TXNM Energy
Owns New Mexico generation utility PNM and Texas wires utility TNMP.
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Profile
Owns PNM, which generates, transmits, and distributes electricity in New Mexico, and TNMP, which delivers power over regulated ERCOT networks for Texas retail electric providers. Revenue and investment recovery depend on state rate regulation, while a proposed Blackstone Infrastructure acquisition awaits New Mexico and federal nuclear approvals.
Owns PNM and TNMP, two regulated electric utilities serving homes and businesses across New Mexico and Texas. PNM generates, transmits, and distributes electricity to retail customers across much of New Mexico and provides wholesale transmission service. TNMP operates transmission and distribution networks within ERCOT, delivering power for retail electric providers rather than generating or selling electricity to end users.
Focuses investment on system reliability, grid modernization, new customer connections, and PNM’s shift toward lower-carbon generation. Revenue is largely earned through regulated electric service, with capital recovery and allowed returns set through New Mexico and Texas rate proceedings. PNM also faces federal oversight tied to wholesale transmission, environmental compliance, and its nuclear interests. The pending Blackstone Infrastructure acquisition still requires New Mexico and federal nuclear approvals.
Company facts
Categories
Key statistics
Year to date −2.4% · Average volume (30d) 747.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Oct 27, 2025 | Jefferies | Downgrade | Buy | Hold | $61.25 |
| Mar 11, 2025 | Mizuho | Upgrade | Neutral | Outperform | |
| Feb 11, 2025 | Evercore ISI Group | Upgrade | In Line | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | $0.56 | $0.58 | +3.6% | $567.0M | $548.6M | −3.3% | −0.09% |
| May 1, 2026Q1 FY26 | $0.30 | $0.21 | −30.6% | $506.2M | $505.0M | −0.2% | −0.02% |
| Feb 27, 2026Q4 FY25 | $0.64 | $0.48 | −25.2% | $504.9M | $533.2M | +5.6% | +0.30% |
| Oct 31, 2025Q3 FY25 | $0.60 | $1.33 | +120.9% | $593.3M | $647.2M | +9.1% | +0.18% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $482.8M | $502.4M | $647.2M | $533.2M | $505.0M | $548.6M | |
| Gross profit | $159.0M | $177.0M | $298.8M | $190.0M | $175.9M | $219.1M | |
| Operating income | $71.9M | $72.7M | $202.1M | $93.7M | $77.0M | $123.3M | |
| Net income | $9.1M | $21.7M | $130.8M | −$9.7M | $3.9M | $71.4M | |
| Diluted EPS | $0.10 | $0.22 | $1.22 | −$0.09 | $0.03 | $0.64 | |
| Gross margin | 32.9% | 35.2% | 46.2% | 35.6% | 34.8% | 39.9% | |
| Operating margin | 14.9% | 14.5% | 31.2% | 17.6% | 15.3% | 22.5% |
Fiscal years (4-quarter sums)FY23 $1.94B · FY24 $1.97B · FY25 $2.17B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $14.6M · Total debt $752.7M · Total assets $12.51B · Shareholders' equity $3.55B
Dividends
Raised for 16 straight years — most recently to $0.4225 from $0.4075 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 3, 2026 | Aug 3 | Aug 14 | $0.4225 | |
| Apr 27, 2026 | Apr 27 | May 15 | $0.4225 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.4225 | raised from $0.4075 |
| Oct 24, 2025 | Oct 24 | Nov 14 | $0.4075 | |
| Aug 8, 2025 | Aug 8 | Aug 22 | $0.4075 | |
| Apr 25, 2025 | Apr 25 | May 16 | $0.4075 | |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.4075 | raised from $0.3875 |
| Oct 28, 2024 | Oct 28 | Nov 8 | $0.3875 | cut from $1.145 |
Ownership
Shares outstanding 110.71M · Float 86.87M · 78.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 12.55M | 11.50% | 13G | Apr 24, 2026 |
| Balyasny Asset Management L.P. | 7.13M | 6.55% | 13G | May 15, 2026 |
| Vanguard Portfolio Management | 6.59M | 6.04% | 13G | Apr 29, 2026 |
| Pentwater Capital Management LP | 6.49M | 5.90% | 13G | Aug 14, 2026 |
| Vanguard Capital Management | 5.50M | 5.05% | 13G | Apr 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 14, 2025 | Vicky A. Bailey | director | −1,800 | $57.74 |
Peers
- Xcel Energy
SPS overlaps in New Mexico and Texas electric service
- American Electric Power
Texas TDU and broad utility peer across grid investment
- Sempra
Oncor exposure creates the largest Texas TDU overlap
- CenterPoint Energy
ERCOT delivery peer focused on Houston-area wires
- Entergy
Texas integrated-utility peer with generation and grid overlap
- Pinnacle West Capital
Southwestern vertical-utility peer for PNM
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TXNM Energy | $57.64 | 0.00% | $6.38B | 32.0 | 20.0 | 2.9 | +9.2% |
| Xcel Energy | $76.26 | −0.25% | $47.75B | 20.8 | 18.0 | 3.3 | −5.1% |
| American Electric Power | $125.76 | +2.84% | $66.59B | 21.2 | 18.4 | 3.0 | +7.0% |
| Sempra | $84.31 | −0.01% | $55.12B | 24.4 | 16.1 | 4.1 | −0.1% |
| CenterPoint Energy | $39.14 | −0.25% | $25.85B | 23.1 | 19.5 | 2.7 | +10.7% |
| Entergy | $105.75 | +0.03% | $49.35B | 27.1 | 22.6 | 3.7 | +5.9% |
| Pinnacle West Capital | $97.64 | 0.00% | $11.83B | 18.7 | 19.8 | 2.1 | +7.1% |
| Median | 22.1 | 18.9 | 3.1 | +6.4% |