TXNM Energy, Inc. (TXNM) Balance Sheet

NYSE: TXNMAssets, liabilities, debt and equity over 7 years.

TXNM balance sheet, 2025

December 31, 2025 · U.S. dollars

$4.35B assets = $954.0M liabilities + $3.39B equity

Both columns are drawn to the same scale: what TXNM owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TXNM financial health

Current ratio0.19

Tight · current assets cover current liabilities 0.19×

Debt / equity0.00

Low leverage · $0.00 of debt for each $1 of equity

Equity / assets78.3%

Equity-funded · of assets funded by shareholders

Cash / debt62.2%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles6.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TXNM balance sheet trends, 2019–2025

TXNM Energy, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$7.69B2019	$4.35B2025	−9.1%/yr
Total liabilities	$5.94B2019	$954.0M2025	−26.3%/yr
Shareholders’ equity	$1.69B2019	$3.40B2025	+12.4%/yr
Cash & short-term investments	$3.8M2019	$1.6M2025	−13.4%/yr
Total debt	$3.34B2019	$2.6M2025	−69.7%/yr
Net cash (debt)	−$3.33B2019	−$982,0002025	+$3.3B
Working capital	−$673.5M2019	−$54.2M2025	+$619.3M
Book value per share	$21.052019	$33.242025	+7.9%/yr
Current ratio	0.302019	0.192025	−0.12
Debt / equity	1.972019	0.002025	−1.97
Shares outstanding	80.3M2019	102.4M2025	+4.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TXNM assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TXNM liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TXNM debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TXNM balance sheet

TXNM Energy, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	$1.6M	$4.5M	$2.2M	$4.1M	$1.1M	$47.9M	$3.8M
Cash & equivalents	$1.6M	$4.5M	$2.2M	$4.1M	$1.1M	$47.9M	$3.8M
Short-term investments	—	—	−$1.7M	—	—	—	—
Receivables	$151.8M	$244.4M	$273.6M	$269.8M	$204.7M	$198.4M	$160.4M
Inventory	$181.3M	$166.9M	$98.0M	$66.7M	$65.1M	$66.4M	$77.9M
Other current assets	$0	$83.0M	$101.7M	$70.4M	$53.7M	$64.8M	$51.8M
Total current assets	$12.6M	$498.8M	$475.5M	$411.0M	$324.6M	$377.5M	$294.0M
Property, plant & equipment (net)	$21.1M	$8.74B	$7.82B	$7.06B	$6.86B	$6.09B	$5.61B
Goodwill & intangible assets	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M
Long-term investments	$506.0M	$475.8M	$564.1M	$508.3M	$552.5M	$531.1M	$0
Other non-current assets	$3.53B	$1.56B	$1.45B	$1.37B	$1.00B	$1.05B	$1.51B
Total assets	$4.35B	$11.55B	$10.59B	$9.63B	$9.02B	$8.33B	$7.69B
Liabilities
Accounts payable	$243.1M	$204.5M	$205.2M	$215.7M	$172.6M	$169.3M	$103.1M
Short-term debt	$2.6M	$1.24B	$563.1M	$442.9M	$275.1M	$639.4M	$706.1M
Deferred revenue	—	$6.5M	$6.2M	$6.1M	$5.1M	$6.6M	—
Total current liabilities	$66.8M	$1.78B	$1.23B	$890.4M	$664.2M	$977.7M	$967.5M
Long-term debt	$5.12B	$4.31B	$4.24B	$3.89B	$3.52B	$2.72B	$0
Lease obligations	$105.7M	$269.7M	$179.3M	$60.1M	$83.2M	$108.5M	—
Other long-term liabilities	$0	$2.87B	$2.71B	$2.59B	$2.60B	$2.52B	$4.97B
Total liabilities	$954.0M	$8.95B	$8.18B	$7.37B	$6.78B	$6.21B	$5.94B
Shareholders' equity
Common stock & paid-in capital	$2.56B	$1.72B	$1.62B	$1.43B	$1.43B	$1.43B	$1.15B
Retained earnings (deficit)	$866.9M	$887.6M	$787.1M	$828.9M	$810.2M	$698.7M	$627.5M
Accumulated other comprehensive income	−$26.8M	−$75.7M	−$62.8M	−$66.0M	−$71.9M	−$79.2M	−$99.4M
Minority interest	$44.0M	$46.9M	$50.0M	$53.0M	—	—	—
Total shareholders' equity	$3.40B	$2.55B	$2.36B	$2.20B	$2.18B	$2.06B	$1.69B
Key figures
Total debt	$2.6M	$5.83B	$4.99B	$4.39B	$3.87B	$3.46B	$3.34B
Net cash (debt)	−$982,000	−$5.82B	−$4.99B	−$4.39B	−$3.87B	−$3.41B	−$3.33B
Working capital	−$54.2M	−$1.28B	−$755.2M	−$479.4M	−$339.6M	−$600.2M	−$673.5M
Tangible book value	$3.13B	$2.27B	$2.08B	$1.93B	$1.90B	$1.78B	$1.41B
Book value per share	$33.24	$28.13	$27.33	$25.57	$25.31	$25.67	$21.05
Shares outstanding	102.4M	90.6M	86.4M	86.2M	86.1M	80.3M	80.3M
Current ratio	0.19	0.28	0.39	0.46	0.49	0.39	0.30
Quick ratio	2.30	0.14	0.22	0.31	0.31	0.25	0.17
Debt / equity	0.00	2.29	2.11	1.99	1.77	1.68	1.97
Equity / assets	78.3%	22.1%	22.3%	22.9%	24.2%	24.7%	22.0%

