CMS Energy Corporation 5.875% J (CMSC) Financial Ratios
17 years of historical data (2009–2025) · Utilities · Regulated Electric
EV/EBITDA
↓
8.94
-3% vs avg
5yr avg: 9.18
30Y Low8.6·High10.6
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
0.71
↓-17% vs avg
5yr avg: 0.86
30Y Low0.7·High1.5
ROE
↓
11.6%
-13% vs avg
5yr avg: 13.3%
30Y Low10%·High23%
Debt/EBITDA
↑
6.67
+4% vs avg
5yr avg: 6.39
30Y Low2.9·High6.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CMSC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CMS Energy Corporation 5.875% J trades at 6.5x earnings, 7% below its 5-year average of 7.0x, sitting at the 25th percentile of its historical range. Compared to the Utilities sector median P/E of 19.5x, the stock trades at a discount of 67%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.0B | $6.8B | $6.8B | $7.2B | $6.4B | $7.7B | $8.1B | $7.6B | $6.8B | — | — |
| Enterprise Value | $25.3B | $25.1B | $23.3B | $22.7B | $20.6B | $19.8B | $20.5B | $20.8B | $18.4B | — | — |
| P/E Ratio → | 6.51 | 6.42 | 6.89 | 8.22 | 7.81 | 5.73 | 10.76 | 11.20 | 10.37 | — | — |
| P/S Ratio | 0.82 | 0.80 | 0.91 | 0.97 | 0.75 | 1.06 | 1.27 | 1.15 | 0.99 | — | — |
| P/B Ratio | 0.71 | 0.70 | 0.78 | 0.89 | 0.85 | 1.08 | 1.34 | 1.51 | 1.42 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 3.15 | 3.05 | 2.89 | 3.13 | 7.52 | 4.26 | 6.37 | 4.25 | 4.00 | — | — |
P/E links to full P/E history page with 30-year chart
CMSC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
CMS Energy Corporation 5.875% J's enterprise value stands at 8.9x EBITDA, roughly in line with its 5-year average of 9.2x. The Utilities sector median is 12.0x, placing the stock at a 25% 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 | — | 2.94 | 3.10 | 3.04 | 2.40 | 2.70 | 3.20 | 3.13 | 2.68 | — | — |
| EV / EBITDA | 8.94 | 8.86 | 8.55 | 9.89 | 9.29 | 9.30 | 9.61 | 10.60 | 8.79 | — | — |
| EV / EBIT | 14.66 | 13.12 | 12.74 | 16.01 | 14.42 | 15.08 | 15.22 | 17.22 | 14.94 | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
CMSC Profitability
Margins and return-on-capital ratios measuring operating efficiency
CMS Energy Corporation 5.875% J 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 11.6% is modest. ROIC of 4.9% represents below-average returns on invested capital.
Margins
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 | 26.2% | 26.2% | 26.2% | 38.4% | 32.1% | 36.1% | 41.0% | 36.8% | 21.3% | 24.6% | 24.6% |
| Operating Margin | 20.2% | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 19.2% | 16.8% | 16.9% | 20.3% | 20.3% |
| 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% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 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% | 7.1% |
| ROCE | 4.9% | 4.9% | 4.7% | 4.2% | 4.5% | 4.3% | 4.8% | 4.8% | 5.5% | 6.8% | 7.0% |
CMSC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
CMS Energy Corporation 5.875% J carries a Debt/EBITDA ratio of 6.7x, which is highly leveraged (31% above the sector average of 5.1x). Net debt stands at $18.3B ($18.9B total debt minus $615M cash). Interest coverage of just 2.4x 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 | 1.95 | 1.95 | 1.90 | 1.93 | 1.89 | 1.74 | 2.04 | 2.63 | 2.46 | 2.34 | 2.34 |
| Debt / EBITDA | 6.67 | 6.67 | 6.08 | 6.84 | 6.46 | 5.88 | 5.82 | 6.79 | 5.62 | 4.73 | 4.76 |
| Net Debt / Equity | — | 1.88 | 1.88 | 1.90 | 1.87 | 1.67 | 2.04 | 2.60 | 2.42 | 2.30 | 2.28 |
| Net Debt / EBITDA | 6.45 | 6.45 | 6.05 | 6.74 | 6.39 | 5.66 | 5.80 | 6.71 | 5.54 | 4.64 | 4.64 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | 257.20 | — |
| Interest Coverage | 2.42 | 2.42 | 2.59 | 2.19 | 119.08 | 2.61 | 2.66 | 2.31 | — | — | — |
