Tennessee Val Financials

TVC

FY2025 annual

Revenue Not reported for FY2025

Net Income $1.4B +19.8% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$1.1B -307.6% YoY

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jun 30, 2026 Reported Aug 4, 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 15 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 2026-08-29

Tennessee Valley Authority is an increasingly capital-intensive utility, with operating cash flow no longer covering expansion spending.

Accounting earnings recovered from $500M in FY2023 to $1.36B in FY2025, but that improvement did not translate into more cash available after investment. Free cash flow moved from $346M to -$1.13B over the same period, showing that reinvestment—not operating weakness alone—is absorbing the earnings recovery.

Capital intensity has accelerated: capital expenditures more than doubled from $1.96B in FY2021 to $4.46B in FY2025. Operating cash flow, by contrast, changed only from $3.26B to $3.32B, so expansion increasingly requires funding beyond internally generated cash.

Short-term balance-sheet flexibility remains limited: the current ratio improved from 0.6x in FY2024 to 0.9x in FY2025 but stayed below 1.0x. The positive financing cash flow in FY2025 is consistent with external funding helping bridge the gap created by elevated capital spending.

Financial Health Signals

Financial health score not available

Tennessee Val does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/6

Tennessee Val passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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

2.15x

Tennessee Val earns $2.15 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

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.

Revenue

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$1.1B

YoY-307.6%

Tennessee Val recorded an outflow of $1.1B in free cash flow in fiscal year 2025, representing a cash shortfall 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.

Shares Outstanding

Tennessee Val had 0 shares outstanding in fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

None of these metrics is reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

TVC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TVC quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	N/A	N/A	N/A	$12.1B-3.9%	$12.5B+19.4%	$10.5B+2.5%	$10.2B-9.4%	$11.3B+0.8%	$11.2B+4.6%	$10.7B+1.2%	$10.6B-3.5%	$11.0B-1.2%	$11.1B+1.7%	$11.0B-2.4%	$11.2B-5.2%	$11.8B
Operating Income	N/A	$2.6B+15.3%	$2.2B+31.5%	$1.7B-29.7%	$2.4B-15.3%	$2.8B+4.9%	$2.7B-3.6%	$2.8B+9.5%	$2.6B-6.0%	$2.7B+17.5%	$2.3B+5.0%	$2.2B+39.4%	$1.6B+9.4%	$1.5B+11.8%	$1.3B-9.5%	$1.4B
Interest Expense	N/A	$1.2B+12.2%	$1.1B+0.9%	$1.1B+0.4%	$1.1B-3.3%	$1.1B-4.7%	$1.1B-4.7%	$1.2B-3.6%	$1.2B-7.7%	$1.3B+18.5%	$1.1B+0.3%	$1.1B-3.1%	$1.2B-4.6%	$1.2B-3.7%	$1.3B-2.5%	$1.3B
Net Income	N/A	$1.4B+19.8%	$1.1B+127.0%	$500.0M-54.9%	$1.1B-26.7%	$1.5B+11.8%	$1.4B-4.6%	$1.4B+26.6%	$1.1B+63.4%	$685.0M-44.4%	$1.2B+11.0%	$1.1B+136.9%	$469.0M+73.1%	$271.0M+351.7%	$60.0M-63.0%	$162.0M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Income	$611.0M-14.4%	$714.0M+29.3%	$552.0M	N/A	$517.0M-27.8%	$716.0M+73.4%	$413.0M	N/A
Interest Expense	$316.0M+2.6%	$308.0M-0.3%	$309.0M	N/A	$307.0M+4.8%	$293.0M+4.6%	$280.0M	N/A
Net Income	$307.0M-21.7%	$392.0M+47.4%	$266.0M	N/A	$212.0M-48.0%	$408.0M+226.4%	$125.0M	N/A

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Income Tax, EPS (Diluted).

