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Talen Energy Corporation (TLN) perpetual futures

TLN perpetual futures on 1 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade TLNUSDT.

Talen Energy Corporation is a US independent power producer supplying electricity, capacity and ancillary services to wholesale markets, with nuclear, fossil, solar and coal assets plus battery storage projects.

$376.37+1.4%NASDAQ closed
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venue perp mark · MEXC (TLN/USDT)
Auto: highest-volume live perp venueOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$17.2K
Open interest
$36K
Best liquidity
$21.9K
MEXC
Tightest spread
+0.8 bps
MEXC
Highest volume
$17.2K
MEXC
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $581.6M
OI / float
0.00%
Float $13.6B
Spot performance
1D+1.40%
5D+15.46%
1M+16.13%
6M+15.11%
YTD+0.93%
1Y-15.14%

Venue matrix

1 markets

Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.

Trade
MEXCTradeTLN/USDTTrading$376.37+15.0% APR
+0.014% every 8h
+0.8 bps$21.9K$17.2K$36KUSDT20x

Tradability

Execution quality

Entry cost and depth per venue at $1k–$100k

Thin liquidity · 1 of 1 venues absorb $10k · Typical cost: +29.2 bps

Cheapest execution: MEXC · +29.2 bps

Taker execution estimate incl. approx. fees - maker fills are not guaranteed.

Best venues for this underlying

Best liquidity

TLN

Tightest spread

TLN

Highest volume

TLN

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 1h ago
Market cap
$17.2B
Updated 1h ago
Revenue
$3.5B
Trailing 12 months
Revenue growth
+70%
Next fiscal year
Profit margin
-5.2%
P/E
-93.6
Peer P/E 37.5
Free cash flow
$510M
Trailing 12 months
More metrics
Net income
-$185M
Trailing 12 months
P/S
4.9
Peer P/E
37.5
Similar listed perps
Revenue estimate
$4.5B
Next fiscal year
Earnings
2026-11-04
Revenue est. $1.3B · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$2.6B
Net margin-8.3%
Free cash flow$409M
Net debt$6.1B
2021$1.8B
2022$2.4B
2023$2.4B
2024$2.1B
2025$2.6B
PeriodRevenueGrowthNet incomeFCF
2021$1.8B--$989M-$518M
2022$2.4B+36%-$1.3B-$125M
2023$2.4B+1%$613M$516M
2024$2.1B-15%$998M$54M
2025$2.6B+27%-$219M$409M
PeriodGross marginOperating marginNet marginROEROA
2021+13.6%-25.1%-55.7%-134.9%-9.8%
2022+31.9%+4.3%-53.4%+225.0%-12.0%
2023+43.3%+3.4%+25.1%+24.9%+8.6%
2024+32.0%+8.0%+48.1%+72.0%+16.3%
2025+38.1%+0.6%-8.3%-20.0%-2.0%
PeriodCashDebtNet debtCurrent ratio
2021$276M$4.7B$4.5B0.80
2022$988M$4.4B$3.4B0.88
2023$400M$2.8B$2.4B3.20
2024$329M$3B$2.7B2.29
2025$752M$6.8B$6.1B1.28
PeriodMarket capEnterprise valueP/SP/E
2021$2.1B$6.6B1.2-2.1
2022$2.1B$5.5B0.9-1.6
2023$3.8B$6.2B1.56.2
2024$10.9B$13.6B5.311.0
2025$17.1B$23.2B6.5-78.3
Q3 2024$555M
Q4 2024$488M
Q1 2025$631M
Q2 2025$454M
Q3 2025$770M
Q4 2025$771M
Q1 2026$1.2B
Q2 2026$747M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$555M-14%$168M$38M
Q4 2024$488M+53%$82M-$32M
Q1 2025$631M+2%-$135M$55M
Q2 2025$454M+10%$72M-$221M
Q3 2025$770M+39%$207M$424M
Q4 2025$771M+58%-$363M$240M
Q1 2026$1.2B+97%$63M$392M
Q2 2026$747M+65%-$92M-$546M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+31.7%+28.5%+30.3%+7.0%+2.5%
Q4 2024+31.1%+2.7%+16.8%+5.9%+1.3%
Q1 2025+30.3%+12.0%-21.4%-11.4%-2.3%
Q2 2025+20.7%-5.7%+15.9%+5.8%+1.2%
Q3 2025+45.8%+29.5%+26.9%+14.1%+3.4%
Q4 2025+47.1%-33.9%-47.1%-33.2%-3.3%
Q1 2026+39.4%+29.3%+5.1%+5.9%+0.6%
Q2 2026+49.3%-9.6%-12.3%-5.7%-0.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$648M$2.6B$2B4.10
Q4 2024$328M$3B$2.7B2.29
Q1 2025$295M$3B$2.7B1.62
Q2 2025$122M$3.1B$2.9B1.84
Q3 2025$497M$3B$2.5B2.29
Q4 2025$752M$6.8B$6.1B1.28
Q1 2026$1B$6.8B$5.8B1.25
Q2 2026$231M$9.6B$9.3B0.78
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$9.1B$11.1B16.413.5
Q4 2024$9.3B$11.9B19.028.3
Q1 2025$9.2B$11.9B14.5-17.0
Q2 2025$13.2B$16.2B29.246.0
Q3 2025$19.4B$21.9B25.223.5
Q4 2025$17.1B$23.2B22.2-11.8
Q1 2026$14.6B$20.3B11.757.8
Q2 2026$17.6B$27B23.6-48.0

