Talen (TLN)

השורה התחתונה

הציון שלנו: ניטרלית. Talen מחזיקה בתחנות כוח ברשת החשמל של מזרח ארה״ב, שבמרכזן תחנה גרעינית שחוזה מחייב אותה למכור חשמל למרכזי הנתונים של Amazon עד 2042. העסק בינוני: בתוך תשעה חודשים היא הוסיפה הרבה תחנות גז בכסף שהושאל. לפי הרווח המתואם של החברה המחיר הוגן; לפי הרווח המדווח הוא נראה יקר בערך פי שניים, בעיקר בגלל מענק מניות גדול אחד. כלומר, הוא הוגן אם המענק היה חד-פעמי. ההערכה תלויה בכך ש-Talen תחתום על חוזה חשמל מחייב נוסף ושהחוב שלה יירד לקראת יעד החברה.

הטיעון לטווח הארוךמרכזי נתונים של AI ברשת המזרחית צריכים חשמל מהר יותר משאפשר לחבר תחנות חדשות. כדי שזה יגיע לבעלי המניות, Talen צריכה לחתום על עוד חוזים מחייבים ולהקטין חוב.

הראיות (באנגלית) · 7 טענות

C01עובדהhigh confidence

Talen owns and operates about 15.7 GW of power generation, including 2.2 GW of nuclear (90% of the 2.5 GW Susquehanna plant), roughly 2.8 GW added via the Freedom and Guernsey acquisitions (closed November 2025), about 2.6 GW added via the Cornerstone acquisition (closed June 15, 2026: the 875 MW Waterford Energy Center, 456 MW Darby Generating Station and 1,120 MW Lawrenceburg Power Plant), 2.0 GW of coal capacity (Brandon Shores and H.A. Wagner) under RMR agreements, about 800 MW of minority coal interests in three PJM/WECC facilities, and the Colstrip facility in Montana (WECC, outside PJM).

sourceTalen Energy Corp Form 10-K for FY2025primary Talen Energy Reports Second Quarter 2026 Results, Raises…primary SEC EDGAR filing index for Talen Energy Corpprimary

current state · 2026-06-30written 2026-08-24

C03טענת ההנהלהmedium confidence

In June 2025, Talen and AWS entered an amended, expanded PPA for up to 1,920 MW of carbon-free nuclear power from Susquehanna through 2042 (with extension options); independent coverage reports volumes ramping from 840-1,200 MW in 2029 to the full 1,680-1,920 MW by 2032, and Talen's own investor materials, as reported by Utility Dive, put revenue over the contract's life at roughly $18 billion at full quantity. The arrangement is transitioning from co-located to front-of-meter delivery, beginning spring 2026 and completing spring 2027.

sourceTalen Energy Corp Form 10-K for FY2025primary Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna…secondary

against this

The $18 billion lifetime-revenue figure and the 2029-2032 ramp schedule are Talen's own investor-materials framing relayed by press rather than an independently verified figure, and the deal has not yet reached its full contracted volume, so the bulk of that revenue remains years away and depends on the transmission reconfiguration completing on schedule.

forwardwritten 2026-08-24

C05עובדהhigh confidence

Talen agreed to acquire the Cornerstone portfolio from Energy Capital Partners on January 15, 2026 (cash and stock, cash funded from new debt), and closed the acquisition on June 15, 2026, adding approximately 2.6 GW of generation.

sourceTalen Energy Corp Form 10-K for FY2025primary Talen Energy Reports Second Quarter 2026 Results, Raises…primary Trusted-source news digest for TLN (developments applied…secondary

historical · 2026-01-15 to 2026-06-15written 2026-08-24

C20טענת ההנהלהmedium confidence

Management describes a development pipeline of approximately 4 GW of land development and data-center contracting options, plus over 2 GW of gas and storage projects submitted into PJM's Cycle 1 interconnection study cluster; management explicitly framed 2025 as 'a year of options' and 2026 as 'a year of market rationalization,' with no additional signed large-load contract disclosed beyond the AWS PPA.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Q1 2026 earnings call transcriptprimary

against this

'Options' and 'active discussions' are a much lower bar than a signed agreement, and management's own language ('rationalization across projects') signals that a meaningful share of the pipeline is expected not to convert into a real contract.

forwardwritten 2026-08-24

C25אומדןmedium confidence

Implied EV/TTM Adjusted EBITDA is approximately 14.5x at the 2026-09-25 close; against the 2026 guidance midpoint (~$2,125M) the implied forward multiple is approximately 10.9x. Both are struck on the company's own adjusted measure, which adds back stock-based compensation and hedge marks (C35).

derivedC24 for enterprise value and trailing Adjusted EBITDA; S03 for the raised 2026 guidance range of $2,025-2,225M; C35 for what the adjusted measure leaves out.

against this

The forward 10.9x multiple assumes the full raised 2026 guidance range is delivered, including the unexplained Keystone exclusion (C09); if Adjusted EBITDA lands at the low end, the effective multiple is closer to the trailing 14.5x.
Adjusted EBITDA adds back $577M of trailing stock-based and other long-term incentive compensation (C35), which is a real cost to shareholders; before the company's adjustments the same enterprise value is about 30.7x trailing EBITDA.

2026-09-26editedRe-struck at the 2026-09-25 close: 14.8x to 14.5x trailing, 11.1x to 10.9x on the guidance midpoint. The comparison with the vendor's 29.74x moved to C36, because the two multiples are struck on different definitions of profit rather than one being wrong.

current state · 2026-09-25written 2026-08-24

C35אומדןhigh confidence

Trailing twelve-month EBITDA struck from Talen's filed net loss, adding back only interest, tax, depreciation and nuclear fuel amortisation, is about $754M against $1,592M of Adjusted EBITDA; $838M of company adjustments separate them, the largest being $577M of stock-based and other long-term incentive compensation, $486M of it in the December 2025 quarter, and $381M of unrealized losses on commodity derivatives, offset by $226M of nuclear decommissioning trust gains.

derivedBuilt line by line from the company's own reconciliations of net income to Adjusted EBITDA: FY2025 (S06) less H1 2025 plus H1 2026 (S03). Net loss -219+63-29 = -185; interest 302-136+333 = 499; income tax 53+27-19 = 61; depreciation, amortisation and accretion 266-137+151 = 280; nuclear fuel amortisation 97-44+46 = 99; together $754M. Adjustments: stock-based and other long-term incentive compensation 535-31+73 = 577; unrealized commodity derivative losses 106-90+365 = 381; nuclear decommissioning trust gains -182+68-112 = -226; acquisition and divestiture activities 65-4+37 = 98; the remaining lines $8M. The $486M is the December 2025 quarter's column of the FY2025 release.

against this

The compensation charge is lumpy rather than a run rate: the same line was $54M in FY2024 and $73M in H1 2026, so an unadjusted trailing figure dominated by one quarter understates what a normal year costs.
Unrealized derivative losses reverse as the hedges settle and nuclear decommissioning trust gains are returns on a fund ring-fenced for decommissioning, so excluding both is a defensible choice rather than flattery.
The 2026 guidance reconciliation adds back only interest, tax, depreciation and nuclear fuel, so the guided figure assumes no further stock-compensation or hedge items; the comparison between the two measures is trailing only.

current state · 2026-06-30written 2026-09-26

C36אומדןmedium confidence

The vendor's own trailing EV/EBITDA for Talen is 29.2x against a five-year prior median of 6.34x, and on the filed-competitor cohort 34.2x, dearest of three comparable members against NRG's 10.6x and CEG's 16.4x with VST withheld; both are struck before the company's own adjustments, where the same enterprise value is about 30.7x the unadjusted figure in C35, so they measure that basis rather than a vendor error, and the pack carries no adjusted figure for the peers to set the frame's 14.5x against.

derivedThe vendor multiples from the refreshed research pack (S16, S18) at the 2026-09-25 close; enterprise value of $23,160M from C24 over the $754M unadjusted trailing EBITDA in C35 gives 30.7x; C23 for how the vendor's profit lines differ from the filed ones.

against this

The peers' vendor figures are also struck before their own adjustments, so on the vendor's common basis Talen genuinely is the dearest of the three; calling the comparison unusable is about the frame's adjusted lens, not a claim that the premium is illusory.
Only two peers are comparable on this metric, NRG and CEG, with VST withheld because its vendor income statement does not reconcile, so even a like-for-like median would rest on two points.

current state · 2026-09-25written 2026-09-26

01

החברה

Talen מחזיקה בתחנות כוח ומוכרת את החשמל שלהן. רוב 15.7 הג'יגה-וואט שלה נמצאים ב-PJM, הרשת שמשרתת חלק גדול ממזרח ארה״ב: תחנות גז, תחנות פחם, ו-90% מ-Susquehanna, התחנה הגרעינית השביעית בגודלה במדינה.

Susquehanna ייצרה ב-2025 כ-17 טרה-וואט-שעה של חשמל, בעלות כוללת של כ-27 דולר למגה-וואט-שעה. Amazon, שקמפוס מרכזי הנתונים שלה נמצא לידה, התקשרה לקבלת עד 1,920 מגה-וואט מהתפוקה שלה עד 2042.

