PNM Resources, Inc. Financial Ratios — PNM Stock

Profitability (USD)

	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
Return on Common Equity (%)	12.3	-12.55	18.03	6.34	5.87	6.61	0.89	6.69	4.49	4.77	4.33	8.85	8.97	7.54	3.76
Return on Assets (%)	2.17	-0.84	3.39	2.01	1.86	2.07	0.27	1.88	1.23	1.28	1.1	2.27	2.36	1.9	0.91
Return on Capital (%)	6.08	- -	8.28	4.93	4.55	4.72	1.94	4.37	2.61	4.03	- -	4.85	4.49	4.16	- -
Return on Invested Capital (%)	3.44	- -	4.9	5.4	5.49	5.21	4.94	4.76	3.23	6.1	- -	4.85	4.61	5.45	- -
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
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
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
Incremental Operating Margin (%)	-54.44	184.34	144.82	1.39	55.7	3.51	-276.8	-10.4	51.6	481.88	-30.25	-13.63	8.94	18.15	29.43
Pretax Margin (%)	5.75	-3.79	18.37	13.04	12.61	13.97	3.21	14.32	15.62	7.59	4.59	13.65	13.73	9.39	4.67
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
Net Income to Common Margin (%)	7.54	-2.7	10.37	7.86	7.24	8.1	1.09	8.57	5.53	5.96	5.31	11.34	11	7.54	4.53
Effective Tax Rate (%)	30.41	- -	38.9	31.37	33.99	34.76	32.66	32.42	57.73	7.13	- -	9.92	13.33	12.37	- -
Dvd Payout Ratio (%)	59.13	-252.78	22.07	33.38	39.35	40.79	140.17	48.05	70.3	72.87	87.3	48.79	49.58	59.72	101.04
Sustainable Growth Rate (%)	5.03	-44.26	14.05	4.22	3.56	3.92	-0.36	3.47	1.33	1.29	0.55	4.53	4.52	3.04	-0.04

Credit (USD)

API Chat

	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 Debt	1,765	1,788	1,757	1,831	1,895	2,068	2,343	2,680	2,743	2,906	3,327	3,436	3,845	4,370	4,963
ST Debt	200	224	85	161	224	438	376	560	562	236	704	635	269	436	554
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
Total Debt/EBITDA	4.83	4.2	3.71	3.81	3.74	4.05	4.55	4.95	4.49	5.03	5.58	5.72	6.11	5.94	7.55
Net Debt/EBITDA	4.79	4.17	3.67	3.79	3.73	3.99	4.46	4.94	4.49	5.03	5.35	5.46	5.97	5.85	7.28
Total Debt/EBIT	9.2	7.47	6.3	6.69	6.33	6.88	8.03	8.94	8.02	9.63	11.27	12	12.43	11.07	16.37
Net Debt/EBIT	9.12	7.4	6.25	6.66	6.33	6.78	7.87	8.93	8.01	9.63	10.8	11.45	12.16	10.91	15.77
EBITDA to Interest Expense	2.99	3.39	3.8	3.97	4.18	4.27	4.48	4.21	4.78	4.54	4.93	5.25	6.5	5.75	3.45
EBITDA-CapEx/Interest Expense	0.63	1.15	1.18	1.42	1.31	0.42	-0.38	-0.45	0.86	0.6	-0.16	-0.68	-3.15	-1.38	-2.2
EBIT to Interest Expense	1.57	1.91	2.23	2.27	2.46	2.51	2.54	2.33	2.68	2.37	2.44	2.5	3.19	3.08	1.59
Interest Expense	122	125	125	121	121	120	115	129	128	127	121	114	97	128	190
Common Equity/Total Assets	7.57	6.03	31.53	31.45	31.48	30.8	28.73	27.33	26.95	26.18	24.36	26.81	25.84	24.39	23.53
Long-Term Debt/Equity (%)	84.58	90.2	100.22	98.19	94.8	90.2	113.19	120.67	123	151.36	149.6	132.11	160.02	174.34	182.89
Long-Term Debt/Capital (%)	66.31	68.34	47.88	46.21	44.97	41.4	47.38	46.8	47.28	55.87	50.64	49.7	58.13	58.79	59.28
Long-Term Debt/Total Assets (%)	29.2	29.92	32.12	31.08	30.37	28.14	32.73	32.75	32.81	38.89	35.94	35.27	41.26	42.5	43
Total Debt/Equity (%)	95.39	103.14	105.32	107.67	107.52	114.47	134.8	152.57	154.71	164.73	189.78	162.06	172.07	193.64	205.88
Total Debt/Capital (%)	74.78	78.14	50.31	50.68	51	52.54	56.42	59.17	59.48	60.81	64.23	60.97	62.51	65.29	66.74
Total Debt/Total Assets (%)	32.94	34.22	33.75	34.08	34.45	35.72	38.98	41.41	41.27	42.33	45.59	43.27	44.36	47.2	48.41
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
Net Debt/Capital (%)	74.63	77.99	50.1	50.55	50.97	52.19	55.93	59.13	59.44	60.79	61.61	58.69	61.15	64.37	64.32
EBITDA	365	426	474	480	507	511	515	542	610	577	596	601	630	736	657
EBITDA-CapEx	77	144	147	171	159	50	-44	-58	110	76	-20	-78	-305	-177	-419
Operating Income (Loss)	192	239	279	274	299	301	292	300	342	302	295	286	309	395	303

