$58.41

-0.12 (-0.21%)

Weekly Expected Move ±0.9%

$57 $58 $58 $59 $59

NYSE · Utilities · Regulated Electric · Tech Score Buy · Power 62 · $6.5B mcap · 87M float · 1.72% daily turnover · Short 59% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

46.9 / 100

NoneWeakNarrowWide

Primary source: Switching Costs · ROIC: 10.6%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. TXNM shows a Weak competitive edge (46.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. ROIC of 10.6% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$61

Avg Target

$61

High

Based on 1 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 4Hold: 3Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$61.25

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2025-10-27	Jefferies	Julien Dumoulin-Smith	Initiated	$61	—	+7.8%	$56.80
2025-03-03	Mizuho Securities	—	Initiated	$53	—	+1.5%	$52.22
2024-12-12	Scotiabank	Andrew Weisel	Initiated	$52	—	+7.0%	$48.58
2024-11-27	Evercore ISI	Michael Lonegan	Initiated	$47	—	-4.6%	$49.29

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. TXNM receives an overall rating of C+. Strongest factors: ROA (4/5). Areas of concern: DCF (1/5), ROE (2/5), D/E (2/5), P/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-08-04	C	C+
2026-08-03	C+	C
2026-05-11	B-	C+
2026-05-04	C-	B-
2026-05-01	B	C-
2026-04-30	B-	B
2026-04-28	B	B-
2026-04-24	B-	B
2026-03-16	B	B-
2026-03-02	C	B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 42 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. TXNM scores highest in Momentum (82/100) and lowest in Safety (15/100). An overall grade of A places TXNM among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.80

Distress Zone

Piotroski F-Score

8/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓

Beneish M-Score

-2.57

Unlikely Manipulator

Ohlson O-Score

-6.50

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

Score: 40.8/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 3.37x

Accruals: -3.9%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. TXNM scores 0.80, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. TXNM scores 8/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. TXNM's score of -2.57 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. TXNM's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. TXNM receives an estimated rating of BB (score: 40.8/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). TXNM's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

32.39x

PEG

-4.49x

P/S

2.89x

P/B

1.83x

P/FCF

-12.58x

P/OCF

9.53x

EV/EBITDA

6.97x

EV/Revenue

3.16x

EV/EBIT

12.41x

EV/FCF

-14.05x

Earnings Yield

3.11%

FCF Yield

-7.95%

Shareholder Yield

3.02%

Graham Number

$35.63

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 32.4x earnings, TXNM commands a growth premium. Graham's intrinsic value formula yields $35.63 per share, 64% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.837

NI / EBT

Interest Burden

0.413

EBT / EBIT

EBIT Margin

0.254

EBIT / Rev

Asset Turnover

0.185

Rev / Assets

Equity Multiplier

3.590

Assets / Equity

ROE

5.8%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. TXNM's ROE of 5.8% is driven by financial leverage (equity multiplier: 3.59x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

9.30%

Fair P/E

27.10x

Intrinsic Value

$47.85

Price/Value

1.19x

Margin of Safety

-18.66%

Premium

18.66%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with TXNM's realized 9.3% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. TXNM trades at a 19% premium to its adjusted intrinsic value of $47.85, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 27.1x compares to the current market P/E of 32.4x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$58.40

Median 1Y

$59.91

5th Pctile

$41.01

95th Pctile

$87.20

Ann. Volatility

23.1%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Patricia K. Collawn, Executive Chairman	$1,191,299	$2,902,939	$5,219,997
Joseph D. Tarry, President and CEO	$839,462	$2,275,011	$3,903,948
Brian G. Iverson, General Counsel, SVP, Regulatory & Public Policy	$463,846	$583,874	$1,416,639
Elisabeth A. Eden, former SVP & Chief Financial Officer	$341,131	$367,586	$1,015,765
Henry E. Monroy, SVP & Chief Financial Officer	$363,495	$353,234	$972,310
Monique Jacobson, SVP, Corporate Services	$276,923	$351,821	$775,547

