PNM Resources, Inc.

PNM

PNMPNM Resources, Inc. US flag

New York Stock Exchange

41.77

USD

-0.44

- -

3.77BMarket Cap

Income Statement (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	1,648	1,674	1,701	1,342	1,388	1,436	1,439	1,363	1,445	1,437	1,458	1,523	1,780	2,250	1,939
+ Sales & Services Revenue	1,648	1,674	1,701	1,342	1,388	1,436	1,439	1,363	1,445	1,437	1,458	1,523	1,780	2,250	1,939
- Cost of Revenue	967	897	874	585	608	657	641	527	545	549	555	585	789	1,135	894
+ Cost of Goods & Services	967	897	874	585	608	657	641	527	545	549	555	585	789	1,135	894
Gross Profit	681	777	827	757	780	779	798	836	900	887	902	938	991	1,114	1,045
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	489	537	548	483	481	478	506	536	558	586	607	651	682	720	742
+ Selling, General & Admin	262	265	258	188	179	171	179	185	178	188	189	216	230	227	228
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	227	273	290	296	302	307	327	352	380	397	418	435	451	493	514
Operating Income (Loss)	192	239	279	274	299	301	292	300	342	302	295	286	309	395	303
- Non-Operating (Income) Loss	97	303	-34	99	124	100	246	105	116	193	228	78	65	183	213
+ Interest Expense, Net	94	106	109	108	111	111	108	106	112	112	107	100	82	112	168
+ Interest Expense	122	125	125	121	121	120	115	129	128	127	121	114	97	128	190
- Interest Income	28	19	16	13	10	8	6	22	16	16	14	14	15	16	22
+ Other Non-Op (Income) Loss	3	196	-143	-9	13	-11	137	-2	5	81	121	-22	-17	71	44
Pretax Income	95	-63	312	175	175	201	46	195	226	109	67	208	244	211	91
- Income Tax Expense (Benefit)	29	-32	122	55	60	70	15	63	130	8	-25	21	33	26	-16
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	66	-31	191	120	116	131	31	132	95	101	92	187	212	185	107
- Net Extraordinary Losses (Gains)	-47	27	28	28	29	28	30	29	30	30	28	28	31	30	37
+ Discontinued Operations	71	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-118	27	28	28	29	28	30	29	30	30	28	28	31	30	37
Income (Loss) Incl. MI	113	-58	163	92	87	103	1	103	65	71	64	159	181	155	70
- Minority Interest	-12	-14	-14	-14	-15	-14	-15	-15	-15	-15	-14	-14	-15	-15	-19
Net Income, GAAP	125	-45	177	106	101	117	16	117	80	86	78	173	196	170	88
- Preferred Dividends	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	124	-45	176	106	101	116	16	117	80	86	77	173	196	170	88
EBIT	192	239	279	274	299	301	292	300	342	302	295	286	309	395	303
EBITDA	365	426	474	480	507	511	515	542	610	577	596	601	630	736	657
EBITDA Margin (%)	22.18	25.43	27.88	35.77	36.55	35.56	35.76	39.75	42.23	40.18	40.91	39.46	35.37	32.7	33.88
EBITA	192	239	279	274	299	301	292	300	342	302	295	286	309	395	303
Gross Margin (%)	41.34	46.42	48.62	56.4	56.18	54.23	55.43	61.35	62.29	61.77	61.9	61.57	55.68	49.53	53.91
Operating Margin (%)	11.65	14.31	16.39	20.39	21.55	20.95	20.28	21.99	23.67	21	20.26	18.8	17.38	17.54	15.64
Profit Margin (%)	7.58	-2.67	10.4	7.9	7.28	8.13	1.12	8.61	5.56	6	5.34	11.38	11.03	7.56	4.56
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.51	0.51	0.51	0.57	0.65	0.75	0.81	0.89	0.97	1.06	1.17	1.23	1.32	1.39	1.47
Depreciation Expense	173	186	195	206	208	210	223	242	268	276	301	315	320	341	354
Basic Weighted Avg Shares	91	92	89	80	80	80	80	80	80	80	80	80	86	86	86
Basic EPS, GAAP	1.36	-0.49	1.98	1.32	1.26	1.46	0.2	1.47	1	1.07	0.97	2.16	2.28	1.97	1.02
Basic EPS from Cont Ops	0.72	-0.34	2.14	1.51	1.45	1.64	0.39	1.65	1.19	1.27	1.16	2.34	2.47	2.15	1.24
Diluted Weighted Avg Shares	91	92	90	80	80	80	80	80	80	80	80	80	86	86	86
Diluted EPS, GAAP	1.36	-0.49	1.96	1.31	1.25	1.45	0.2	1.46	1	1.07	0.97	2.15	2.27	1.97	1.02
Diluted EPS from Cont Ops	0.72	-0.34	2.13	1.49	1.44	1.63	0.39	1.65	1.19	1.27	1.15	2.33	2.46	2.15	1.24