Liquidity (USD)

API Chat

	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
Cash Ratio	0.03	0.03	0.04	0.02	0.01	0.04	0.07	0.01	- -	- -	- -	0.05	- -	- -	- -
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
Quick Ratio	0.72	0.66	0.87	0.71	0.43	0.32	0.36	0.28	0.21	0.33	0.17	0.25	0.31	0.31	0.22
CFO/Avg Current Liab	0.09	0.53	0.65	0.7	0.83	0.69	0.58	0.56	0.64	0.64	0.68	0.5	0.67	0.73	0.52
Common Equity/Total Assets	7.57	6.03	31.53	31.45	31.48	30.8	28.73	27.33	26.95	26.18	24.36	26.81	25.84	24.39	23.53
Long-Term Debt/Equity (%)	84.58	90.2	100.22	98.19	94.8	90.2	113.19	120.67	123	151.36	149.6	132.11	160.02	174.34	182.89
Long-Term Debt/Capital (%)	66.31	68.34	47.88	46.21	44.97	41.4	47.38	46.8	47.28	55.87	50.64	49.7	58.13	58.79	59.28
Long-Term Debt/Total Assets (%)	29.2	29.92	32.12	31.08	30.37	28.14	32.73	32.75	32.81	38.89	35.94	35.27	41.26	42.5	43
Total Debt/Equity (%)	95.39	103.14	105.32	107.67	107.52	114.47	134.8	152.57	154.71	164.73	189.78	162.06	172.07	193.64	205.88
Total Debt/Capital (%)	74.78	78.14	50.31	50.68	51	52.54	56.42	59.17	59.48	60.81	64.23	60.97	62.51	65.29	66.74
Total Debt/Total Assets (%)	32.94	34.22	33.75	34.08	34.45	35.72	38.98	41.41	41.27	42.33	45.59	43.27	44.36	47.2	48.41
CFO/Total Liabilities	2.5	8.23	8.26	7.66	10.34	10.41	9.06	8.66	10.74	8.39	9.07	8.35	8.52	8.1	7.03
CFO/CapEx	0.3	1.02	0.89	0.91	1.11	0.9	0.69	0.68	1.05	0.85	0.82	0.72	0.59	0.62	0.51
Altman's Z-Score	0.7	0.74	0.87	0.77	0.81	0.8	0.77	0.71	0.77	0.79	0.73	0.71	0.75	0.8	0.58

Working Capital (USD)

API Chat

	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
Accounts Receivable Turnover	14.6	16.42	18.38	15.35	15.65	16.2	15.5	14.68	16.28	15.68	16.31	15.28	15.04	14.66	12.51
Days Sales Outstanding	25.01	22.23	19.86	23.78	23.32	22.53	23.55	24.87	22.42	23.28	22.37	23.88	24.27	24.9	29.17
Inventory Turnover	19.33	17.39	16.38	10.28	9.59	10.04	9.79	7.5	7.81	7.94	7.42	8.11	12	17.23	10.85
Days Inventory Outstanding	18.89	20.99	22.29	35.51	38.07	36.34	37.28	48.65	46.73	45.97	49.21	45.01	30.42	21.19	33.64
Accounts Payable Turnover	6.78	8.66	8.79	5.84	5.9	5.95	6.13	5.69	5.17	4.75	5.22	4.21	4.61	5.86	4.4
Accounts Payable Turnover Days	53.84	42.13	41.5	62.51	61.9	61.34	59.53	64.14	70.53	76.86	69.98	86.66	79.24	62.33	83.02
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
Inventory to Cash Days	6.12	1.24	-2.43	-11.73	-14.75	-13.8	-13.72	-23.78	-24.31	-22.69	-26.84	-21.13	-6.15	3.72	-4.47
Inventories	51	52	54	60	67	64	67	73	67	72	78	66	65	67	98
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	51	52	54	60	67	64	67	73	67	72	78	66	65	67	98