CMSC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.23x means CMS Energy Corporation 5.875% J can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.98x to 1.23x 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 | 1.23 | 1.23 | 0.79 | 0.98 | 1.15 | 1.19 | 0.78 | 0.86 | 0.94 | 0.89 | 0.86 |
| Quick Ratio | 1.23 | 1.23 | 0.79 | 0.66 | 0.78 | 0.89 | 0.59 | 0.64 | 0.69 | 0.65 | 0.62 |
| Cash Ratio | 0.22 | 0.22 | 0.05 | 0.09 | 0.05 | 0.22 | 0.01 | 0.05 | 0.07 | 0.07 | 0.10 |
| Asset Turnover | — | 0.21 | 0.21 | 0.22 | 0.27 | 0.25 | 0.22 | 0.25 | 0.28 | 0.29 | 0.30 |
| Inventory Turnover | — | — | — | 4.90 | 5.22 | 7.02 | 6.58 | 6.92 | 8.32 | 7.38 | 7.70 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CMSC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CMS Energy Corporation 5.875% J returns 9.6% to shareholders annually primarily through dividends. A payout ratio of 61.9% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 15.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 9.6% | 9.7% | 9.2% | 8.0% | 8.5% | 6.6% | 5.7% | 5.7% | 6.0% | — | — |
| Payout Ratio | 61.9% | 61.9% | 62.4% | 65.3% | 65.2% | 37.6% | 61.9% | 64.1% | 61.9% | 82.0% | 63.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.4% | 15.6% | 14.5% | 12.2% | 12.8% | 17.5% | 9.3% | 8.9% | 9.6% | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 9.6% | 9.7% | 9.2% | 8.0% | 8.5% | 6.6% | 5.7% | 5.7% | 6.0% | — | — |
| Shares Outstanding | — | $301M | $298M | $292M | $290M | $290M | $286M | $284M | $283M | $281M | $279M |
Peer Comparison
Compare CMSC 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 |
|---|---|---|---|---|---|---|---|---|---|
 CMSCYou | $7B | 6.5 | 8.9 | — | 26.2% | 20.2% | 11.6% | 4.9% | 6.7 |
 CMS | $23B | 21.0 | 14.3 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
 NI | $23B | 24.1 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 WEC | $37B | 23.3 | 15.3 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 EVRG | $19B | 22.6 | 12.7 | — | 32.3% | 25.2% | 8.4% | 4.5% | 5.7 |
 ATO | $30B | 24.4 | 17.1 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 NWE | $4B | 24.6 | 13.4 | — | 82.3% | 20.2% | 6.3% | 4.0% | 5.7 |
 NEE | $195B | 28.4 | 18.7 | — | 62.8% | 30.1% | 10.7% | 4.1% | 6.2 |
 DUK | $97B | 19.8 | 12.6 | — | 31.6% | 26.6% | 9.5% | 4.6% | 6.1 |
 SO | $104B | 23.6 | 12.7 | — | 29.8% | 24.6% | 11.5% | 5.3% | 4.9 |
 AEP | $72B | 19.8 | 13.8 | — | 31.8% | 24.3% | 12.1% | 5.1% | 5.7 |
| Utilities Median | — | 19.5 | 12.0 | 16.2 | 39.6% | 19.8% | 9.3% | 4.8% | 5.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCMSC — Frequently Asked Questions
Quick answers to the most common questions about buying CMSC stock.
What is CMS Energy Corporation 5.875% J's P/E ratio?
CMS Energy Corporation 5.875% J's current P/E ratio is 6.5x. The historical average is 8.4x. This places it at the 25th percentile of its historical range.
What is CMS Energy Corporation 5.875% J's EV/EBITDA?
CMS Energy Corporation 5.875% J's current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
What is CMS Energy Corporation 5.875% J's ROE?
CMS Energy Corporation 5.875% J's return on equity (ROE) is 11.6%. The historical average is 13.4%.
Is CMSC stock overvalued?
Based on historical data, CMS Energy Corporation 5.875% J is trading at a P/E of 6.5x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is CMS Energy Corporation 5.875% J's dividend yield?
CMS Energy Corporation 5.875% J's current dividend yield is 9.59% with a payout ratio of 61.9%.
What are CMS Energy Corporation 5.875% J's profit margins?
CMS Energy Corporation 5.875% J has 26.2% gross margin and 20.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does CMS Energy Corporation 5.875% J have?
CMS Energy Corporation 5.875% J's Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.