NRG vs TLN: NRG Energy and Talen Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- NRG Energy is the larger company, worth $23.3B, about 1.5 times Talen Energy.
- Talen Energy grew revenue faster over the last year (+18.6% vs +11.0%).
- NRG Energy keeps more of each dollar of revenue as operating profit (6.1% vs 2.6%).
- NRG Energy's price assumes faster free cash flow growth: about 10% a year, against 9% for Talen Energy (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NRG | TLN |
|---|---|---|
| Market cap | $23.3B | $16.0B |
| Share price | $107.97 | $378.57 |
| Revenue (last fiscal year) | $30.7B | $2.6B |
| Free cash flow (last fiscal year) | $766M | $606M |
| Revenue growth, last year | +11.0% | +18.6% |
| Revenue growth per year, last 5 fiscal years | +3.3% | -5.1% |
| Operating margin | 6.1% | 2.6% |
| Net margin | 2.4% | -5.4% |
| Return on equity | 16.1% | -11.4% |
| P/E (trailing) | 111.5x | — |
| Price / free cash flow | 30.4x | 39.1x |
| EV / EBITDA | 12.0x | 30.5x |
| FCF growth the price implies | 10.5% | 8.6% |
| Dividend yield | 1.8% | — |
| Debt / equity | 7.23x | 8.31x |
| Fundamental grade | D | F |
| Superinvestors holding it | 7 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
NRG Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.0B | $224M | 12.4% |
| 2022 | $31.5B | -$7M | 6.4% |
| 2023 | $28.8B | -$819M | 1.3% |
| 2024 | $28.1B | $1.8B | 8.6% |
| 2025 | $30.7B | $766M | 6.0% |
Talen Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2014 | $4.6B | $46M | 8.7% |
| 2015 | $4.5B | $317M | -0.87% |
| 2022 | $3.1B | -$45M | 7.8% |
| 2024 | $2.1B | $171M | 10.7% |
| 2025 | $2.6B | $606M | -3.5% |
Where the revenue comes from
NRG Energy · by segments, 2025
East$14.1B46%
Texas$11.1B37%
West/Other$3.2B10%
Vivint Smart Home$2.0B7%
Talen Energy · by segments, 2025
PJM$2.5B94%
Other$161M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NRG in InvestinglyQuestions
Which is bigger, NRG Energy or Talen Energy?
NRG Energy (NRG), at $23.3B against $16.0B.
Which grows faster, NRG or TLN?
Talen Energy: revenue grew +18.6% over the last year, against +11.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.