הראיות (באנגלית) · 3 טענות

C01עובדהhigh confidence

Talen owns and operates about 15.7 GW of power generation, including 2.2 GW of nuclear (90% of the 2.5 GW Susquehanna plant), roughly 2.8 GW added via the Freedom and Guernsey acquisitions (closed November 2025), about 2.6 GW added via the Cornerstone acquisition (closed June 15, 2026: the 875 MW Waterford Energy Center, 456 MW Darby Generating Station and 1,120 MW Lawrenceburg Power Plant), 2.0 GW of coal capacity (Brandon Shores and H.A. Wagner) under RMR agreements, about 800 MW of minority coal interests in three PJM/WECC facilities, and the Colstrip facility in Montana (WECC, outside PJM).

sourceTalen Energy Corp Form 10-K for FY2025primary Talen Energy Reports Second Quarter 2026 Results, Raises…primary SEC EDGAR filing index for Talen Energy Corpprimary

current state · 2026-06-30written 2026-08-24

C02עובדהhigh confidence

Susquehanna generated approximately 17 TWh in 2025 at an all-in cost near $27/MWh, is the seventh-largest nuclear plant in the US, has its nuclear fuel cycle fully contracted through the 2028 fuel load (more than 50% through 2029, over 20% through 2030), and benefits from the Nuclear Production Tax Credit (Section 45U, IRA).

sourceTalen Energy Corp Form 10-K for FY2025primary

historical · FY2025written 2026-08-24

C03טענת ההנהלהmedium confidence

In June 2025, Talen and AWS entered an amended, expanded PPA for up to 1,920 MW of carbon-free nuclear power from Susquehanna through 2042 (with extension options); independent coverage reports volumes ramping from 840-1,200 MW in 2029 to the full 1,680-1,920 MW by 2032, and Talen's own investor materials, as reported by Utility Dive, put revenue over the contract's life at roughly $18 billion at full quantity. The arrangement is transitioning from co-located to front-of-meter delivery, beginning spring 2026 and completing spring 2027.

sourceTalen Energy Corp Form 10-K for FY2025primary Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna…secondary

against this

The $18 billion lifetime-revenue figure and the 2029-2032 ramp schedule are Talen's own investor-materials framing relayed by press rather than an independently verified figure, and the deal has not yet reached its full contracted volume, so the bulk of that revenue remains years away and depends on the transmission reconfiguration completing on schedule.

forwardwritten 2026-08-24

ממה היא מרוויחה

Talen מרוויחה בשלוש דרכים. היא מוכרת חשמל לרשת, בעיקר בגידור מראש: כ-85% מהתפוקה ב-2026 ו-70% ב-2027.‏ PJM משלמת לה על ההתחייבות לספק חשמל כשהרשת זקוקה לו, ובמכרז האחרון אושרה לה קיבולת של יותר מ-10 ג'יגה-וואט במחיר התקרה, 325 דולר למגה-וואט ליום. ו-Amazon משלמת לפי חוזה ארוך.

הראיות (באנגלית) · 3 טענות

C17עובדהhigh confidence

As of June 30, 2026, Talen had hedged approximately 85% of expected 2026 generation volumes, approximately 70% of 2027, and approximately 30% of 2028 (including the impact of the Nuclear Production Tax Credit).

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary

current state · 2026-06-30written 2026-08-24

C10עובדהhigh confidence

Talen cleared over 10 GW in PJM's 2028/2029 Base Residual Auction at $325.00/MWd for the MAAC, PPL and RTO zones; independent trade coverage reports the auction hit that $325/MWd price cap (a regulatory collar) and still came in about 6.8 GW short of PJM's reliability requirement, prompting PJM's board to approve a one-time backstop capacity auction starting September 2026.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary RTO Insider - PJM Capacity Auction Clears at $325 Cap, 6.8…secondary Utility Dive - PJM capacity auction price cap, reserve…secondary

historical · 2026-07written 2026-08-24

C03טענת ההנהלהmedium confidence

In June 2025, Talen and AWS entered an amended, expanded PPA for up to 1,920 MW of carbon-free nuclear power from Susquehanna through 2042 (with extension options); independent coverage reports volumes ramping from 840-1,200 MW in 2029 to the full 1,680-1,920 MW by 2032, and Talen's own investor materials, as reported by Utility Dive, put revenue over the contract's life at roughly $18 billion at full quantity. The arrangement is transitioning from co-located to front-of-meter delivery, beginning spring 2026 and completing spring 2027.

sourceTalen Energy Corp Form 10-K for FY2025primary Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna…secondary

against this

The $18 billion lifetime-revenue figure and the 2029-2032 ramp schedule are Talen's own investor-materials framing relayed by press rather than an independently verified figure, and the deal has not yet reached its full contracted volume, so the bulk of that revenue remains years away and depends on the transmission reconfiguration completing on schedule.

forwardwritten 2026-08-24

פירוט מקורות ההכנסה

מקור	משקל במכירות (שנת הכספים 2025)	איך
מכירות אנרגיה בשווקי ISO/RTO	75.2%	חשמל ושירותים נלווים מהצי הגרעיני, הגז והפחם, שנמכרים בשווקי הסיטונאי של PJM ושל WECC במחירי שוק, בעיקר בגידור מראש.
הכנסות מקיבולת	18.8%	תשלומים על זמינות, שנקבעים במכרזי הקיבולת של PJM ובהסכמי האמינות של Brandon Shores ושל Wagner; קבועים משאושרו.
מכירות פיזיות דו-צדדיות	3.6%	חשמל שנמכר ישירות לצדדים נגדיים לפי חוזה, הסעיף שדרכו מתרחב ההסכם הגרעיני עם Amazon.
רווחים ממכשירים נגזרים ואחרים	2.4%	תוצאות ממומשות ולא ממומשות של גידורים שנרשמות בהכנסות, וכן הכנסות אחרות קטנות; הסימן שלהן מתהפך עם מחירי החשמל.

ההנהלה

מק מקפרלנד מוביל את Talen מאז שיצאה מפשיטת הרגל במאי 2023, ויעביר את התפקיד ב-1 בינואר 2027 לטרי נאט, סמנכ״ל הכספים שלה עד שנה שעברה. בעלי עניין מחזיקים בפחות מ-1%. הבונוס השנתי תלוי ברווח המתואם ובתזרים, בבטיחות ובאמינות התחנות; מענקי המניות תלויים במחיר המניה, וחלק מאלה של השנה שולם במזומן. שום דבר לא מתגמל על הקטנת חוב.

הראיות (באנגלית) · 4 טענות

C40עובדהhigh confidence

Mark (Mac) McFarland has been chief executive since May 2023, after leading California Resources and GenOn; he steps down on 2026-12-31 and stays as senior adviser until March 2027. Terry Nutt, chief financial officer from July 2023 to December 2025 and president since, becomes chief executive on 2027-01-01. Cole Muller, at Talen since before emergence and head of strategic ventures from June 2023, has been chief financial officer since December 2025.

sourceTalen Form 8-K (Item 5.02) and Exhibit 99.1 release: CEO…primary Talen Energy Corp definitive proxy statement (DEF 14A) for…primary

current state · 2026-09-29written 2026-10-04

C41עובדהhigh confidence

As of 2026-03-17 Talen's directors and executive officers as a group (16 people) owned 354,894 shares, under 1% of the 45,395,007 outstanding; the chief executive held the most, 119,609. The holders above 5% were Vanguard (10.5%), BlackRock (8.6%), Rubric Capital (7.8%) and MFN Partners (6.6%). There is one class of common stock.

sourceTalen Energy Corp definitive proxy statement (DEF 14A) for…primary

against this

The table predates the 2026 vesting of the emergence grants, 40% of whose after-tax value was settled in shares (C43), so insider holdings after that vesting are likely higher than this proxy shows.

current state · 2026-03-17written 2026-10-04

C42עובדהhigh confidence

Talen's 2025 annual bonus paid on Adjusted EBITDA (30%), Adjusted Free Cash Flow (30%), lost-time safety (20%) and forced outages (20%): certified $1.035B against a $1.05B target, $524M against $495M, safety above target and forced outages of 4.91% against a 4.46% threshold. The long-term units, emergence grants and 2025 grants alike, vest on per-share equity value plus dividends, with an extra 1% (emergence) or 3% (2025) of market value above the maximum; nothing pays on leverage or return on capital.

sourceTalen Energy Corp definitive proxy statement (DEF 14A) for…primary

historical · 2025 bonus year; award terms as filed 2026-03-19written 2026-10-04

C43עובדהhigh confidence

Under the 2025 employment agreements, 60% of the after-tax value of each named officer's emergence units vesting in 2026 is settled in cash, capped at a $400 share price unless the committee raises it, and the officers may not sell the shares they receive until 2026-11-13. The December 2025 change to cash settlement made $501M of FY2025 stock pay liability-classified.

sourceTalen Energy Corp definitive proxy statement (DEF 14A) for…primary Talen Energy Corp Form 10-K for FY2025primary

against this

The cash settlement spends company cash on management's awards in the same year that buybacks are presented as the return to shareholders, which C30's independent report of a payout above $300M puts in scale.

historical · December 2025 to 2026-11-13written 2026-10-04

02

היתרון התחרותי, ומי מאיים עליו

למה הלקוחות נשארים

יש לה שני דברים שמתחרה שמתחיל היום לא יוכל להשיג במהירות. האחד הוא תחנה גרעינית מורשית ופעילה לצד קמפוס מרכזי נתונים גדול. השני הוא טורבינות גז שכבר נבנו: טורבינות חדשות למעשה אזלו עד 2030, וצבר ההזמנות של GE Vernova עומד על כ-116 ג'יגה-וואט.

