30 years of historical data (1996–2025) · Utilities · Regulated Electric
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CMS Energy Corporation trades at 22.1x earnings, 16% above its 5-year average of 19.1x, sitting at the 83rd percentile of its historical range. Compared to the Utilities sector median P/E of 21.0x, the stock trades at a premium of 5%. On a free-cash-flow basis, the stock trades at 2.9x P/FCF, 69% below the 5-year average of 9.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $21.0B | $19.9B | $16.9B | $18.4B | $18.8B | $17.5B | $17.9B | $14.0B | $13.3B | $11.6B |
| Enterprise Value | $24.8B | $39.3B | $36.4B | $32.4B | $32.5B | $30.9B | $29.9B | $31.0B | $25.7B | $23.6B | $21.4B |
| P/E Ratio → | 22.12 | 19.81 | 20.02 | 19.29 | 22.22 | 13.96 | 23.11 | 26.29 | 21.40 | 28.84 | 21.02 |
| P/S Ratio | 0.77 | 2.46 | 2.65 | 2.27 | 2.14 | 2.57 | 2.72 | 2.70 | 2.04 | 2.02 | 1.81 |
| P/B Ratio | 2.47 | 2.22 | 2.27 | 2.08 | 2.42 | 2.62 | 2.87 | 3.53 | 2.93 | 2.97 | 2.71 |
| P/FCF | 2.94 | 9.40 | — | — | — | — | — | — | — | 332.05 | — |
| P/OCF | 2.94 | 9.40 | 8.39 | 7.34 | 21.48 | 10.35 | 13.69 | 9.98 | 8.25 | 7.79 | 7.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
CMS Energy Corporation's enterprise value stands at 8.6x EBITDA, 36% below its 5-year average of 13.6x. The Utilities sector median is 9.4x, placing the stock at a 8% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.60 | 4.84 | 4.34 | 3.79 | 4.21 | 4.65 | 4.68 | 3.73 | 3.58 | 3.35 |
| EV / EBITDA | 8.64 | 13.66 | 13.34 | 13.41 | 13.85 | 13.66 | 13.14 | 14.74 | 12.25 | 10.63 | 10.36 |
| EV / EBIT | 14.39 | 19.29 | 19.86 | 20.28 | 22.90 | 23.34 | 22.72 | 25.34 | 20.84 | 17.81 | 16.98 |
| EV / FCF | — | 17.58 | — | — | — | — | — | — | — | 589.67 | — |
Margins and return-on-capital ratios measuring operating efficiency
CMS Energy Corporation earns an operating margin of 20.2%, roughly in line with the Utilities sector average. Operating margins have expanded from 16.6% to 20.2% over the past 3 years, signaling improving operational efficiency. ROE of 11.7% is modest. ROIC of 4.9% represents below-average returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 60.9% | 42.7% | 38.4% | 32.1% | 36.1% | 41.0% | 36.8% | 34.9% | 38.0% | 36.7% |
| Operating Margin | 20.2% | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 19.2% | 16.8% | 16.9% | 20.3% | 19.6% |
| Net Profit Margin | 12.5% | 12.5% | 13.3% | 11.9% | 9.7% | 18.5% | 11.8% | 10.3% | 9.6% | 7.0% | 8.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 11.9% | 11.3% | 11.3% | 20.4% | 13.6% | 13.8% | 14.2% | 10.5% | 13.3% |
| ROA | 2.8% | 2.8% | 2.9% | 2.7% | 2.8% | 4.6% | 2.7% | 2.6% | 2.8% | 2.1% | 2.6% |
| ROIC | 4.9% | 4.9% | 4.6% | 4.1% | 4.5% | 4.6% | 5.0% | 4.8% | 5.6% | 7.0% | 6.9% |
| ROCE | 5.0% | 5.0% | 4.7% | 4.2% | 4.5% | 4.3% | 4.8% | 4.8% | 5.5% | 6.8% | 6.8% |
Solvency and debt-coverage ratios — lower is generally safer
CMS Energy Corporation carries a Debt/EBITDA ratio of 6.6x, which is highly leveraged (55% above the sector average of 4.2x). Net debt stands at $18.3B ($18.9B total debt minus $615M cash). Interest coverage of just 2.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.99 | 1.99 | 1.90 | 1.93 | 1.89 | 1.74 | 2.04 | 2.63 | 2.46 | 2.34 | 2.34 |
| Debt / EBITDA | 6.57 | 6.57 | 6.08 | 6.49 | 6.10 | 5.53 | 5.47 | 6.32 | 5.62 | 4.73 | 4.85 |
| Net Debt / Equity | — | 1.93 | 1.88 | 1.90 | 1.87 | 1.68 | 2.04 | 2.60 | 2.43 | 2.30 | 2.28 |
