193.4M	192.9M	196.7M	339.1M	170.6M	211M	260.2M
EPS	0.44	—	0.52	0.53	1.45	—	0.1	0.22	1.22	—	0.03	0.64
Diluted EPS	0.44	—	0.52	0.53	1.45	—	0.1	0.22	1.22	—	0.03	0.64

P/E

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.7B	3.2B	3.3B	4B	3.9B	3.9B	4.2B	3.6B	4.5B	—	6.4B
Enterprise value	5.4B	6B	6.2B	7.4B	7.3B	7.8B	8.6B	8.5B	10.3B	—	12.1B
Shares outstanding	79.8M	79.9M	80M	79.8M	80M	85.9M	86.1M	86.1M	90.7M	101.6M	101.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.7	33.9	32.5	43.9	20.7	18.5	22.7	33.5	17.2	—	32
P/S	2.01	2.24	2.29	2.77	2.55	2.2	1.87	1.85	2.26	—	2.88
P/B	1.56	1.82	1.86	2.31	1.83	1.75	1.86	1.49	1.72	—	1.83
EV/EBITDA	9.64	9.61	10.4	12.1	11.8	12	11.3	12.4	11.2	—	12.8
EV/Sales	3.97	4.13	4.31	5.05	4.77	4.36	3.81	4.41	5.2	—	5.4
Earnings yield	4.82%	2.95%	3.08%	2.28%	4.83%	5.41%	4.41%	2.98%	5.8%	—	3.13%
FCF yield	-7.01%	0.71%	-2.22%	-2.8%	-4.98%	-9.88%	-8.22%	-14.6%	-16.6%	—	-8.25%
PEG	—	—	—	—	—	—	—	—	—	—	0.17

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	61.3%	62.3%	61.8%	61.9%	61.6%	55.7%	49.5%	53.9%	65.6%	62.4%	65.5%
Operating margin	22%	23.7%	21%	20.3%	18.8%	17.4%	17.5%	15.6%	23.5%	20.3%	22.5%
Net margin	9.68%	6.6%	7.05%	6.32%	12.3%	11.9%	8.23%	5.51%	13.1%	7.84%	8.77%
ROE	7.51%	5.38%	5.74%	5.25%	8.84%	9.48%	8.21%	4.43%	9.97%	4.91%	6.25%
ROA	2.04%	1.44%	1.48%	1.26%	2.36%	2.44%	2%	1.04%	2.31%	1.41%	2.26%
ROIC	4.57%	3.2%	6%	5.82%	4.68%	4.41%	5.22%	4.11%	5.09%	4.54%	4.76%
Return on tangible assets	2.23%	1.57%	1.61%	1.37%	2.54%	2.61%	2.13%	1.1%	2.43%	1.48%	1.79%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.47	0.35	0.59	0.3	0.39	0.49	0.46	0.39	0.28	0.55	0.56
Quick ratio	0.38	0.27	0.45	0.22	0.32	0.39	0.39	0.31	0.19	0.38	0.39
Debt / equity	1.53	1.55	1.65	1.9	1.62	1.72	1.94	2.06	2.24	1.65	1.66
Debt / assets	0.41	0.41	0.42	0.46	0.43	0.44	0.47	0.48	0.52	0.47	0.47
Net debt / EBITDA	4.77	4.41	4.88	5.44	5.5	5.95	5.75	7.22	6.35	6.32	6.04
Interest coverage	2.52	2.77	1.86	1.55	2.82	3.52	2.65	1.48	2.23	1.66	1.86
Effective tax rate	32.4%	57.7%	7.13%	0%	9.92%	13.3%	12.4%	0%	7.68%	5.66%	8.57%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.1	18.1	17.9	18.3	19	20.7	26.1	22.5	21.7	21.3	20.4
EPS (basic)	1.47	1	1.07	0.97	2.16	2.28	1.97	1.02	2.67	1.49	1.49
EPS (diluted)	1.46	1	1.07	0.97	2.15	2.27	1.97	1.02	2.67	1.48	1.83
Book value per share	22	22.2	22	22	26.5	26	26.2	28	28.6	34.1	32
FCF per share	-2.4	0.29	-0.91	-1.42	-2.42	-4.51	-4.01	-6.09	-8.15	-6.02	-4.51
Cash per share	0.06	0.05	0.03	0.05	0.6	0.01	0.05	0.03	0.05	0.18	0.14
Capex per share	7.52	6.27	6.26	7.73	8.49	10.9	10.6	12.1	13.7	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	44%	34.6%	34.9%	42.3%	44.6%	52.5%	40.6%	53.8%	63.1%	—	—
Capex / operating cash flow	146.4%	92.7%	126.1%	117.2%	131.4%	166.4%	190.2%	188.7%	232.8%	—	—
Payout ratio	53.5%	81.5%	83.9%	100.9%	52.6%	53.3%	64.7%	118.5%	54.2%	96.2%	90.7%
Dividend yield	2.58%	2.41%	2.58%	2.3%	2.54%	2.88%	2.85%	3.54%	3.15%	—	2.91%