CEO Pay Ratio

6:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $3,903,948

Avg Employee Cost (SGA/emp): $705,535

Employees: 389

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

389

+2.4% YoY

Revenue / Employee

$5,567,111

Rev: $2,165,606,000

Profit / Employee

$389,105

NI: $151,362,000

SGA / Employee

$705,535

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	0.7%	3.2%	5.1%	6.9%	3.9%	3.5%	3.6%	7.5%	9.9%	8.4%	6.4%	6.0%	5.1%	4.9%	5.8%	5.83%
ROA	0.2%	0.8%	1.2%	1.5%	0.9%	0.8%	0.8%	1.7%	2.2%	1.9%	1.6%	1.6%	1.9%	1.2%	1.6%	1.62%
ROIC	0.6%	1.9%	3.0%	4.2%	4.9%	6.5%	6.2%	5.3%	5.1%	4.5%	4.1%	4.1%	12.2%	10.4%	10.6%	10.57%
ROCE	0.8%	2.2%	3.3%	4.3%	3.0%	2.8%	2.8%	4.2%	5.1%	5.1%	4.5%	4.5%	12.0%	4.6%	5.0%	5.02%
Gross Margin	24.3%	33.0%	36.6%	33.6%	25.0%	38.1%	38.8%	50.6%	34.9%	32.9%	35.2%	46.2%	35.6%	34.8%	39.9%	39.94%
Operating Margin	9.8%	18.2%	20.1%	17.6%	4.6%	19.5%	21.7%	34.6%	15.6%	14.9%	14.5%	31.2%	17.6%	15.3%	22.5%	22.48%
Net Margin	2.8%	10.1%	9.5%	7.5%	-12.2%	10.8%	9.9%	23.1%	3.3%	1.9%	4.3%	20.2%	-1.8%	0.8%	13.0%	13.02%
EBITDA Margin	26.8%	36.1%	39.9%	34.8%	16.5%	42.9%	45.1%	57.5%	39.5%	40.0%	44.1%	54.3%	32.6%	40.0%	51.9%	51.88%
FCF Margin	-12.1%	-18.1%	-22.8%	-22.1%	-27.1%	-32.1%	-34.9%	-35.9%	-37.5%	-36.9%	-38.9%	-30.4%	-28.2%	-26.0%	-22.5%	-22.47%
OCF Margin	24.3%	24.2%	23.9%	26.3%	28.4%	28.0%	26.0%	25.6%	25.8%	27.6%	23.8%	27.8%	27.0%	27.3%	29.7%	29.67%
ROE 3Y Avg	snapshot only															4.86%
ROA 3Y Avg	snapshot only															1.29%
ROIC 3Y Avg	snapshot only															4.93%
ROIC Economic	snapshot only															10.57%
Cash ROA	snapshot only															5.30%
Cash ROIC	snapshot only															15.44%
CROIC	snapshot only															-11.69%
NOPAT Margin	snapshot only															20.31%
Pretax Margin	snapshot only															10.50%
R&D / Revenue	snapshot only															0.00%
SGA / Revenue	snapshot only															12.06%
SBC / Revenue	snapshot only															0.32%

