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Regulated electric utility, formerly PNM Resources, serving New Mexico and Texas.
Regulated electric utility, formerly PNM Resources, serving New Mexico and Texas.
Earns an allowed return, set by state regulators, on the plants, lines and equipment it owns, plus recovery of fuel and operating costs, so profit grows when regulators approve a larger asset base and rate rises. In Texas it owns only the wires, since retail power there is competitive. PNM Resources was renamed TXNM in 2024.
Moat: narrow (regulatory licence, scale). Regulated state monopoly territories under cost-of-service rate recovery.
Headquarters: Albuquerque, New Mexico, US · Founded: 2025 · Employees: 1,755
Size TXNM Energy (TXNM) is a United States Utilities company (Electric Utilities) with a market value of $6.41B, the 1012th largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.22 on 6 Nov 2026.
Performance Over six months the shares fell 1.3%, against -5.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 10.0% over the last twelve months (peer median +8.0%); the operating margin is 24.4% (peer median 15.9%).
Valuation It trades at 22.5× forward earnings against a peer median of 15.3× (4th most expensive of 21).
Capital Return on invested capital runs 1.3 points below its cost of capital (5.9% WACC).
Credit TXNM Energy has 2 bonds outstanding ($900M), rated BB+ by the agencies.
Short interest Short interest is 5.4% of the free float (15 Oct 2026).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.32B | $2.17B | $1.97B | $1.94B | $2.25B |
| Revenue growth | — | +10% | +2% | -14% | — |
| Gross profit | $956M | $825M | $810M | $627M | $715M |
| EBITDA | $1.07B | $924M | $885M | $657M | $736M |
| Net income | $229M | $152M | $243M | $88.3M | $170M |
| Free cash flow | -$603M | -$611M | -$739M | -$525M | -$345M |
| Capital expenditure | $1.21B | $1.20B | $1.25B | $1.08B | $913M |
| Total debt | $6.06B | $5.74B | $5.83B | $4.99B | $4.39B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TXNM Energy TXNM | $6.41B | -1% | +10% | 24% | 22.5× | n/a |
| Xcel Energy XEL | $51.1B | +1% | +4% | 22% | 18.1× | n/a |
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | n/a |
| Pinnacle West Capital PNW | $12.6B | +5% | +8% | 23% | 19.1× | n/a |
| CenterPoint Energy CNP | $27.0B | -2% | +8% | 24% | 19.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TXNM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | +0.2% | 10th lowest of 21 |
| 6-month return | -1.3% | -5.7% | 7th highest of 21 |
| Distance from 52-week high | -2.2% | -22.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +10.0% | +8.0% | 10th highest of 21 |
| Operating margin | 24.4% | 15.9% | 5th highest of 21 |
| Forward P/E | 22.5× | 15.3× | 4th most expensive of 21 |
| ROIC minus cost of capital | -1.3 pp | -0.4 pp | 9th lowest of 21 |
| EV / EBITDA | 11.7× | 11.2× | 7th most expensive of 15 |
| Net debt / EBITDA | 5.7× | 4.5× | 6th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
TXNM Energy has 2 bonds outstanding with $900M face value. The agencies rate it BB+.