Dilution profile // every instrument, one screen, from SEC filings

TXNM ENERGY INC (TXNM)

CIK 1108426 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$206M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
LOW+29% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOWoperating cash flow positive
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-07-242026-04-24

Latest: 110.7M shares as of Apr 24, 2026 (10-Q). Share count fell from 79.65B to 79.7M between Feb 21, 2020 and May 1, 2020, a pattern consistent with a reverse split (roughly 1-for-1000); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Five Point Seven Five Percent Convertible Notes Due June Twenty Fifty Four$550.0M$549.8M$44.345.75%~12.4M sh

If every note above converted at its tagged price: ~12.4M new shares on 110.7M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Jul 31, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding110.7MApr 24, 2026
+ Five Point Seven Five Percent Convertible Notes Due June Twenty Fifty Four (if fully converted)12.4MDec 31, 2025
Fully diluted estimate123.1M+11.2% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $205.7Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRAug 8, 2025$205.7M registeredfiling →
S-3ASRFeb 28, 2025fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →

Last 12 months: 1 executed · 0 registered.

EXECUTEDMar 3, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDAug 15, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDAug 8, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR
EXECUTEDJun 24, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDFeb 28, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR
UPDATEAug 5, 2024Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDJun 21, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDMay 6, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDNov 10, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDMar 2, 2022Automatic shelf registration — effective immediately (large filers)S-3ASR
UPDATENov 2, 2020Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDJan 9, 2020Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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