Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Txnm Energy Inc.TXNM · utilities | |
|---|---|
| Grade |  Eweakest fifth of 148 graded peers; percentile 91.2, sampling error 3.6 points; lower is stronger |
| Rank | 135 of 148 |
| Profitability | Dpercentile 67.0 |
| Solvency | D/Epercentile 77.0 |
| Growth and financing | Cpercentile 48.0 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $12.1B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $58.582026-10-08; market equity $6.5B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 27, 2026; the document on sec.gov.
. TNMP provides transmission and distribution services to REPs that provide electric service to consumers in TNMP’s service territories. References to customers in the risk factors discussed below also encompass the customers of these REPs who are the ultimate consumers of electricity transmitted and distributed through TNMP’s facilities. The profitability of TXNM’s utilities depends on being able to recover their costs through regulated rates and earn a fair return on invested capital, including investments in its generating plants.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 67.0 | |||||||
| Gross profitability | not computable | 17.5% | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | not computable | 6.0% | |||||
| latest aligned inputs end 2014-12-31; latest annual assets end 2025-12-31 | |||||||
| Accruals ratio | (3.6%) | [1,3-5] | (5.0%) | 67.0 | 271 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 4.6 pts | |||||
| five annual gross margins are required; found 2 | |||||||
| Solvency, sleeve percentile 77.0 | |||||||
| Twelve-month failure probability | not computable | 0.06% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 0.65 | [1,6-11] | 1.48 | 66.9 | 152 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 3.63x | |||||
| latest aligned inputs end 2014-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | 2.37x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.55x | [6-7] | 0.97x | 87.2 | 282 | 2025-12-31 | |
| Growth and financing, sleeve percentile 48.0 | |||||||
| Revenue growth, three-year compound | (1.7%) | [2,12-14] | 0.7% | 63.8 | 222 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | (11.8%) | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 369.0% | [6-7,9,15-20] | 59.0% | 4.2 | 72 | 2025-12-31 | |
| Asset growth, three years | 9.2% | [1,5,21-22] | 6.4% | 36.7 | 246 | 2025-12-31 | |
| Net share issuance, one year | 17.6% | [23-24] | 0.4% | 87.2 | 157 | 2026-02-13 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.336; sampling error 3.6 percentile points on 148 peers.
Among 148 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 130 | Kinder Morgan, Inc. (EP-PC) Kinder Morgan, Inc. (EP-PC) Eweakest fifth; percentile 88.1 NYSE · Natural Gas Transmission No active warnings; 7 of 14 inputs | 88.1 | E | |
| 131 | Kinder Morgan, Inc. (KMI) Kinder Morgan, Inc. (KMI) Eweakest fifth; percentile 88.1 NYSE · Natural Gas Transmission last close $32.27 No active warnings; 7 of 14 inputs | 88.1 | E | |
| 132 | WEC Energy Group, Inc. (WEC) WEC Energy Group, Inc. (WEC) Eweakest fifth; percentile 89.1 NYSE · Electric & Other Services Combined market equity $33.8B; last close $103.63 No active warnings; 9 of 14 inputs | 89.1 | E | |
| 133 | H2O America (HTO) H2O America (HTO) Eweakest fifth; percentile 89.8 Nasdaq · Water Supply market equity $2.4B; last close $58.04 No active warnings; 7 of 14 inputs | 89.8 | E | |
| 134 | Dominion Energy, Inc. (D) Dominion Energy, Inc. (D) Eweakest fifth; percentile 90.5 NYSE · Electric Services market equity $54.3B; last close $61.76 No active warnings; 9 of 14 inputs | 90.5 | E | |
| 135 | Txnm Energy Inc. (TXNM) Txnm Energy Inc. (TXNM) Eweakest fifth; percentile 91.2 NYSE · Electric Services market equity $6.5B; last close $58.58 No active warnings; 7 of 14 inputs | 91.2 | E | |
| 136 | NGL Energy Partners L.P. (NGL) NGL Energy Partners L.P. (NGL) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission last close $15.28 No active warnings; 10 of 14 inputs | 92.5 | E | |
| 137 | NGL Energy Partners L.P. (NGL-PB) NGL Energy Partners L.P. (NGL-PB) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission No active warnings; 10 of 14 inputs | 92.5 | E | |
| 138 | NGL Energy Partners L.P. (NGL-PC) NGL Energy Partners L.P. (NGL-PC) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission No active warnings; 10 of 14 inputs | 92.5 | E | |
| 139 | BIG SKY Industrial Inc. (BSIN) BIG SKY Industrial Inc. (BSIN) Eweakest fifth; percentile 93.9 Nasdaq · Crude Petroleum & Natural Gas market equity $76.1M; last close $1.44 Warnings: dilution; 7 of 14 inputs | 93.9 | E | dilution |
| 140 | Xplr Infrastructure, L.P. (XIFR) Xplr Infrastructure, L.P. (XIFR) Eweakest fifth; percentile 94.6 NYSE · Electric Services market equity $974.8M; last close $10.34 No active warnings; 7 of 14 inputs | 94.6 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 85.2 | 2204 |
