# Talen Energy Corporation (TLN)

> Source: Nexqual · https://nexqual.com/TLN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Talen Energy Corporation (TLN), nexqual.com/TLN" · informational, not investment advice.

**Price:** USD 331.42 (-7.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 359.49 · day 326–356.24 · 52w 279.77–449.84 · market cap $15.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.02B, net income -$185M (-4.6% margin), free cash flow $568M (SEC filings).
- 3 of 80 tracked superinvestors hold TLN (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $988K; 1 not under a Rule 10b5-1 plan ($988K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -13.7% vs S&P 500 +14.9%; 5Y +612.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 7.3, revenue estimate $1.35B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2014 | FY2015 | FY2022 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | $3.21B | $2.12B | $2.58B | $4.02B |
| Operating income | $397M | -$39.0M | $241M | $226M | -$90.0M | $88.0M |
| Net income | $410M | -$341M | -$1.29B | $998M | -$219M | -$185M |
| EPS (diluted) | $4.91 | -$3.10 | — | $17.67 | -$4.79 | — |
| Free cash flow | $46.0M | $317M | -$45.0M | $171M | $606M | $568M |
| Operating margin | — | — | 7.5% | 10.7% | -3.5% | 2.2% |
| Net margin | — | — | -40.3% | 47.2% | -8.5% | -4.6% |
| Revenue growth | — | — | — | — | +22.0% | — |
| Cash + short-term investments | $352M | $141M | $988M | $328M | $689M | — |
| Total debt | $2.22B | $4.20B | — | $3.00B | $6.81B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2024 11.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold TLN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 3.37% | $127M | Unchanged |
| Yacktman Asset Management |  | 1.71% | $138M | Reduced -0.0% |
| Polen Capital | Polen Capital Management | <0.01% | $566K | Added +116.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Abbas Gizman I | Director | 2,600 | $988K | 49.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | TD Cowen | Initiated | Buy | $475 |
| 2026-10-22 | HSBC | Initiated | Buy | $444.3 |
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $514 → $504 |
| 2026-10-16 | CIBC | Initiated | Outperformer | $499 |
| 2026-09-18 | Morgan Stanley | Target raised | Overweight | $503 → $514 |
| 2026-08-24 | Mizuho | Initiated | Outperform | $405 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $508 → $503 |
| 2026-08-06 | Wells Fargo | Target raised | Overweight | $482 → $501 |
| 2026-07-28 | Barclays | Target lowered | Overweight | $411 → $408 |
| 2026-07-27 | Wells Fargo | Target raised | Overweight | $477 → $482 |
| 2026-07-20 | Jefferies | Target lowered | Hold | $453 → $422 |
| 2026-07-15 | Scotiabank | Target raised | Sector Perform | $463 → $470 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-05-29) |
|---|---|---|
| Total return | -13.7% | +612.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -13.7% | +78.1% |
| Volatility (annualized) | 57.3% | 45.9% |
| Max drawdown | -35.6% (Jun 2026→Sep 2026) | -33.3% (Sep 2025→Sep 2026) |

## Peers (Utilities - Independent Power Producers)
NRG (NRG Energy, Inc.) USD 94.38 -5.43% · VST (Vistra Corp.) USD 140.83 -9.81% · OKLO (Oklo Inc.) USD 27.01 -2.60% · TAC (TransAlta Corporation) USD 12.51 -6.22% · CEG (Constellation Energy Corporatio) USD 255.21 -5.74% · HNRG (Hallador Energy Company) USD 11.22 -2.01%

## More
Full page: https://nexqual.com/TLN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TLN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1622536/000162253626000017/tln-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "In connection with the revisions to the AWS PPA (i) in June 2025, the Company agreed to cease use of the Nautilus facility, and (ii) in September 2025, the facility lease between the Company and AWS, and the related subm…" |
| Partner | TERAWULF INC. (WULF) | "Nautilus Cryptomine LLC, a cryptocurrency project that was previously a joint venture between the Company and TeraWulf." |

Other companies that name TLN in their own reports (relationship from TLN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TERAWULF INC. (WULF) | 10-K 2026-02-27 | "In May 2021, the Company and a subsidiary of Talen Energy Corporation ("Talen") (each a "Member" and collectively the "Members") entered into the Nautilus Joint Venture ("Nautilus") to develop, constr…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| PJM | $740.0M | 99.1% | +16.0% |
| Other | $13.0M | 1.7% | -1400.0% |
| Total revenue | $747.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Energy and other revenues | $722.0M | 96.7% | +97.3% |
| Electricity Sales & Ancillary Services | $626.0M | 83.8% | +103.9% |
| Capacity revenues | $237.0M | 31.7% | +169.3% |
| Physical Electricity Sales Bilateral Contracts Other | $31.0M | 4.1% | +121.4% |
| Total revenue | $747.0M | 100% | — |
The lines above cover 216.3% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "With strong year-to-date results and closing of the Cornerstone Acquisition, we are raising our 2026 guidance as well as increasing the 2027 and 2028 outlooks," said Talen Chief Executive Officer Mac McFarland."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $7.30 | $6.47 | +12.8% | $1.35B | 4 |
| Next quarter (ends 2026-12-31) | $5.80 | $6.35 | -8.7% | $1.22B | 4 |
| Current fiscal year (ends 2026-12-31) | $22.31 | $21.29 | +4.8% | $4.53B | 7 |
| Next fiscal year (ends 2027-12-31) | $31.83 | $29.58 | +7.6% | $5.26B | 7 |