Valuation

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	240.42	54.23	30.87	23.23	39.18	40.24	38.68	21.57	17.73	23.84	29.07	29.48	36.12	44.97	32.16	32.385
P/S Ratio	6.63	3.44	2.25	1.71	1.79	1.77	1.75	2.00	2.18	2.42	2.55	2.48	2.53	3.02	2.83	2.895
P/B Ratio	1.73	1.73	1.58	1.60	1.47	1.37	1.33	1.54	1.69	1.94	1.63	1.53	1.61	1.90	1.78	1.827
P/FCF	-54.61	-18.99	-9.86	-7.71	-6.60	-5.51	-5.01	-5.56	-5.82	-6.55	-6.54	-8.15	-8.97	-11.58	-12.58	-12.582
P/OCF	27.31	14.20	9.41	6.49	6.28	6.32	6.74	7.81	8.47	8.76	10.70	8.94	9.39	11.06	9.53	9.530
EV/EBITDA	53.12	23.97	15.40	11.98	13.39	13.38	13.16	11.69	10.97	11.85	11.80	11.47	5.84	7.60	6.97	6.971
EV/Revenue	14.25	7.51	5.22	4.09	4.36	4.54	4.65	4.92	5.14	5.45	5.40	5.19	2.53	3.29	3.16	3.158
EV/EBIT	118.65	47.14	29.55	23.27	30.50	32.98	32.29	23.59	20.25	22.27	22.96	22.63	10.68	14.08	12.41	12.410
EV/FCF	-117.41	-41.48	-22.86	-18.48	-16.10	-14.15	-13.35	-13.69	-13.70	-14.79	-13.88	-17.04	-8.97	-12.65	-14.05	-14.052
Earnings Yield	0.4%	1.8%	3.2%	4.3%	2.6%	2.5%	2.6%	4.6%	5.6%	4.2%	3.4%	3.4%	2.8%	2.2%	3.1%	3.11%
FCF Yield	-1.8%	-5.3%	-10.1%	-13.0%	-15.2%	-18.1%	-19.9%	-18.0%	-17.2%	-15.3%	-15.3%	-12.3%	-11.1%	-8.6%	-7.9%	-7.95%
Price/Tangible Book	snapshot only															1.928
EV/OCF	snapshot only															10.644
EV/Gross Profit	snapshot only															7.982
Acquirers Multiple	snapshot only															14.217
Shareholder Yield	snapshot only															3.02%
Graham Number	snapshot only															$35.63

Leverage & Solvency

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	0.46	0.29	0.37	0.33	0.39	0.37	0.47	0.36	0.28	0.29	0.51	0.51	0.19	0.55	0.56	0.557
Quick Ratio	0.39	0.24	0.29	0.27	0.31	0.27	0.37	0.27	0.19	0.19	0.36	0.36	0.19	0.36	0.39	0.394
Debt/Equity	1.99	2.05	2.09	2.23	2.11	2.15	2.22	2.26	2.29	2.44	1.83	1.68	0.00	0.18	0.21	0.212
Net Debt/Equity	1.99	2.05	2.08	2.23	2.11	2.15	2.22	2.25	2.29	2.44	1.82	1.67	0.00	0.18	0.21	0.208
Debt/Assets	0.46	0.49	0.49	0.50	0.47	0.50	0.51	0.51	0.50	0.54	0.50	0.48	0.00	0.05	0.06	0.060
Debt/EBITDA	28.44	13.01	8.77	7.00	7.91	8.18	8.22	6.95	6.31	6.62	6.27	6.02	0.00	0.65	0.74	0.744
Net Debt/EBITDA	28.41	13.00	8.76	6.98	7.91	8.17	8.22	6.94	6.31	6.60	6.24	5.99	0.00	0.64	0.73	0.729
Interest Coverage	1.82	2.26	2.26	2.12	1.46	1.24	1.25	1.78	2.19	2.08	1.88	1.83	1.55	1.52	1.70	1.696
Equity Multiplier	4.37	4.21	4.23	4.47	4.49	4.33	4.38	4.39	4.53	4.53	3.67	3.49	1.28	3.50	3.52	3.519
Cash Ratio	snapshot only															0.012
Debt Service Coverage	snapshot only															3.019
Cash to Debt	snapshot only															0.019
FCF to Debt	snapshot only															-0.667
Defensive Interval	snapshot only															307.7 days

