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Tennessee Valley Authority

TVC Clue Score32
United States Fiscal year ends September CIK 0001376986
$23.84 +0.29% Close, 9 Oct 2026
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Price $23.84 −12.99% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue10.74Operating income2.73Net income0.69Fiscal year 2018Revenue11.23 +4.6%Operating income2.57Net income1.12 +63.4%Fiscal year 2019Revenue11.32 +0.8%Operating income2.81Net income1.42 +26.6%Fiscal year 2020Revenue10.25 −9.4%Operating income2.71Net income1.35 −4.6%Fiscal year 2021Revenue10.50 +2.5%Operating income2.85Net income1.51 +11.8%Fiscal year 2022Revenue12.54 +19.4%Operating income2.41Net income1.11 −26.7%Fiscal year 2023Revenue12.05 −3.9%Operating income1.69Net income0.50 −54.9%Fiscal year 2024Operating income2.23Net income1.14 +127.0%Fiscal year 2025Operating income2.57Net income1.36 +19.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 10.74 11.23 11.32 10.25 10.50 12.54 12.05 n/a n/a
Growth +4.6% +0.8% −9.4% +2.5% +19.4% −3.9%
Operating income 2.73 2.57 2.81 2.71 2.85 2.41 1.69 2.23 2.57
Net income 0.69 1.12 1.42 1.35 1.51 1.11 0.50 1.14 1.36
Growth +63.4% +26.6% −4.6% +11.8% −26.7% −54.9% +127.0% +19.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin25.4%Net margin6.4%Free cash flow margin5.4%Fiscal year 2018Operating margin22.9%Net margin10.0%Free cash flow margin19.4%Fiscal year 2019Operating margin24.8%Net margin12.5%Free cash flow margin17.8%Fiscal year 2020Operating margin26.5%Net margin13.2%Free cash flow margin19.4%Fiscal year 2021Operating margin27.1%Net margin14.4%Free cash flow margin12.3%Fiscal year 2022Operating margin19.2%Net margin8.8%Free cash flow margin4.7%Fiscal year 2023Operating margin14.1%Net margin4.1%Free cash flow margin2.9%Fiscal year 2024Fiscal year 2025
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 25.4% 22.9% 24.8% 26.5% 27.1% 19.2% 14.1% n/a n/a
Net margin 6.4% 10.0% 12.5% 13.2% 14.4% 8.8% 4.1% n/a n/a
Free cash flow margin 5.4% 19.4% 17.8% 19.4% 12.3% 4.7% 2.9% n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow2.73Capital expenditure−2.15Free cash flow0.58Fiscal year 2018Operating cash flow3.94Capital expenditure−1.76Free cash flow2.18 +279.0%Fiscal year 2019Operating cash flow3.72Capital expenditure−1.70Free cash flow2.02 −7.3%Fiscal year 2020Operating cash flow3.64Capital expenditure−1.64Free cash flow1.99 −1.3%Fiscal year 2021Operating cash flow3.26Capital expenditure−1.96Free cash flow1.29 −35.1%Fiscal year 2022Operating cash flow2.95Capital expenditure−2.36Free cash flow0.59 −54.6%Fiscal year 2023Operating cash flow2.87Capital expenditure−2.53Free cash flow0.35 −41.1%Fiscal year 2024Operating cash flow3.00Capital expenditure−3.28Free cash flow−0.28 −180.3%Fiscal year 2025Operating cash flow3.32Capital expenditure−4.46Free cash flow−1.13
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.73 3.94 3.72 3.64 3.26 2.95 2.87 3.00 3.32
Capital expenditure −2.15 −1.76 −1.70 −1.64 −1.96 −2.36 −2.53 −3.28 −4.46
Free cash flow 0.58 2.18 2.02 1.99 1.29 0.59 0.35 −0.28 −1.13
Growth +279.0% −7.3% −1.3% −35.1% −54.6% −41.1% −180.3%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash0.31Total debt23.17Net cash (debt)−22.86Fiscal year 2018Cash0.30Total debt22.34Net cash (debt)−22.04Fiscal year 2019Cash0.30Total debt21.21Net cash (debt)−20.91Fiscal year 2020Cash0.50Total debt20.79Net cash (debt)−20.29Fiscal year 2021Cash0.50Total debt19.49Net cash (debt)−18.99Fiscal year 2022Cash0.50Total debt18.82Net cash (debt)−18.32Fiscal year 2023Cash0.50Total debt19.80Net cash (debt)−19.30Fiscal year 2024Cash0.50Total debt18.76Net cash (debt)−18.26Fiscal year 2025Cash1.58Total debt22.09Net cash (debt)−20.52
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.31 0.30 0.30 0.50 0.50 0.50 0.50 0.50 1.58
Total debt 23.17 22.34 21.21 20.79 19.49 18.82 19.80 18.76 22.09
Net cash (debt) −22.86 −22.04 −20.91 −20.29 −18.99 −18.32 −19.30 −18.26 −20.52

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Margins
25.4% 22.9% 24.8% 26.5% 27.1% 19.2% 14.1% n/a n/a
6.4% 10.0% 12.5% 13.2% 14.4% 8.8% 4.1% n/a n/a
5.4% 19.4% 17.8% 19.4% 12.3% 4.7% 2.9% n/a n/a
Spending
20.0% 15.7% 15.0% 16.0% 18.7% 18.8% 21.0% n/a n/a
Returns
1.4% 2.3% 2.8% 2.6% 2.9% 2.2% 1.0% 2.0% 2.2%
Balance and payout
81.7% 78.9% 77.0% 75.5% n/a n/a n/a n/a n/a