MEDIUMBuilt-inGeographic
41.3%
Albuquerque metropolitan area
“10-K Item 1: 'The Albuquerque, Rio Rancho, Los Lunas, and Santa Fe metropolitan areas accounted for 41.3%, 8.5%, 5.7% and 5.9% of PNM's 2025 revenues'”
TXNM · Concentration risk · 10-K extracted
TXNM Energy (TXNM) concentration risks
Updated
The most significant concentration TXNM Energy discloses is Albuquerque metropolitan area at 41.3%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: TXNM Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM4
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
two largest REPs
“10-K Item 1: 'the two largest REPs accounted for 24% and 19% of TNMP's operating revenues'”
MEDIUMBuilt-inRegulatory
NMPRC
“10-K Item 1A: 'The rates PNM charges its customers are regulated by the NMPRC and FERC'”
MEDIUMBuilt-inRegulatory
PUCT
“10-K Item 1A: 'TNMP is regulated by the PUCT'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is shaped primarily by regulated utility geography and counterparty exposures, all of which are medium disclosed size. On the PNM subsidiary, the Albuquerque, Rio Rancho, Los Lunas, and Santa Fe metropolitan areas collectively accounted for 41.3% of PNM's 2025 revenues, a medium-share structural concentration that reflects where the regulated service territory sits rather than any customer-specific dependency. For TNMP, the two largest retail energy providers (REPs) accounted for 24% and 19% of operating revenues respectively — neither is cited as a number from a clean format, but the filing discloses the pair at those levels — representing a medium-share dependency on the wholesale distribution channel through which end consumers are reached. Regulatory concentration is the cross-cutting risk. PNM's rates are set by the NMPRC and FERC, while TNMP is regulated by the PUCT; both are medium-share structural exposures because commission decisions on cost recovery, allowed returns, and fuel clause treatment directly govern the company's ability to earn its authorized return. Taken together, the profile is one where no single counterparty or geography dominates, but the cumulative weight of service-territory concentration, REP dependency, and multi-regulator exposure means that regional economic health, state commission decisions, and retailer market share in Texas each represent a meaningful variable worth monitoring.
For the engine’s reasoning on TXNM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Electric
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNP | CenterPoint Energy, Inc (Holdin | 2 | 2 | 0 | 4 |
| D | Dominion Energy, Inc. | 2 | 1 | 0 | 3 |
| AEE | Ameren Corporation | 2 | 0 | 0 | 2 |
| TXNM● | TXNM Energy, Inc. | 0 | 4 | 0 | 4 |
| AEP | American Electric Power Company | 0 | 2 | 0 | 2 |
| CMS | CMS Energy Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.