CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) Financial Ratios
17 years of historical data (2009–2025) · Utilities · Regulated Electric
EV/EBITDA
↑
8.99
+1% vs avg
5yr avg: 8.89
30Y Low8.6·High9.4
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
0.72
↓-17% vs avg
5yr avg: 0.87
30Y Low0.7·High1.5
ROE
↓
11.6%
-13% vs avg
5yr avg: 13.3%
30Y Low10%·High22%
Debt/EBITDA
↑
6.67
+8% vs avg
5yr avg: 6.17
30Y Low4.3·High6.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CMSD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 trades at 6.6x earnings, 6% below its 5-year average of 7.1x, sitting at the 29th percentile of its historical range. Compared to the Utilities sector median P/E of 19.7x, the stock trades at a discount of 66%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $7.0B | $6.9B | $7.3B | $6.5B | $7.8B | $8.0B | $7.8B | — | — | — |
| Enterprise Value | $25.5B | $25.2B | $23.4B | $22.7B | $20.7B | $19.8B | $20.4B | $20.9B | — | — | — |
| P/E Ratio → | 6.63 | 6.56 | 6.95 | 8.30 | 7.86 | 5.77 | 10.57 | 11.43 | — | — | — |
| P/S Ratio | 0.84 | 0.81 | 0.92 | 0.98 | 0.76 | 1.06 | 1.25 | 1.13 | — | — | — |
| P/B Ratio | 0.72 | 0.72 | 0.79 | 0.90 | 0.86 | 1.08 | 1.31 | 1.54 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 3.21 | 3.11 | 2.91 | 3.15 | 7.60 | 4.28 | 6.26 | 4.34 | — | — | — |
P/E links to full P/E history page with 30-year chart
CMSD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's enterprise value stands at 9.0x EBITDA, roughly in line with its 5-year average of 8.9x. The Utilities sector median is 11.5x, placing the stock at a 22% 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 | — | 2.96 | 3.11 | 3.04 | 2.40 | 2.71 | 3.17 | 3.05 | — | — | — |
| EV / EBITDA | 8.99 | 8.91 | 8.58 | 9.41 | 8.80 | 8.78 | 8.96 | 9.37 | — | — | — |
| EV / EBIT | 14.74 | 13.19 | 12.77 | 14.22 | 14.55 | 14.99 | 15.50 | 15.50 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
CMSD Profitability
Margins and return-on-capital ratios measuring operating efficiency
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 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% | 22.5% | 19.0% | 20.9% | 24.7% | 23.0% | 21.3% | 24.6% | 36.8% |
| Operating Margin | 20.2% | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 19.2% | 18.1% | 16.9% | 20.3% | 19.6% |
| Net Profit Margin | 12.5% | 12.5% | 13.3% | 11.9% | 9.7% | 18.5% | 11.8% | 9.9% | 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% | 5.4% | 5.6% | 7.0% | 6.9% |
| ROCE | 5.0% | 5.0% | 4.7% | 4.2% | 4.5% | 4.3% | 4.8% | 5.4% | 5.5% | 6.8% | 6.8% |
CMSD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 carries a Debt/EBITDA ratio of 6.7x, which is highly leveraged (34% above the sector average of 5.0x). 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 | 6.48 | 6.10 | 5.53 | 5.47 | 5.96 | 5.62 | 4.73 | 5.16 |
| Net Debt / Equity | — | 1.88 | 1.88 | 1.90 | 1.87 | 1.68 | 2.04 | 2.60 | 2.42 | 2.30 | 2.28 |
| Net Debt / EBITDA | 6.45 | 6.45 | 6.05 | 6.39 | 6.03 | 5.33 | 5.44 | 5.89 | 5.54 | 4.64 | 5.03 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | 257.20 | — |
| Interest Coverage | 2.42 | 2.42 | 2.59 | 2.48 | 2.74 | 2.65 | 2.60 | 2.60 | 2.69 | 3.02 | 3.00 |
CMSD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.98x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 0.79 | 0.98 | 1.15 | 1.19 | 0.78 | 0.86 | 0.94 | 0.89 | 0.86 |
| Quick Ratio | 0.98 | 0.98 | 0.79 | 0.66 | 0.78 | 0.89 | 0.59 | 0.64 | 0.69 | 0.65 | 0.62 |
| Cash Ratio | 0.17 | 0.17 | 0.05 | 0.09 | 0.05 | 0.21 | 0.02 | 0.06 | 0.07 | 0.07 | 0.10 |
| