debt_leverage_profile
0.67x Total Debt / Equity (Moderate leverage)
High
SEC-XBRL
interest_rate_sensitivity
Each 20bps rate increase raises annual interest expense ~$8-12M given ~$3.5B long-term debt; rate-regulated cost recovery partially offsets EPS drag with ~6-12 month regulatory lag
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Transformer manufacturing concentrated in Asia (China/South Korea) and copper/steel sourcing subject to tariff and geopolitical disruption at Pacific trade routes
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
Operates exclusively in New Mexico and Texas; zero international revenue exposure; no sovereign currency devaluation risk applicable
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
No single vendor exceeds 30% of input costs; natural gas procurement diversified across multiple suppliers, though grid infrastructure relies heavily on few transmission equipment OEMs
Inferred
Agent_Inference
business_model_type_primary
Regulated electric and gas utility; cloud infrastructure termination would cause minor operational disruption only—core grid operations run on SCADA/OT systems independent of hyperscaler clouds
Inferred
Agent_Inference
business_model_type_secondary
Rate-regulated monopoly utility; secondary model is natural gas distribution with cost-of-service ratemaking—minimal cloud dependency for revenue generation
Inferred
Agent_Inference
switching_cost_profile
Negligible API coupling risk; TXNM operates legacy OT/SCADA infrastructure; customer switching is regulatory-constrained as a monopoly utility—effective switching cost is near-infinite for end users
Inferred
Agent_Inference
howey_test_risk_index
Low Howey risk; revenue derives from regulated utility rates approved by NMPRC and PUCT—not investment contracts; common enterprise element absent in customer relationships
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Low GDPR exposure (no EU operations); moderate CCPA exposure for New Mexico/Texas customer data; smart meter data privacy compliance required under state PUC rules
Inferred
Agent_Inference
antitrust_exposure_flag
Low antitrust risk; operates as state-sanctioned regulated monopoly; rate-setting controlled by NMPRC and PUCT; market power is legally authorized, not competitively abusive
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~95%+ recurring revenue via regulated tariff rates under multi-year rate cases; transactional/spot revenue less than 5% of total; revenue highly predictable and formula-driven
Inferred
Agent_Inference
monetization_vector
Volumetric utility tariffs ($/kWh, $/Mcf) plus fixed customer charges; supplemented by rider mechanisms for infrastructure cost recovery between rate cases
Inferred
Agent_Inference
pricing_architecture
Prices set by regulatory commission; stress scenario is rate case denial or lag—TXNM earns allowed ROE ~9.5%; inflation spikes compress margin until next rate case, typically 12-24 month lag
Inferred
Agent_Inference
pricing_power_rating
Moderate; pricing power constrained by regulator but inflation pass-through via fuel adjustment clauses and infrastructure riders provides partial real-time cost recovery
Inferred
Agent_Inference
target_gross_margin_bracket
30.7% Gross Margin (Moderate (20-40%))
High
SEC-XBRL
churn_vulnerability_index
Near-zero churn; captive regulated customer base with no competitive alternatives; no free-rider leakage issue—utility monopoly territory eliminates bypass risk except for large industrial self-generation
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is largely capital-intensive and headcount-sublinear; doubling rate base requires proportionally less incremental headcount than capital; O&M scales ~30-40% of revenue growth
Inferred
Agent_Inference
marginal_cost_of_growth
Marginal growth driven by rate base expansion (capital-intensive, ~$500M+ annual capex); incremental revenue requires regulatory approval—growth cost is primarily financial capital, not labor
Inferred
Agent_Inference
franchise_compliance_risk
Not a franchise network business; operates under state utility certificates of convenience and necessity; compliance risk is regulatory (rate case outcomes, environmental mandates) not franchise drift
Inferred
Agent_Inference
customer_acquisition_metric
Customer acquisition is passive (territorial monopoly); at 10x scale, unit economics improve via rate base leverage but regulatory ROE caps limit upside; current allowed ROE ~9.5%
Inferred
Agent_Inference
network_effect_present
No traditional network effects; utility grid has one-way value delivery; durability is regulatory moat, not network effect—customer value does not increase with more users on grid
Inferred
Agent_Inference
asset_efficiency_ratio
1.5% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession-resistant; essential utility services with inelastic demand; regulated revenues decline only modestly (~5-8%) during severe recession due to volumetric usage reduction
Inferred
Agent_Inference
customer_segment_primary
Residential customers (~40% of revenues); no single residential customer exceeds 1% of revenue—highly diversified, low concentration risk
Inferred
Agent_Inference
customer_segment_secondary
Commercial and industrial customers (~45% of revenues); top 10 industrial customers may represent 10-15% of revenue; some concentration risk in large industrial accounts
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
Capital actively reallocating toward renewable generation, grid modernization, and transmission—legacy coal retirement underway; ~$500M+ annual capex skewed toward future-state clean energy infrastructure
Inferred
Agent_Inference
sec_cik
0001108426
High
SEC-EDGAR
ticker
TXNM
High
SEC-EDGAR