Efficiency & Turnover

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.06	0.12	0.17	0.21	0.19	0.19	0.18	0.18	0.18	0.19	0.18	0.18	0.27	0.19	0.18	0.185
Inventory Turnover	6.53	12.44	13.61	17.25	15.93	14.44	12.38	11.37	8.77	8.91	8.67	8.91	16.07	7.53	7.40	7.399
Receivables Turnover	2.33	6.18	8.47	8.64	8.86	10.73	9.52	8.12	10.11	11.52	9.52	8.45	21.71	13.42	11.95	11.951
Payables Turnover	2.02	6.54	7.47	9.16	6.23	9.53	8.44	7.90	5.67	8.19	8.62	9.00	13.12	8.40	7.89	7.890
DSO	157	59	43	42	41	34	38	45	36	32	38	43	17	27	31	30.5 days
DIO	56	29	27	21	23	25	29	32	42	41	42	41	23	49	49	49.3 days
DPO	181	56	49	40	59	38	43	46	64	45	42	41	28	43	46	46.3 days
Cash Conversion Cycle	32	33	21	24	6	21	25	31	13	28	38	44	12	32	34	33.6 days
Fixed Asset Turnover	snapshot only															0.230
Operating Cycle	snapshot only															79.9 days
Cash Velocity	snapshot only															153.114
Capital Intensity	snapshot only															5.599

Growth (YoY)

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	—	—	—	—	2.4%	63.6%	15.4%	-9.3%	1.7%	10.1%	10.2%	10.6%	9.9%	8.5%	10.0%	9.97%
Net Income	—	—	—	—	4.6%	13.4%	-28.5%	14.5%	1.7%	1.5%	1.1%	0.4%	-37.4%	-28.2%	10.4%	10.37%
EPS	—	—	—	—	4.4%	7.9%	-32.1%	8.9%	1.7%	1.5%	1.1%	-2.4%	-39.4%	-40.7%	-7.5%	-7.54%
FCF	—	—	—	—	-6.5%	-1.9%	-76.3%	-47.3%	-40.8%	-26.5%	-23.1%	6.3%	17.2%	23.4%	36.5%	36.51%
EBITDA	—	—	—	—	3.1%	77.3%	20.5%	11.9%	46.4%	49.3%	42.6%	18.8%	1.8%	2.2%	8.8%	8.83%
Op. Income	—	—	—	—	4.4%	85.8%	18.7%	19.5%	52.5%	55.4%	39.3%	3.5%	-4.8%	-0.8%	19.2%	19.18%
OCF Growth	snapshot only															37.09%
Asset Growth	snapshot only															7.13%
Equity Growth	snapshot only															11.69%
Debt Growth	snapshot only															-87.10%
Shares Change	snapshot only															19.37%
Dividend Growth	snapshot only															3.69%

Growth (CAGR)

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	—	—	—	—	—	—	—	—	—	—	—	—	55.5%	25.0%	11.8%	11.84%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	1.1%	16.4%	9.3%	9.30%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	1.1%	27.4%	19.0%	19.03%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	82.5%	39.3%	23.2%	23.20%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	—	—	—	80.5%	38.1%	21.4%	21.36%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	98.2%	42.0%	25.4%	25.39%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	61.1%	30.0%	20.1%	20.13%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-23.3%	9.1%	9.1%	9.12%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	—	15.6%	15.9%	16.1%	16.06%
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	—	12.5%	5.9%	6.6%	6.57%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	2.4%	-2.9%	-1.4%	-1.41%

