PNM Resources Inc (PNM)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	4,241,640	3,902,690	3,927,620	3,668,080	3,892,590	3,893,500	3,573,090	3,620,040	3,519,580	3,395,980	3,186,050	2,205,130	2,719,630	2,509,750	2,437,250	2,468,720	2,517,450	2,467,000	2,672,160	2,771,940
Total stockholders’ equity	US$ in thousands	2,349,090	2,235,210	2,262,240	2,212,190	2,191,930	2,201,880	2,131,520	2,115,530	2,167,520	2,144,950	2,088,230	2,030,970	2,049,460	1,773,320	1,696,500	1,627,220	1,678,700	1,670,910	1,612,150	1,684,680
Debt-to-capital ratio		0.64	0.64	0.63	0.62	0.64	0.64	0.63	0.63	0.62	0.61	0.60	0.52	0.57	0.59	0.59	0.60	0.60	0.60	0.62	0.62

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $4,241,640K ÷ ($4,241,640K + $2,349,090K)
= 0.64

The debt-to-capital ratio of PNM Resources Inc has remained relatively stable over the past eight quarters, ranging between 0.65 to 0.68. This indicates that the company has been consistently funding its operations and investments through a combination of debt and equity. The slight fluctuations in the ratio suggest that PNM Resources has been managing its debt levels effectively, maintaining a healthy balance between debt and equity in its capital structure. Overall, the historical trend of the debt-to-capital ratio reflects a prudent approach to financing by PNM Resources Inc.