Balance Sheet (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	578	544	463	442	402	406	386	378	294	303	294	377	325	411	476
+ Cash, Cash Equivalents & STI	15	15	15	9	3	28	46	5	4	2	4	48	1	4	2
+ Cash & Cash Equivalents	15	15	15	9	3	28	46	5	4	2	4	48	1	4	2
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	392	327	311	299	210	197	185	218	173	169	160	198	205	270	274
+ Accounts Receivable, Net	107	97	88	87	90	87	99	87	90	93	86	113	123	184	126
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	38	4	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	285	229	224	212	120	110	86	93	79	76	75	85	81	86	147
+ Inventories	51	52	54	60	67	64	67	73	67	72	78	66	65	67	98
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	51	52	54	60	67	64	67	73	67	72	78	66	65	67	98
+ Other ST Assets	121	149	82	74	122	118	87	83	51	59	52	65	54	70	102
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	4,782	4,681	4,742	4,930	5,099	5,384	5,624	6,093	6,352	6,563	7,005	7,562	8,342	8,846	9,777
+ Property, Plant & Equip, Net	3,340	3,452	3,632	3,751	3,938	4,273	4,539	4,908	4,984	5,238	5,610	6,094	6,858	7,056	7,821
+ Property, Plant & Equip	4,956	5,081	5,374	5,568	5,824	6,258	6,642	7,287	7,620	7,885	8,366	8,971	9,852	9,760	10,613
- Accumulated Depreciation	1,615	1,629	1,742	1,817	1,886	1,984	2,103	2,379	2,636	2,647	2,756	2,877	2,994	2,704	2,792
+ LT Investments & Receivables	496	280	260	252	261	261	260	274	341	355	454	531	553	508	564
+ LT Investments	496	280	260	252	261	261	260	274	341	355	454	531	553	508	564
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	946	950	850	927	900	849	825	911	1,028	970	941	937	932	1,282	1,391
+ Total Intangible Assets	348	348	278	278	278	278	278	278	278	278	278	278	278	278	278
+ Goodwill	321	321	278	278	278	278	278	278	278	278	278	278	278	278	278
+ Other Intangible Assets	27	26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	598	602	572	649	621	571	547	633	749	692	662	659	654	1,004	1,113
Total Assets	5,360	5,225	5,205	5,373	5,500	5,790	6,009	6,471	6,646	6,866	7,299	7,940	8,667	9,257	10,253
+ Payables & Accruals	157	144	166	163	174	180	176	168	205	201	205	266	243	324	339
+ Accounts Payable	111	96	103	99	110	110	100	87	121	112	103	169	173	216	205
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	45	48	63	64	64	70	76	81	84	88	101	96	70	108	134
+ ST Debt	200	224	85	161	224	438	376	560	562	236	704	635	269	436	554
+ ST Borrowings	200	224	85	161	224	438	376	560	562	236	675	608	242	417	542
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29	27	27	19	12
+ Other ST Liabilities	206	152	122	110	94	86	89	77	68	76	58	77	152	131	338
+ Deferred Revenue	- -	- -	16	18	13	13	12	11	11	11	11	7	5	6	6
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	206	152	97	92	81	73	77	65	57	65	48	70	147	125	331