Yield

2.91%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.423

ex-dividend Aug 3, 2026

Payout ratio

91%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$0.423
Apr 27, 2026	$0.423
Jan 30, 2026	$0.423

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$505.9M	$412.1M	$436.9M	$488.1M	$569.3M	$477M	$482.8M	$502.4M	$647.2M	$533.2M	$505M	$548.6M
YoY change	-30.7%	-28.4%	-19.7%	+2.29%	+12.5%	+15.7%	+10.5%	+2.93%	+13.7%	+11.8%	+4.6%	+9.18%

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.5M	4M	2.1M	3.8M	47.9M	1.1M	4.1M	2.2M	4.5M	18.3M
Receivables	87M	90.5M	92.8M	85.9M	113.4M	123.3M	183.7M	126.3M	130.4M	151.8M
Inventory	73M	66.5M	71.8M	77.9M	66.4M	65.1M	66.7M	98M	166.9M	181.3M
Total current assets	378M	294.4M	302.5M	294M	377.5M	324.6M	411M	475.5M	498.8M	564.7M
Property, plant & equipment	-2B	-2.3B	-2.3B	-2.3B	-2.4B	-2.5B	-2.1B	-1.9B	-2B	-2.1B
Goodwill & intangibles	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M
Total assets	6.5B	6.6B	6.9B	7.3B	7.9B	8.7B	9.3B	10.3B	11.2B	12.1B
Accounts payable	86.7M	121.4M	112.2M	103.1M	169.3M	172.6M	215.7M	205.2M	204.5M	243.1M
Short-term debt	560.4M	562.3M	235.9M	704.4M	635M	269.3M	435.6M	554.3M	1.2B	492.9M
Total current liabilities	805.1M	835.6M	512.5M	967.5M	977.7M	664.2M	890.4M	1.2B	1.8B	1B
Long-term debt	2.1B	2.2B	2.7B	2.6B	2.8B	3.6B	3.9B	4.4B	4.6B	5.2B
Total liabilities	4.7B	4.9B	5.1B	5.5B	5.8B	6.4B	7B	7.8B	8.6B	8.6B
Shareholders' equity	1.8B	1.8B	1.8B	1.8B	2.1B	2.2B	2.3B	2.4B	2.6B	3.5B
Total debt	2.7B	2.7B	2.9B	3.3B	3.4B	3.8B	4.4B	5B	5.8B	5.7B
Net debt	2.7B	2.7B	2.9B	3.3B	3.4B	3.8B	4.4B	5B	5.8B	5.7B

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.8M	2.2M	3M	3.2M	7.2M	4.5M	6.1M	22.2M	32.1M	18.3M	5.6M	14.6M
Receivables	175.2M	126.3M	105M	121.8M	149.8M	130.4M	132.4M	146.4M	190.9M	151.8M	135.9M	145.4M
Inventory	83.4M	98M	104.5M	115.1M	120.5M	166.9M	168.2M	171.2M	173M	181.3M	189.5M	193.8M
Total current assets	489.2M	475.5M	407.8M	537.7M	495.7M	498.8M	489.4M	573.7M	595.4M	564.7M	562.2M	660.4M
Property, plant & equipment	-1.7B	-1.9B	-1.8B	-1.8B	-1.8B	-2B	-1.9B	-1.9B	-1.7B	-2.1B	-2.1B	-2.2B
Goodwill & intangibles	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M	556.6M
Total assets	10.1B	10.3B	10.3B	10.6B	10.8B	11.2B	11.4B	11.7B	12B	12.1B	12.1B	12.5B
Accounts payable	157M	205.2M	133.5M	140.3M	136.4M	204.5M	163.1M	147.6M	154.4M	243.1M	157.4M	194.6M
Short-term debt	919.9M	554.3M	540.1M	578M	881.7M	1.2B	1.3B	776M	731.5M	492.9M	573.7M	717.9M
Total current liabilities	1.5B	1.2B	1.1B	1.1B	1.4B	1.8B	1.7B	1.1B	1.2B	1B	1B	1.2B
Long-term debt	4.1B	4.4B	4.5B	4.8B	4.7B	4.6B	4.8B	5B	5B	5.2B	5.2B	5.2B
Total liabilities	7.8B	7.8B	7.8B	8.1B	8.3B	8.6B	8.8B	8.4B	8.5B	8.6B	8.6B	8.9B
Shareholders' equity	2.3B	2.4B	2.4B	2.5B	2.5B	2.6B	2.6B	3.2B	3.5B	3.5B	3.5B	3.6B
Total debt	5B	5B	5.1B	5.3B	5.6B	5.8B	6.1B	5.8B	5.7B	5.7B	5.7B	5.9B
Net debt	5B	5B	5.1B	5.3B	5.5B	5.8B	6.1B	5.8B	5.7B	5.7B	5.7B	5.9B

