Tennessee Val Financials

TVC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows Tennessee Val (TVC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TVC FY2025 2026-05-05

Steadier operating cash is being overtaken by a much larger capital program, pushing the business into debt-funded reinvestment.

By FY2025, operating cash flow was still $3.32B, close to FY2021's $3.26B, so the core cash engine has been steadier than the income line suggests. Free cash flow nevertheless flipped from $1.29B to -$1.13B as capital spending ramped up, indicating that today's cash pressure comes more from reinvestment intensity than from weaker operations.

Reported earnings understate operating resilience because depreciation and amortization reached $2.29B in FY2025 against net income of $1.36B. A large share of reported profit is shaped by non-cash charges, so cash flow is the cleaner lens for how the existing asset base is performing, especially in heavier build years.

Funding has become more balance-sheet dependent: long-term debt rose to $22.09B in FY2025 from $18.78B in FY2023, while financing cash flow turned strongly positive. Even with cash up to $1.58B, a current ratio of 0.9x shows short-term obligations still slightly exceed short-term assets, leaving liquidity supported by continuing operating inflows and external financing rather than surplus working capital.

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tennessee Val's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Liquidity

Tennessee Val's current ratio of 0.92 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Neutral

5/9

Tennessee Val passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

2.44x

For every $1 of reported earnings, Tennessee Val generates $2.44 in operating cash flow ($3.3B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.1x

Tennessee Val earns $2.1 in operating income for every $1 of interest expense ($2.6B vs $1.2B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

$4.9B

YoY+10.8%

5Y CAGR+1.3%

10Y CAGR+1.3%

Tennessee Val's EBITDA was $4.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.8% from the prior year.

Net Income

$1.4B

YoY+19.8%

5Y CAGR+0.1%

10Y CAGR+2.0%

Tennessee Val reported $1.4B in net income in fiscal year 2025. This represents an increase of 19.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$1.1B

YoY-307.6%

Tennessee Val generated -$1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 307.6% from the prior year.

Cash & Debt

$1.6B

YoY+213.9%

5Y CAGR+25.8%

10Y CAGR+18.0%

Tennessee Val held $1.6B in cash against $22.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Tennessee Val had 0 shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$4.5B

YoY+35.8%

5Y CAGR+22.1%

10Y CAGR+4.6%

Tennessee Val invested $4.5B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 35.8% from the prior year.

