TXNM Energy, Inc. — Earnings Quality Grade F
TXNM · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 26 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 9.9%, CFFO 15.0%. Cash follows revenue
Expense Quality
Inventory 8.7% vs COGS 20.2%. Normal
CapEx growth -4.1% vs revenue 9.9%. Normal
SG&A/Gross Profit = 20.3%, excellent (<30%)
Gross margin 62.4%, change -3.2pp. Stable
Cash Flow Quality
CFFO/NI = 3.85. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -3.6%. Low accruals
Cash $0.0B covers only 0% of debt $5.7B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 8% of equity. Manageable
Debt/EBITDA = 6.1x (>4x). Interest coverage = 1.6x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.48 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25