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

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

$368+35% 1yUSD

52-week range

$264 – $446

52w lowas of 2026-07-08 · 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

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’24

$1.6B

FY’25

$2.5B+60%

Margins & balance sheet — FY’25

Operating margin-3.6%

Net margin-8.7%

Net debt$5.8B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Talen Energy

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

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & 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