| Net Debt / EBITDA | 6.35 | 6.35 | 6.05 | 6.39 | 6.03 | 5.33 | 5.45 | 6.25 | 5.55 | 4.64 | 4.74 |
| Debt / FCF | — | 8.18 | — | — | — | — | — | — | — | 257.63 | — |
| Interest Coverage | 2.19 | 2.19 | 2.10 | 1.92 | 2.36 | 2.29 | 2.44 | 2.42 | 2.54 | 3.05 | 2.89 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.34x means CMS Energy Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.98x to 1.34x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 0.79 | 0.98 | 1.15 | 1.19 | 0.78 | 0.86 | 0.94 | 0.89 | 0.86 |
| Quick Ratio | 1.34 | 1.34 | 0.57 | 0.66 | 0.78 | 0.89 | 0.59 | 0.64 | 0.69 | 0.65 | 0.62 |
| Cash Ratio | 0.24 | 0.24 | 0.03 | 0.08 | 0.05 | 0.21 | 0.01 | 0.05 | 0.06 | 0.07 | 0.09 |
| Asset Turnover | — | 0.21 | 0.21 | 0.22 | 0.27 | 0.25 | 0.22 | 0.25 | 0.28 | 0.29 | 0.30 |
| Inventory Turnover | 5.60 | — | 5.60 | 4.90 | 5.22 | 7.02 | 6.58 | 6.92 | 6.88 | 6.07 | 6.47 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CMS Energy Corporation does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 4.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 3.1% | 3.4% | 3.0% | 2.7% | 2.7% | 2.4% | 2.9% | 2.8% | 3.0% |
| Payout Ratio | — | — | 62.4% | 65.3% | 65.2% | 37.6% | 61.9% | 64.1% | 61.9% | 82.0% | 63.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 5.0% | 5.0% | 5.2% | 4.5% | 7.2% | 4.3% | 3.8% | 4.7% | 3.5% | 4.8% |
| FCF Yield | 34.0% | 10.6% | — | — | — | — | — | — | — | 0.3% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 3.1% | 3.4% | 3.0% | 2.7% | 2.7% | 2.4% | 2.9% | 2.8% | 3.0% |
| Shares Outstanding | — | $301M | $298M | $292M | $290M | $290M | $286M | $284M | $283M | $281M | $279M |
Compare CMS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CMSYou | $7B | 22.1 | 8.6 | 2.9 | 60.9% | 20.2% | 11.7% | 4.9% | 6.6 |
| DUK | $102B | 20.7 | 12.9 | 8.3 | 31.6% | 26.6% | 9.5% | 4.6% | 6.1 |
| XEL | $49B | 24.2 | 15.1 | — | 45.7% | 17.8% | 10.4% | 3.8% | 5.7 |
| ETR | $48B | 27.4 | 14.2 | — | 29.9% | 23.6% | 10.9% | 5.0% | 5.5 |
| PEG | $43B | — | 15.8 | 18.6 | 69.0% | 24.5% | 12.8% | 5.6% | 5.7 |
| WEC | $38B | 24.2 | 10.9 | — | 50.5% | 24.2% | 5.8% | 4.6% | 1.0 |
| AEE | $31B | 21.2 | 13.8 | — | 29.6% | 23.0% | 11.3% | 4.7% | 5.4 |
| FTS | $29B | 23.1 | 13.4 | — | 45.6% | 28.7% | 7.0% | 4.4% | 6.2 |
| ES | $29B | 33.6 | 12.9 | — | 31.1% | 22.7% | 5.5% | 4.8% | 6.5 |
| ED | $26B | 20.0 | 5.1 | 5.9 | 81.0% | 17.3% | 8.8% | 6.0% | 0.1 |
| DTE | $21B | 21.0 | 5.3 | 7.6 | 84.9% | 15.0% | 12.2% | 7.2% | 0.6 |
| Utilities Median | — | 21.0 | 9.4 | 8.1 | 46.6% | 21.0% | 9.4% | 5.0% | 4.2 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
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View ValuationSee how CMS stacks up against sector leader Duke Energy Corporation.
Start ComparisonCMS Energy Corporation's current P/E ratio is 22.1x. The historical average is 18.4x. This places it at the 83th percentile of its historical range.
CMS Energy Corporation's current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
CMS Energy Corporation's return on equity (ROE) is 11.7%. The historical average is 7.0%.
Based on historical data, CMS Energy Corporation is trading at a P/E of 22.1x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CMS Energy Corporation has 60.9% gross margin and 20.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CMS Energy Corporation's Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.