États financiers détaillés de TXNM Energy, Inc. (TXNM): compte de résultat, bilan et tableau de flux de trésorerie. Suivez l'évolution des marges, de la dette, de la liquidité et de la rentabilité d'une année sur l'autre avec jusqu'à 20 ans d'historique.
Résumé de l'Analyse
TXNM Energy, Inc. a enregistré un chiffre d'affaires de $2.17B sur le dernier exercice, avec un CAGR sur 5 ans de 7.3%. Le résultat net a atteint $151.4M, avec un CAGR sur 5 ans de -2.7%.
Marges des 12 derniers mois: marge brute 39.6%, marge opérationnelle 22.2%, marge nette 8.8%.
Au prix actuel de $58.54, TXNM se négocie à un PER de 32.76 et un ROE de 5.67%. La capitalisation boursière s'établit à $6.5B.
Compte de Résultat (10 ans)
| Année | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenus | $1.46B | $1.52B | $1.78B | $2.25B | $1.94B | $1.97B | $2.17B |
| Coût des Ventes | $892.9M | $938.7M | $1.15B | $1.53B | $1.31B | $1.16B | $1.34B |
| Marge Brute | $564.6M | $584.2M | $625.6M | $714.7M | $627.1M | $810.2M | $824.8M |
| R&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Frais Généraux | $189.2M | $216.3M | $230.3M | $227.1M | $227.9M | $247.1M | $274.5M |
| Charges Opérationnelles | $269.3M | $297.9M | $316.3M | $320.1M | $323.8M | $347.7M | $384.3M |
| Résultat Opérationnel | $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 |
| Charges d'Intérêt | $121.0M | $114.4M | $96.9M | $127.9M | $190.4M | $228.1M | $335.0M |
| Résultat Avant Impôts | $66.8M | $208.0M | $244.4M | $211.3M | $90.5M | $280.2M | $180.0M |
| Impôts | -$25.3M | $20.6M | $32.6M | $26.1M | -$16.4M | $21.5M | $10.2M |
| Résultat Net | $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 Dilué | $0.96 | $2.15 | $2.27 | $1.97 | $1.02 | $2.67 | $1.48 |
| Actions en Circulation (Diluées) | $80.3M | $80.3M | $86.1M | $86.2M | $86.4M | $90.6M | $102.4M |
Compte de Résultat (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenus | $647.2M | $533.2M | $505.0M | $548.6M |
| Marge Brute | $298.8M | $190.0M | $175.9M | $219.1M |
| Résultat Opérationnel | $202.1M | $93.7M | $77.0M | $123.3M |
| EBITDA | $351.3M | $173.9M | $202.0M | $284.6M |
| Résultat Net | $130.8M | -$9.7M | $3.9M | $71.4M |
| BPA | $1.22 | $-0.09 | $0.03 | $0.64 |
| BPA Dilué | $1.22 | $-0.09 | $0.03 | $0.64 |
Bilan (10 ans)
| Année | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Trésorerie | $3.8M | $47.9M | $1.1M | $4.1M | $2.2M | $4.5M | $1.6M |
| Placements à Court Terme | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Créances | $160.4M | $198.4M | $204.7M | $269.8M | $273.6M | $244.4M | 0 |
| Stocks | $77.9M | $66.4M | $65.1M | $66.7M | $98.0M | $166.9M | 0 |
| Actifs Courants | $294.0M | $377.5M | $324.6M | $411.0M | $475.5M | $498.8M | $12.6M |
| Immobilisations Corporelles | $5.61B | $6.09B | $6.86B | $7.06B | $7.82B | $8.74B | $21.1M |
| Goodwill | $278.3M | $278.3M | $278.3M | $278.3M | $278.3M | $278.3M | 0 |
| Actifs Incorporels | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Totaux | $7.69B | $8.33B | $9.02B | $9.63B | $10.59B | $11.55B | $4.35B |
| Dettes Fournisseurs | $103.1M | $169.3M | $172.6M | $215.7M | $205.2M | $204.5M | 0 |
| Dette à Court Terme | $706.1M | $639.4M | $275.1M | $442.9M | $563.1M | $1.24B | $2.6M |
| Passifs Courants | $967.5M | $977.7M | $664.2M | $890.4M | $1.23B | $1.78B | $66.8M |
| Dette à Long Terme | $2.52B | $2.72B | $3.52B | $3.89B | $4.24B | $4.31B | 0 |
| Passifs Totaux | $5.94B | $6.21B | $6.78B | $7.37B | $8.18B | $8.95B | $954.0M |
| Réserves | $627.5M | $698.7M | $810.2M | $828.9M | $787.1M | $887.6M | $866.9M |
| Capitaux Propres | $1.69B | $2.06B | $2.18B | $2.20B | $2.36B | $2.55B | $3.40B |
| Dette Totale | $3.34B | $3.46B | $3.87B | $4.39B | $4.99B | $5.83B | $2.6M |
| Dette Nette | $3.33B | $3.41B | $3.87B | $4.39B | $4.99B | $5.82B | $982000 |
| Fonds de Roulement | -$673.5M | -$600.2M | -$339.6M | -$479.4M | -$755.2M | -$1.28B | -$54.2M |
Bilan (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Trésorerie | $32.1M | $1.6M | $5.6M | $14.6M |
| Actifs Totaux | $11.97B | $4.35B | $12.14B | $12.51B |
| Passifs Totaux | $8.50B | $954.0M | $8.61B | $8.89B |
| Capitaux Propres | $3.43B | $3.40B | $3.46B | $3.55B |
| Dette Totale | $5.75B | $2.6M | $614.7M | $752.7M |
Tableau de Flux (10 ans)