Enterprise Value (USD)

API Chat

	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
Market Capitalization	747	803	1,131	1,171	1,417	1,785	1,897	2,189	2,651	2,774	3,497	3,446	3,572	3,944	3,472
- Cash & Cash Equivalents	15	15	15	9	3	28	46	5	4	2	4	48	1	4	2
+ Preferred Equity and Hybrid Capital	100	100	12	12	12	12	12	12	12	12	12	12	12	12	12
+ Minority/Non Controlling Interest	89	85	82	81	77	74	71	69	66	64	63	59	55	53	50
+ Total Debt	1,765	1,788	1,757	1,831	1,895	2,068	2,343	2,680	2,743	2,906	3,327	3,436	3,845	4,370	4,963
Enterprise Value	2,687	2,761	2,967	3,085	3,398	3,910	4,277	4,944	5,468	5,754	6,895	6,904	7,483	8,374	8,495
Total Capital	2,361	2,288	3,492	3,613	3,715	3,936	4,152	4,529	4,612	4,779	5,180	5,635	6,151	6,692	7,436
Total Debt/Capital (%)	74.78	78.14	50.31	50.68	51	52.54	56.42	59.17	59.48	60.81	64.23	60.97	62.51	65.29	66.74
Total Debt / EV	0.66	0.65	0.59	0.59	0.56	0.53	0.55	0.54	0.5	0.51	0.48	0.5	0.51	0.52	0.58
EV/Sales	1.63	1.65	1.74	2.3	2.45	2.72	2.97	3.63	3.78	4.01	4.73	4.53	4.2	3.72	4.38
EV/EBITDA	7.35	6.49	6.26	6.42	6.7	7.66	8.31	9.13	8.96	9.97	11.56	11.49	11.89	11.38	12.93
EV/EBIT	14	11.53	10.64	11.27	11.36	13	14.66	16.5	15.98	19.07	23.35	24.11	24.19	21.22	28.01
EV/Cash Flow to Firm	15.55	7.91	8.05	8.47	7.28	7.93	9.21	9.98	9.47	10.53	10.29	11.73	11.84	12.33	10.95
EV/Free Cash Flow to Firm	5.83	4.38	4.27	4.58	4.17	4.1	4.18	4.51	5.07	5.49	5.36	5.45	4.78	5.26	4.59
Diluted Market Cap	747	803	1,138	1,180	1,428	1,800	1,907	2,199	2,660	2,774	3,508	3,459	3,581	3,949	3,483
Diluted Enterprise Value	2,687	2,761	2,974	3,094	3,408	3,925	4,286	4,955	5,477	5,754	6,906	6,918	7,492	8,379	8,506
EV per Share	29.39	30.15	33.26	38.66	42.56	49.1	53.62	61.99	68.46	71.89	86.46	86.31	87.12	97.31	98.66
TTM Sales	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
TTM EBITDA	365	426	474	480	507	511	515	542	610	577	596	601	630	736	657
TTM Operating Income	192	239	279	274	299	301	292	300	342	302	295	286	309	395	303
TTM Cash Flow to Firm	173	349	369	364	467	493	464	495	577	546	670	589	632	679	776
TTM Free Cash Flow to Firm	461	630	695	673	815	954	1,023	1,095	1,078	1,048	1,286	1,268	1,567	1,592	1,852

Multiples (USD)