TVC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TVC quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$60.9B+5.5%	$57.7B+12.4%	$51.3B+0.3%	$51.2B-2.4%	$52.5B-0.7%	$52.8B+4.7%	$50.5B+3.7%	$48.7B-2.7%	$50.0B-0.9%	$50.5B+3.6%	$48.7B+6.9%	$45.6B-1.1%	$46.1B-2.6%	$47.3B+2.0%	$46.4B
Current Assets	$5.2B+37.4%	$3.8B+2.8%	$3.7B-7.8%	$4.0B+13.6%	$3.5B+7.8%	$3.2B-1.0%	$3.3B-4.1%	$3.4B-0.8%	$3.4B-5.4%	$3.6B+3.9%	$3.5B-7.4%	$3.8B-22.8%	$4.9B+8.9%	$4.5B+11.5%	$4.0B
Cash & Equivalents	$1.6B+213.9%	$502.0M+0.2%	$501.0M+0.2%	$500.0M+0.2%	$499.0M-0.2%	$500.0M+67.2%	$299.0M0.0%	$299.0M-3.9%	$311.0M+0.3%	$310.0M+3.3%	$300.0M-40.0%	$500.0M-68.8%	$1.6B+84.6%	$868.0M+71.2%	$507.0M
Inventory	$1.2B+3.3%	$1.2B+4.2%	$1.1B+3.4%	$1.1B+12.8%	$950.0M-5.3%	$1.0B+0.4%	$999.0M+4.0%	$961.0M-9.8%	$1.1B+7.3%	$993.0M-3.7%	$1.0B-2.4%	$1.1B-3.2%	$1.1B-0.5%	$1.1B+6.7%	$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-12.1%	$1.7B+4.9%	$1.7B+5.6%	$1.6B-10.2%	$1.7B+9.2%	$1.6B-4.5%	$1.7B+7.0%	$1.6B-5.9%	$1.7B-4.2%	$1.7B
Total Liabilities	N/A	N/A	N/A	N/A	N/A	$39.9B+2.7%	$38.8B+1.2%	$38.4B-6.1%	$40.9B-2.8%	$42.1B+1.3%	$41.5B+5.2%	$39.5B-2.4%	$40.5B-3.7%	$42.0B+2.1%	$41.2B
Current Liabilities	$5.6B-4.5%	$5.9B+20.5%	$4.9B+4.9%	$4.6B-6.7%	$5.0B+5.7%	$4.7B+9.3%	$4.3B-11.2%	$4.9B-24.2%	$6.4B+9.2%	$5.9B+49.0%	$3.9B-11.6%	$4.4B-10.7%	$5.0B-28.7%	$7.0B+42.4%	$4.9B
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-5.8%	$20.2B-5.3%	$21.3B-0.6%	$21.4B-3.2%	$22.1B-7.1%	$23.9B+2.7%	$23.2B-1.7%	$23.6B+11.2%	$21.3B-5.2%	$22.4B
Total Equity	N/A	N/A	N/A	N/A	N/A	$12.9B+11.2%	$11.6B+13.1%	$10.3B+12.6%	$9.1B+8.5%	$8.4B+16.9%	$7.2B+18.0%	$6.1B+8.1%	$5.6B+6.0%	$5.3B+1.9%	$5.2B

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$61.6B+2.8%	$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
Current Assets	$5.4B+24.0%	$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
Cash & Equivalents	$1.4B+182.6%	$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
Inventory	$1.3B+4.4%	$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
Accounts Receivable	$2.2B+10.3%	$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
Current Liabilities	$5.6B-9.5%	$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
Long-Term Debt	$23.0B+9.2%	$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

Not reported in any period shown, so not listed: Goodwill, Total Liabilities, Total Equity, Retained Earnings.

