TLN · Talen Energy
Independent Power Producer (IPP) — merchant nuclear + gas generation, PJM-centric
TLN·Independent Power Producer (IPP) — merchant nuclear + gas generation, PJM-centric
Talen Energy

Talen Energy

ConvictionModerate

Owns and operates a ~10.7 GW generation fleet (Susquehanna nuclear core) and earns money three ways: (1) long-term contracted PPAs to hyperscalers (AWS, $18B through 2042), (2) PJM/ERCOT merchant energy + spark spreads, and (3) PJM capacity-market revenue. Capital-intensive, asset-heavy; thesis is contracting scarce carbon-free baseload to AI data centers.

Revenuefact
$2,581M FY2025fact, 10-K FY2025); $1,129M Q1 2026
Rev growthfact
+22% YoY FY2025$2,581M vs $2,115M FY2024) ; Q1 2026 revenue +~190% YoY on Freedom/Guernsey acquisitions + AWS ramp (fact
Gross margin
Not reported as a clean lineIPP economics run through energy margin/spark spread. FY2025 Adjusted EBITDA margin ~40% ($1,035M/$2,581M) (estimate from reported figures
Op marginfact
Negative on GAAP FY2025net loss $(219)M driven by mark-to-market/derivative and refinancing items); Q1 2026 GAAP net income $63M positive
Capex intensity
Elevatedin 2025 on the extended Susquehanna refueling outage + nuclear fuel; company frames 2026-27 capex in the hundreds of millions (estimate — exact capex/revenue not cleanly disclosed
Market cap
~$18.7Bfact, 26 Jun 2026, at $412.41/sh

Price · 1-year trend

real · weekly
$417+40% 1yUSD
52-week range
$276 – $439
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards

The thesis on this name

opportunityWeak

AI datacenter power & cooling

Full context
position · longModerate

AI datacenter power & cooling

Full context
book · long

AI datacenter power & cooling

Full context
The read

Where our coverage leans

Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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