debt_leverage_profile
Regulated utility with ~55% debt-to-capital; 20% rate rise adds ~$40-60M annual interest expense, pressuring ROE by ~50-80bps
Inferred
Agent_Inference
interest_rate_sensitivity
High sensitivity; long-duration rate base (~$4B+) financed with fixed/variable debt mix; rate increases compress allowed equity returns spread
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Permian Basin natural gas pipeline chokepoints (El Paso Natural Gas); Southwest transmission grid interconnects via WECC grid reliability nodes
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
Exclusively New Mexico-based regulated utility; zero international revenue exposure, no sovereign currency devaluation risk
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
El Paso Natural Gas pipeline represents critical non-substitutable gas supply dependency; estimated >30% of fuel cost input
Inferred
Agent_Inference
business_model_type_primary
Regulated electric and gas utility; cloud termination immaterial—core operations rely on SCADA/OT systems, not hyperscaler cloud
Inferred
Agent_Inference
business_model_type_secondary
Customer billing and enterprise IT may use cloud services, but operational continuity unaffected by 30-day cloud termination
Inferred
Agent_Inference
switching_cost_profile
Minimal API coupling risk; utility operations run on proprietary OT/SCADA infrastructure; enterprise IT uses standard ERP (SAP/Oracle)
Inferred
Agent_Inference
howey_test_risk_index
Revenue model is regulated utility tariffs; fails Howey Test entirely—no investment contract, no common enterprise profit expectation
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Low GDPR exposure (domestic only); moderate CCPA risk for ~500K+ NM customer records; NMPRC data rules primary compliance driver
Inferred
Agent_Inference
antitrust_exposure_flag
Low antitrust risk; state-sanctioned monopoly regulated by NMPRC; natural monopoly status insulates from typical antitrust scrutiny
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~95% recurring via regulated tariff-based utility revenues under multi-year rate cases; <5% transactional/competitive services
Inferred
Agent_Inference
monetization_vector
Volumetric tariff charges (kWh/Mcf) plus fixed customer charges; rate base return model approved by NMPRC every 3-5 years
Inferred
Agent_Inference
pricing_architecture
Cost-of-service ratemaking; prices set by regulator, not market; stress scenario is disallowance of costs in rate cases, not competitive pricing pressure
Inferred
Agent_Inference
pricing_power_rating
Moderate; pricing determined by NMPRC rate cases—PNM must petition for increases, subject to political/regulatory pushback in NM
Inferred
Agent_Inference
target_gross_margin_bracket
Regulated utility gross margin ~40-50%; allowed ROE typically 9-10%; actual earned ROE ~8-9% after regulatory lag
Inferred
Agent_Inference
churn_vulnerability_index
Negligible churn risk; captive regulated monopoly service territory; no free-rider problem—tariff structure recovers fixed costs from all customers
Inferred
Agent_Inference
headcount_cost_structure
Sublinear growth model; revenue growth via rate base expansion, not headcount; capital-intensive not labor-intensive for incremental revenue
Inferred
Agent_Inference
marginal_cost_of_growth
Near-zero marginal labor cost for incremental kWh revenue; growth capital deployed in grid/generation assets with 30-40 year useful lives
Inferred
Agent_Inference
franchise_compliance_risk
No franchise network; operates under NMPRC Certificate of Convenience and Necessity; compliance risk is regulatory rate case outcomes
Inferred
Agent_Inference
customer_acquisition_metric
CAC near zero (captive territory); unit economics at 10x scale impossible—regulated monopoly territory legally bounded to ~500K customers
Inferred
Agent_Inference
network_effect_present
No traditional network effects; grid reliability benefits from scale but value per customer does not increase with more customers
Inferred
Agent_Inference
asset_efficiency_ratio
AI displacement risk low for core grid ops; moderate for back-office (billing, customer service); asset/revenue ratio ~3:1 typical for regulated utilities
Inferred
Agent_Inference
recession_resistance_tier
Tier 1 recession resistant; electricity/gas are essential services; volumetric declines modest (~2-5%) in recessions; regulated returns provide floor
Inferred
Agent_Inference
customer_segment_primary
Residential customers (~60% of revenue base); captive regulated monopoly; no single residential customer >0.1% of revenue
Inferred
Agent_Inference
customer_segment_secondary
Commercial and industrial customers (~35-40% of revenue); large industrial accounts (potash mining, military bases) create modest concentration risk
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
Active reallocation: retiring coal (Four Corners, San Juan) shifting capex to renewables, transmission, and grid modernization through 2040 IRP
Inferred
Agent_Inference
sec_cik
0000081023
High
SEC-EDGAR
ticker
PNMXO
High
SEC-EDGAR