TXNMTXNM ENERGY INC
Electric Services
- Revenue
- $2.1B
- 9.0% YoY
- Operating margin
- 20.6%
- 11% YoY
- EBITDA
- $925M
- 5.5% YoY
- Market cap
- $6.5B
- Employees
- 389
- $5M revenue each
- Net debt / EBITDA
- 2.1×
- $2.0B net debt
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo344% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo30% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$5M · 81st pctBottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 8th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$104K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $2.3B | $1.9B | $2.0B | $2.1B | 9.0% |
| Operating income | $308M | $394M | $231M | $453M | $441M | 2.7% |
| Net income | $212M | $185M | $107M | $259M | $170M | 34% |
| Operating cash flow | $548M | $567M | $551M | $508M | $584M | 15% |
| Capex | $935M | $913M | $1.1B | $1.2B | $1.2B | 4.1% |
| Stock-based comp | $9M | $8M | $7M | $9M | $9M | 8.0% |
| Buybacks | $10M | $8M | $10M | $8M | $12M | 42% |
| Dividends | $113M | $120M | $127M | $140M | $163M | 16% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jul 21, 2025 | DEFM14A | Blackstone Infrastructure Partners L.P. | $61.25 | 30.5% |
| Jul 11, 2025 | PREM14A | Blackstone Infrastructure Partners L.P. | $61.25 | 30.5% |
| Jan 5, 2021 | DEFM14A | Avangrid, Inc. | $50.30 | 27.5% |
| Dec 18, 2020 | PREM14A | Avangrid, Inc. | $50.30 | 30.6% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 23, 2025 | Troy TopCo LP | SCHEDULE 13D | 7.9% | Passive |
| Jul 5, 2022 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 4.1% | Passive |
| Oct 21, 2020 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | — | Passive |
| Jan 10, 2020 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 2.7% | Passive |
| May 17, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 3.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $104K · 1
- Net
- −$104K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $4M | 142 | 144 |
| FY2024 | $6M | $5M | 115 | 128 |
| FY2023 | $8M | $5M | 92 | 107 |
| FY2022 | $7M | $8M | 105 | 117 |
| FY2021 | $6M | $4M | 95 | 116 |