בגלל זה Amazon לקחה את החשמל של Susquehanna בחוזה עד 2042 ולא בנתה בעצמה.

הראיות (באנגלית) · 3 טענות

C02עובדהhigh confidence

Susquehanna generated approximately 17 TWh in 2025 at an all-in cost near $27/MWh, is the seventh-largest nuclear plant in the US, has its nuclear fuel cycle fully contracted through the 2028 fuel load (more than 50% through 2029, over 20% through 2030), and benefits from the Nuclear Production Tax Credit (Section 45U, IRA).

sourceTalen Energy Corp Form 10-K for FY2025primary

historical · FY2025written 2026-08-24

C03טענת ההנהלהmedium confidence

In June 2025, Talen and AWS entered an amended, expanded PPA for up to 1,920 MW of carbon-free nuclear power from Susquehanna through 2042 (with extension options); independent coverage reports volumes ramping from 840-1,200 MW in 2029 to the full 1,680-1,920 MW by 2032, and Talen's own investor materials, as reported by Utility Dive, put revenue over the contract's life at roughly $18 billion at full quantity. The arrangement is transitioning from co-located to front-of-meter delivery, beginning spring 2026 and completing spring 2027.

sourceTalen Energy Corp Form 10-K for FY2025primary Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna…secondary

against this

The $18 billion lifetime-revenue figure and the 2029-2032 ramp schedule are Talen's own investor-materials framing relayed by press rather than an independently verified figure, and the deal has not yet reached its full contracted volume, so the bulk of that revenue remains years away and depends on the transmission reconfiguration completing on schedule.

forwardwritten 2026-08-24

C21עובדהmedium confidence

Gas-turbine manufacturing capacity is severely supply-constrained industry-wide: GE Vernova's backlog has grown to about 116 GW (up from about 100 GW and 83 GW in prior periods) and Siemens Energy's to about 69 GW, with turbine supply described as effectively sold out through 2030.

sourceSimply Wall St (via Yahoo Finance) - GE Vernova turbine…secondary

current state · 2026-07-10written 2026-08-24

האיום

הלקוחות עלולים לבנות בעצמם. כמעט כל ענקית ענן גדולה פועלת כיום להקמת תחנות כוח באתרים שלה, מחוץ לרשת: שני האתרים של xAI פועלים בהספק של כ-1,498 מגה-וואט, ו-OpenAI ו-Anthropic שכרו יותר מ-10 ג'יגה-וואט. אם זה יהפוך לנורמה, יצרניות חשמל כמו Talen ייעקפו.

הראיות (באנגלית) · 1 טענה

C22עובדהmedium confidence

Behind-the-meter, off-grid data-center power is scaling nationally: nearly every hyperscaler is now pursuing behind-the-meter projects, xAI's Colossus 1 and 2 sites run about 1,498 MW of operating capacity, and OpenAI and Anthropic alone have signed leases for more than 10 GW of behind-the-meter power.

sourceCleanview - Bypassing the Grid: How Data Center Developers…secondary

against this

Behind-the-meter capacity cannot replicate a single 1,920 MW carbon-free nuclear block the way Susquehanna can, and it directly competes for the same scarce gas turbines Talen's own gas fleet expansion depends on (C21) - which is the more relevant substitution channel for Talen's non-nuclear growth specifically.

current state · 2026-08-24written 2026-08-24

המתחרות: SPCX, META, WMB, NRG, CEG, VST, ועוד אחת: פרטית, פיתוח פנימי של לקוח או נסחרת בחו״ל.

פירוט המתחרים

סימול	מתחרה	שלב	בסיס להשוואה
SPCX	xAI (אתרי טורבינות הגז Colossus 1 ו-2 ליד ממפיס)בסיס להשוואה: מוצר שונה	כבר נמכר	מוצר שונה
חברה פרטית	OpenAI ו-Anthropic (דווח על יותר מ-10 ג'יגה-וואט של חוזי שכירות לחשמל מאחורי המונה בענף כולו)בסיס להשוואה: חברה פרטית	הוכרז	חברה פרטית
META · WMB	Meta (דווח על שותפויות לייצור חשמל מגז, כולל תחנה של Williams Companies באוהיו)בסיס להשוואה: בתחום אחד בלבד	הוכרז	בתחום אחד בלבד
NRG	NRG Energyבסיס להשוואה: כן	כבר נמכר	כן
CEG	Constellation Energyבסיס להשוואה: כן	כבר נמכר	כן
VST	Vistraבסיס להשוואה: אין נתון שמיש	כבר נמכר	אין נתון שמיש

03

פוטנציאל הצמיחה

גודל ההזדמנות

ברשת של PJM חסר חשמל. המכרז שלה לשנים 2028 עד 2029 נסגר במחיר התקרה, 325 דולר למגה-וואט ליום, ועדיין נותר בו מחסור של כ-6.8 ג'יגה-וואט, ולכן PJM מקיימת מכרז נוסף חד-פעמי מספטמבר 2026.

אף אחד לא העריך כמה מזה מרכזי נתונים יתקשרו עליו. ל-Talen יש כ-4 ג'יגה-וואט של קרקע ואופציות למרכזי נתונים, ויותר מ-2 ג'יגה-וואט של פרויקטים שממתינים לחיבור, ואף אחד מהם לא נחתם.

הראיות (באנגלית) · 3 טענות

C10עובדהhigh confidence

Talen cleared over 10 GW in PJM's 2028/2029 Base Residual Auction at $325.00/MWd for the MAAC, PPL and RTO zones; independent trade coverage reports the auction hit that $325/MWd price cap (a regulatory collar) and still came in about 6.8 GW short of PJM's reliability requirement, prompting PJM's board to approve a one-time backstop capacity auction starting September 2026.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary RTO Insider - PJM Capacity Auction Clears at $325 Cap, 6.8…secondary Utility Dive - PJM capacity auction price cap, reserve…secondary

historical · 2026-07written 2026-08-24

C12עובדהhigh confidence

PJM's board approved a one-time backstop capacity auction, starting September 2026, specifically to address the 6.8 GW shortfall from the 2028/2029 BRA.

sourceUtility Dive - PJM board approves backstop capacity auction…secondary

forwardwritten 2026-08-24

C20טענת ההנהלהmedium confidence

Management describes a development pipeline of approximately 4 GW of land development and data-center contracting options, plus over 2 GW of gas and storage projects submitted into PJM's Cycle 1 interconnection study cluster; management explicitly framed 2025 as 'a year of options' and 2026 as 'a year of market rationalization,' with no additional signed large-load contract disclosed beyond the AWS PPA.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Q1 2026 earnings call transcriptprimary

against this

'Options' and 'active discussions' are a much lower bar than a signed agreement, and management's own language ('rationalization across projects') signals that a meaningful share of the pipeline is expected not to convert into a real contract.

forwardwritten 2026-08-24

מי כבר התחייב

חוזה אחד: Amazon, עד 1,920 מגה-וואט של חשמל גרעיני עד 2042, שמגיע להיקף מלא ב-2032 ושווה כ-18 מיליארד דולר לאורך חייו, לפי נתוני החברה עצמה. האספקה עוברת מחיבור ישיר לאספקה דרך הרשת עד אביב 2027.

הראיות (באנגלית) · 1 טענה

C03טענת ההנהלהmedium confidence

In June 2025, Talen and AWS entered an amended, expanded PPA for up to 1,920 MW of carbon-free nuclear power from Susquehanna through 2042 (with extension options); independent coverage reports volumes ramping from 840-1,200 MW in 2029 to the full 1,680-1,920 MW by 2032, and Talen's own investor materials, as reported by Utility Dive, put revenue over the contract's life at roughly $18 billion at full quantity. The arrangement is transitioning from co-located to front-of-meter delivery, beginning spring 2026 and completing spring 2027.

sourceTalen Energy Corp Form 10-K for FY2025primary Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna…secondary

against this

The $18 billion lifetime-revenue figure and the 2029-2032 ramp schedule are Talen's own investor-materials framing relayed by press rather than an independently verified figure, and the deal has not yet reached its full contracted volume, so the bulk of that revenue remains years away and depends on the transmission reconfiguration completing on schedule.

forwardwritten 2026-08-24

04

התוצאות

המספרים

היא צומחת?מהר

המכירות צמחו ב-61% ב-12 החודשים שעד יוני 2026, מהר יותר מ-22% בשנה שהסתיימה בדצמבר 2025.

היא רווחית?בקושי

שיעור הרווח התפעולי הוא 2.6%.

התשואה על ההון גבוהה?נמוכה מאוד

ההון העצמי הפסיד 13% בשנה, ירידה מ-72% בשנה שהסתיימה בדצמבר 2024.

היא מייצרת מזומנים?הרבה

17% מהמכירות הפכו לתזרים מזומנים חופשי, 568 מיליון דולר ב-12 החודשים האחרונים.

המאזן איתן?מתוח

היא חייבת 9.34 מיליארד דולר יותר ממה שיש לה במזומן, כ-11.7 שנים של המזומנים שהפעילות שלה מניבה.

כל המספרים

נתונים מדוחות 10-K ו-10-Q של החברה, שנקראו ב-4 באוקטובר 2026. שנת הכספים מסתיימת בדצמבר.

