Estados financieros detallados de TXNM Energy, Inc. (TXNM): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
TXNM Energy, Inc. registró ingresos de $2.17B en el último ejercicio fiscal, con un CAGR de 5 años del 7.3%. El beneficio neto alcanzó $151.4M, con un CAGR a 5 años del -2.7%.
Márgenes de los últimos 12 meses: margen bruto 39.6%, margen operativo 22.2%, margen neto 8.8%.
Al precio actual de $58.54, TXNM cotiza a un P/E de 32.76 y un ROE del 5.67%. La capitalización bursátil es de $6.5B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.46B | $1.52B | $1.78B | $2.25B | $1.94B | $1.97B | $2.17B |
| Coste de Ventas | $892.9M | $938.7M | $1.15B | $1.53B | $1.31B | $1.16B | $1.34B |
| Beneficio Bruto | $564.6M | $584.2M | $625.6M | $714.7M | $627.1M | $810.2M | $824.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $189.2M | $216.3M | $230.3M | $227.1M | $227.9M | $247.1M | $274.5M |
| Gastos Operativos | $269.3M | $297.9M | $316.3M | $320.1M | $323.8M | $347.7M | $384.3M |
| Beneficio Operativo | $295.3M | $286.4M | $309.3M | $394.6M | $303.3M | $462.5M | $441.2M |
| EBITDA | $494.9M | $639.9M | $663.8M | $682.4M | $627.7M | $929.2M | $940.7M |
| Gastos por Intereses | $121.0M | $114.4M | $96.9M | $127.9M | $190.4M | $228.1M | $335.0M |
| Beneficio Antes de Impuestos | $66.8M | $208.0M | $244.4M | $211.3M | $90.5M | $280.2M | $180.0M |
| Impuestos | -$25.3M | $20.6M | $32.6M | $26.1M | -$16.4M | $21.5M | $10.2M |
| Beneficio Neto | $77.9M | $173.3M | $196.4M | $170.1M | $88.3M | $242.7M | $151.4M |
| BPA | $0.97 | $2.16 | $2.28 | $1.97 | $1.02 | $2.67 | $1.49 |
| BPA Diluido | $0.96 | $2.15 | $2.27 | $1.97 | $1.02 | $2.67 | $1.48 |
| Acciones en Circulación (Diluidas) | $80.3M | $80.3M | $86.1M | $86.2M | $86.4M | $90.6M | $102.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $647.2M | $533.2M | $505.0M | $548.6M |
| Beneficio Bruto | $298.8M | $190.0M | $175.9M | $219.1M |
| Beneficio Operativo | $202.1M | $93.7M | $77.0M | $123.3M |
| EBITDA | $351.3M | $173.9M | $202.0M | $284.6M |
| Beneficio Neto | $130.8M | -$9.7M | $3.9M | $71.4M |
| BPA | $1.22 | $-0.09 | $0.03 | $0.64 |
| BPA Diluido | $1.22 | $-0.09 | $0.03 | $0.64 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.8M | $47.9M | $1.1M | $4.1M | $2.2M | $4.5M | $1.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $160.4M | $198.4M | $204.7M | $269.8M | $273.6M | $244.4M | 0 |
| Inventario | $77.9M | $66.4M | $65.1M | $66.7M | $98.0M | $166.9M | 0 |
| Activos Corrientes | $294.0M | $377.5M | $324.6M | $411.0M | $475.5M | $498.8M | $12.6M |
| Inmovilizado Material | $5.61B | $6.09B | $6.86B | $7.06B | $7.82B | $8.74B | $21.1M |
| Fondo de Comercio | $278.3M | $278.3M | $278.3M | $278.3M | $278.3M | $278.3M | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $7.69B | $8.33B | $9.02B | $9.63B | $10.59B | $11.55B | $4.35B |
| Cuentas por Pagar | $103.1M | $169.3M | $172.6M | $215.7M | $205.2M | $204.5M | 0 |
| Deuda a Corto | $706.1M | $639.4M | $275.1M | $442.9M | $563.1M | $1.24B | $2.6M |
| Pasivos Corrientes | $967.5M | $977.7M | $664.2M | $890.4M | $1.23B | $1.78B | $66.8M |
| Deuda a Largo | $2.52B | $2.72B | $3.52B | $3.89B | $4.24B | $4.31B | 0 |
| Pasivos Totales | $5.94B | $6.21B | $6.78B | $7.37B | $8.18B | $8.95B | $954.0M |
| Reservas | $627.5M | $698.7M | $810.2M | $828.9M | $787.1M | $887.6M | $866.9M |
| Patrimonio Neto | $1.69B | $2.06B | $2.18B | $2.20B | $2.36B | $2.55B | $3.40B |
| Deuda Total | $3.34B | $3.46B | $3.87B | $4.39B | $4.99B | $5.83B | $2.6M |
| Deuda Neta | $3.33B | $3.41B | $3.87B | $4.39B | $4.99B | $5.82B | $982000 |
| Capital Circulante | -$673.5M | -$600.2M | -$339.6M | -$479.4M | -$755.2M | -$1.28B | -$54.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $32.1M | $1.6M | $5.6M | $14.6M |
| Activos Totales | $11.97B | $4.35B | $12.14B | $12.51B |
| Pasivos Totales | $8.50B | $954.0M | $8.61B | $8.89B |
| Patrimonio Neto | $3.43B | $3.40B | $3.46B | $3.55B |
