PNM Resources Inc (PNM)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	1,283,370	1,509,100	1,130,920	916,285	470,643
Inventory	US$ in thousands	98,034	66,733	65,061	66,417	77,929
Inventory turnover		13.09	22.61	17.38	13.80	6.04

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $1,283,370K ÷ $98,034K
= 13.09

The inventory turnover for PNM Resources Inc has generally been improving over the past five years. The company's inventory turnover ratio increased from 7.13 in 2019 to 9.12 in 2023. This indicates that the company's inventory is being sold and replaced more frequently, which can be a positive sign of efficient inventory management and sales operations. In particular, the significant increase in inventory turnover from 2019 to 2020 and 2022 suggests improvements in inventory management efficiency during those periods. Overall, the trend in inventory turnover for PNM Resources Inc reflects a favorable performance in managing its inventory levels and generating sales.