PNM Resources Inc (PNM)

Debt-to-equity 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-equity ratio		1.81	1.75	1.74	1.66	1.78	1.77	1.68	1.71	1.62	1.58	1.53	1.09	1.33	1.42	1.44	1.52	1.50	1.48	1.66	1.65

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $4,241,640K ÷ $2,349,090K
= 1.81

The debt-to-equity ratio of PNM Resources Inc has been gradually increasing over the past eight quarters, reaching a peak of 2.14 in Q3 2023 before slightly decreasing to 2.03 in Q4 2023. This indicates that the company relies more on debt financing compared to equity financing to support its operations and growth. The upward trend in the ratio suggests that PNM Resources Inc may have been taking on more debt relative to its equity over time. It is important for investors and stakeholders to monitor the trend in the debt-to-equity ratio to assess the company's leverage and financial risk.