TXNM
Market read
No new filing conclusion is available. 0 of 26 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Invalidation: The isolated read changes if TXNM's group or a disclosed connection begins moving with it.
Research brief
No new filing conclusion is available. 0 of 26 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“These increases were partially offset by higher operating expenses at PNM and TNMP, increased depreciation, property taxes, and interest expense at PNM and TNMP due to increased plant in service, capacity arrangements at PNM, milder weather at PNM and TNMP, a…”10-Q · Jul 31, 2026 ↗
“Operating results – 2025 compared to 2024 The following table summarizes the significant changes to gross margin: Year Ended December 31, 2025 Change Gross margin: (In millions) Utility Margin (see below) $ 71.5 Depreciation and amortization (see below) (18.0…”10-K · Feb 27, 2026 ↗
“This was due to the extent of audit effort required in the evaluation of regulatory assets and liabilities.”10-K · Feb 27, 2026 ↗
“TNMP maintained that the remediation efforts were impacted by supply chain and labor availability issues resulting from COVID-19.”10-K · Feb 27, 2026 ↗
Valuation discipline
Price/sales 2.8× · EV/sales 5.1×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for TXNM. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
Jodie has not yet found a suitable current-versus-prior filing comparison for TXNM. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“Recent Developments Merger On May 18, 2025, TXNM, Parent, and Merger Sub (both Parent and Merger Sub are affiliates of Blackstone Infrastructure) entered into the Merger Agreement pursuant to which Merger Sub will merge with and into TXNM, with TXNM surviving…”
“Pursuant to an equity commitment letter dated May 18, 2025 (the “Equity Commitment Letter”), Blackstone Infrastructure committed to provide Parent, at the consummation of the Merger, with an equity contribution in the amount set forth therein.”
Filing peers
No filing peers are available for this name yet.
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What is moving around it
TXNM is currently a Follower in the organic co-movement group High-Beta Risk-On. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
No durable theme membership has been observed for this name yet.