Despite significant operational volatility, management has maintained a consistent capital structure with an equity-to-assets ratio holding steady at 0.30 since 2023Q3.
| Metric | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 |
|---|
| Cash & Short Term Investments | 0 | 502M | 501M | 500M | 499M | 500M | 299M | 299M | 300M | 300M | 300M | 500M | 1.6B | 868M | 507M | 328M | 201M | 213M | 165M | 536M | 538M |
| Cash & Due from Banks | 0 | 502M | 501M | 500M | 499M | 500M | 299M | 299M | 300M | 300M | 300M | 500M | 1.6B | 868M | 507M | 328M | 201M | 213M | 165M | 536M | 538M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 4.97B | 4.12B | 3.67B | 4.05B | 3.2B | 2.97B | 2.86B | 2.6B | 2.26B | 2.01B | 1.98B | 1.7B | 1.59B | 1.17B | 1.13B | 983M | 956M | 1.17B | 972M | 858M |
| Investments Growth % | -100% | 20.49% | 12.31% | -9.43% | 26.74% | 7.75% | 3.7% | 9.95% | 15.33% | 12.23% | 1.51% | 16.39% | 6.84% | 36.39% | 3.55% | 14.75% | 2.82% | -18.22% | 20.27% | 13.29% | - |
| Long-Term Investments | 0 | 4.97B | 4.12B | 3.67B | 4.05B | 3.2B | 2.97B | 2.86B | 2.6B | 2.26B | 2.01B | 1.98B | 1.7B | 1.59B | 1.17B | 1.13B | 983M | 956M | 1.17B | 972M | 858M |
| Accounts Receivables | 0 | 1.68B | 1.63B | 1.9B | 1.48B | 1.4B | 1.62B | 1.57B | 1.44B | 1.64B | 1.51B | 1.57B | 1.49B | 1.58B | 1.73B | 1.64B | 1.3B | 1.41B | 1.45B | 1.36B | 1.05B |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 37.95B | 36.31B | 35.52B | 35.06B | 34.31B | 33.6B | 35.41B | 34.95B | 34.04B | 32.41B | 30.35B | 29.92B | 29.73B | 29.3B | 27.83B | 26.76B | 25.78B | 24.83B | 24.43B | 23.89B |
| Other Assets | 0 | 11.01B | 7.24B | 8.02B | 9.84B | 12.07B | 10.62B | 6.96B | 9.02B | 10.55B | 10.9B | 9.48B | 9.57B | 11.51B | 11.88B | 9.95B | 9.81B | 7.9B | 5.47B | 6.45B | 7.55B |
| Total Current Assets | 0 | 3.77B | 3.67B | 3.97B | 3.5B | 3.25B | 3.28B | 3.43B | 3.45B | 3.64B | 3.51B | 3.79B | 4.91B | 4.51B | 4.04B | 3.85B | 2.46B | 2.5B | 2.43B | 2.67B | 2.18B |
| Total Non-Current Assets | 0 | 53.93B | 47.68B | 47.21B | 48.96B | 49.58B | 47.19B | 45.24B | 46.57B | 46.85B | 45.32B | 41.81B | 41.2B | 42.83B | 42.35B | 38.91B | 37.55B | 34.63B | 31.47B | 31.85B | 32.3B |
| Total Assets | 0 | 57.7B | 51.34B | 51.19B | 52.46B | 52.83B | 50.47B | 48.67B | 50.02B | 50.49B | 48.83B | 45.6B | 46.11B | 47.33B | 46.39B | 42.75B | 40.02B | 37.14B | 33.9B | 34.52B | 34.47B |
| Asset Growth % | -100% | 12.39% | 0.3% | -2.42% | -0.7% | 4.67% | 3.7% | -2.7% | -0.94% | 3.42% | 7.08% | -1.11% | -2.59% | 2.03% | 8.51% | 6.84% | 7.76% | 9.54% | -1.79% | 0.14% | - |
| Return on Assets (ROA) | - | 2.08% | 0.98% | 2.14% | 2.87% | 2.62% | 2.86% | 2.27% | 1.36% | 2.48% | 2.35% | 1.02% | 0.58% | 0.13% | 0.36% | 2.35% | 1.88% | 2.3% | 1.12% | 0.95% | 0.25% |
| Accounts Payable | 0 | 2.31B | 2.18B | 2.18B | 1.93B | 1.48B | 1.37B | 1.98B | 1.94B | 2.16B | 2.13B | 2.03B | 0 | 0 | 0 | 0 | 0 | 0 | 1B | 890M | 740M |
| Total Debt | 49M | 22.8B | 21.76B | 21.8B | 22.85B | 24.09B | 24.53B | 24.12B | 25.77B | 25.82B | 25.64B | 25.58B | 26.88B | 26.79B | 24.43B | 24.78B | 24.04B | 23.97B | 23.68B | 24.01B | 24.06B |
