TakeoverPE & activists

TXNMTXNM ENERGY INC

Electric Services · $6.5B market cap · 389 employees

1.2×

More likely than average to be taken private

Top 15% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • High CEO pay despite TSRNo
    $6M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    344% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    30% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    2% of assets
    Over 40% of assets
  • Shareholder dissentNo
    99% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $5M · 81st pct
    Bottom quartile of its SIC industry
  • Net cashNo
    2.1× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $6.5B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$104K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 20, 20268-KBlackstone Infrastructure Partners——
Dec 19, 20258-KBlackstone Infrastructure——
Nov 6, 20258-KTroy ParentCo LLC——
Jul 21, 2025DEFM14ABlackstone Infrastructure Partners L.P.$61.2530.5%
Jul 11, 2025PREM14ABlackstone Infrastructure Partners L.P.$61.2530.5%
Jun 24, 20258-KBlackstone Infrastructure Partners——
May 27, 20258-KTroy ParentCo LLC——
May 19, 20258-KBlackstone Infrastructure Partners——
Jan 5, 2021DEFM14AAvangrid, Inc.$50.3027.5%
Dec 18, 2020PREM14AAvangrid, Inc.$50.3030.6%

Key numbers

Revenue
$2.1BFY2021: $1.7BFY2022: $2.3BFY2023: $1.9BFY2024: $2.0BFY2025: $2.1B
9.0% YoY
Operating margin
20.6%FY2021: 17.7%FY2022: 17.5%FY2023: 12.1%FY2024: 23.1%FY2025: 20.6%
11% YoY
EBITDA
$925MFY2021: $628MFY2022: $735MFY2023: $585MFY2024: $876MFY2025: $925M
5.5% YoY
Net debt / EBITDA
2.1×
$2.0B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.7B$2.3B$1.9B$2.0B$2.1B 9.0% FY2021: $1.7BFY2022: $2.3BFY2023: $1.9BFY2024: $2.0BFY2025: $2.1B
Operating income$308M$394M$231M$453M$441M 2.7% FY2021: $308MFY2022: $394MFY2023: $231MFY2024: $453MFY2025: $441M
Net income$212M$185M$107M$259M$170M 34% FY2021: $212MFY2022: $185MFY2023: $107MFY2024: $259MFY2025: $170M
Operating cash flow$548M$567M$551M$508M$584M 15% FY2021: $548MFY2022: $567MFY2023: $551MFY2024: $508MFY2025: $584M
Capex$935M$913M$1.1B$1.2B$1.2B 4.1% FY2021: $935MFY2022: $913MFY2023: $1.1BFY2024: $1.2BFY2025: $1.2B
Stock-based comp$9M$8M$7M$9M$9M 8.0% FY2021: $9MFY2022: $8MFY2023: $7MFY2024: $9MFY2025: $9M
Buybacks$10M$8M$10M$8M$12M 42% FY2021: $10MFY2022: $8MFY2023: $10MFY2024: $8MFY2025: $12M
Dividends$113M$120M$127M$140M$163M 16% FY2021: $113MFY2022: $120MFY2023: $127MFY2024: $140MFY2025: $163M

13D filers

FiledFilerFormStakeIntent
May 23, 2025Troy TopCo LPSCHEDULE 13D7.9%Passive
Jul 5, 2022GAMCO INVESTORS, INC. ET ALSC 13D/A4.1%Passive
Oct 21, 2020GAMCO INVESTORS, INC. ET ALSC 13D/A—Passive
Jan 10, 2020GAMCO INVESTORS, INC. ET ALSC 13D/A2.7%Passive
May 17, 2019GAMCO INVESTORS, INC. ET ALSC 13D/A3.7%Passive

Insider trading

−$104Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $104K · 1 trade

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$4M$4M142144
FY2024$6M$5M115128
FY2023$8M$5M92107
FY2022$7M$8M105117
FY2021$6M$4M95116