TLN

Talen is an independent power producer benefiting squarely from the surge in PJM power and capacity prices. FY2025 revenue grew 60.0% to $2.52B, and the MD&A attributes a $519 million increase in generation margin to higher realized prices at Susquehanna and its dispatchable fleet, plus a $293 million jump in capacity revenues on higher cleared prices. Operating cash flow rose 175.0% to $704M, so the cash engine is healthy. The headline net loss of $219M and -$4.79 EPS are misleading: the 10-K shows it was driven largely by a $526 million stock-based compensation charge in G&A (versus $33 million the prior year) and the absence of last year's $884 million asset-sale gain, not by operating deterioration.