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	131.9M	95.4M	101.3M	92.1M	187.3M	211.8M	185.2M	106.9M	258.7M	169.8M
Depreciation & amortization	242M	268.2M	275.6M	301.1M	314.7M	320.2M	341.1M	353.7M	423M	483.4M
Stock-based compensation	5.6M	6.2M	7.1M	6.4M	8.1M	9.4M	7.8M	7.2M	9.5M	8.7M
Change in working capital	-46.6M	16.9M	-53.3M	7.6M	-6.9M	-3.7M	-68.3M	40.9M	-195.2M	-112.2M
Operating cash flow	409.9M	540M	397.5M	525.8M	516.9M	562M	479.7M	552.9M	534.3M	584.5M
Capital expenditure	-600.1M	-500.5M	-501.2M	-616.3M	-679M	-935M	-912.6M	-1B	-1.2B	—
Investing cash flow	-699.4M	-466.2M	-475.7M	-673.9M	-733.8M	-952.8M	-950.3M	-1.1B	-1.2B	-21.2M
Dividends paid	-70.6M	-77.8M	-85M	-92.9M	-98.5M	-113M	-119.8M	-126.7M	-140.3M	-163.4M
Share repurchases	-15.5M	-13.9M	-12.6M	-9.9M	-12M	-10.1M	-8M	-9.6M	-8.5M	-12M
Financing cash flow	85.4M	-60.6M	44.7M	21.5M	292.2M	357.6M	386M	537.1M	684.4M	642.5M
Net change in cash	-204.1M	13.2M	-33.5M	-126.6M	75.3M	-33.2M	-84.6M	1.6M	44.3M	1.2B
Free cash flow	-191.8M	23M	-73M	-113.1M	-193.3M	-387.1M	-345.3M	-524.6M	-738.9M	-611.4M

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	42.9M	—	—	—	—	20M	—	26M	136.3M	-5.3M	8M	75.4M
Depreciation & amortization	88.7M	—	—	—	—	109.1M	—	120.9M	125.8M	122.3M	125.4M	127.6M
Stock-based compensation	1.5M	—	—	—	—	1.6M	—	2.3M	1.4M	2M	5.1M	-832K
Change in working capital	19.9M	—	—	—	—	35.6M	—	-102.3M	-30.9M	9.6M	-986K	-111.8M
Operating cash flow	144.1M	—	—	—	—	166.5M	—	45.3M	282M	157.7M	153.2M	69.8M
Capital expenditure	-266.6M	—	—	—	—	-341.5M	—	-266.2M	—	—	—	—
Investing cash flow	-281.6M	—	—	—	—	-368.5M	—	-266.3M	-1.9M	-16.8M	-2.6M	-832K
Dividends paid	-31.7M	—	—	—	—	-35.1M	—	-37.9M	-43.1M	-44.5M	-46.2M	-46.9M
Share repurchases	-13K	—	—	—	—	-477K	—	-1.9M	-184K	-3.5M	-5.4M	-980K
Financing cash flow	1.3B	-143.6M	-17.4M	81.9M	132.6M	2.3B	-15.6M	797.4M	-1.9B	2.1B	-444M	878.8M
Net change in cash	1.1B	-143.6M	-17.4M	81.9M	132.6M	2.1B	-15.6M	576.4M	-1.6B	2.2B	-293.4M	947.8M
Free cash flow	-100.8M	—	—	—	—	-182.9M	—	-262.6M	4.7M	-152.1M	-159.5M	-195M

TxnM Energy Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

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

Split history