| Net Debt | 49M | 22.3B | 21.26B | 21.3B | 22.36B | 23.59B | 24.23B | 23.82B | 25.47B | 25.52B | 25.34B | 25.08B | 25.28B | 25.92B | 23.92B | 24.45B | 23.84B | 23.76B | 23.52B | 23.48B | 23.52B |
| Long-Term Debt | 0 | 19.61B | 19.46B | 19.7B | 20.05B | 21.01B | 21.95B | 21.31B | 21.44B | 22.15B | 23.93B | 23.23B | 23.63B | 21.25B | 22.41B | 22.39B | 21.79B | 20.4B | 21.1B | 19.54B | 17.75B |
| Short-Term Debt | 49M | 2.26B | 1.5B | 1.25B | 1.87B | 2.06B | 2.1B | 2.33B | 3.81B | 3.02B | 1.1B | 1.66B | 2.49B | 3.83B | 2.02B | 1.03B | 852M | 2.21B | 1.51B | 3.36B | 5.16B |
| Other Liabilities | 1.65B | 14.27B | 10.29B | 10.61B | 12.15B | 13.45B | 12.1B | 11.78B | 12.56B | 13.48B | 13.22B | 11.2B | 11.16B | 12.5B | 13.84B | 10.35B | 8.79B | -21.7B | -22.13B | -20.61B | -18.86B |
| Total Current Liabilities | 79M | 5.87B | 4.87B | 4.64B | 4.98B | 4.71B | 4.31B | 4.85B | 6.4B | 5.86B | 3.94B | 4.45B | 4.98B | 6.99B | 4.91B | 3.6B | 4.28B | 4.25B | 3.42B | 5.2B | 6.72B |
| Total Non-Current Liabilities | 1.65B | 34.67B | 30.41B | 31.04B | 33.01B | 35.18B | 34.53B | 33.53B | 34.48B | 36.21B | 37.69B | 35.04B | 35.48B | 35.02B | 36.26B | 34.01B | 31.52B | 21.7B | 22.13B | 20.61B | 18.86B |
| Total Liabilities | 1.73B | 40.54B | 35.29B | 35.68B | 37.99B | 39.89B | 38.84B | 38.38B | 40.88B | 42.07B | 41.62B | 39.49B | 40.46B | 42.01B | 41.16B | 37.62B | 35.8B | 37.14B | 33.9B | 34.52B | 34.47B |
| Total Equity | 0 | 17.16B | 16.06B | 15.51B | 14.46B | 12.93B | 11.63B | 10.28B | 9.13B | 8.42B | 7.2B | 6.1B | 5.65B | 5.33B | 5.23B | 5.14B | 4.22B | 3.56B | 2.98B | 2.7B | 2.39B |
| Equity Growth % | -100% | 6.88% | 3.55% | 7.19% | 11.85% | 11.24% | 13.05% | 12.59% | 8.47% | 16.9% | 18% | 8.09% | 6.03% | 1.85% | 1.79% | 21.79% | 18.38% | 19.56% | 10.41% | 12.83% | - |
| Equity / Assets (Capital Ratio) | - | 29.74% | 31.27% | 30.29% | 27.58% | 24.48% | 23.03% | 21.13% | 18.26% | 16.68% | 14.75% | 13.39% | 12.25% | 11.25% | 11.27% | 12.02% | 10.54% | 9.59% | 8.79% | 7.82% | 6.94% |
| Return on Equity (ROE) | - | 6.83% | 3.17% | 7.39% | 11.04% | 11.01% | 12.94% | 11.53% | 7.8% | 15.78% | 16.7% | 7.98% | 4.94% | 1.14% | 3.13% | 20.78% | 18.66% | 24.97% | 13.49% | 12.92% | 3.55% |
| Book Value per Share | - | 32687.62 | 30582.86 | 29533.33 | 27552.38 | 24632.38 | 22142.86 | - | - | - | - | - | - | 10144.76 | 9960.00 | 9784.76 | 8034.29 | 6786.67 | 5676.19 | 5140.95 | 4556.19 |
| Tangible BV per Share | 0.00 | 32687.62 | 30582.86 | 29533.33 | 27552.38 | 24632.38 | 22142.86 | - | - | - | - | - | - | 10144.76 | 9960.00 | 9784.76 | 8034.29 | 6786.67 | 5676.19 | 5140.95 | 4556.19 |
| Common Stock | 0 | 776M | 783M | 791M | 798M | 806M | 814M | 0 | 0 | 0 | 0 | 0 | 0 | 908M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 258M | 258M | 258M | 258M | 258M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 16.44B | 15.3B | 14.8B | 13.69B | 12.18B | 10.82B | 9.4B | 8.28B | 7.59B | 6.36B | 5.24B | 4.77B | 4.49B | 4.43B | 0 | 3.29B | 2.57B | 1.94B | 1.56B | 1.24B |
| Accumulated OCI | 0 | -52M | -29M | -86M | -22M | -51M | -12M | 57M | 21M | -12M | -2M | 5M | 0 | -74M | -138M | 0 | -75M | -37M | -19M | 43M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital expenditure funding pressure