	דצמבר 2024	דצמבר 2025	12 חודשים עד יוני 2026
גודל וצמיחה
מכירות	$2.12B	$2.58B	$3.44B
צמיחת המכירות	-	+22%	+61%
רווח
שיעור הרווח התפעולי	11%	−3.5%	2.6%
שיעור הרווח הנקי	47%	−8.5%	−5.4%
עלות הצמיחה, לכל דולר מכירות
הנהלה וכלליות	7.7%	24%	20%
תגמול מבוסס מניות	1.6%	20%	17%
השקעות הוניות	4.0%	3.8%	6.6%
מזומנים
תזרים מפעילות שוטפת	$256M	$704M	$796M
תזרים מזומנים חופשי	$171M	$606M	$568M
מאזן
מזומנים והשקעות לזמן קצר	$328M	$689M	$231M
חוב	$3.00B	$6.81B	$9.57B
מזומן נטו	−$2.68B	−$6.12B	−$9.34B
תשואות ומניות
תשואה על ההון המושקע	4.7%	-	-
מספר המניות (בדילול מלא)	56.5M	45.7M	45.9M

עלות הצמיחה

Talen לא מוציאה על מחקר או על מכירה: היא גדלה ברכישת תחנות כוח, בעיקר בכסף שהושאל. ההוצאות הכלליות שלה זינקו בשנה שעברה כמעט כולן בגלל מענק אחד למנהלים שסולק במזומן, ולכן עוד אין מגמה שמראה אם צי גדול יותר מוזיל את העלות של כל דולר מכירות.

הראיות (באנגלית) · 2 טענות

C39עובדהhigh confidence

Talen reports no research or selling line; its overhead is general and administrative expense, which includes stock pay. G&A was $163M on $2,115M of revenue in FY2024, $624M on $2,581M in FY2025 and $671M on $3,437M in the twelve months to June 2026; stock pay inside it was $33M, $526M and $568M, of which $501M in FY2025 was liability-classified emergence awards. Capital spending was $85M, $98M and $228M.

sourceTalen Energy Corp Form 10-K for FY2025primary Talen Energy Corp Form 10-Q for Q2 2026primary

against this

Revenue in each period carries realized and unrealized hedge results (C37) and the Freedom, Guernsey and Cornerstone acquisitions, so cost per sales dollar moves with commodity marks and deals as much as with any operating leverage; two clean fiscal years are too few to separate them.

historical · FY2024 to the twelve months ended 2026-06-30written 2026-10-04

C43עובדהhigh confidence

Under the 2025 employment agreements, 60% of the after-tax value of each named officer's emergence units vesting in 2026 is settled in cash, capped at a $400 share price unless the committee raises it, and the officers may not sell the shares they receive until 2026-11-13. The December 2025 change to cash settlement made $501M of FY2025 stock pay liability-classified.

sourceTalen Energy Corp definitive proxy statement (DEF 14A) for…primary Talen Energy Corp Form 10-K for FY2025primary

against this

The cash settlement spends company cash on management's awards in the same year that buybacks are presented as the return to shareholders, which C30's independent report of a payout above $300M puts in scale.

historical · December 2025 to 2026-11-13written 2026-10-04

הדוח האחרון (5 באוגוסט)

הרבעון שהסתיים ביוני 2026, לפי הדוחות.

19%

צמיחת המכירות

לעומת הרבעון המקביל אשתקד

-33.8%

צמיחה לעומת הרבעון הקודם

לעומת 50.7% ברבעון שלפני כן

-10¢

רווח תפעולי

לכל דולר מכירות

הרבעון שהסתיים ביוני נראה גרוע לפי הדוחות הרשמיים: הפסד נקי של 92 מיליון דולר, לעומת רווח של 72 מיליון דולר שנה קודם. מדד הרווח המתואם של החברה אמר את ההפך: עלייה ל-374 מיליון דולר מ-90 מיליון, עם צמיחה בהכנסות מקיבולת ומאנרגיה.

הפער נובע בעיקר מהפסדי נייר על הגידורים ומריבית על החוב החדש. החברה העלתה את תחזית 2026 לרווח מתואם של בין 2.025 ל-2.225 מיליארד דולר.

מה זה אומר על התזההדוח חיזק את הטענה שהעסק מרוויח יותר, כי הרווח המתואם של החברה עלה בחדות והתחזית הועלתה. הוא גם הראה את מחיר החוב שמאחורי הצמיחה הזו, וחוזה חשמל חדש לא הגיע, ולכן הציון נשאר ניטרלית.

הרבעון בפירוט

28.9%Q3 25

-7.8%Q4 25

50.7%Q1 26

-33.8%Q2 26

צמיחת המכירות לעומת הרבעון הקודם, לפי הדוחות.

רווח למניה $-2.00 לעומת $3.21 צפוי; $-2.00 לפי הדוחות, ללא התאמות.

הראיות (באנגלית) · 3 טענות

C06עובדהhigh confidence

Q2 2026: GAAP Net Loss Attributable to Stockholders of $(92)M versus $72M income in Q2 2025; Adjusted EBITDA of $374M versus $90M; Adjusted Free Cash Flow of $212M versus $(78)M. H1 2026: GAAP Net Loss of $(29)M versus $(63)M in H1 2025; Adjusted EBITDA of $847M versus $290M; Adjusted Free Cash Flow of $562M versus $9M.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Energy Reports First Quarter 2026 Results (8-K Ex-99.1)primary

historical · Q2 2026 and H1 2026written 2026-08-24

C08עובדהhigh confidence

Management attributed the Q2 2026 GAAP net income decline of $(164)M year over year primarily to unrealized losses on derivative instruments and higher interest expense, which offset higher capacity and energy revenues; the same pattern (an operating revenue increase alongside a large unrealized derivative loss) recurs in the H1 2026 income statement, where unrealized losses on derivatives total $(324)M for the six months.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Energy Corp Form 10-Q for Q2 2026primary

against this

Not all of the GAAP-vs-Adjusted gap is a hedge-accounting artifact: a real, recurring share of it is cash interest expense on the roughly $2.8B of new debt raised over the six months, which is not going to reverse the way an unrealized mark can.

historical · Q2 2026 and H1 2026written 2026-08-24

C09טענת ההנהלהmedium confidence

Talen raised 2026 guidance to Adjusted EBITDA of $2,025-2,225M and Adjusted Free Cash Flow of $1,200-1,350M (from an original $1,750-2,050M and $980-1,180M reaffirmed in February 2026, before Cornerstone closed); the raised range explicitly excludes Keystone, a minority-interest coal facility, as of July 1, 2026, with no further explanation given in the release for that exclusion.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Energy Reports Fourth Quarter and Full Year 2025…primary

against this

The guidance raise is presented as reflecting only the Cornerstone close and year-to-date strength, but the unexplained exclusion of Keystone from the 2026E figures makes the pre- and post-raise ranges not a strictly like-for-like comparison.

forwardwritten 2026-08-24

לאן הלך הכסף

היא לווה כדי לצמוח וכדי לקנות מניות בחזרה. החוב לטווח ארוך עלה מ-6.81 ל-9.57 מיליארד דולר במחצית הראשונה של 2026 בזמן שהמזומן ירד ל-231 מיליון דולר, והיא קנתה בחזרה כ-15 מיליון מניות בכ-2.3 מיליארד דולר מאז 2024. המנכ״ל שלה קיבל תשלום במניות של יותר מ-300 מיליון דולר.

בעלי עניין ברבעון השני של 2026: 26 רכישות ו-41 מכירות, לפי דיווחי Form 4 שלהם.

הראיות (באנגלית) · 3 טענות

C14עובדהhigh confidence

Total long-term debt (including current maturities, carrying value) rose from $6,811M at 2025-12-31 to $9,572M at 2026-06-30, up $2,761M in six months; cash and cash equivalents fell from $689M to $231M over the same period.

sourceTalen Energy Corp Form 10-Q for Q2 2026primary

current state · 2026-06-30written 2026-08-24

C19עובדהhigh confidence

Since the start of 2024, Talen had repurchased approximately 15 million shares for about $2.3 billion through 30 June 2026 (including 550,000 shares for about $200M in Q2 2026 and a further 600,000 in Q3 to 29 September). On 29 September 2026 the Board raised the remaining program to $3.0 billion through 2028, of which $1.5 billion is accelerated repurchases with Goldman Sachs and Banco Santander (about 4.0 million shares delivered at the start; more than 10% of shares outstanding expected by the end of Q1 2027), leaving $1.5 billion; it is not obliged to buy beyond the accelerated repurchases.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Form 8-K (Item 5.02) and Exhibit 99.1 release: CEO…primary

2026-09-30edited8-K of 2026-09-29: program upsized to $3.0B with a $1.5B accelerated repurchase; the $1.7B remaining in the 10-Q is superseded.

current state · 2026-09-29written 2026-08-24

C30עובדהmedium confidence

Reuters reported on 2026-05-28 that Talen's CEO received a stock-based payout in excess of $300 million.

sourceReuters - Talen Energy CEO stock-based payoutsecondary

against this

A large one-time compensation event of this scale is a governance and per-share-dilution consideration to weigh against the company's simultaneous framing of shareholder returns through buybacks, even though it is disclosed compensation rather than an open-market transaction.

historical · 2026-05-28written 2026-08-24

05

המחיר, ואיפה אנחנו חלוקים על השוק

בקצרה. הוגן לפי הרווח המתואם של החברה, יקר לפי המדווח. כדי להיות יותר מהוגן היא צריכה חוזה חשמל גדול נוסף וחוב שיורד.