API Chat

	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
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
EV/EBIT	14	11.53	10.64	11.27	11.36	13	14.66	16.5	15.98	19.07	23.35	24.11	24.19	21.22	28.01
Enterprise Value	2,687	2,761	2,967	3,085	3,398	3,910	4,277	4,944	5,468	5,754	6,895	6,904	7,483	8,374	8,495
Low Price	5.94	10.81	12.75	17.29	20.06	23.53	24.42	29.22	33.35	33.75	39.71	27.08	43.84	43.43	41.44
EV/Sales	1.63	1.65	1.74	2.3	2.45	2.72	2.97	3.63	3.78	4.01	4.73	4.53	4.2	3.72	4.38
EV/EBITDA	7.35	6.49	6.26	6.42	6.7	7.66	8.31	9.13	8.96	9.97	11.56	11.49	11.89	11.38	12.93
Price/Earnings	6.01	- -	6.41	11.09	14.1	15.36	121.32	18.73	33.19	32.39	45.21	19.94	18.24	23.26	39.54
Price/Earnings Average	4.89	-16.35	5.45	10.48	13.11	13.85	108.36	17.65	31.89	30.22	42.42	18.1	19.24	22.06	42.96
Price/Earnings High	9.62	-28.27	9.7	17.04	19.49	21.64	159.26	24.68	46	42.38	54.62	25.99	21.98	25.03	48.63
Price/Earnings Low	4.37	-21.89	6.45	13.07	15.94	16.12	124.53	19.94	33.35	31.54	40.94	12.54	19.23	22.05	40.63
Price/Book Value	1.84	2.55	0.69	0.69	0.82	1	1.1	1.24	1.48	1.54	1.97	1.62	1.6	1.75	1.44
Price/Book Value Average	1.5	2.35	0.59	0.65	0.76	0.9	0.98	1.17	1.42	1.44	1.85	1.47	1.68	1.66	1.56
Price/Book Value High	2.95	4.06	1.04	1.06	1.13	1.41	1.44	1.63	2.05	2.02	2.38	2.11	1.92	1.88	1.77
Price/Book Value Low	1.34	3.14	0.69	0.82	0.92	1.05	1.13	1.32	1.49	1.5	1.78	1.02	1.68	1.66	1.48
Price/Tangible Book Value	0.53	0.62	0.82	0.83	0.96	1.18	1.31	1.49	1.79	1.88	2.39	1.88	1.84	2.01	1.64
Price/Tangible Book Value Average	0.43	0.57	0.7	0.78	0.9	1.06	1.17	1.41	1.72	1.76	2.24	1.71	1.94	1.9	1.78
Price/Tangible Book Value High	0.85	0.99	1.24	1.27	1.33	1.66	1.72	1.97	2.48	2.46	2.89	2.45	2.21	2.16	2.01
Price/Tangible Book Value Low	0.39	0.77	0.83	0.98	1.09	1.24	1.35	1.59	1.8	1.83	2.16	1.18	1.94	1.9	1.68
Price/Sales	0.45	0.48	0.67	0.87	1.02	1.24	1.32	1.61	1.83	1.93	2.4	2.26	2.01	1.75	1.79
Price/Sales Average	0.37	0.44	0.57	0.82	0.95	1.12	1.18	1.51	1.76	1.8	2.25	2.05	2.12	1.66	1.95
Price/Sales High	0.73	0.76	1.01	1.34	1.41	1.75	1.73	2.12	2.54	2.53	2.9	2.95	2.42	1.89	2.2
Price/Sales Low	0.33	0.59	0.67	1.03	1.15	1.3	1.35	1.71	1.84	1.88	2.17	1.42	2.12	1.66	1.84
Price/Cash Flow	8.51	2.79	3.87	4.16	3.67	4.3	4.9	5.36	5.06	6.48	6.95	7.09	6.52	6.95	6.3
Price/Cash Flow Average	6.93	2.57	3.29	3.93	3.41	3.88	4.38	5.05	4.87	6.04	6.52	6.44	6.88	6.59	6.84
Price/Cash Flow High	13.63	4.45	5.85	6.39	5.07	6.06	6.44	7.06	7.02	8.48	8.4	9.25	7.86	7.48	7.75
Price/Cash Flow Low	6.19	3.44	3.89	4.9	4.14	4.52	5.03	5.71	5.09	6.31	6.29	4.46	6.87	6.59	6.47
Price/Free Cash Flow Average	1.62	1.3	1.56	1.89	1.81	1.85	1.8	2.05	2.5	2.78	2.94	2.7	2.55	2.53	2.33
Price/Free Cash Flow High	3.18	2.25	2.78	3.07	2.69	2.9	2.65	2.87	3.6	3.91	3.79	3.87	2.91	2.87	2.63
Price/Free Cash Flow Low	1.45	1.74	1.85	2.36	2.2	2.16	2.07	2.32	2.61	2.91	2.84	1.87	2.55	2.53	2.2
EV/Sales Average	1.55	1.61	1.64	2.25	2.38	2.6	2.83	3.53	3.71	3.88	4.58	4.32	4.31	3.63	4.54
EV/Sales High	1.9	1.93	2.08	2.77	2.84	3.23	3.38	4.14	4.49	4.6	5.23	5.22	4.62	3.86	4.79
EV/Sales Low	1.51	1.76	1.75	2.45	2.58	2.78	3.01	3.73	3.79	3.95	4.5	3.69	4.31	3.63	4.43
EV/EBITDA Average	6.97	6.34	5.9	6.29	6.5	7.32	7.92	8.89	8.79	9.64	11.2	10.96	12.2	11.1	13.39
EV/EBITDA High	8.58	7.6	7.48	7.73	7.77	9.09	9.46	10.41	10.64	11.45	12.78	13.22	13.05	11.79	14.14
EV/EBITDA Low	6.8	6.93	6.27	6.86	7.06	7.83	8.41	9.39	8.98	9.84	11.01	9.36	12.19	11.1	13.08
EV/EBIT Average	13.27	11.26	10.03	11.03	11.03	12.42	13.96	16.07	15.68	18.46	22.62	22.99	24.82	20.7	29
EV/EBIT High	16.34	13.51	12.72	13.57	13.17	15.43	16.69	18.81	18.98	21.91	25.82	27.76	26.55	21.98	30.64
EV/EBIT Low	12.94	12.31	10.67	12.03	11.98	13.29	14.83	16.97	16.02	18.83	22.23	19.64	24.81	20.7	28.33
Last Price	8.17	8.77	12.68	14.67	17.75	22.42	23.79	27.44	33.19	34.66	43.85	43.08	41.59	45.83	40.33
High Price	13.08	13.96	19.17	22.54	24.53	31.6	31.23	36.15	46	45.35	52.98	56.14	50.11	49.31	49.6
Enterprise Value Average	2,548	2,697	2,797	3,020	3,299	3,735	4,074	4,818	5,364	5,568	6,680	6,585	7,678	8,169	8,795
Enterprise Value High	3,136	3,236	3,546	3,713	3,939	4,641	4,870	5,639	6,491	6,609	7,624	7,949	8,215	8,673	9,293
Enterprise Value Low	2,483	2,947	2,973	3,294	3,582	3,998	4,327	5,086	5,481	5,681	6,565	5,624	7,676	8,167	8,590