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$747MQ2 2026
$310.3M$620.5M$930.8M$1.2BQ3 2023: $644MQ4 2023: $318MQ1 2024: $617MQ2 2024: $413MQ3 2024: $555MQ4 2024: $488MQ1 2025: $631MQ2 2025: $454MQ3 2025: $770MQ4 2025: $771MQ1 2026: $1.2BQ2 2026: $747MQ3 2023Q2 2026
Net income-$92MQ2 2026
-$158.8M$45.5M$249.8M$454MQ3 2023: -$77MQ4 2023: $182MQ1 2024: $294MQ2 2024: $454MQ3 2024: $168MQ4 2024: $82MQ1 2025: -$135MQ2 2025: $72MQ3 2025: $207MQ4 2025: -$363MQ1 2026: $63MQ2 2026: -$92MQ3 2023Q2 2026
EBITDA$177MQ2 2026
$48M$277M$506M$735MQ3 2023: $89MQ4 2023: $412MQ1 2024: $557MQ2 2024: $735MQ3 2024: $350MQ4 2024: $128MQ1 2025: -$13MQ2 2025: $247MQ3 2025: $459MQ4 2025: -$181MQ1 2026: $266MQ2 2026: $177MQ3 2023Q2 2026
Free cash flow-$546MQ2 2026
-$303.5M-$61M$181.5M$424MQ3 2023: $112MQ4 2023: $164MQ1 2024: $107MQ2 2024: -$46MQ3 2024: $38MQ4 2024: -$32MQ1 2025: $55MQ2 2025: -$221MQ3 2025: $424MQ4 2025: $240MQ1 2026: $392MQ2 2026: -$546MQ3 2023Q2 2026
EPS-$2Q2 2026
-$3.88-$0.05$3.78$7.6Q3 2023: -$1.3Q4 2023: $3.08Q1 2024: $4.84Q2 2024: $7.6Q3 2024: $3.16Q4 2024: $1.78Q1 2025: -$2.94Q2 2025: $1.5Q3 2025: $4.26Q4 2025: -$7.7Q1 2026: $1.33Q2 2026: -$2Q3 2023Q2 2026
Cash / Debt$231MQ2 2026
$2.4B$4.8B$7.2B$9.6BQ3 2023 · Cash: $764MQ3 2023 · Debt: $2.8BQ4 2023 · Cash: $400MQ4 2023 · Debt: $2.8BQ1 2024 · Cash: $597MQ1 2024 · Debt: $2.6BQ2 2024 · Cash: $632MQ2 2024 · Debt: $2.6BQ3 2024 · Cash: $648MQ3 2024 · Debt: $2.6BQ4 2024 · Cash: $328MQ4 2024 · Debt: $3BQ1 2025 · Cash: $295MQ1 2025 · Debt: $3BQ2 2025 · Cash: $122MQ2 2025 · Debt: $3.1BQ3 2025 · Cash: $497MQ3 2025 · Debt: $3BQ4 2025 · Cash: $752MQ4 2025 · Debt: $6.8BQ1 2026 · Cash: $1BQ1 2026 · Debt: $6.8BQ2 2026 · Cash: $231MQ2 2026 · Debt: $9.6BQ3 2023Q2 2026
CashDebt
Profitability+49.3%Q2 2026
-7.8%+31.4%+70.7%+109.9%Q3 2023 · Gross margin: +31.7%Q4 2023 · Gross margin: +37.4%Q1 2024 · Gross margin: +45.1%Q2 2024 · Gross margin: +14.0%Q3 2024 · Gross margin: +31.7%Q4 2024 · Gross margin: +31.1%Q1 2025 · Gross margin: +30.3%Q2 2025 · Gross margin: +20.7%Q3 2025 · Gross margin: +45.8%Q4 2025 · Gross margin: +47.1%Q1 2026 · Gross margin: +39.4%Q2 2026 · Gross margin: +49.3%Q3 2023 · Operating margin: +1.1%Q4 2023 · Operating margin: -27.4%Q1 2024 · Operating margin: +4.1%Q2 2024 · Operating margin: +6.5%Q3 2024 · Operating margin: +28.5%Q4 2024 · Operating margin: +2.7%Q1 2025 · Operating margin: +12.0%Q2 2025 · Operating margin: -5.7%Q3 2025 · Operating margin: +29.5%Q4 2025 · Operating margin: -33.9%Q1 2026 · Operating margin: +29.3%Q2 2026 · Operating margin: -9.6%Q3 2023 · Net margin: -12.0%Q4 2023 · Net margin: +57.2%Q1 2024 · Net margin: +47.6%Q2 2024 · Net margin: +109.9%Q3 2024 · Net margin: +30.3%Q4 2024 · Net margin: +16.8%Q1 2025 · Net margin: -21.4%Q2 2025 · Net margin: +15.9%Q3 2025 · Net margin: +26.9%Q4 2025 · Net margin: -47.1%Q1 2026 · Net margin: +5.1%Q2 2026 · Net margin: -12.3%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+64.5%Q2 2026