מחיר המניה

$304.42

שער סגירה, 25 בספטמבר

מכפיל ה-EBITDA (שווי החברה ביחס לרווח התזרימי)

34.2

החציון של המתחרות: 13.5

המניה נסגרה ב-25 בספטמבר 32.5% מתחת לשיא של השנה האחרונה. הדוח לרבעון שהסתיים בספטמבר, ב-4 בנובמבר, יראה אם החוב מתחיל לרדת לקראת היעד של החברה, ואם אחת האופציות למרכזי נתונים הפכה לחוזה חתום. המכרז הנוסף של PJM הוא קריאה נפרדת לגבי שווי הקיבולת.

הראיות (באנגלית) · 4 טענות

C32עובדהhigh confidence

At the 2026-09-25 close Talen traded at $304.42, about 32.5% below its 252-day high of $451.28; the stock sits below both its 50-day and 200-day moving averages with a 14-day RSI of 47.7, and a death cross formed 19 sessions earlier.

sourcePortfolio-management research pack (market tier: price,…secondary

2026-09-26editedRe-struck from the refreshed research pack: $314.46 on 2026-08-21 to $304.42 on 2026-09-25; 30.3% to 32.5% below the 252-day high; RSI 37.3 to 47.7; the golden cross of the old pack has since turned to a death cross.

current state · 2026-09-25written 2026-08-24

C16טענת ההנהלהhigh confidence

Talen targets net leverage below 3.5x net debt-to-Adjusted EBITDA; as of July 31, 2026, total available liquidity was approximately $1.9B ($525M unrestricted cash plus $1.4B of available RCF capacity). On 29 September 2026 management said it would fund the $1.5B accelerated repurchase by selling about $1.5B of cleared PJM capacity revenues for 2027/28 and 2028/29 to Citi at SOFR plus 200 basis points, and that it expects to reach the 3.5x target in the second half of 2027.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Form 8-K (Item 5.02) and Exhibit 99.1 release: CEO…primary

against this

Net debt at 2026-06-30 (about $9.34B against TTM Adjusted EBITDA of about $1.59B, C24) implies leverage well above the 3.5x target today; the target is only reached if the raised 2026 guidance range is fully delivered and no further debt-funded acquisition follows Cornerstone.
The 29 September repurchase is funded by selling future capacity revenue at a floating rate, so the cash is bought forward rather than earned; whether that obligation counts in net debt is the company's own treatment, not yet filed in a statement.

2026-09-30edited8-K of 2026-09-29: capacity-revenue monetisation funds the repurchase; management restates the 3.5x target as second half of 2027.

current state · 2026-07-31written 2026-08-24

C20טענת ההנהלהmedium confidence

Management describes a development pipeline of approximately 4 GW of land development and data-center contracting options, plus over 2 GW of gas and storage projects submitted into PJM's Cycle 1 interconnection study cluster; management explicitly framed 2025 as 'a year of options' and 2026 as 'a year of market rationalization,' with no additional signed large-load contract disclosed beyond the AWS PPA.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Q1 2026 earnings call transcriptprimary

against this

'Options' and 'active discussions' are a much lower bar than a signed agreement, and management's own language ('rationalization across projects') signals that a meaningful share of the pipeline is expected not to convert into a real contract.

forwardwritten 2026-08-24

C12עובדהhigh confidence

PJM's board approved a one-time backstop capacity auction, starting September 2026, specifically to address the 6.8 GW shortfall from the 2028/2029 BRA.

sourceUtility Dive - PJM board approves backstop capacity auction…secondary

forwardwritten 2026-08-24

איך לקרוא את המכפיל

כשסופרים גם את החוב, שווי Talen הוא כ-14.5 פעמים הרווח של השנה שעברה לפי המדד המתואם שלה, ו-10.9 פעמים התחזית לשנה הנוכחית. המדד הזה לא כולל 577 מיליון דולר של תגמול במניות, מהם 486 מיליון דולר ברבעון אחד. לפני התאמות המכפיל הוא כ-31, וספק מידע מחשב את אותו דבר בכ-34.

לכן המחיר הוגן אם המענק היה חד-פעמי, ויקר אם תגמול המניות נשאר גבוה כל כך. הוא לא מגלם דבר בגין החוזה עם Amazon ולא מנכה דבר בגין החוב.

מול ההיסטוריה שלה. יקרה בהרבה מהנורמה שלה, אבל הנורמה הזו קדמה לחוזה עם Amazon ולרכישות, והטבלה סופרת רווח לפני התאמות, שמענק מניות גדול אחד הוריד.

הראיות (באנגלית) · 4 טענות

C24אומדןmedium confidence

TTM Adjusted EBITDA (through Q2 2026) is approximately $1,592M, computed as FY2025 Adjusted EBITDA ($1,035M) minus H1 2025 ($290M) plus H1 2026 ($847M); enterprise value is approximately $23,160,148,335 (market cap $13,819,148,335 at the 2026-09-25 close plus net debt of $9,341,000,000: total debt $9,572M less cash $231M), which matches the research pack's own independently computed enterprise-value figure exactly.

derivedS02, S03, S06 for the Adjusted EBITDA components; S17 (research pack, market tier) for market capitalisation and the independently computed enterprise value used as a cross-check.

against this

This TTM figure blends less than one full quarter of Cornerstone ownership into a mostly pre-Cornerstone base, so it understates the annualized Adjusted EBITDA the current, larger fleet actually supports going forward, which is closer to the raised 2026 guidance range.

2026-09-26editedEnterprise value re-struck at the 2026-09-25 close from the refreshed research pack: market cap $14,274,914,216 to $13,819,148,335, enterprise value $23.62B to $23.16B. The Adjusted EBITDA build and the net debt are unchanged.

current state · 2026-09-25written 2026-08-24

C25אומדןmedium confidence

Implied EV/TTM Adjusted EBITDA is approximately 14.5x at the 2026-09-25 close; against the 2026 guidance midpoint (~$2,125M) the implied forward multiple is approximately 10.9x. Both are struck on the company's own adjusted measure, which adds back stock-based compensation and hedge marks (C35).

derivedC24 for enterprise value and trailing Adjusted EBITDA; S03 for the raised 2026 guidance range of $2,025-2,225M; C35 for what the adjusted measure leaves out.

against this

The forward 10.9x multiple assumes the full raised 2026 guidance range is delivered, including the unexplained Keystone exclusion (C09); if Adjusted EBITDA lands at the low end, the effective multiple is closer to the trailing 14.5x.
Adjusted EBITDA adds back $577M of trailing stock-based and other long-term incentive compensation (C35), which is a real cost to shareholders; before the company's adjustments the same enterprise value is about 30.7x trailing EBITDA.

2026-09-26editedRe-struck at the 2026-09-25 close: 14.8x to 14.5x trailing, 11.1x to 10.9x on the guidance midpoint. The comparison with the vendor's 29.74x moved to C36, because the two multiples are struck on different definitions of profit rather than one being wrong.

current state · 2026-09-25written 2026-08-24

C35אומדןhigh confidence

Trailing twelve-month EBITDA struck from Talen's filed net loss, adding back only interest, tax, depreciation and nuclear fuel amortisation, is about $754M against $1,592M of Adjusted EBITDA; $838M of company adjustments separate them, the largest being $577M of stock-based and other long-term incentive compensation, $486M of it in the December 2025 quarter, and $381M of unrealized losses on commodity derivatives, offset by $226M of nuclear decommissioning trust gains.

derivedBuilt line by line from the company's own reconciliations of net income to Adjusted EBITDA: FY2025 (S06) less H1 2025 plus H1 2026 (S03). Net loss -219+63-29 = -185; interest 302-136+333 = 499; income tax 53+27-19 = 61; depreciation, amortisation and accretion 266-137+151 = 280; nuclear fuel amortisation 97-44+46 = 99; together $754M. Adjustments: stock-based and other long-term incentive compensation 535-31+73 = 577; unrealized commodity derivative losses 106-90+365 = 381; nuclear decommissioning trust gains -182+68-112 = -226; acquisition and divestiture activities 65-4+37 = 98; the remaining lines $8M. The $486M is the December 2025 quarter's column of the FY2025 release.

against this

The compensation charge is lumpy rather than a run rate: the same line was $54M in FY2024 and $73M in H1 2026, so an unadjusted trailing figure dominated by one quarter understates what a normal year costs.
Unrealized derivative losses reverse as the hedges settle and nuclear decommissioning trust gains are returns on a fund ring-fenced for decommissioning, so excluding both is a defensible choice rather than flattery.
The 2026 guidance reconciliation adds back only interest, tax, depreciation and nuclear fuel, so the guided figure assumes no further stock-compensation or hedge items; the comparison between the two measures is trailing only.

current state · 2026-06-30written 2026-09-26

C36אומדןmedium confidence

The vendor's own trailing EV/EBITDA for Talen is 29.2x against a five-year prior median of 6.34x, and on the filed-competitor cohort 34.2x, dearest of three comparable members against NRG's 10.6x and CEG's 16.4x with VST withheld; both are struck before the company's own adjustments, where the same enterprise value is about 30.7x the unadjusted figure in C35, so they measure that basis rather than a vendor error, and the pack carries no adjusted figure for the peers to set the frame's 14.5x against.

derivedThe vendor multiples from the refreshed research pack (S16, S18) at the 2026-09-25 close; enterprise value of $23,160M from C24 over the $754M unadjusted trailing EBITDA in C35 gives 30.7x; C23 for how the vendor's profit lines differ from the filed ones.

against this

The peers' vendor figures are also struck before their own adjustments, so on the vendor's common basis Talen genuinely is the dearest of the three; calling the comparison unusable is about the frame's adjusted lens, not a claim that the premium is illusory.
Only two peers are comparable on this metric, NRG and CEG, with VST withheld because its vendor income statement does not reconcile, so even a like-for-like median would rest on two points.

current state · 2026-09-25written 2026-09-26

המכפיל מול המתחרים

המתחרות שהדוח השנתי של החברה עצמה מונה בשמן, וכל אחת מהן אומתה מול הדוח שלה. מדורגות לפי מכפיל ה-EBITDA, מהזולה ליקרה:

סימול	חברה	מכפיל ה-EBITDA (שווי החברה ביחס לרווח התזרימי)
NRG	NRG Energy	10.6×
CEG	Constellation Energy	16.4×
TLN	Talen Energy	34.2×
VST	Vistra הוצאה מההשוואה	ללא תמחור

החציון של שתי האחרות הוא 13.5.‏ Talen היא היקרה מבין שלוש.

