Last 47 quarters of trend data · Utilities · Regulated Electric
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
CMS Energy Corporation's quarterly P/E stands at 19.9x, down 5.3% year-over-year. EV/EBITDA has compressed 10.3% YoY to 12.9x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 22.12 | 19.91 | 26.24 | 18.59 | 18.93 | 21.02 | 22.90 | 15.71 | 13.96 | 22.13 | 21.92 | 22.24 | 27.30 |
| — | -5.3% | +14.6% | +18.3% | +35.6% | -5.0% | +4.4% | -29.3% | -48.9% | -13.4% | -33.7% | +55.2% | +269.3% | |
| P/S Ratio | 0.77 | 2.72 | 2.82 | 2.30 | 2.50 | 3.03 | 2.76 | 2.06 | 2.19 | 2.31 | 2.75 | 1.96 | 2.02 |
| — | -10.1% | +2.0% | +11.4% | +14.2% | +30.9% | +0.5% | +5.3% | +8.3% | +10.8% | +7.9% | -8.4% | -12.6% | |
| P/B Ratio | 2.47 | 2.33 | 2.31 | 2.52 | 2.28 | 2.44 | 2.08 | 2.11 | 2.10 | 1.99 | 2.22 | 2.34 | 2.43 |
| — | -4.5% | +11.0% | +19.4% | +8.2% | +22.4% | -6.3% | -9.7% | -13.4% | -11.4% | -15.3% | -14.7% | -7.4% | |
| P/FCF | 2.94 | — | — | 50.15 | — | — | 170.86 | 13.07 | — | — | — | 10.56 | — |
| — | — | — | +283.7% | — | — | — | +23.7% | — | — | — | -61.0% | — | |
| EV / EBITDA | 8.64 | 12.91 | 15.34 | 11.04 | 12.12 | 14.40 | 14.45 | 10.56 | 11.36 | 14.44 | 15.67 | 11.91 | 14.38 |
| — | -10.3% | +6.1% | +4.6% | +6.7% | -0.3% | -7.8% | -11.4% | -21.0% | -5.1% | -3.8% | +18.2% | -9.5% | |
| EV / EBIT | 14.39 | 18.29 | 20.88 | 17.87 | 18.72 | 20.43 | 20.73 | 16.53 | 16.63 | 22.12 | 20.41 | 21.48 | 25.25 |
| — | -10.5% | +0.7% | +8.1% | +12.6% | -7.6% | +1.6% | -23.0% | -34.1% | -9.5% | -27.9% | +34.0% | -19.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
CMS Energy Corporation's operating margin was 23.8% in Q3 2025, up 6.6 pp QoQ and up 2.7 pp YoY. The trailing four-quarter average of 20.7% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 31.4% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 29.1% | 38.8% | 42.7% | 44.1% | 42.4% | 40.9% | 43.0% | 42.7% | 37.3% | 38.3% | 35.4% | 29.5% |
| — | -31.4% | -5.1% | -0.7% | +3.2% | +13.7% | +6.8% | +21.3% | +45.0% | +28.4% | +29.1% | -9.9% | +2.4% | |
| Operating Margin | 20.2% | 23.8% | 17.2% | 20.2% | 21.4% | 21.1% | 17.6% | 18.9% | 20.8% | 16.2% | 15.7% | 13.7% | 11.9% |
| — | +13.0% | -2.1% | +6.6% | +2.6% | +30.0% | +12.2% | +37.7% | +75.0% | +27.1% | +26.1% | -28.4% | +18.6% | |
| Net Margin | 12.5% | 13.7% | 10.9% | 12.4% | 13.3% | 14.5% | 12.3% | 13.2% | 15.8% | 10.5% | 12.7% | 8.9% | 7.5% |
| — | -5.6% | -11.2% | -5.8% | -15.9% | +38.0% | -3.2% | +47.7% | +111.1% | +29.0% | +65.2% | -39.9% | -76.1% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 3.0% | 2.2% | 3.4% | 3.0% | 2.9% | 2.3% | 3.5% | 3.9% | 2.3% | 2.6% | 2.7% | 2.3% |
| — | +2.2% | -3.3% | -0.3% | -21.7% | +29.4% | -9.9% | +29.0% | +71.8% | +3.3% | +29.6% | -44.7% | -75.5% | |
| ROA | 2.8% | 0.7% | 0.5% | 0.8% | 0.7% | 0.7% | 0.6% | 0.9% | 0.9% | 0.5% | 0.6% | 0.7% | 0.6% |
| — | +0.0% | -6.4% | -1.1% | -19.9% | +34.6% | -6.7% | +30.9% | +68.9% | -2.2% | +21.4% | -47.0% | -74.3% | |
| ROIC | 4.9% | 1.4% | 0.9% | 1.5% | 1.3% | 1.1% | 0.9% | 1.3% | 1.3% | 0.9% | 0.8% | 1.1% | 0.9% |
| — | +18.0% | +2.3% | +11.4% | -1.6% | +28.4% | +8.3% | +20.8% | +37.7% | -5.6% | -8.9% | -38.6% | +19.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
CMS Energy Corporation's Debt/EBITDA ratio is 23.5x, down from 29.2x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 27.1% YoY to 0.90x, tightening the short-term liquidity position.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.99 | 1.92 | 2.01 | 1.90 | 1.90 | 1.87 | 1.85 | 1.86 | 1.93 | 1.99 | 1.96 | 1.89 | 1.89 |
| — | +2.4% | +9.0% | +2.3% | -1.7% | -6.2% | -5.9% | -1.8% | +2.1% | +8.8% | +17.9% | +12.4% | +8.6% | |
| Debt / EBITDA | 6.57 | 23.50 | 29.20 | 19.24 | 22.09 | 25.26 | 27.76 | 20.26 | 21.88 | 29.02 | 29.77 | 21.72 | 25.29 |
| — | -7.0% | +5.2% | -5.1% | +0.9% | -12.9% | -6.7% | -6.7% | -13.5% | +5.7% | +17.3% | +39.5% | -1.7% | |
| Current Ratio | 1.34 | 0.90 | 1.00 | 1.06 | 0.79 | 1.23 | 1.18 | 1.35 | 0.98 | 0.90 | 0.95 | 1.02 | 1.15 |
| — | -27.1% | -15.4% | -21.4% | -19.2% | +37.0% | +24.2% | +32.6% | -14.7% | -25.9% | -5.1% | -25.1% | -3.5% | |
| Quick Ratio | 1.34 | 0.60 | 0.77 | 0.84 | 0.57 | 0.83 | 0.87 | 1.05 | 0.66 | 0.51 | 0.63 | 0.77 | 0.78 |
| — | -27.3% | -11.9% | -20.3% | -12.6% | +62.5% | +39.2% | +36.7% | -15.4% | -26.2% | -3.2% | -30.4% | -12.8% | |
| Interest Coverage | 2.19 | 2.37 | 1.59 | 2.64 | 2.36 | 2.06 | 1.64 | 2.33 | 2.36 | 1.65 | 1.52 | 2.14 | 1.91 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonCMS Energy Corporation's current P/E is 22.1x. The average P/E over the last 4 quarters is 20.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
CMS Energy Corporation's current operating margin is 20.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking CMS Energy Corporation's business trajectory between earnings reports.