Growth Quality

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.77	0.90	0.99	0.00	0.72	0.87	1.00	0.997
Earnings Stability	—	—	—	—	—	—	—	—	0.96	0.80	0.41	0.77	0.57	0.53	0.67	0.670
Margin Stability	—	—	—	—	—	—	—	—	0.74	0.83	0.88	0.89	0.78	0.85	0.89	0.886
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.00	1.00	1.00	1.00	0.50	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.00	0.50	1.00	1.00	0.50	1.00	0.00	0.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.50	0.50	0.50	1.00	0.85	0.89	0.96	0.959
Earnings Smoothness	—	—	—	—	0.00	0.87	0.67	0.86	0.07	0.13	0.28	1.00	0.54	0.67	0.90	0.901
ROE Trend	—	—	—	—	—	—	—	—	0.07	0.05	0.01	-0.02	-0.02	-0.02	0.01	0.010
Gross Margin Trend	—	—	—	—	—	—	—	—	0.13	0.09	0.06	0.03	0.01	0.02	0.03	0.030
FCF Margin Trend	—	—	—	—	—	—	—	—	-0.18	-0.12	-0.10	-0.01	0.04	0.08	0.14	0.144
Sustainable Growth Rate	-0.6%	0.4%	1.0%	1.3%	-1.7%	-2.2%	-2.1%	1.7%	4.2%	2.5%	1.1%	0.8%	-0.4%	-0.8%	0.5%	0.47%
Internal Growth Rate	—	0.1%	0.2%	0.3%	—	—	—	0.4%	0.9%	0.6%	0.3%	0.2%	—	—	0.1%	0.13%

Cash Flow Quality

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	8.80	3.82	3.28	3.58	6.24	6.36	5.74	2.76	2.09	2.72	2.72	3.30	3.85	4.07	3.37	3.374
FCF/OCF	-0.50	-0.75	-0.95	-0.84	-0.95	-1.15	-1.34	-1.40	-1.45	-1.34	-1.64	-1.10	-1.05	-0.96	-0.76	-0.757
FCF/Net Income	snapshot only															-2.556
OCF/EBITDA	snapshot only															0.655
CapEx/Revenue	36.4%	42.3%	46.8%	48.4%	55.5%	60.1%	60.8%	61.6%	63.3%	64.5%	62.7%	58.2%	55.2%	53.3%	52.1%	52.14%
CapEx/Depreciation	snapshot only															2.626
Accruals Ratio	-0.01	-0.02	-0.03	-0.04	-0.05	-0.04	-0.04	-0.03	-0.02	-0.03	-0.03	-0.04	-0.05	-0.04	-0.04	-0.039
Sloan Accruals	snapshot only															-0.035
Cash Flow Adequacy	snapshot only															0.493
Earnings Quality Score	snapshot only															1.000

Dividends & Buybacks

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	0.8%	1.6%	2.6%	3.5%	3.7%	4.0%	4.1%	3.6%	3.3%	2.9%	2.8%	2.9%	3.0%	2.6%	2.9%	2.87%
Dividend/Share	$0.35	$0.72	$1.08	$1.45	$1.43	$1.44	$1.47	$1.51	$1.56	$1.54	$1.57	$1.65	$1.75	$1.52	$1.62	$1.68
Payout Ratio	1.9%	86.8%	80.1%	81.0%	1.4%	1.6%	1.6%	77.5%	57.8%	70.0%	82.0%	86.8%	1.1%	1.2%	92.0%	91.98%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	1.9%	98.8%	88.5%	87.3%	1.5%	1.7%	1.7%	82.0%	61.3%	74.6%	87.9%	91.8%	1.2%	1.2%	97.1%	97.12%
Div. Increase Streak	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	—	3.27	1.15	0.47	0.13	0.14	0.13	0.12	0.15	0.19	0.23	0.27	0.266
Buyback Yield	0.0%	0.2%	0.3%	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.16%
Net Buyback Yield	0.0%	0.2%	0.3%	0.3%	-5.4%	-5.9%	-6.0%	-5.0%	-2.1%	-1.8%	-14.2%	-17.8%	-15.1%	-14.2%	-4.9%	-4.92%
Total Shareholder Return	0.8%	1.8%	2.9%	3.8%	-1.8%	-1.9%	-1.8%	-1.4%	1.2%	1.1%	-11.4%	-14.9%	-12.2%	-11.6%	-2.1%	-2.06%