| Deuda Total | $5.75B | $2.6M | $614.7M | $752.7M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $92.1M | $187.3M | $211.8M | $185.2M | $106.9M | $258.7M | $169.8M |
| Amortizaciones | $301.1M | $314.7M | $320.2M | $341.1M | $353.7M | $423.0M | $483.4M |
| Compensación en Acciones | $6.4M | $8.1M | $9.4M | $7.8M | $7.2M | $9.5M | $8.7M |
| Cambio en Capital Circulante | $14.5M | -$16.6M | -$961000 | -$59.1M | $58.4M | -$190.1M | -$93.6M |
| Flujo de Caja Operativo | $503.2M | $485.7M | $547.9M | $567.3M | $551.2M | $508.2M | $584.5M |
| Inversiones (CapEx) | -$616.3M | -$679.0M | -$935.0M | -$912.6M | -$1.08B | -$1.25B | -$1.20B |
| Adquisiciones | -$38.2M | -$23.2M | 0 | 0 | -$26.2M | $104.4M | 0 |
| Recompra de Acciones | -$9.9M | -$12.0M | -$10.1M | -$8.0M | -$9.6M | -$8.5M | -$12.0M |
| Dividendos Pagados | -$92.9M | -$98.5M | -$113.0M | -$119.8M | -$126.7M | -$140.3M | -$163.4M |
| Flujo de Caja Libre | -$113.1M | -$193.3M | -$387.1M | -$345.3M | -$524.6M | -$738.9M | -$611.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $282.0M | $157.7M | $153.2M | $69.8M |
| Inversiones (CapEx) | -$277.3M | -$309.8M | -$312.7M | -$264.8M |
| Flujo de Caja Libre | $4.7M | -$152.1M | -$159.5M | -$195.0M |
| Dividendos Pagados | -$43.1M | -$44.5M | -$46.2M | -$46.9M |
| Compensación en Acciones | $1.4M | $2.0M | $5.1M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +4.5% | +16.9% | +26.4% | -13.8% | +1.7% | +9.9% |
| Crecimiento Beneficio Neto (anual) | | +122.5% | +13.3% | -13.4% | -48.0% | +174.7% | -37.6% |
| Crecimiento BPA (anual) | | +123.8% | +5.6% | -13.6% | -48.2% | +161.8% | -44.2% |
| Cambio en Acciones (anual) | | +0.0% | +7.2% | +0.1% | +0.2% | +4.9% | +13.0% |
| Crecimiento FCF (anual) | | -70.9% | -100.3% | +10.8% | -51.9% | -40.8% | +17.2% |
| Margen Bruto | 38.7% | 38.4% | 35.2% | 31.8% | 32.3% | 41.1% | 38.1% |
| Margen Operativo | 20.3% | 18.8% | 17.4% | 17.5% | 15.6% | 23.5% | 20.4% |
| Margen EBITDA | 34.0% | 42.0% | 37.3% | 30.3% | 32.4% | 47.1% | 43.4% |
| Margen Neto | 5.3% | 11.4% | 11.0% | 7.6% | 4.6% | 12.3% | 7.0% |
| Margen FCF | -7.8% | -12.7% | -21.8% | -15.3% | -27.1% | -37.5% | -28.2% |
| Tasa Impositiva Efectiva | -37.8% | 9.9% | 13.3% | 12.4% | -18.1% | 7.7% | 5.7% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.41 | $-2.41 | $-4.50 | $-4.01 | $-6.07 | $-8.16 | $-5.97 |
| Dividendo por Acción | $1.16 | $1.23 | $1.31 | $1.39 | $1.47 | $1.55 | $1.60 |
| Acciones en Circulación (Básicas) | $80.2M | $80.2M | $85.9M | $86.1M | $86.1M | $90.6M | $101.5M |
Qué mirar en Utilities
Negocios regulados con crecimiento lento pero dividendos fiables. Son bonos con esteroides — mira deuda, tipos de interés, y consistencia del payout.
- ROE regulado (8-12%) — Utilities tienen ROE "permitido" por el regulador. Fuera de rango = anomalía
- Crecimiento EPS 5y — Utilities estables crecen EPS 4-6% anual — más = anomalía, menos = muerto
- Crecimiento dividendo 10y — Utilities top ("Dividend Aristocrats") suben dividendo 25+ años seguidos
- Deuda neta / EBITDA — Utilities usan mucha deuda — >6x con tipos altos es alarma
- Interest Coverage — EBITDA / intereses. Si cae <3x en subida de tipos, el dividendo peligra
- Payout Ratio — En utilities es normal alto (60-80%), pero >90% indica stress
Rentabilidad
| Rentabilidad sobre capital | 5.67% |
| Rentabilidad sobre capital invertido | 3.77% |
| Rentabilidad sobre activos | 1.57% |
| Margen bruto | 39.56% |
| Margen operativo | 22.21% |
| Margen neto | 8.79% |
Salud financiera
| Deuda / Patrimonio | 0.21 |
| Ratio corriente | 0.56 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.86 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 52.54 | 22.47 | 20.00 | 24.77 | 40.78 | 18.42 | 39.52 |
| P/VC | 2.40 | 1.89 | 1.80 | 1.91 | 1.52 | 1.75 | 1.76 |
| P/V | 2.79 | 2.55 | 2.20 | 1.87 | 1.85 | 2.26 | 2.76 |
| Margen Bruto | 38.7% | 38.4% | 35.2% | 31.8% | 32.3% | 41.1% | 38.1% |
| Margen Operativo | 20.3% | 18.8% | 17.4% | 17.5% | 15.6% | 23.5% | 20.4% |
| Margen Neto | 5.3% | 11.4% | 11.0% | 7.6% | 4.6% | 12.3% | 7.0% |