Total Current Liabilities	563	520	373	434	493	704	641	805	836	512	967	978	664	890	1,231
+ LT Debt	1,565	1,564	1,672	1,670	1,670	1,630	1,967	2,119	2,181	2,670	2,623	2,801	3,576	3,934	4,409
+ LT Borrowings	1,565	1,564	1,672	1,670	1,670	1,630	1,967	2,119	2,181	2,670	2,517	2,720	3,520	3,893	4,242
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	106	81	56	41	167
+ Other LT Liabilities	1,381	1,408	1,492	1,568	1,575	1,650	1,663	1,790	1,857	1,919	1,955	2,041	2,193	2,177	2,203
+ Accrued Liabilities	552	558	767	832	937	968	1,011	1,081	679	768	812	950	1,098	1,165	1,164
+ Pension Liabilities	282	270	225	225	80	111	73	126	94	100	95	58	19	33	21
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	547	580	500	511	558	571	579	583	1,084	1,050	1,048	1,034	1,076	979	1,017
Total Noncurrent Liabilities	2,946	2,972	3,163	3,238	3,245	3,280	3,630	3,910	4,037	4,589	4,578	4,842	5,768	6,111	6,611
Total Liabilities	3,509	3,492	3,537	3,672	3,738	3,984	4,272	4,715	4,873	5,101	5,545	5,820	6,432	7,001	7,842
+ Preferred Equity and Hybrid Capital	100	100	12	12	12	12	12	12	12	12	12	12	12	12	12
+ Share Capital & APIC	1,290	1,290	2,386	2,366	2,357	2,348	2,333	2,327	2,315	2,306	1,151	1,430	1,429	1,429	1,625
+ Common Stock	- -	- -	1,193	1,183	1,178	1,174	1,166	1,164	1,158	1,153	1,151	1,430	1,429	1,429	1,625
+ Additional Paid in Capital	1,290	1,290	1,193	1,183	1,178	1,174	1,166	1,164	1,158	1,153	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	406	315	448	507	553	609	560	605	634	644	628	699	810	829	787
+ Other Equity	-46	-69	-67	-82	-58	-62	-71	-92	-96	-109	-99	-79	-72	-66	-63
Equity Before Minority Interest	1,761	1,648	1,586	1,620	1,685	1,733	1,666	1,687	1,707	1,700	1,690	2,061	2,179	2,203	2,361
+ Minority/Non Controlling Interest	89	85	82	81	77	74	71	69	66	64	63	59	55	53	50
Total Equity	1,851	1,733	1,668	1,701	1,762	1,807	1,738	1,756	1,773	1,764	1,753	2,120	2,234	2,256	2,411
Total Liabilities & Equity	5,360	5,225	5,205	5,373	5,500	5,790	6,009	6,471	6,646	6,866	7,299	7,940	8,667	9,257	10,253
Shares Outstanding	87	87	80	80	80	80	80	80	80	80	80	86	86	86	90
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	135	109	83	60	179
Net Debt	1,751	1,772	1,742	1,822	1,892	2,040	2,296	2,675	2,739	2,904	3,189	3,279	3,761	4,305	4,781
Net Debt to Equity	94.6	102.25	104.42	107.14	107.38	112.9	132.15	152.32	154.49	164.61	181.89	154.68	168.3	190.8	198.35
Tangible Common Equity Ratio	27.99	26.36	27.97	27.69	28.19	27.52	25.26	23.68	23.29	22.38	20.85	23.89	23.18	21.9	21.26
Current Ratio	1.03	1.05	1.24	1.02	0.82	0.58	0.6	0.47	0.35	0.59	0.3	0.39	0.49	0.46	0.39
Cash Conversion Cycle	-9.95	1.09	0.64	-3.22	-0.51	-2.47	1.3	9.37	-1.39	-7.61	1.61	-17.77	-24.55	-16.24	-20.21