נתוני המתחרות מגיעים מספק נתונים, ולכן עדיף להסתכל על טווח הערכים בקבוצה כולה ולא על השוואה בין שתי חברות בלבד.

היקרה בין מתחרותיה כאן, אבל כל הנתונים הם רווח לפני ההתאמות של כל חברה; אין נתון של מתחרה על הרווח המתואם שהחברה מדווחת.

איפה אנחנו חלוקים על השוק

השוק חושב

חברה שמרוויחה מהצורך של AI בחשמל, והמחיר שלה כבר הגיע לשווי מלא ויקר.

אנחנו חושבים

לפי הרווח המתואם של החברה Talen הוגנת ולא יקרה; הקריאה היקרה נובעת בעיקר ממענק מניות של רבעון אחד.

האנליסטים: 11 ממליצים לקנות, 2 להחזיק, ואף אחד לא למכור. הקריאה היקרה אינה טעות: לפני ההתאמות של החברה, הרווח של השנה שעברה כלל 577 מיליון דולר של תגמול מניות, ולכן מכפילים שנבנו עליו נראים יקרים פי שניים.

נטעה אם תגמול המניות יישאר ברמה הזו, אם מחירי הקיבולת ירדו כשיגיע היצע חדש, או אם החוב לא ירד לקראת 3.5 פעמים הרווח המתואם של שנה.

מה אומרים האנליסטים

המלצות חיוביות

88%

מתוך 17, 1 בספטמבר

לפני ארבעה חודשים

94%

מתוך 16, 1 במאי

הראיות (באנגלית) · 7 טענות

C33עובדהmedium confidence

Sell-side consensus is 11 buy, 2 hold, 0 sell ratings (Buy); forward analyst estimates extend only to 2030 and are covered by as few as two to six analysts across 2028 to 2030, a thin coverage base for a long-dated forecast.

sourcePortfolio-management research pack (market tier: price,…secondary

2026-09-26editedRe-read against the refreshed research pack: the rating split is unchanged; estimate coverage for 2028 to 2030 is now two to six analysts, was one to five.

current state · 2026-09-26written 2026-08-24

C23עובדהhigh confidence

The research pack's filed-versus-vendor cross-check reads Talen's FY2025 operating revenues at $2,581M filed against $2,626M vendor, and operating income at $(90)M filed against $16M vendor; both gaps are exactly the unrealized loss on derivative instruments that the filed income statement carries inside Operating Revenues ($45M) and Energy Expenses ($61M) and the vendor leaves out, so the two figures are one set of books under two definitions rather than a vendor error.

sourceTalen Energy Corp Form 10-K for FY2025primary Portfolio-management research pack (vendor_fundamentals…secondary

2026-09-26editedRe-struck against the refreshed research pack, whose filed revenue is now the total `Revenues` tag ($2,581M; the contract-revenue tag's $2,518M before), and reconciled from the 10-K income statement: both gaps are the unrealized derivative lines. The original claim read the operating-income gap as a sign flip that made the vendor's figures unreliable; it is a definitional difference and the vendor figure is correct under its definition.

current state · 2026-09-26written 2026-08-24

C35אומדןhigh confidence

Trailing twelve-month EBITDA struck from Talen's filed net loss, adding back only interest, tax, depreciation and nuclear fuel amortisation, is about $754M against $1,592M of Adjusted EBITDA; $838M of company adjustments separate them, the largest being $577M of stock-based and other long-term incentive compensation, $486M of it in the December 2025 quarter, and $381M of unrealized losses on commodity derivatives, offset by $226M of nuclear decommissioning trust gains.

derivedBuilt line by line from the company's own reconciliations of net income to Adjusted EBITDA: FY2025 (S06) less H1 2025 plus H1 2026 (S03). Net loss -219+63-29 = -185; interest 302-136+333 = 499; income tax 53+27-19 = 61; depreciation, amortisation and accretion 266-137+151 = 280; nuclear fuel amortisation 97-44+46 = 99; together $754M. Adjustments: stock-based and other long-term incentive compensation 535-31+73 = 577; unrealized commodity derivative losses 106-90+365 = 381; nuclear decommissioning trust gains -182+68-112 = -226; acquisition and divestiture activities 65-4+37 = 98; the remaining lines $8M. The $486M is the December 2025 quarter's column of the FY2025 release.

against this

The compensation charge is lumpy rather than a run rate: the same line was $54M in FY2024 and $73M in H1 2026, so an unadjusted trailing figure dominated by one quarter understates what a normal year costs.
Unrealized derivative losses reverse as the hedges settle and nuclear decommissioning trust gains are returns on a fund ring-fenced for decommissioning, so excluding both is a defensible choice rather than flattery.
The 2026 guidance reconciliation adds back only interest, tax, depreciation and nuclear fuel, so the guided figure assumes no further stock-compensation or hedge items; the comparison between the two measures is trailing only.

current state · 2026-06-30written 2026-09-26

C36אומדןmedium confidence

The vendor's own trailing EV/EBITDA for Talen is 29.2x against a five-year prior median of 6.34x, and on the filed-competitor cohort 34.2x, dearest of three comparable members against NRG's 10.6x and CEG's 16.4x with VST withheld; both are struck before the company's own adjustments, where the same enterprise value is about 30.7x the unadjusted figure in C35, so they measure that basis rather than a vendor error, and the pack carries no adjusted figure for the peers to set the frame's 14.5x against.

derivedThe vendor multiples from the refreshed research pack (S16, S18) at the 2026-09-25 close; enterprise value of $23,160M from C24 over the $754M unadjusted trailing EBITDA in C35 gives 30.7x; C23 for how the vendor's profit lines differ from the filed ones.

against this

The peers' vendor figures are also struck before their own adjustments, so on the vendor's common basis Talen genuinely is the dearest of the three; calling the comparison unusable is about the frame's adjusted lens, not a claim that the premium is illusory.
Only two peers are comparable on this metric, NRG and CEG, with VST withheld because its vendor income statement does not reconcile, so even a like-for-like median would rest on two points.

current state · 2026-09-25written 2026-09-26

C25אומדןmedium confidence

Implied EV/TTM Adjusted EBITDA is approximately 14.5x at the 2026-09-25 close; against the 2026 guidance midpoint (~$2,125M) the implied forward multiple is approximately 10.9x. Both are struck on the company's own adjusted measure, which adds back stock-based compensation and hedge marks (C35).

derivedC24 for enterprise value and trailing Adjusted EBITDA; S03 for the raised 2026 guidance range of $2,025-2,225M; C35 for what the adjusted measure leaves out.

against this

The forward 10.9x multiple assumes the full raised 2026 guidance range is delivered, including the unexplained Keystone exclusion (C09); if Adjusted EBITDA lands at the low end, the effective multiple is closer to the trailing 14.5x.
Adjusted EBITDA adds back $577M of trailing stock-based and other long-term incentive compensation (C35), which is a real cost to shareholders; before the company's adjustments the same enterprise value is about 30.7x trailing EBITDA.

2026-09-26editedRe-struck at the 2026-09-25 close: 14.8x to 14.5x trailing, 11.1x to 10.9x on the guidance midpoint. The comparison with the vendor's 29.74x moved to C36, because the two multiples are struck on different definitions of profit rather than one being wrong.

current state · 2026-09-25written 2026-08-24

C10עובדהhigh confidence

Talen cleared over 10 GW in PJM's 2028/2029 Base Residual Auction at $325.00/MWd for the MAAC, PPL and RTO zones; independent trade coverage reports the auction hit that $325/MWd price cap (a regulatory collar) and still came in about 6.8 GW short of PJM's reliability requirement, prompting PJM's board to approve a one-time backstop capacity auction starting September 2026.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary RTO Insider - PJM Capacity Auction Clears at $325 Cap, 6.8…secondary Utility Dive - PJM capacity auction price cap, reserve…secondary

historical · 2026-07written 2026-08-24

C16טענת ההנהלהhigh confidence

Talen targets net leverage below 3.5x net debt-to-Adjusted EBITDA; as of July 31, 2026, total available liquidity was approximately $1.9B ($525M unrestricted cash plus $1.4B of available RCF capacity). On 29 September 2026 management said it would fund the $1.5B accelerated repurchase by selling about $1.5B of cleared PJM capacity revenues for 2027/28 and 2028/29 to Citi at SOFR plus 200 basis points, and that it expects to reach the 3.5x target in the second half of 2027.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Form 8-K (Item 5.02) and Exhibit 99.1 release: CEO…primary

against this

Net debt at 2026-06-30 (about $9.34B against TTM Adjusted EBITDA of about $1.59B, C24) implies leverage well above the 3.5x target today; the target is only reached if the raised 2026 guidance range is fully delivered and no further debt-funded acquisition follows Cornerstone.
The 29 September repurchase is funded by selling future capacity revenue at a floating rate, so the cash is bought forward rather than earned; whether that obligation counts in net debt is the company's own treatment, not yet filed in a statement.

