Tennessee Valley Authority PARRS A 2029 (TVE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+428252.7%

$99,806.17

vs $23.30 price

Levered DCF

-$53,687.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.66

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	0.01×	0.01×	0.02×	0.01×	0.01×	0.01×	0.01×	0.01×
P/B	0×	0×	0×	0×	0×	0×	0×	0×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	4.63×	0.09×	4.93×	4.5×	4.77×	4.82×	4.81×	4.86×
Gross margin	40.1%	40.1%	37.4%	40.6%	46.6%	49.5%	48.6%	50.0%
Operating margin	18.8%	18.1%	14.0%	19.2%	27.1%	26.5%	29.1%	28.6%
Net margin	9.9%	9.2%	4.1%	8.8%	14.4%	13.2%	12.5%	10.0%
Current ratio	0.92×	0.64×	0.75×	0.86×	0.7×	0.69×	0.76×	0.7×
Debt / equity	1.35×	0.05×	1.35×	1.41×	1.57×	1.84×	2.11×	2.48×
Interest coverage	2.15×	2.09×	1.6×	2.29×	2.61×	0×	2.75×	2.59×
Dividend yield	2.5%	2.8%	3.0%	2.2%	2.1%	2.8%	3.3%	3.4%
Payout ratio	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	6.6%	3.1%	7.1%	10.5%	10.5%	12.2%	10.9%
Return on invested capital	4.5%	4.3%	3.5%	5.0%	5.8%	5.4%	6.8%	7.0%
Return on assets	2.2%	2.0%	1.0%	2.2%	2.9%	2.6%	2.8%	2.3%
Free cash flow yield	-10971.0%	-4808.1%	-748.8%	2757.4%	6626.8%	11423.0%	11727.4%	13333.3%
Earnings yield	10995.2%	9540.6%	4565.6%	10049.9%	10670.6%	9354.3%	10748.9%	8664.3%
Enterprise value	$23.5B	$443.9M	$21.1B	$21.3B	$22.2B	$23.3B	$24.2B	$25.2B
Net debt / EBITDA	4.63×	0.09×	4.92×	4.49×	4.77×	4.82×	4.81×	4.86×
Cash conversion cycle (days)	-4	-5	-1	2	-12	17	29	13