	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
Shares Outstanding	87	87	80	80	80	80	80	80	80	80	80	86	86	86	90
Diluted Weighted Avg Shares	91	92	90	80	80	80	80	80	80	80	80	80	86	86	86
Basic Weighted Avg Shares	91	92	89	80	80	80	80	80	80	80	80	80	86	86	86
Revenue per Share	18.03	18.28	19.07	16.82	17.38	18.03	18.04	17.09	18.09	17.95	18.28	19.04	20.72	26.14	22.52
EBITDA per Share	4	4.65	5.31	6.02	6.35	6.41	6.45	6.79	7.64	7.21	7.48	7.51	7.33	8.55	7.63
Operating Income per Share	2.1	2.62	3.12	3.43	3.75	3.78	3.66	3.76	4.28	3.77	3.7	3.58	3.6	4.59	3.52
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 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
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
Cash Flow per Share	0.96	3.14	3.28	3.53	4.84	5.21	4.85	5.12	6.55	5.35	6.31	6.07	6.38	6.59	6.4
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
Cash & Equivalents per Share	0.16	0.17	0.17	0.11	0.03	0.36	0.58	0.06	0.05	0.03	0.05	0.6	0.01	0.05	0.03
Book Value per Share	4.44	3.44	18.39	21.18	21.69	22.4	21.64	22.17	22.43	22.45	22.29	26.61	26.07	26.24	28.01
Tangible Book Value per Share	15.35	14.04	15.45	17.68	18.44	19.05	18.15	18.39	18.57	18.42	18.35	22.88	22.64	22.85	24.63

PNM Resources, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)