DuPont Factors

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.54	0.72	0.74	0.79	0.98	1.38	1.35	0.96	0.87	0.80	0.80	0.81	0.84	0.84	0.84	0.837
Interest Burden (EBT/EBIT)	0.42	0.56	0.56	0.53	0.33	0.23	0.23	0.46	0.56	0.52	0.47	0.45	0.35	0.34	0.41	0.413
EBIT Margin	0.12	0.16	0.18	0.18	0.14	0.14	0.14	0.21	0.25	0.24	0.24	0.23	0.24	0.23	0.25	0.254
Asset Turnover	0.06	0.12	0.17	0.21	0.19	0.19	0.18	0.18	0.18	0.19	0.18	0.18	0.27	0.19	0.18	0.185
Equity Multiplier	4.37	4.21	4.23	4.47	4.43	4.27	4.31	4.43	4.51	4.43	3.98	3.87	2.67	3.93	3.59	3.590

Per Share

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$0.18	$0.82	$1.35	$1.79	$1.00	$0.89	$0.92	$1.95	$2.69	$2.19	$1.91	$1.90	$1.63	$1.30	$1.77	$1.77
Book Value/Share	$25.67	$25.81	$26.40	$26.09	$26.69	$26.15	$26.63	$27.28	$28.25	$27.00	$34.15	$36.78	$36.53	$30.70	$31.96	$32.50
Tangible Book/Share	$22.43	$22.58	$23.17	$22.85	$23.54	$23.08	$23.56	$24.21	$25.16	$24.01	$31.17	$33.80	$36.53	$28.24	$29.45	$29.45
Revenue/Share	$6.71	$13.00	$18.54	$24.42	$21.93	$20.24	$20.33	$21.04	$21.85	$21.65	$21.80	$22.64	$23.24	$19.39	$20.08	$20.09
FCF/Share	$-0.81	$-2.35	$-4.23	$-5.40	$-5.93	$-6.50	$-7.09	$-7.56	$-8.19	$-7.98	$-8.48	$-6.89	$-6.56	$-5.05	$-4.51	$-4.51
OCF/Share	$1.63	$3.15	$4.44	$6.41	$6.23	$5.66	$5.28	$5.39	$5.63	$5.97	$5.19	$6.28	$6.27	$5.28	$5.96	$5.96
Cash/Share	$0.05	$0.05	$0.09	$0.09	$0.03	$0.03	$0.04	$0.08	$0.05	$0.15	$0.38	$0.34	$0.02	$0.05	$0.13	$0.13
EBITDA/Share	$1.80	$4.07	$6.28	$8.33	$7.13	$6.87	$7.19	$8.86	$10.23	$9.96	$9.98	$10.24	$10.08	$8.41	$9.10	$9.10
Debt/Share	$51.18	$52.98	$55.10	$58.26	$56.41	$56.19	$59.11	$61.53	$64.61	$65.91	$62.60	$61.66	$0.03	$5.45	$6.77	$6.77
Net Debt/Share	$51.13	$52.93	$55.01	$58.17	$56.39	$56.15	$59.07	$61.45	$64.56	$65.76	$62.22	$61.32	$0.01	$5.40	$6.64	$6.64

Academic Models

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.805
Altman Z-Prime	snapshot only															1.009
Piotroski F-Score	4	4	4	4	6	7	6	6	5	5	7	6	6	7	8	8
Beneish M-Score	—	—	—	—	-2.61	-2.75	-2.37	-2.76	-2.80	-2.39	-2.64	-2.43	-2.70	-2.55	-2.57	-2.574
Ohlson O-Score	snapshot only															-6.498
ROIC (Greenblatt)	snapshot only															6.18%
Net-Net WC	snapshot only															$-74.02
EVA	snapshot only															$24367608.58

Credit

Metric	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only															BB
Credit Score	17.91	19.51	18.94	20.63	14.64	13.52	12.86	16.14	19.27	19.03	17.82	18.39	69.93	41.43	40.80	40.803
Credit Grade	snapshot only															12
Credit Trend	snapshot only															22.983
Implied Spread (bps)	snapshot only															475.000
Industry Credit Rank	snapshot only															51
Sector Credit Rank	snapshot only															43

TXNM NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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