Comprehensive Stock Comparison
Compare CMS Energy Corporation (CMS) vs Duke Energy Corporation (DUK) vs Xcel Energy Inc. (XEL) vs Entergy Corporation (ETR) vs Public Service Enterprise Group Incorporated (PEG) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | PEG | 18.3% revenue growth vs XEL's -5.4% |
| Value | DUK | Lower P/E (19.5x vs 19.6x) |
| Quality / Margins | PEG | 17.3% net margin vs CMS's 12.6% |
| Stability / Safety | CMS | Beta 0.09 vs PEG's 0.44 |
| Dividends | XEL | 2.5% yield, 16-year raise streak, vs ETR's 2.2% |
| Momentum (1Y) | ETR | +25.5% vs PEG's +9.2% |
| Efficiency (ROA) | PEG | 19.9% ROA vs XEL's 2.4%, ROIC 5.6% vs 3.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CMS Energy is a regulated utility holding company that provides electricity and natural gas services primarily to Michigan customers through its subsidiaries. It generates revenue from regulated electric and gas utility operations — which account for the vast majority of earnings — supplemented by independent power production and energy marketing through its Enterprises segment. The company's primary competitive advantage is its regulated monopoly status in its service territories, providing stable cash flows with returns approved by state regulators.
Duke Energy is a regulated electric and gas utility serving customers across six states in the Southeast and Midwest. It makes money primarily through regulated rate-based returns on its electric utility infrastructure (~70% of revenue) and gas distribution operations (~20%), with additional income from commercial renewable energy projects. Its key advantage is its monopoly status as a regulated utility in its service territories, which provides stable, predictable returns through government-approved rate structures.
Xcel Energy is a regulated electric and natural gas utility serving customers across eight Midwestern and Western states. It generates revenue primarily through regulated rate structures — earning returns on its infrastructure investments in generation, transmission, and distribution — with electricity contributing roughly 75% of operating income and natural gas about 25%. Its key advantage is its regulated monopoly status in its service territories, providing stable, predictable returns through cost recovery mechanisms approved by state utility commissions.
Entergy Corporation is a regulated electric utility that generates, transmits, and distributes power to approximately 3 million customers across four southern states. It earns revenue primarily through regulated retail electricity sales — about 80% of its income — with the remainder from wholesale power generation and commodity trading. Its key advantage is its regulated monopoly status in its service territories, which provides stable, predictable returns through rate-based investments in transmission and generation infrastructure.
Public Service Enterprise Group is a regulated utility holding company operating primarily in the Northeastern and Mid-Atlantic United States. It generates revenue through its two main segments: PSE&G (regulated electric and gas distribution, ~70% of earnings) and PSEG Power (competitive power generation and wholesale energy marketing, ~30%). The company's primary moat comes from its regulated utility operations which provide stable, predictable returns through government-approved rate structures.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
DUK leads in 1 of 6 categories (Valuation Metrics). PEG leads in 1 (Profitability & Efficiency). 3 tied.
Financial Metrics (TTM)