TXNM Energy, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$14.6M	$5.6M	$1.6M	$32.1M	$35.8M	$14.2M	$4.5M	$7.2M	$3.2M	$3.0M	$2.2M	$7.8M
Cash & equivalents	$14.6M	$5.6M	$1.6M	$32.1M	$35.8M	$14.2M	$4.5M	$7.2M	$3.2M	$3.0M	$2.2M	$7.8M
Receivables	$312.1M	$275.7M	$151.8M	$324.3M	$284.9M	$239.7M	$244.4M	$280.2M	$308.0M	$206.1M	$273.6M	$271.1M
Inventory	$193.8M	$189.5M	$181.3M	$173.0M	$171.2M	$168.2M	$166.9M	$120.5M	$115.1M	$104.5M	$98.0M	$83.4M
Other current assets	$139.9M	$91.4M	$0	$66.1M	$81.9M	$67.3M	$83.0M	$87.7M	$111.3M	$94.2M	$101.7M	$127.0M
Total current assets	$660.4M	$562.2M	$12.6M	$595.4M	$573.7M	$489.4M	$498.8M	$495.7M	$537.7M	$407.8M	$475.5M	$489.2M
Property, plant & equipment (net)	$9.73B	$9.54B	$21.1M	$9.37B	$9.11B	$8.92B	$8.74B	$8.41B	$8.18B	$7.97B	$7.82B	$7.63B
Goodwill & intangible assets	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M	$278.3M
Long-term investments	$513.9M	$494.8M	$506.0M	$494.2M	$487.3M	$470.5M	$475.8M	$453.8M	$441.5M	$448.4M	$564.1M	$540.1M
Other non-current assets	$1.33B	$1.27B	$3.53B	$1.24B	$1.22B	$1.23B	$1.56B	$1.20B	$1.15B	$1.16B	$1.45B	$1.12B
Total assets	$12.51B	$12.14B	$4.35B	$11.97B	$11.68B	$11.39B	$11.55B	$10.84B	$10.58B	$10.26B	$10.59B	$10.05B
Liabilities
Accounts payable	$194.6M	$157.4M	$243.1M	$154.4M	$147.6M	$163.1M	$204.5M	$136.4M	$140.3M	$133.5M	$205.2M	$157.0M
Short-term debt	$717.9M	$573.7M	$2.6M	$743.0M	$786.3M	$1.29B	$1.24B	$890.1M	$586.3M	$548.6M	$563.1M	$928.7M
Deferred revenue	$7.0M	$7.0M	—	$6.7M	$6.5M	$6.6M	$6.5M	$6.5M	$6.5M	$6.3M	$6.2M	$6.3M
Total current liabilities	$1.18B	$1.02B	$66.8M	$1.18B	$1.12B	$1.69B	$1.78B	$1.37B	$1.14B	$1.11B	$1.23B	$1.48B
Long-term debt	$5.19B	$5.11B	$5.12B	$4.68B	$4.78B	$4.58B	$4.31B	$4.51B	$4.60B	$4.36B	$4.24B	$3.90B
Lease obligations	$41.9M	$48.7M	$105.7M	$315.5M	$259.5M	$268.0M	$269.7M	$169.5M	$170.4M	$177.7M	$179.3M	$180.8M
Other long-term liabilities	$2.52B	$2.48B	$0	$2.64B	$2.54B	$2.55B	$2.87B	$2.44B	$2.38B	$2.38B	$2.71B	$2.37B
Total liabilities	$8.89B	$8.61B	$954.0M	$8.50B	$8.45B	$8.83B	$8.95B	$8.32B	$8.12B	$7.84B	$8.18B	$7.75B
Shareholders' equity
Common stock & paid-in capital	$2.69B	$2.67B	$2.56B	$2.57B	$2.37B	$1.72B	$1.72B	$1.62B	$1.63B	$1.62B	$1.62B	$1.43B
Retained earnings (deficit)	$895.1M	$823.9M	$866.9M	$924.2M	$879.4M	$857.8M	$887.6M	$908.7M	$847.4M	$799.3M	$787.1M	$872.3M
Accumulated other comprehensive income	−$25.8M	−$26.3M	−$26.8M	−$73.8M	−$75.4M	−$74.6M	−$75.7M	−$73.4M	−$69.9M	−$67.6M	−$62.8M	−$62.4M
Minority interest	$47.9M	$48.6M	$44.0M	$45.3M	$46.0M	—	—	—	—	—	—	—
Total shareholders' equity	$3.55B	$3.46B	$3.40B	$3.43B	$3.18B	$2.52B	$2.55B	$2.47B	$2.41B	$2.37B	$2.36B	$2.25B
Key figures
Total debt	$752.7M	$614.7M	$2.6M	$5.75B	$5.83B	$6.14B	$5.83B	$5.57B	$5.36B	$5.09B	$4.99B	$5.02B
Net cash (debt)	−$738.1M	−$609.1M	−$982,000	−$5.71B	−$5.80B	−$6.13B	−$5.82B	−$5.57B	−$5.36B	−$5.08B	−$4.99B	−$5.01B
Working capital	−$524.3M	−$460.7M	−$54.2M	−$580.8M	−$546.7M	−$1.20B	−$1.28B	−$873.9M	−$601.0M	−$699.3M	−$755.2M	−$989.3M
Tangible book value	$3.28B	$3.19B	$3.13B	$3.15B	$2.90B	$2.24B	$2.27B	$2.19B	$2.14B	$2.09B	$2.08B	$1.97B
Book value per share	$31.96	$30.70	$31.25	$31.91	$33.08	$27.00	$28.25	$27.28	$26.63	$26.15	$26.69	$26.09
Shares outstanding	111.2M	112.9M	108.9M	107.4M	96.2M	93.2M	90.2M	90.6M	90.7M	90.5M	88.4M	86.1M
Current ratio	0.56	0.55	0.19	0.51	0.51	0.29	0.28	0.36	0.47	0.37	0.39	0.33
Quick ratio	0.28	0.28	2.30	0.30	0.29	0.15	0.14	0.21	0.27	0.19	0.22	0.19
Debt / equity	0.21	0.18	0.00	1.68	1.83	2.44	2.29	2.26	2.22	2.15	2.11	2.23
Equity / assets	28.4%	28.5%	78.3%	28.6%	27.3%	22.1%	22.1%	22.8%	22.8%	23.1%	22.3%	22.4%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.