2026-09-30edited8-K of 2026-09-29: capacity-revenue monetisation funds the repurchase; management restates the 3.5x target as second half of 2027.

current state · 2026-07-31written 2026-08-24

06

מה יכול להשתבש, ואיך נדע

הסיכונים

צמיחה שנקנתה בחוב. החוב לטווח ארוך עלה ב-2.76 מיליארד דולר בחצי שנה בזמן שהמזומן ירד ל-231 מיליון דולר.
מחירי הקיבולת הוגבלו בתקרה. 325 דולר היה התקרה, והמכרז הנוסף וההיצע החדש עלולים להוריד את המחירים בעתיד בהרבה.
לקוחות שבונים בעצמם. ייצור חשמל מחוץ לרשת למרכזי נתונים גדל במהירות ועלול לעקוף יצרניות חשמל כמו Talen.
חוזה אחד, לקוח אחד. Amazon היא החוזה הגדול היחיד שנחתם, וקבוצות מרכזי נתונים טוענות שגם לקוח עם ייצור משלו עדיין חשוף לסיכון ניתוק מהרשת.

הראיות (באנגלית) · 6 טענות

C14עובדהhigh confidence

Total long-term debt (including current maturities, carrying value) rose from $6,811M at 2025-12-31 to $9,572M at 2026-06-30, up $2,761M in six months; cash and cash equivalents fell from $689M to $231M over the same period.

sourceTalen Energy Corp Form 10-Q for Q2 2026primary

current state · 2026-06-30written 2026-08-24

C10עובדהhigh confidence

Talen cleared over 10 GW in PJM's 2028/2029 Base Residual Auction at $325.00/MWd for the MAAC, PPL and RTO zones; independent trade coverage reports the auction hit that $325/MWd price cap (a regulatory collar) and still came in about 6.8 GW short of PJM's reliability requirement, prompting PJM's board to approve a one-time backstop capacity auction starting September 2026.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary RTO Insider - PJM Capacity Auction Clears at $325 Cap, 6.8…secondary Utility Dive - PJM capacity auction price cap, reserve…secondary

historical · 2026-07written 2026-08-24

C12עובדהhigh confidence

PJM's board approved a one-time backstop capacity auction, starting September 2026, specifically to address the 6.8 GW shortfall from the 2028/2029 BRA.

sourceUtility Dive - PJM board approves backstop capacity auction…secondary

forwardwritten 2026-08-24

C22עובדהmedium confidence

Behind-the-meter, off-grid data-center power is scaling nationally: nearly every hyperscaler is now pursuing behind-the-meter projects, xAI's Colossus 1 and 2 sites run about 1,498 MW of operating capacity, and OpenAI and Anthropic alone have signed leases for more than 10 GW of behind-the-meter power.

sourceCleanview - Bypassing the Grid: How Data Center Developers…secondary

against this

Behind-the-meter capacity cannot replicate a single 1,920 MW carbon-free nuclear block the way Susquehanna can, and it directly competes for the same scarce gas turbines Talen's own gas fleet expansion depends on (C21) - which is the more relevant substitution channel for Talen's non-nuclear growth specifically.

current state · 2026-08-24written 2026-08-24

C03טענת ההנהלהmedium confidence

In June 2025, Talen and AWS entered an amended, expanded PPA for up to 1,920 MW of carbon-free nuclear power from Susquehanna through 2042 (with extension options); independent coverage reports volumes ramping from 840-1,200 MW in 2029 to the full 1,680-1,920 MW by 2032, and Talen's own investor materials, as reported by Utility Dive, put revenue over the contract's life at roughly $18 billion at full quantity. The arrangement is transitioning from co-located to front-of-meter delivery, beginning spring 2026 and completing spring 2027.

sourceTalen Energy Corp Form 10-K for FY2025primary Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna…secondary

against this

The $18 billion lifetime-revenue figure and the 2029-2032 ramp schedule are Talen's own investor-materials framing relayed by press rather than an independently verified figure, and the deal has not yet reached its full contracted volume, so the bulk of that revenue remains years away and depends on the transmission reconfiguration completing on schedule.

forwardwritten 2026-08-24

C13עובדהmedium confidence

In FERC's PJM co-location docket, the Data Center Coalition argued that even a customer bringing sufficient co-located generation to meet its own load cannot fully avoid curtailment risk under PJM's current rules - a risk that applies to Talen's own AWS co-location arrangement during its transition period.

sourceUtility Dive - PJM data-center co-location FERC docketsecondary

against this

The docket comment is about co-located arrangements broadly (naming Vistra and Constellation, not Talen specifically), and Talen's own AWS PPA is structured with a transition to front-of-meter delivery precisely to reduce this kind of curtailment exposure, so the risk may be more mitigated for Talen than for a purely co-located design.

current state · 2026-03-27written 2026-08-24

שאלות פתוחות

האם אחת מאופציות 4 הג'יגה-וואט הופכת לחוזה חתום. ההנהלה מכנה את 2026 שנה של ייעול השוק (market rationalization).
למה התחזית המועלית לא כוללת את תחנת הפחם Keystone. ההודעה לא נותנת סיבה.

הראיות (באנגלית) · 2 טענות

C20טענת ההנהלהmedium confidence

Management describes a development pipeline of approximately 4 GW of land development and data-center contracting options, plus over 2 GW of gas and storage projects submitted into PJM's Cycle 1 interconnection study cluster; management explicitly framed 2025 as 'a year of options' and 2026 as 'a year of market rationalization,' with no additional signed large-load contract disclosed beyond the AWS PPA.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Q1 2026 earnings call transcriptprimary

against this

'Options' and 'active discussions' are a much lower bar than a signed agreement, and management's own language ('rationalization across projects') signals that a meaningful share of the pipeline is expected not to convert into a real contract.

forwardwritten 2026-08-24

C09טענת ההנהלהmedium confidence

Talen raised 2026 guidance to Adjusted EBITDA of $2,025-2,225M and Adjusted Free Cash Flow of $1,200-1,350M (from an original $1,750-2,050M and $980-1,180M reaffirmed in February 2026, before Cornerstone closed); the raised range explicitly excludes Keystone, a minority-interest coal facility, as of July 1, 2026, with no further explanation given in the release for that exclusion.

sourceTalen Energy Reports Second Quarter 2026 Results, Raises…primary Talen Energy Reports Fourth Quarter and Full Year 2025…primary

against this

The guidance raise is presented as reflecting only the Cornerstone close and year-to-date strength, but the unexplained exclusion of Keystone from the 2026E figures makes the pre- and post-raise ranges not a strictly like-for-like comparison.

forwardwritten 2026-08-24

מה ישנה את ההערכה שלנו

ניטרלית→אטרקטיביתחוזה נוסף נחתם והמינוף יורד
נדרשים כל אלה:
- ○Talen חותמת על חוזה מחייב נוסף, מעבר ל-Amazon, מתוך הקרקע וצנרת מרכזי הנתונים שלה.במעקב שוטף
- ○החוב יורד בחזרה לקראת יעד החברה, פחות מ-3.5 פעמים הרווח המתואם של שנה, ככל שהרכישה האחרונה נספגת.ייבדק בדוח הבא, עד 4 בנובמבר
ניטרלית→לא אטרקטיביתמחירי הקיבולת או קצב ההתרחבות נחלשים
מספיק אחד מאלה:
- ○מכרז PJM עתידי נסגר הרבה מתחת ל-325 דולר למגה-וואט ליום עם הגעת היצע חדש.ייבדק בדוח הבא, עד 4 בנובמבר
- ○המעבר של Amazon לאספקה דרך הרשת מתעכב או שהקצב שלה נחלש, או שחשמל מחוץ לרשת הופך לברירת המחדל במרכזי נתונים חדשים.במעקב שוטף

נטעה גם אם

לא נחתם חוזה שני בין 18 ל-36 החודשים הקרובים.

מה בהמשך

4 בנובמבר 2026 תוצאות הרבעון השלישי של 2026: האם המינוף נטו מתחיל לרדת לקראת 3.5 פעמים עם Cornerstone ברבעון מלא, והאם נחתם חוזה נוסף לצרכן חשמל גדול, מעבר ל-Amazon.