DUK is the larger business by revenue, generating $31.8B annually — 3.8x CMS's $8.3B. Profitability is closely matched — net margins range from 17.3% (PEG) to 12.6% (CMS). On growth, PEG holds the edge at +18.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CMSCMS Energy Corpor… | DUKDuke Energy Corpo… | XELXcel Energy Inc. | ETREntergy Corporati… | PEGPublic Service En… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $8.3B | $31.8B | $14.2B | $12.9B | $12.2B |
| EBITDAEarnings before interest/tax | $3.0B | $15.1B | $5.4B | $5.6B | $4.3B |
| Net IncomeAfter-tax profit | $1.0B | $5.0B | $1.9B | $1.8B | $2.1B |
| Free Cash FlowCash after capex | -$1.5B | $9.0B | -$5.2B | -$2.7B | $1.0B |
| Gross MarginGross profit ÷ Revenue | +38.9% | +59.7% | +46.3% | +29.9% | +69.0% |
| Operating MarginEBIT ÷ Revenue | +20.7% | +27.1% | +16.5% | +23.6% | +24.5% |
| Net MarginNet income ÷ Revenue | +12.6% | +15.7% | +13.5% | +13.7% | +17.3% |
| FCF MarginFCF ÷ Revenue | -18.2% | +28.2% | -36.2% | -21.2% | +8.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +15.9% | +6.3% | +7.4% | +7.9% | +18.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +9.5% | +15.3% | -25.6% | -21.5% | -100.0% |
Valuation Metrics
At 20.7x trailing earnings, DUK trades at a 24% valuation discount to ETR's 27.4x P/E. Adjusting for growth (PEG ratio), DUK offers better value at 0.70x vs ETR's 10.81x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | CMSCMS Energy Corpor… | DUKDuke Energy Corpo… | XELXcel Energy Inc. | ETREntergy Corporati… | PEGPublic Service En… |
|---|---|---|---|---|---|
| Market CapShares × price | $6.6B | $101.8B | $49.3B | $48.5B | $42.9B |
| Enterprise ValueMkt cap + debt − cash | $24.8B | $192.4B | $79.3B | $79.3B | $66.8B |
| Trailing P/EPrice ÷ TTM EPS | 22.12x | 20.74x | 24.23x | 27.39x | — |
| Forward P/EPrice ÷ next-FY EPS est. | 20.16x | 19.52x | 20.12x | 24.37x | 19.58x |
| PEG RatioP/E ÷ EPS growth rate | 3.70x | 0.70x | 4.46x | 10.81x | — |
| EV / EBITDAEnterprise value multiple | 8.64x | 12.91x | 15.08x | 14.19x | 15.77x |
| Price / SalesMarket cap ÷ Revenue | 0.77x | 3.16x | 3.67x | 3.74x | 3.52x |
| Price / BookPrice ÷ Book value/share | 2.47x | 1.92x | 2.40x | 2.80x | 2.52x |
| Price / FCFMarket cap ÷ FCF | 2.94x | 8.25x | — | — | 18.60x |
Profitability & Efficiency
PEG delivers a 12.4% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $9 for XEL. PEG carries lower financial leverage with a 1.42x debt-to-equity ratio, signaling a more conservative balance sheet compared to CMS's 1.99x. On the Piotroski fundamental quality scale (0–9), PEG scores 7/9 vs XEL's 5/9, reflecting strong financial health.
| Metric | CMSCMS Energy Corpor… | DUKDuke Energy Corpo… | XELXcel Energy Inc. | ETREntergy Corporati… | PEGPublic Service En… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +11.1% | +9.5% | +9.0% | +10.3% | +12.4% |
| ROA (TTM)Return on assets | +2.8% | +2.6% | +2.4% | +2.5% | +19.9% |
| ROICReturn on invested capital | +4.9% | +4.6% | +3.8% | +5.0% | +5.6% |
| ROCEReturn on capital employed | +5.0% | +5.0% | +3.9% | +5.0% | +14.0% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 | 5 | 6 | 7 |
| Debt / EquityFinancial leverage | 1.99x | 1.71x | 1.55x | 1.80x | 1.42x |
| Net DebtTotal debt minus cash | $18.3B | $90.6B | $30.0B | $30.9B | $24.0B |
| Cash & Equiv.Liquid assets | $615M | $245M | $179M | $46M | $106M |
| Total DebtShort + long-term debt | $18.9B | $90.9B | $30.2B | $30.9B | $24.1B |
| Interest CoverageEBIT ÷ Interest expense | 2.19x | 2.36x | 2.02x | 2.28x | — |
Total Returns (with DRIP)
A $10,000 investment in ETR five years ago would be worth $26,928 today (with dividends reinvested), compared to $15,839 for XEL. Over the past 12 months, ETR leads with a +25.5% total return vs PEG's +9.2%. The 3-year compound annual growth rate (CAGR) favors ETR at 30.4% vs XEL's 11.7% — a key indicator of consistent wealth creation.
| Metric | CMSCMS Energy Corpor… | DUKDuke Energy Corpo… | XELXcel Energy Inc. | ETREntergy Corporati… | PEGPublic Service En… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +11.7% | +12.3% | +11.6% | +14.8% | +6.3% |
| 1-Year ReturnPast 12 months | +9.9% | +15.0% | +18.8% | +25.5% | +9.2% |
| 3-Year ReturnCumulative with dividends | +43.0% | +52.1% | +39.2% | +121.9% | +54.3% |
| 5-Year ReturnCumulative with dividends | +60.5% | +73.8% | +58.4% | +169.3% | +76.9% |
| 10-Year ReturnCumulative with dividends | +140.8% | +128.1% | +156.3% | +252.2% | +149.6% |
| CAGR (3Y)Annualised 3-year return | +12.7% | +15.0% | +11.7% | +30.4% | +15.6% |
Risk & Volatility
DUK is the less volatile stock with a -0.05 beta — it tends to amplify market swings less than PEG's 0.44 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ETR currently trades 99.9% from its 52-week high vs PEG's 94.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CMSCMS Energy Corpor… | DUKDuke Energy Corpo… | XELXcel Energy Inc. | ETREntergy Corporati… | PEGPublic Service En… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.09x | -0.05x | 0.19x | 0.43x | 0.44x |
| 52-Week HighHighest price in past year | $78.31 | $131.57 | $84.23 | $107.20 | $91.26 |
| 52-Week LowLowest price in past year | $67.71 | $111.22 | $65.21 | $75.57 | $74.67 |
| % of 52W HighCurrent price vs 52-week peak | +99.7% | +99.5% | +99.0% | +99.9% | +94.3% |
| RSI (14)Momentum oscillator 0–100 | 69.8 | 70.2 | 71.6 | 69.3 | 61.9 |
| Avg Volume (50D)Average daily shares traded | 2.5M | 3.4M | 4.5M | 2.1M | 2.4M |
Analyst Outlook
Analyst consensus: CMS as "Buy", DUK as "Hold", XEL as "Buy", ETR as "Buy", PEG as "Buy". Consensus price targets imply 7.4% upside for XEL (target: $90) vs -2.3% for ETR (target: $105). For income investors, XEL offers the higher dividend yield at 2.50% vs PEG's 2.20%.
| Metric | CMSCMS Energy Corpor… | DUKDuke Energy Corpo… | XELXcel Energy Inc. | ETREntergy Corporati… | PEGPublic Service En… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $79.63 | $133.45 | $89.50 | $104.67 | $88.80 |
| # AnalystsCovering analysts | 29 | 31 | 26 | 31 | 32 |
| Dividend YieldAnnual dividend ÷ price | — | — | +2.5% | +2.2% | +2.2% |
| Dividend StreakConsecutive years of raises | 18 | 0 | 16 | 11 | 0 |
| Dividend / ShareAnnual DPS | — | — | $2.09 | $2.39 | $1.89 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| CMS Energy Corporat… (CMS) | 100 | 109.99 | +10.0% |
| Duke Energy Corpora… (DUK) | 100 | 123.61 | +23.6% |
| Xcel Energy Inc. (XEL) | 100 | 113.1 | +13.1% |
| Entergy Corporation (ETR) | 100 | 153.87 | +53.9% |
| Public Service Ente… (PEG) | 100 | 149.53 | +49.5% |
Entergy Corporation (ETR) returned +169% over 5 years vs Xcel Energy Inc. (XEL)'s +58%. A $10,000 investment in ETR 5 years ago would be worth $26,928 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CMS Energy Corporat… (CMS) | $6.4B | $8.5B | +33.4% |
| Duke Energy Corpora… (DUK) | $22.7B | $32.2B | +41.7% |
| Xcel Energy Inc. (XEL) | $11.1B | $13.4B | +21.0% |
| Entergy Corporation (ETR) | $10.8B | $12.9B | +19.4% |
| Public Service Ente… (PEG) | $9.1B | $12.2B | +34.3% |
CMS Energy Corporation's revenue grew from $6.4B (2016) to $8.5B (2025) — a 3.3% CAGR. Duke Energy Corporation's revenue grew from $22.7B (2016) to $32.2B (2025) — a 4.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CMS Energy Corporat… (CMS) | 8.6% | 12.5% | +45.7% |
| Duke Energy Corpora… (DUK) | 11.7% | 15.4% | +31.5% |
| Xcel Energy Inc. (XEL) | 10.1% | 14.4% | +42.4% |
| Entergy Corporation (ETR) | -5.2% | 13.7% | +363.2% |
| Public Service Ente… (PEG) | 9.8% | 17.3% | +77.2% |
CMS Energy Corporation's net margin went from 9% (2016) to 13% (2025). Duke Energy Corporation's net margin went from 12% (2016) to 15% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CMS Energy Corporat… (CMS) | 28.8 | 19.8 | -31.3% |
| Duke Energy Corpora… (DUK) | 19.3 | 18.6 | -3.6% |
| Xcel Energy Inc. (XEL) | 21.4 | 19.6 | -8.4% |
| Entergy Corporation (ETR) | 35.7 | 23.6 | -33.9% |
| Public Service Ente… (PEG) | 16.6 | 23.9 | +44.0% |