As reported in financial statements, TVC's total assets grew from $51.3 billion in 2023Q4 to $59.9 billion by 2025Q3, reflecting an aggressive capital investment cycle that appears to be outpacing the entity's ability to generate sufficient internal cash flow to support such rapid infrastructure expansion.
The consistent growth in the asset base suggests a commitment to long-term capacity expansion, yet the simultaneous rise in total liabilities to $42.0 billion indicates that this growth is heavily debt-financed. Investors should monitor whether this asset accumulation translates into improved operational efficiency or merely increases the long-term debt service burden.
Based on the provided quarterly data, the equity-to-assets ratio has remained remarkably stable at approximately 0.30 since 2023Q3, suggesting that management is maintaining a consistent capital structure despite the significant volatility observed in net income and the recent surge in provision expenses.
While a 30% equity cushion may appear adequate for a regulated utility, the lack of growth in this ratio during a period of asset expansion implies that the entity is not retaining enough earnings to deleverage. This reliance on external financing may leave the balance sheet vulnerable to interest rate volatility and shifts in the cost of capital.
According to recent SEC filings, cash and cash equivalents have remained stagnant near $500 million, a figure that appears insufficient given the $5.6 billion provision spike in 2025Q4 and the ongoing requirement to fund massive, capital-intensive maintenance projects across the Tennessee Valley generation fleet.
The static cash position suggests that liquidity is tightly managed and potentially constrained by the timing of fuel cost recoveries. This lack of a significant cash buffer may force the entity to rely more heavily on short-term credit facilities or debt issuance to manage operational contingencies.
As indicated by the data, the reliance on regulatory accounting under ASC 980 appears to obscure the underlying cash-generating volatility, as evidenced by the erratic relationship between reported equity and the significant swings in net income observed over the last ten quarters.
The use of regulatory assets and liabilities may be smoothing out the impact of fuel price fluctuations, but it also masks the true economic cost of maintaining an aging generation fleet. Analysts should be wary that the reported equity position may not reflect the full extent of potential environmental or decommissioning liabilities that could arise in the future.
Quick answers to the most common questions about buying TVC stock.
As of 2025, Tennessee Valley Authority (TVC) had total assets of $0.0M including $0.0M in current assets.
Tennessee Valley Authority (TVC) carries total debt of $49.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tennessee Valley Authority (TVC) has total shareholders' equity (book value) of $0.0M. Book value represents the net worth of the company belonging to common stock holders.