+13.8%+41.4%+69.0%+96.7%Q3 2024: -13.8%Q4 2024: +53.5%Q1 2025: +2.3%Q2 2025: +9.9%Q3 2025: +38.7%Q4 2025: +58.0%Q1 2026: +96.7%Q2 2026: +64.5%Q3 2023Q2 2026
Shares outstanding45.9MQ2 2026
15.2M30.4M45.5M60.7MQ3 2023: 59MQ4 2023: 59MQ1 2024: 60.7MQ2 2024: 59.8MQ3 2024: 53.2MQ4 2024: 46MQ1 2025: 45.8MQ2 2025: 47.9MQ3 2025: 48.6MQ4 2025: 47.1MQ1 2026: 47.4MQ2 2026: 45.9MQ3 2023Q2 2026
Valuation-48.0Q2 2026
-21.64.931.457.8Q3 2023 · P/E: -10.2Q4 2023 · P/E: 5.2Q1 2024 · P/E: 4.7Q2 2024 · P/E: 3.7Q3 2024 · P/E: 13.5Q4 2024 · P/E: 28.3Q1 2025 · P/E: -17.0Q2 2025 · P/E: 46.0Q3 2025 · P/E: 23.5Q4 2025 · P/E: -11.8Q1 2026 · P/E: 57.8Q2 2026 · P/E: -48.0Q3 2023 · P/S: 4.8Q4 2023 · P/S: 11.9Q1 2024 · P/S: 9.0Q2 2024 · P/S: 16.1Q3 2024 · P/S: 16.4Q4 2024 · P/S: 19.0Q1 2025 · P/S: 14.5Q2 2025 · P/S: 29.2Q3 2025 · P/S: 25.2Q4 2025 · P/S: 22.2Q1 2026 · P/S: 11.7Q2 2026 · P/S: 23.6Q3 2023Q2 2026
P/EP/S
Revenue$2.6B2025
$656.5M$1.3B$2B$2.6B2021: $1.8B2022: $2.4B2023: $2.4B2024: $2.1B2025: $2.6B20212025
Net income-$219M2025
-$717.3M-$145.5M$426.3M$998M2021: -$989M2022: -$1.3B2023: $613M2024: $998M2025: -$219M20212025
EBITDA$512M2025
$138.8M$682.5M$1.2B$1.8B2021: -$405M2022: -$355M2023: $977M2024: $1.8B2025: $512M20212025
Free cash flow$409M2025
-$259.5M-$1M$257.5M$516M2021: -$518M2022: -$125M2023: $516M2024: $54M2025: $409M20212025
EPS-$4.792025
-$17.1-$5.5$6.09$17.72021: -$21.72022: -$28.72023: $10.42024: $17.72025: -$4.7920212025
Cash / Debt$752M2025
$1.7B$3.4B$5.1B$6.8B2021 · Cash: $276M2021 · Debt: $4.7B2022 · Cash: $988M2022 · Debt: $4.4B2023 · Cash: $400M2023 · Debt: $2.8B2024 · Cash: $329M2024 · Debt: $3B2025 · Cash: $752M2025 · Debt: $6.8B20212025
CashDebt
Profitability+38.1%2025
-29.8%-3.8%+22.2%+48.1%2021 · Gross margin: +13.6%2022 · Gross margin: +31.9%2023 · Gross margin: +43.3%2024 · Gross margin: +32.0%2025 · Gross margin: +38.1%2021 · Operating margin: -25.1%2022 · Operating margin: +4.3%2023 · Operating margin: +3.4%2024 · Operating margin: +8.0%2025 · Operating margin: +0.6%2021 · Net margin: -55.7%2022 · Net margin: -53.4%2023 · Net margin: +25.1%2024 · Net margin: +48.1%2025 · Net margin: -8.3%20212025
Gross marginOperating marginNet margin
Revenue growth+26.7%2025
-2.3%+10.4%+23.2%+35.9%2022: +35.9%2023: +1.1%2024: -15.0%2025: +26.7%20212025
Shares outstanding45.7M2025
14.8M29.5M44.3M59M2021: 45M2022: 45M2023: 59M2024: 56.5M2025: 45.7M20212025
Valuation-78.32025
-56.0-33.6-11.311.02021 · P/E: -2.12022 · P/E: -1.62023 · P/E: 6.22024 · P/E: 11.02025 · P/E: -78.32021 · P/S: 1.22022 · P/S: 0.92023 · P/S: 1.52024 · P/S: 5.32025 · P/S: 6.520212025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-04
Revenue est. $1.3B · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202620.56$4.5B+70%6
FY 202730.67$5.2B+97%7
FY 202836.10$5.4B+106%6
FY 202944.34$5.8B+120%3
FY 203050.53$6B+127%2
Q1 20288.50$1.6B+31%2

