PNM Resources Inc (PNM)

Fixed asset turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,939,200	2,249,560	1,779,870	1,523,010	1,457,600
Property, plant and equipment	US$ in thousands	3,291	3,292	3,404	3,403	3,404
Fixed asset turnover		589.24	683.34	522.88	447.55	428.20

December 31, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $1,939,200K ÷ $3,291K
= 589.24

The fixed asset turnover ratio for PNM Resources Inc varied over the past five years, ranging from 0.25 to 0.32. The ratio indicates that for every dollar invested in fixed assets, the company generated sales of 25 to 32 cents. The fluctuations in the ratio suggest varying levels of efficiency in utilizing fixed assets to generate revenue during this period. Overall, PNM Resources Inc has shown moderate efficiency in generating sales from its fixed assets, with room for improvement in maximizing productivity from its asset base.