TXNM
TXNM Energy, Inc.
TXNM's fundamentals are mixed, but it looks expensive: trading at 28x earnings, above its usual 25x. Its downside scenario is about three times its upside.
TXNM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Weak | |
| Weak |
TXNM's revenue and profitability are currently healthy, but its cash flow and balance sheet are weak.
TXNM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 20x | $41.86 | -29% |
| Forward | 23x | $58.82 | — |
| Fair | 25x | $52.35 | -11% |
| Current | 28x | $58.82 | — |
| Expensive | 40x | $84.15 | +43% |
Historical ranges are pointers, not guarantees.
TXNM's PE is in its fair range at 28x. On analysts' estimates for next year's earnings, today's price would be 23x.
TXNM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect TXNM's revenue to grow, but its earnings and profitability to decline. However, they disagree widely on these estimates.
TXNM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.59 | +23% |
| Q3 2026 | $2.11 | +23% |
| Q2 2026 | $1.83 | -5.7% |
| Q1 2026 | $1.41 | -37% |
| Q4 2025 | $1.48 | -45% |
| Q3 2025 | $1.71 | -10% |
| Q2 2025 | $1.94 | +116% |
| Q1 2025 | $2.25 | +150% |
| Q4 2024 | $2.67 | +162% |
TXNM earned $2.11 per share over the past year, up 23% from the year before.
TXNM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $733.3M | +13% |
| Q2 2026 | $548.6M | +9.2% |
| Q1 2026 | $505M | +4.6% |
| Q4 2025 | $533.2M | +12% |
| Q3 2025 | $647.2M | +14% |
| Q2 2025 | $502.4M | +2.9% |
| Q1 2025 | $482.8M | +11% |
| Q4 2024 | $477M | +16% |
TXNM's revenue has grown year over year for 10 quarters in a row: $733M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +5.6 points |
| Q2 2026 | 22% | +8 points |
| Q1 2026 | 15% | +0.4 points |
| Q4 2025 | 18% | +1.6 points |
| Q3 2025 | 31% | -2.2 points |
| Q2 2025 | 14% | -7.2 points |
| Q1 2025 | 15% | -3.6 points |
| Q4 2024 | 16% | +27 points |
TXNM's operating margin was 37% last quarter, up 5.6 points from the same quarter a year ago, near the top of its range since 2019.
TXNM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$95.9M | -2148% |
| Q2 2026 | -$195M | +$67.6M |
| Q1 2026 | -$159.5M | +$41.8M |
| Q4 2025 | -$152.1M | +$30.8M |
| Q3 2025 | $4.7M | +$148.4M |
| Q2 2025 | -$262.6M | -$46.6M |
| Q1 2025 | -$201.4M | -$5.1M |
| Q4 2024 | -$182.9M | -$53.6M |
TXNM has burned cash in almost every quarter: −$603M over the past year, against −$642M the year before.
TXNM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -2.3M shares |
| 1 year | +1.2% | +1.3M shares |
| 3 years | +26% | +22.6M shares |
| 5 years | +26% | +22.6M shares |
| Available history | +36% | +28.8M shares |
TXNM has 109M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $104,000 |
| Q2 2026 | $980,000 |
| Q1 2026 | $5.4M |
| Q4 2025 | $3.5M |
| Q3 2025 | $184,000 |
| Q2 2025 | $1.9M |
| Q1 2025 | $6.3M |
| Q4 2024 | $477,000 |
TXNM spent $10M buying back its own shares over the past year, up 12% from the year before.
TXNM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.6x | High |
| Q2 2026 | 5.9x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.0x | High |
| Q3 2025 | 6.0x | High |
| Q2 2025 | 6.4x | High |
| Q1 2025 | 6.7x | High |
| Q4 2024 | 6.3x | High |
TXNM's net debt is about 5.6 years of its operating earnings (EBITDA), down from 6.0 years a year ago.
TXNM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.8 | Neutral |
| Stochastic | 72.5 | Neutral |
TXNM's weekly RSI is 58 (neutral) and its Stochastic is 72 (neutral).
TXNM PE vs Utilities Sector
| Metric | TXNM | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 20x | 37% above |
| PE % | 65 | 44 | 21 pts above |
TXNM is trading at 28x earnings, a 37% premium to the Utilities sector's median of 20x.
TXNM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $58.5 | 0.6% above |
| 20 week MA | $58.0 | 1.5% above |
| 50 week MA | $58.5 | 0.6% above |
| 100 week MA | $56.3 | 4.4% above |
| 200 week MA | $49.6 | 19% above |
TXNM is in an uptrend: it's above all five of its weekly moving averages, and 19% above its 200-week average.
TXNM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.5 | $48.7 | -3.6% |
| 2021 | $48.7 | $45.1 | -7.4% |
| 2022 | $45.1 | $48.7 | +8.1% |
| 2023 | $48.7 | $41.6 | -15% |
| 2024 | $41.6 | $48.5 | +16% |
| 2025 | $48.5 | $58.9 | +22% |
| 2026 YTD | $58.9 | $58.8 | -0.2% |
TXNM has finished lower in three of the last six years. It's roughly flat so far in 2026.