Company events

6
2026-11-04EarningsActual - / Estimate 8.73-
2026-08-05EarningsActual -2 / Estimate 3.21Miss
2026-05-05EarningsActual 1.33 / Estimate 5.01Miss
2026-02-26EarningsActual -7.6 / Estimate 2.62Miss
2025-11-05EarningsActual 4.25 / Estimate 3.18Beat
2025-08-07EarningsActual 1.5 / Estimate -1.04Beat

Peer comparison

Similar listed perps

Analyst track record

How the analysts covering TLN have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings79160
Analysts1823
Buy / hold / sell73 / 6 / 0152 / 8 / 0
Upgrades / downgrades / initiations0 / 1 / 41 / 1 / 16
Price targets hit / missed0 / 75 (0%)60 / 94 (39%)
Avg. return after a rating (TipRanks)-18.7%+12.6%
Best / worst call-5.4% / -35.3%+170.2% / -35.3%

After buy calls on this stock: median 21-day move +2.6% vs S&P 500 +1.7% (n = 149)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Nicholas CampanellaBarclays100% hit rate on this stock · 12 targets measuredBuytarget $408Jul 28, 2026
  2. David ArcaroMorgan Stanley100% hit rate on this stock · 10 targets measuredBuytarget $514Sep 21, 2026
  3. Ian ZaffinoOppenheimer100% hit rate on this stock · 9 targets measuredBuytarget $400Aug 6, 2026

Latest ratings

DateAnalystCallTarget
Sep 29, 2026Carly DavenportGoldman SachsBuyMaintained$509
Sep 21, 2026David ArcaroMorgan StanleyBuyReiterated$514
Sep 18, 2026David ArcaroMorgan StanleyBuyReiterated$514
Aug 24, 2026Anthony CrowdellMizuho SecuritiesBuyInitiated$405
Aug 21, 2026David ArcaroMorgan StanleyBuyReiterated$503

TipRanks data via FMP · computed Oct 8, 2026 · 79 ratings

Frequently asked questions

Where can I trade TLN perpetual futures?

Talen Energy Corporation (TLN) perpetual futures trade on 1 crypto venues, including MEXC. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade TLN around the clock?

Yes. Unlike the underlying stock, TLN perpetuals trade 24/7 — including weekends and outside regular market hours.

What is the funding rate on TLN perpetuals?

Right now the TLN perp funding rate is +15.0% annualized (venue median), ranging from +15.0% to +15.0% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the TLN perp price compare to the Talen Energy Corporation stock?

The venue-median TLN perp mark is $376.4 versus a reference stock price of $376.4, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.

What is a TLN perpetual future?

A TLN perpetual is a derivative that tracks the price of Talen Energy Corporation with no expiry date. It lets you take long or short exposure to Talen Energy Corporation on crypto venues, around the clock.

What is TLNUSDT perpetual?

TLNUSDT is the symbol most crypto exchanges use for the Talen Energy Corporation perpetual settled in USDT (Tether). It tracks the TLN share price through an index, trades 24/7 with leverage and never expires.

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