TVC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TVC quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$3.1B	$3.3B+10.7%	$3.0B+4.6%	$2.9B-2.6%	$2.9B-9.5%	$3.3B-10.5%	$3.6B-2.3%	$3.7B-5.5%	$3.9B+44.4%	$2.7B-10.3%	$3.0B-8.2%	$3.3B+11.2%	$3.0B+14.7%	$2.6B+0.9%	$2.6B+5.6%	$2.4B
Capital Expenditures	$3.9B	$4.5B+35.8%	$3.3B+29.9%	$2.5B+7.0%	$2.4B+20.3%	$2.0B+19.5%	$1.6B-3.4%	$1.7B-3.4%	$1.8B-18.3%	$2.2B-20.6%	$2.7B-4.9%	$2.9B+19.5%	$2.4B+16.2%	$2.1B-3.2%	$2.1B-12.3%	$2.4B
Free Cash Flow	-$739.0M	-$1.1B-307.6%	-$278.0M-180.3%	$346.0M-41.1%	$587.0M-54.6%	$1.3B-35.1%	$2.0B-1.3%	$2.0B-7.3%	$2.2B+279.0%	$575.0M+73.2%	$332.0M-28.6%	$465.0M-22.0%	$596.0M+9.2%	$546.0M+20.0%	$455.0M+2175.0%	$20.0M
Investing Cash Flow	-$4.0B	-$4.7B-29.8%	-$3.6B-19.9%	-$3.0B-12.4%	-$2.7B-13.9%	-$2.3B-16.0%	-$2.0B+10.2%	-$2.2B+1.1%	-$2.3B+10.5%	-$2.5B+18.5%	-$3.1B+13.2%	-$3.6B-30.1%	-$2.8B-15.6%	-$2.4B+5.1%	-$2.5B+20.0%	-$3.1B
Financing Cash Flow	$1.9B	$2.4B+308.6%	$590.0M+379.7%	$123.0M+143.5%	-$283.0M+69.3%	-$921.0M+35.2%	-$1.4B+3.7%	-$1.5B+10.9%	-$1.7B-768.1%	-$191.0M-369.0%	$71.0M+1.4%	$70.0M+105.3%	-$1.3B-354.0%	$522.0M+74.0%	$300.0M-66.1%	$884.0M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$777.0M+0.1%	$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
Capital Expenditures	$878.0M+3.1%	$852.0M-25.5%	$1.1B+14.9%	$996.0M-6.5%	$1.1B-10.3%	$1.2B-1.8%	$1.2B+34.3%	$900.0M
Free Cash Flow	-$101.0M-32.9%	-$76.0M+90.7%	-$814.0M-423.0%	$252.0M+156.0%	-$450.0M-155.7%	-$176.0M+76.8%	-$759.0M-562.8%	$164.0M
Investing Cash Flow	-$880.0M+3.4%	-$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
Financing Cash Flow	$1.1B+704.4%	$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

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

TVC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

TVC quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Margin	N/A	N/A	14.1%-5.2pp	19.2%-7.9pp	27.1%+0.6pp	26.5%+1.6pp	24.8%+2.0pp	22.9%-2.6pp	25.4%+3.5pp	21.9%+1.8pp	20.1%+5.9pp	14.3%+1.0pp	13.3%+1.7pp	11.6%-0.5pp	12.1%
Net Margin	N/A	N/A	4.2%-4.7pp	8.8%-5.6pp	14.4%+1.2pp	13.2%+0.7pp	12.5%+2.6pp	10.0%+3.6pp	6.4%-5.2pp	11.6%+1.5pp	10.1%+5.9pp	4.2%+1.7pp	2.5%+1.9pp	0.5%-0.8pp	1.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	10.4%-1.7pp	12.2%+1.3pp	10.9%+3.4pp	7.5%-7.1pp	14.6%-0.8pp	15.4%+7.7pp	7.7%+2.9pp	4.8%+3.7pp	1.1%-2.0pp	3.1%
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%-0.2pp	2.8%+0.5pp	2.3%+0.9pp	1.4%-1.1pp	2.4%+0.2pp	2.3%+1.3pp	1.0%+0.4pp	0.6%+0.5pp	0.1%-0.2pp	0.4%
Current Ratio	0.92+0.3x	0.64-0.1x	0.75-0.1x	0.86+0.2x	0.700.0x	0.69-0.1x	0.76+0.1x	0.70+0.2x	0.54-0.1x	0.62-0.3x	0.890.0x	0.85-0.1x	0.98+0.3x	0.64-0.2x	0.82
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	1.47-0.3x	1.74-0.3x	2.07-0.3x	2.35-0.3x	2.63-0.7x	3.31-0.5x	3.81-0.4x	4.18+0.2x	3.99-0.3x	4.29
FCF Margin	N/A	N/A	2.9%-1.8pp	4.7%-7.6pp	12.3%-7.1pp	19.4%+1.6pp	17.8%-1.6pp	19.4%+14.1pp	5.3%+2.2pp	3.1%-1.1pp	4.2%-1.1pp	5.3%+0.4pp	5.0%+0.9pp	4.1%+3.9pp	0.2%

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Return on Assets	0.5%-0.1pp	0.7%+0.2pp	0.4%	N/A	0.4%-0.3pp	0.7%+0.5pp	0.2%	N/A
Current Ratio	0.97+0.3x	0.71-0.1x	0.82-0.1x	0.92+0.2x	0.70+0.1x	0.59+0.1x	0.51-0.1x	0.64

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Debt-to-Equity, FCF Margin.

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

Where Tennessee Val Ranks

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) recorded an outflow of $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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 2.15x, 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.