TXNM financial position

At the end of fiscal 2025 (December 31, 2025), TXNM Energy had total assets of $4.3 billion (down 62.4% from a year earlier), total liabilities of $954.0 million and shareholders' equity of $3.4 billion. It held $1.6 million in cash and short-term investments against $2.6 million of debt, net debt of $1.0 million. Its current ratio was 0.19. In the latest quarter (ended June 30, 2026) total assets were $12.5 billion and equity $3.6 billion.

Related: TXNM income statement, TXNM cash flow statement, TXNM key metrics. See the TXNM stock overview for the latest quote and news.

TXNM balance sheet FAQ

What are TXNM Energy's total assets?

TXNM Energy reported total assets of $4.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.5 billion a year earlier.

How much debt does TXNM Energy have?

TXNM Energy had $2.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.

How much cash does TXNM Energy have?

TXNM Energy held $1.6 million in cash and short-term investments at the end of fiscal 2025; with $2.6 million of debt that is net debt of $1.0 million.

What is TXNM Energy's book value?

TXNM Energy's shareholders' equity (book value) was $3.4 billion at the end of fiscal 2025, or $33.24 per share.

What is TXNM Energy's current ratio?

TXNM Energy had current assets of $12.6 million and current liabilities of $66.8 million, a current ratio of 0.19 (current liabilities exceed current assets).

How much goodwill does TXNM Energy have?

TXNM Energy carried $278.3 million of goodwill and intangible assets, 6.4% of total assets, at the end of fiscal 2025.