TXNM Energy, Inc.TXNM
NYSE•Utilities•Utilities - Regulated Electric
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.
TXNM Energy, Inc. (TXNM) reported trailing twelve months revenue of $2.19B as of March 2026, a 8.5% increase year-over-year. Quarterly revenue reached $504.98M, reflecting continued top-line momentum.
TXNM Energy, Inc. generated $165.03M in TTM net income, with quarterly EBITDA of $202.44M. The operating margin expanded from 14.9% to 15.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.3%) and net margin (1.6%) indicates moderate non-operating costs. Net margin has narrowed from 2.7% a year ago, reflecting increased costs or interest expense.
TXNM trades at a P/E of 37.6x (a premium multiple) and a P/S of 2.8x. The price-to-book ratio of 1.8x reflects a moderate premium to book value.
The company reported negative free cash flow of $-159.53M, indicating cash consumption over the period. The balance sheet shows $12.14B in total assets with $5.11B in long-term debt against $3.46B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~20.6% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~6.6% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~18.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 8.6% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 21.4% — significant dilution, likely from stock compensation or capital raises.