| sector peers, equal sleeves (the grade) | E | 91.2 | 148 |
| same exchange, equal sleeves | E | 91.3 | 984 |
| sector peers, equal inputs | D/E | 77.6 | 148 |
Each letter is one fifth of the 148 graded peers, about 29 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 4.9% | 15.5% | 37 | hotter than 37 of 100 peers |
| Distance from 52-week high | (1.5%) | (15.4%) | 92 | closer to its high than 92 of 100 peers |
| EBIT to enterprise value | 5.2% | 4.6% | 59 | pricier than 41 of 100 peers |
| Free cash flow yield | (9.4%) | 1.3% | 11 | pricier than 89 of 100 peers |
| Book value to price | 0.53 | 0.53 | 50 | pricier than 50 of 100 peers |
| Sales to price | 0.33 | 0.45 | 33 | pricier than 67 of 100 peers |
| Composite equity issuance, five years | 8.1% | (7.2%) | 69 | more equity-funded than 69 of 100 peers |
| Relative strength against the sector, log excess return | 0.07 | 0.04 | 57 | ahead of 57 of 100 peers |
Inputs: market equity $6.5B; EBIT $441.2M; free cash flow -$611.4M; book equity $3.5B; sales $2.1B; debt $2.0B; cash $5.6M[25].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 1.5% | ✓ pass[3,5] |
| Operating cash flow above zero | $584.5M | ✓ pass[4] |
| Return on assets improved | (1.0 pts) | ✗ fail[3,5,21,26] |
| Operating cash flow exceeds net income | $414.7M | ✓ pass[3-4] |
| Long-term leverage fell | 3.8 pts | ✗ fail[1,5,21,27-28] |
| Current ratio improved | 27.4 pts | ✓ pass[6-7,19-20] |
| No new shares issued | 17.6% | ✗ fail[23-24] |
| Gross margin improved | n/a | |
| Asset turnover improved | (0.1 pts) | ✗ fail[2,5,12,21] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $5.6M[29] |
| Operating cash flow, four quarters | $596.4M[4,29-33] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 70 |
| 10-Q received Jul 31, 2026 | |
| Median daily dollar volume | $58.8M |
| 63 sessions | |
| Days since newest grade input | 224 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $12.1B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | net income | us-gaap:ProfitLoss | $169.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $584.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | assets | us-gaap:Assets | $11.2B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | current assets | us-gaap:AssetsCurrent | $564.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | current liabilities | us-gaap:LiabilitiesCurrent | $1.0B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $866.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | operating income | us-gaap:OperatingIncomeLoss | $441.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $3.4B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 11 | liabilities | us-gaap:Liabilities | $8.6B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.0B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.9B | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.3B | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 15 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $1.2B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 16 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $483.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 17 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $180.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | income tax | us-gaap:IncomeTaxExpenseBenefit | $10.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | current assets | us-gaap:AssetsCurrent | $498.8M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | current liabilities | us-gaap:LiabilitiesCurrent | $1.8B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $10.3B | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $9.3B | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 23 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 108,921,356 | 2026-02-13 | 2026-02-27 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 92,659,335 | 2025-02-14 | 2025-02-28 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 110,707,257 | 2026-04-24 | 2026-05-01 | 10-Q | filing · viewer · series |
| 26 | net income | us-gaap:ProfitLoss | $258.7M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 27 | long term debt | us-gaap:LongTermDebtNoncurrent | $5.1B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 28 | long term debt | us-gaap:LongTermDebtNoncurrent | $4.3B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 29 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $5.6M | 2026-03-31 | 2026-05-01 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $153.2M | 2026-03-31 | 2026-05-01 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $426.8M | 2025-09-30 | 2025-10-31 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $144.8M | 2025-06-30 | 2025-08-01 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $141.3M | 2025-03-31 | 2026-05-01 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 91.2 is 11.2 points from the nearest band edge; sampling error is 3.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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