CMS Energy Corporation has traded in a 14x–29x P/E range over 9 years; current trailing P/E is ~22x. Duke Energy Corporation has traded in a 18x–53x P/E range over 9 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CMS Energy Corporat… (CMS) | 1.98 | 3.53 | +78.3% |
| Duke Energy Corpora… (DUK) | 3.11 | 6.31 | +102.9% |
| Xcel Energy Inc. (XEL) | 2.21 | 3.44 | +55.7% |
| Entergy Corporation (ETR) | -1.63 | 3.91 | +339.9% |
| Public Service Ente… (PEG) | 1.75 | 0 | -100.0% |
CMS Energy Corporation's EPS grew from $1.98 (2016) to $3.53 (2025) — a 7% CAGR. Duke Energy Corporation's EPS grew from $3.11 (2016) to $6.31 (2025) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
CMS Energy Corporation generated $2B FCF in 2025 (+970% vs 2021). Duke Energy Corporation generated $12B FCF in 2025 (+965% vs 2021).
CMS vs DUK vs XEL vs ETR vs PEG: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is CMS or DUK or XEL or ETR or PEG a better buy right now?
Duke Energy Corporation (DUK) offers the better valuation at 20.7x trailing P/E (19.5x forward), making it the more compelling value choice. Analysts rate CMS Energy Corporation (CMS) a "Buy" — based on 29 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CMS or DUK or XEL or ETR or PEG?
On trailing P/E, Duke Energy Corporation (DUK) is the cheapest at 20.7x versus Entergy Corporation at 27.4x. On forward P/E, Duke Energy Corporation is actually cheaper at 19.5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Duke Energy Corporation wins at 0.66x versus Entergy Corporation's 9.61x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — CMS or DUK or XEL or ETR or PEG?
Over the past 5 years, Entergy Corporation (ETR) delivered a total return of +169.3%, compared to +58.4% for Xcel Energy Inc. (XEL). A $10,000 investment in ETR five years ago would be worth approximately $27K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ETR returned +252.2% versus DUK's +128.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CMS or DUK or XEL or ETR or PEG?
By beta (market sensitivity over 5 years), Duke Energy Corporation (DUK) is the lower-risk stock at -0.05β versus Public Service Enterprise Group Incorporated's 0.44β — meaning PEG is approximately -897% more volatile than DUK relative to the S&P 500. On balance sheet safety, Public Service Enterprise Group Incorporated (PEG) carries a lower debt/equity ratio of 142% versus 199% for CMS Energy Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — CMS or DUK or XEL or ETR or PEG?
Public Service Enterprise Group Incorporated (PEG) is the more profitable company, earning 17.3% net margin versus 12.5% for CMS Energy Corporation — meaning it keeps 17.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DUK leads at 26.6% versus 17.8% for XEL. At the gross margin level — before operating expenses — PEG leads at 69.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CMS or DUK or XEL or ETR or PEG more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Duke Energy Corporation (DUK) is the more undervalued stock at a PEG of 0.66x versus Entergy Corporation's 9.61x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Duke Energy Corporation (DUK) trades at 19.5x forward P/E versus 24.4x for Entergy Corporation — 4.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for XEL: 7.4% to $89.50.
07Which pays a better dividend — CMS or DUK or XEL or ETR or PEG?
In this comparison, XEL (2.5% yield), ETR (2.2% yield), PEG (2.2% yield) pay a dividend. CMS, DUK do not pay a meaningful dividend and should not be held primarily for income.
08Is CMS or DUK or XEL or ETR or PEG better for a retirement portfolio?
For long-horizon retirement investors, Xcel Energy Inc. (XEL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.19), 2.5% yield, +156.3% 10Y return). Both have compounded well over 10 years (XEL: +156.3%, CMS: +140.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CMS and DUK and XEL and ETR and PEG?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. XEL, ETR, PEG pay a dividend while CMS, DUK do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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