| Année | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Résultat Net | $92.1M | $187.3M | $211.8M | $185.2M | $106.9M | $258.7M | $169.8M |
| Amortissements | $301.1M | $314.7M | $320.2M | $341.1M | $353.7M | $423.0M | $483.4M |
| Stock-based Compensation | $6.4M | $8.1M | $9.4M | $7.8M | $7.2M | $9.5M | $8.7M |
| Variation du BFR | $14.5M | -$16.6M | -$961000 | -$59.1M | $58.4M | -$190.1M | -$93.6M |
| Cash Flow Opérationnel | $503.2M | $485.7M | $547.9M | $567.3M | $551.2M | $508.2M | $584.5M |
| CapEx | -$616.3M | -$679.0M | -$935.0M | -$912.6M | -$1.08B | -$1.25B | -$1.20B |
| Acquisitions | -$38.2M | -$23.2M | 0 | 0 | -$26.2M | $104.4M | 0 |
| Rachat d'Actions | -$9.9M | -$12.0M | -$10.1M | -$8.0M | -$9.6M | -$8.5M | -$12.0M |
| Dividendes Payés | -$92.9M | -$98.5M | -$113.0M | -$119.8M | -$126.7M | -$140.3M | -$163.4M |
| Free Cash Flow | -$113.1M | -$193.3M | -$387.1M | -$345.3M | -$524.6M | -$738.9M | -$611.4M |
Tableau de Flux (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash Flow Opérationnel | $282.0M | $157.7M | $153.2M | $69.8M |
| CapEx | -$277.3M | -$309.8M | -$312.7M | -$264.8M |
| Free Cash Flow | $4.7M | -$152.1M | -$159.5M | -$195.0M |
| Dividendes Payés | -$43.1M | -$44.5M | -$46.2M | -$46.9M |
| Stock-based Compensation | $1.4M | $2.0M | $5.1M | 0 |
Croissance et Marges (10 ans)
| Année | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Croissance Revenus (annuelle) | | +4.5% | +16.9% | +26.4% | -13.8% | +1.7% | +9.9% |
| Croissance Résultat Net (annuelle) | | +122.5% | +13.3% | -13.4% | -48.0% | +174.7% | -37.6% |
| Croissance BPA (annuelle) | | +123.8% | +5.6% | -13.6% | -48.2% | +161.8% | -44.2% |
| Variation Actions (annuelle) | | +0.0% | +7.2% | +0.1% | +0.2% | +4.9% | +13.0% |
| Croissance FCF (annuelle) | | -70.9% | -100.3% | +10.8% | -51.9% | -40.8% | +17.2% |
| Marge Brute | 38.7% | 38.4% | 35.2% | 31.8% | 32.3% | 41.1% | 38.1% |
| Marge Opérationnelle | 20.3% | 18.8% | 17.4% | 17.5% | 15.6% | 23.5% | 20.4% |
| Marge EBITDA | 34.0% | 42.0% | 37.3% | 30.3% | 32.4% | 47.1% | 43.4% |
| Marge Nette | 5.3% | 11.4% | 11.0% | 7.6% | 4.6% | 12.3% | 7.0% |
| Marge FCF | -7.8% | -12.7% | -21.8% | -15.3% | -27.1% | -37.5% | -28.2% |
| Taux d'Imposition Effectif | -37.8% | 9.9% | 13.3% | 12.4% | -18.1% | 7.7% | 5.7% |
Données par Action (10 ans)
| Année | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF par Action | $-1.41 | $-2.41 | $-4.50 | $-4.01 | $-6.07 | $-8.16 | $-5.97 |
| Dividende par Action | $1.16 | $1.23 | $1.31 | $1.39 | $1.47 | $1.55 | $1.60 |
| Actions en Circulation (Basiques) | $80.2M | $80.2M | $85.9M | $86.1M | $86.1M | $90.6M | $101.5M |
Quoi regarder en Utilities
Business régulés à croissance lente mais dividendes fiables. Ce sont des obligations sous stéroïdes — regardez dette, taux, et consistance du payout.
- ROE régulé (8-12%) — Les utilities ont un ROE "autorisé" par le régulateur. Hors fourchette = anomalie
- Croissance EPS 5 ans — Les utilities stables croissent l'EPS de 4-6% par an — plus = anomalie, moins = mort
- Croissance dividende 10 ans — Les meilleures utilities ("Dividend Aristocrats") augmentent le dividende 25+ ans d'affilée
- Dette nette / EBITDA — Les utilities utilisent beaucoup de dette — >6x avec taux élevés = alerte
- Interest Coverage — EBITDA / intérêts. S'il chute <3x en hausse de taux, le dividende est en danger
- Payout Ratio — En utilities il est normalement élevé (60-80%), mais >90% indique du stress
Rentabilité
| Rentabilité des capitaux propres | 5.67% |
| Rentabilité du capital investi | 3.77% |
| Rentabilité des actifs | 1.57% |
| Marge brute | 39.56% |
| Marge opérationnelle | 22.21% |
| Marge nette | 8.79% |
Santé financière
| Dette / Capitaux propres | 0.21 |
| Ratio de liquidité | 0.56 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.86 |
Ratios Clés (10 ans)
| Année | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| PER | 52.54 | 22.47 | 20.00 | 24.77 | 40.78 | 18.42 | 39.52 |
| P/B | 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 |
| Marge Brute | 38.7% | 38.4% | 35.2% | 31.8% | 32.3% | 41.1% | 38.1% |
| Marge Opérationnelle | 20.3% | 18.8% | 17.4% | 17.5% | 15.6% | 23.5% | 20.4% |
| Marge Nette | 5.3% | 11.4% | 11.0% | 7.6% | 4.6% | 12.3% | 7.0% |