TVC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$12.1B-3.9%	$12.5B+19.4%	$10.5B+2.5%	$10.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$2.6B+15.3%	$2.2B+31.5%	$1.7B-29.7%	$2.4B-15.3%	$2.8B+4.9%	$2.7B
Interest Expense	$1.2B+12.2%	$1.1B+0.9%	$1.1B+0.4%	$1.1B-3.3%	$1.1B-4.7%	$1.1B
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$1.4B+19.8%	$1.1B+127.0%	$500.0M-54.9%	$1.1B-26.7%	$1.5B+11.8%	$1.4B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$714.0M+29.3%	$552.0M	N/A	$517.0M-27.8%	$716.0M+73.4%	$413.0M	N/A	$459.0M
Interest Expense	$308.0M-0.3%	$309.0M	N/A	$307.0M+4.8%	$293.0M+4.6%	$280.0M	N/A	$267.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$392.0M+47.4%	$266.0M	N/A	$212.0M-48.0%	$408.0M+226.4%	$125.0M	N/A	$181.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TVC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$60.9B+5.5%	$57.7B+12.4%	$51.3B+0.3%	$51.2B-2.4%	$52.5B-0.7%	$52.8B
Current Assets	$5.2B+37.4%	$3.8B+2.8%	$3.7B-7.8%	$4.0B+13.6%	$3.5B+7.8%	$3.2B
Cash & Equivalents	$1.6B+213.9%	$502.0M+0.2%	$501.0M+0.2%	$500.0M+0.2%	$499.0M-0.2%	$500.0M
Inventory	$1.2B+3.3%	$1.2B+4.2%	$1.1B+3.4%	$1.1B+12.8%	$950.0M-5.3%	$1.0B
Accounts Receivable	$2.1B+17.7%	$1.8B+3.2%	$1.7B-13.1%	$2.0B+28.2%	$1.6B+2.4%	$1.5B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	N/A	N/A	N/A	N/A	$39.9B
Current Liabilities	$5.6B-4.5%	$5.9B+20.5%	$4.9B+4.9%	$4.6B-6.7%	$5.0B+5.7%	$4.7B
Long-Term Debt	$22.1B+17.7%	$18.8B-0.1%	$18.8B-0.1%	$18.8B+1.8%	$18.5B-2.8%	$19.0B
Total Equity	N/A	N/A	N/A	N/A	N/A	$12.9B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$59.9B+0.7%	$59.5B-2.2%	$60.9B+1.7%	$59.9B+1.0%	$59.3B+1.6%	$58.4B+1.1%	$57.7B+2.7%	$56.2B
Current Assets	$4.4B+9.1%	$4.0B-22.4%	$5.2B+33.0%	$3.9B-0.9%	$3.9B+6.0%	$3.7B-1.6%	$3.8B+2.1%	$3.7B
Cash & Equivalents	$501.0M0.0%	$501.0M-68.2%	$1.6B+214.6%	$501.0M-0.2%	$502.0M-1.0%	$507.0M+1.0%	$502.0M+0.2%	$501.0M
Inventory	$1.2B-1.5%	$1.2B+3.1%	$1.2B+0.8%	$1.2B+0.2%	$1.2B-1.3%	$1.2B+3.7%	$1.2B-3.0%	$1.2B
Accounts Receivable	$2.0B+2.2%	$1.9B-9.1%	$2.1B+12.3%	$1.9B+8.8%	$1.7B+1.5%	$1.7B-5.1%	$1.8B+7.3%	$1.7B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$6.2B+26.8%	$4.9B-13.0%	$5.6B+1.1%	$5.5B-16.1%	$6.6B-9.8%	$7.3B+24.9%	$5.9B-11.0%	$6.6B
Long-Term Debt	$21.1B-4.6%	$22.1B0.0%	$22.1B+5.8%	$20.9B+7.7%	$19.4B+6.7%	$18.2B-3.2%	$18.8B+5.6%	$17.8B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TVC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.3B+10.7%	$3.0B+4.6%	$2.9B-2.6%	$2.9B-9.5%	$3.3B-10.5%	$3.6B
Capital Expenditures	$4.5B+35.8%	$3.3B+29.9%	$2.5B+7.0%	$2.4B+20.3%	$2.0B+19.5%	$1.6B
Free Cash Flow	-$1.1B-307.6%	-$278.0M-180.3%	$346.0M-41.1%	$587.0M-54.6%	$1.3B-35.1%	$2.0B
Investing Cash Flow	-$4.7B-29.8%	-$3.6B-19.9%	-$3.0B-12.4%	-$2.7B-13.9%	-$2.3B-16.0%	-$2.0B
Financing Cash Flow	$2.4B+308.6%	$590.0M+379.7%	$123.0M+143.5%	-$283.0M+69.3%	-$921.0M+35.2%	-$1.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$776.0M+135.2%	$330.0M-73.6%	$1.2B+102.9%	$615.0M-39.2%	$1.0B+124.7%	$450.0M-57.7%	$1.1B+109.4%	$508.0M
Capital Expenditures	$852.0M-25.5%	$1.1B+12.7%	$1.0B-3.0%	$1.0B-11.9%	$1.2B-1.8%	$1.2B+34.3%	$900.0M+19.0%	$756.0M
Free Cash Flow	-$76.0M+90.7%	-$814.0M-449.4%	$233.0M+154.1%	-$431.0M-144.9%	-$176.0M+76.8%	-$759.0M-562.8%	$164.0M+166.1%	-$248.0M
Investing Cash Flow	-$911.0M+24.6%	-$1.2B-16.9%	-$1.0B+1.2%	-$1.0B+13.1%	-$1.2B+12.6%	-$1.4B-31.9%	-$1.0B-35.0%	-$774.0M
Financing Cash Flow	$135.0M+168.5%	-$197.0M-122.9%	$860.0M+111.8%	$406.0M+117.1%	$187.0M-80.5%	$958.0M+5735.3%	-$17.0M-106.6%	$259.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TVC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	14.1%-5.2pp	19.2%-7.9pp	27.1%+0.6pp	26.5%
Net Margin	N/A	N/A	4.2%-4.7pp	8.8%-5.6pp	14.4%+1.2pp	13.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	10.4%
Return on Assets	2.2%+0.3pp	2.0%+1.0pp	1.0%-1.2pp	2.2%-0.7pp	2.9%+0.3pp	2.6%
Current Ratio	0.92+0.3	0.64-0.1	0.75-0.1	0.86+0.2	0.70+0.0	0.69
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	1.47
FCF Margin	N/A	N/A	2.9%-1.8pp	4.7%-7.6pp	12.3%-7.1pp	19.4%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.7%+0.2pp	0.4%	N/A	0.4%-0.3pp	0.7%+0.5pp	0.2%	N/A	0.3%
Current Ratio	0.71-0.1	0.82-0.1	0.92+0.2	0.70+0.1	0.59+0.1	0.51-0.1	0.64+0.1	0.56
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Is Tennessee Val profitable?

Yes, Tennessee Val (TVC) reported a net income of $1.4B in fiscal year 2025.

What is Tennessee Val's EBITDA?

Tennessee Val (TVC) had EBITDA of $4.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Tennessee Val have?

As of fiscal year 2025, Tennessee Val (TVC) had $1.6B in cash and equivalents against $22.1B in long-term debt.

What is Tennessee Val's free cash flow?

Tennessee Val (TVC) generated -$1.1B in free cash flow during fiscal year 2025. This represents a -307.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tennessee Val's operating cash flow?

Tennessee Val (TVC) generated $3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tennessee Val's total assets?

Tennessee Val (TVC) had $60.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tennessee Val's capital expenditures?

Tennessee Val (TVC) invested $4.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Tennessee Val have outstanding?

Tennessee Val (TVC) had 0 shares outstanding as of fiscal year 2025.

What is Tennessee Val's current ratio?

Tennessee Val (TVC) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Tennessee Val's return on assets (ROA)?

Tennessee Val (TVC) had a return on assets of 2.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tennessee Val's Piotroski F-Score?

Tennessee Val (TVC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tennessee Val's earnings high quality?

Tennessee Val (TVC) has an earnings quality ratio of 2.44x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tennessee Val cover its interest payments?

Tennessee Val (TVC) has an interest coverage ratio of 2.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Tennessee Val?

Tennessee Val (TVC) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.