Cash Flow Statement (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	137	-31	191	120	116	131	31	132	95	101	92	187	212	185	107
+ Depreciation & Amortization	173	186	195	206	208	210	223	242	268	276	301	315	320	341	354
+ Non-Cash Items	-20	234	-10	51	67	61	171	65	132	91	95	- -	17	100	32
+ Stock-Based Compensation	2	3	7	4	5	6	5	6	6	7	6	8	9	8	7
+ Deferred Income Taxes	28	36	124	56	60	72	16	64	131	8	-25	20	31	25	-14
+ Asset Impairment Charge	- -	216	24	3	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-50	-20	-166	-12	-1	-17	150	-5	-4	76	114	-28	-23	68	39
+ Chg in Non-Cash Work Cap	-202	-102	-84	-96	-4	13	-38	-30	28	-40	15	-17	-1	-59	58
+ (Inc) Dec in Accts Receiv	-49	-11	-71	-3	-8	-5	-3	3	-2	-9	4	-42	-26	-73	53
+ (Inc) Dec in Inventories	-1	-2	-2	-5	-8	6	- -	-4	1	-5	-6	12	1	-9	-31
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-166	19	28	14	96	- -	-27	7	14	-19	14	-2	13	57	-16
+ Inc (Dec) in Other	13	-107	-39	-102	-85	13	-8	-35	14	-7	2	16	10	-34	52
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	88	287	292	281	387	415	387	408	523	428	503	486	548	567	551
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	33
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	33
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-288	-281	-327	-309	-348	-461	-559	-600	-500	-501	-616	-679	-935	-913	-1,076
+ Acq of Fixed Prod Assets	-288	-281	-327	-309	-348	-461	-559	-600	-500	-501	-616	-679	-935	-913	-1,076
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	-126	- -	- -	-17	-18	-15	-14	-13	-10	271	-10	-8	189
+ Increase in Capital Stock	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	283	- -	- -	198
+ Decrease in Capital Stock	-1	- -	-126	- -	- -	-17	-18	-15	-14	-13	-10	-12	-10	-8	-10
+ Net Change in LT Investment	21	24	28	14	12	12	11	-7	-13	-22	-19	-17	-18	-38	-19
+ Dec in LT Investment	151	110	178	191	294	139	274	531	637	985	495	591	460	526	574
+ Inc in LT Investment	-130	-86	-149	-177	-282	-127	-263	-538	-650	-1,007	-514	-608	-478	-565	-593
+ Net Cash From Acq & Div	642	-20	329	4	- -	-36	- -	- -	8	-9	-38	-23	- -	- -	-26
+ Cash from Divestitures	653	- -	329	4	- -	- -	- -	- -	12	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-11	-20	- -	- -	- -	-36	- -	- -	-4	-9	-38	-23	- -	- -	-26
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	5	2	-11	5	4	- -	3	-92	39	57	- -	-15	1	1	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	380	-276	20	-286	-331	-485	-545	-699	-466	-476	-674	-734	-952	-950	-1,088
+ Dividends Paid	-46	-46	-46	-45	-52	-59	-64	-71	-78	-85	-93	-99	-113	-120	-127
+ Net Cash From Debt	-7	22	-40	74	36	186	276	336	61	165	287	137	436	378	448
+ Cash From Debt	345	428	210	120	75	355	609	790	335	1,035	844	1,268	1,847	558	1,358
+ Repayments of Debt	-352	-406	-250	-46	-39	-169	-333	-454	-274	-870	-557	-1,131	-1,411	-180	-910
+ Other Financing Activities	-541	14	-101	-30	-46	-13	-18	-8	-28	-22	-12	-17	45	135	27
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-593	-11	-312	-2	-62	96	175	242	-59	46	172	292	358	386	537
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-126	1	- -	-6	-6	26	18	-49	-2	-2	2	44	-47	3	- -
EBITDA	365	426	474	480	507	511	515	542	610	577	596	601	630	736	657
EBITDA Margin (%)	22.18	25.43	27.88	35.77	36.55	35.56	35.76	39.75	42.23	40.18	40.91	39.46	35.37	32.7	33.88
Free Cash Flow	-200	6	-35	-28	39	-46	-172	-192	23	-73	-113	-193	-387	-345	-525
Net Cash Paid for Acquisitions	-642	20	-329	-4	- -	36	- -	- -	-8	9	38	23	- -	- -	26
Free Cash Flow to Firm	-115	- -	42	55	119	32	-94	-105	77	45	- -	-90	-303	-233	- -
Free Cash Flow to Equity	-219	27	-164	46	74	140	103	144	84	91	173	-57	48	33	-44
Free Cash Flow per Basic Share	-2.19	0.06	-0.39	-0.35	0.48	-0.57	-2.15	-2.4	0.29	-0.91	-1.42	-2.42	-4.51	-4.01	-6.09
Price/Free Cash Flow	1.99	1.41	1.84	2	1.94	2.06	2.02	2.18	2.6	2.98	3.13	2.97	2.42	2.67	2.14
Cash Flow to Net Income	0.7	-6.43	1.65	2.65	3.83	3.55	23.93	3.48	6.51	4.97	6.46	2.8	2.79	3.34	6.24
Capital Expenditures	-288	-281	-327	-309	-348	-461	-559	-600	-500	-501	-616	-679	-935	-913	-1,076