TLNTalen Energy Corp
Electric Services
- Revenue
- $2.5B
- 60% YoY
- Operating margin
- -3.6%
- 125% YoY
- EBITDA
- $189M
- 64% YoY
- Market cap
- $16.4B
- Employees
- 1,880
- $1M revenue each
- Net debt / EBITDA
- 49.4×
- $9.3B net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes21% of revenueOver 10% of revenue
- Payouts exceed cash flowNo15% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 52nd pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 16th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo49.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$16.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$988K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.2B | $1.6B | $2.5B | 60% |
| Operating income | $241M | $226M | −$90M | 140% |
| Net income | — | $998M | −$219M | 122% |
| Operating cash flow | $187M | $256M | $704M | 175% |
| Capex | $232M | $85M | $98M | 15% |
| Stock-based comp | $0 | $33M | $526M | 1494% |
| Buybacks | $0 | $2.0B | $103M | 95% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Dec 8, 2016 | SC 13E3/A | Riverstone Holdings LLC | — | — |
| Sep 2, 2016 | SC 13E3/A | Riverstone Global Energy and Power Fund III, L.P. | — | — |
| Sep 2, 2016 | DEFM14A | Riverstone Holdings LLC | $14.00 | 88% |
| Aug 29, 2016 | SC 13E3/A | Riverstone Global Energy and Power Fund V (FT), L.P. | — | — |
| Aug 9, 2016 | SC 13E3/A | Riverstone Global Energy and Power Fund V, L.P. | — | — |
| Jul 1, 2016 | PREM14A | Riverstone Holdings LLC | $14.00 | 88% |
| Jul 1, 2016 | SC 13E3 | Riverstone Global Energy and Power Fund V (FT), L.P. | — | — |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $988K · 1
- Net
- −$988K
Pay vs performance
No pay-versus-performance disclosure yet.