כל האירועים הצפויים

4 בנובמבר 2026 תוצאות הרבעון השלישי של 2026: האם המינוף נטו מתחיל לרדת לקראת 3.5 פעמים עם Cornerstone ברבעון מלא, והאם נחתם חוזה נוסף לצרכן חשמל גדול, מעבר ל-Amazon.
13 בנובמבר 2026 תקופת החסימה על מניות המענק של נושאי המשרה מיציאת החברה מפשיטת הרגל מסתיימת: האם המנהיגים היוצאים והנכנסים ישמרו או ימכרו את המניות שקיבלו ב-2026; מבחן לכמה מהתגמול שלהם הם מחזיקים.
1 בינואר 2027 טרי נאט הופך למנכ״ל: האם הקצאת ההון נשארת ברכישות חוזרות ובהקטנת מינוף, או חוזרת לרכישות במימון חוב תחת סמנכ״ל הכספים לשעבר.
מרץ 2027 הרכישה החוזרת המואצת מסתיימת: מספר המניות הסופי שיבוטלו תמורת 1.5 מיליארד דולר, והאם ההכנסה מקיבולת שנמכרה מראש השאירה את המינוף על המסלול שההנהלה קבעה לסוף 2027.

מה קרה מאז

נכתבה

24 באוגוסט

המחיר בעת כתיבת התזה

$304.42

25 בספטמבר

5 באוקטוברבדיקת התזההטיעון בעד ההשקעה מופיע עכשיו מתחת לשורה התחתונהאחרי פיילוט בחמש חברות, הבעלים ביקש להוסיף את הטיעון בעד ההשקעה לכל תזה.
4 באוקטוברבדיקת התזהרשימת הבדיקות של הבעלים: מקורות ההכנסה, עלות הצמיחה, ההנהלה, אירועים צפוייםרשימת הבדיקות של הבעלים הראתה שהשיטה שותקת בשאלות מי מנהל את החברה, כמה עולה הצמיחה, מאיפה מגיע הכסף ואילו אירועים צפויים בתאריכים ידועים. בסבב הזה מילאנו את ארבעת הנושאים מתוך דוח הזימון לאסיפה והדוחות.
30 בספטמברחדשותרכישה חוזרת גדולה יותר במימון הכנסות קיבולת עתידיות; ההערכה לא השתנתהTalen תוציא 1.5 מיליארד דולר על רכישה חוזרת של יותר מ-10% ממניותיה, במימון מכירת הכנסות עתידיות מקיבולת חשמל. לדבריה, המינוף יגיע ל-3.5 פעמים בסוף 2027; זה עוד לא מופיע בנתונים שבדוחות.
26 בספטמברבדיקת התזהמכפיל הספק היה לא מתואם, לא שגוי; ההערכה לא השתנתההפער בין 29 הפעמים של הספק ל-14.5 הפעמים של החברה נובע בעיקר ממענק מניות של 486 מיליון דולר שנרשם ברבעון אחד. הוגן לפי הרווח המתואם, יקר לפי המדווח; עדיין ניטרלית.
24 באוגוסטהתזה נכתבהניטרלית, ביטחון בינוניתחנה גרעינית שחוזה מקשר ל-Amazon בתוספת צי גז שנקנה בחוב, במחיר קרוב למתחרות לפי הרווח התזרימי של החברה עצמה: הוגן, לא יקר.

נבדקה גם שלוש פעמים, ללא ממצא חדש שמצריך פעולה.

מקורות 22

Where this came from

Sources - 22

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

S01primarycompany filing2026-02-26
Talen Energy Corp Form 10-K for FY2025
fleet composition, Susquehanna detail, AWS PPA terms, RMR agreements, Cornerstone agreement terms, competition section
backsC01C02C03C04C05C23C27C37C39C43C44
S02primarycompany filing2026-08-05
Talen Energy Corp Form 10-Q for Q2 2026
balance sheet, debt schedule and financing detail, EPS, segment split, as of 2026-06-30
backsC08C14C15C18C37C38C39C44
S03primarycompany filing2026-08-05
Talen Energy Reports Second Quarter 2026 Results, Raises 2026 Guidance (8-K Ex-99.1)
Q2/H1 2026 results, raised 2026 guidance, Cornerstone close, share repurchases, financing transactions, hedging position, PJM BRA result, land pipeline
backsC01C05C06C08C09C10C15C16C17C19C20
S04primarycompany filing2026-08-24
SEC EDGAR filing index for Talen Energy Corp
confirmation of the filing history and dates used to build the source manifest
backsC01
S05primarycompany filing2026-05-05
Talen Energy Reports First Quarter 2026 Results (8-K Ex-99.1)
Q1 2026 Adjusted EBITDA ($473M) and Adjusted Free Cash Flow ($350M), cross-checked against the Q1 2026 earnings call
backsC06
S06primarycompany filing2026-02-26
Talen Energy Reports Fourth Quarter and Full Year 2025 Results (8-K Ex-99.1)
FY2025 and FY2024 Adjusted EBITDA/FCF, original 2026 guidance issuance, Cumulus Data/ERCOT sale gain detail
backsC07C09
S07secondarynews2025-06-11
Utility Dive - Talen to sell Amazon 1.9 GW from Susquehanna nuclear plant
independent confirmation of the AWS PPA ramp schedule and lifetime revenue framing
Talen expects to earn about $18 billion in revenue over the life of the contract at its full quantity, according to an investor presentation.
backsC03
S08secondarynews2026-07-14
RTO Insider - PJM Capacity Auction Clears at $325 Cap, 6.8 GW Short of Reliability Requirement
independent confirmation that the $325/MWd clearing price was a regulatory cap, and that the auction still fell 6.8 GW short of the reliability requirement
capped out at the $325-MW/day maximum price imposed by a collar on prices
backsC10
S09secondarynews2026-07-15
Utility Dive - PJM capacity auction price cap, reserve shortfall
Aurora Energy Research's modeled uncapped clearing price estimate ($555/MWd region-wide, $777/MWd ComEd)
the current system doesn't work to bring online new capacity or stimulate demand response
backsC10C11
S10secondarynews2026-07-28
Utility Dive - PJM board approves backstop capacity auction for data-center-driven shortfall
independent confirmation of the September 2026 backstop auction and its purpose
The PJM Interconnection will hold a one-time backstop capacity auction starting in September to address a 6.8-GW shortfall from its just-held capacity auction for the delivery year that starts in mid-2028.
backsC12
S11secondarynews2026-03-27
Utility Dive - PJM data-center co-location FERC docket
independent evidence of curtailment risk in co-located large-load arrangements, relevant to Talen's own AWS structure
Even a customer that brings sufficient co-located generation to meet its load cannot avoid curtailment risk.
backsC13
S12primarytranscript2026-05-05
Talen Q1 2026 earnings call transcript
management framing of PJM reserve adequacy, FCF/share outlook detail, Cycle 1 interconnection pipeline detail
we have said for a number of years now, that is really a fifty-hour problem
backsC20C34
S13secondarynews2026-08-24
Trusted-source news digest for TLN (developments applied 2026-08-24)
Cornerstone completion market reaction (+5.3%) and the CEO stock-payout report, cross-checked against the Cornerstone-completion 8-K
backsC05C31
S14secondaryindustry data2026-07-10
Simply Wall St (via Yahoo Finance) - GE Vernova turbine backlog
independent, quantified confirmation of gas-turbine industry scarcity underlying Talen's own gas-fleet expansion
The company reports turbine supply effectively sold out through 2030, with its equipment highlighted as central to closing the projected power gap.
backsC21
S15secondaryindustry data2026
Cleanview - Bypassing the Grid: How Data Center Developers Are Building Their Own Power Plants
independent tracking of behind-the-meter/off-grid data-center generation, the substitute for Talen's contracted PPA and merchant-generation model
Nearly every hyperscaler is pursuing behind-the-meter power projects-either directly or through partners.
backsC22
S16secondaryvendor data2026-09-26
Portfolio-management research pack (vendor_fundamentals tier: filed-vs-vendor cross-check)
content/TLN/research-pack.json
the filed-versus-vendor valuation_cross_check (annual revenue and operating income gaps against SEC XBRL)
backsC23
S17secondaryvendor data2026-09-26
Portfolio-management research pack (market tier: price, insiders, analysts, technicals)
content/TLN/research-pack.json
price/technicals snapshot, insider Form 4 aggregation, analyst consensus and estimates, market capitalisation and enterprise value
backsC29C32C33
S18secondaryvendor data2026-09-26
Portfolio-management research pack (vendor_fundamentals tier: peer_valuation cohort)
content/TLN/research-pack.json
the filed-competitor cohort valuation multiples (VST, NRG, CEG) and the profit_line_limited/filed_margin_gap detail
backsC27
S19primarycompany filing2026-08-05
Talen segment split, from the filing's own XBRL instance (2026-06-30)
PJM-versus-AllOther segment revenue split for Q2 2026
backsC28
S20secondarynews2026-05-28
Reuters - Talen Energy CEO stock-based payout
independent report of the CEO's stock-based payout, used as a governance/dilution consideration
backsC30
S21primarycompany filing2026-09-29
Talen Form 8-K (Item 5.02) and Exhibit 99.1 release: CEO succession, $1.5 billion accelerated share repurchase, $3.0 billion program, $1.5 billion capacity monetization
the succession, the accelerated repurchase terms, the capacity-revenue financing and management's leverage-timing statement
backsC16C19C40C45
S22primarycompany filing2026-03-19
Talen Energy Corp definitive proxy statement (DEF 14A) for the 2026 annual meeting: executive officers, CD&A, beneficial ownership
executive officers and tenure, the annual bonus metrics and 2025 results, the emergence and 2025 equity award terms, the 2026 cash settlement and lock-up, and beneficial ownership as of 2026-03-17
backsC40C41C42C43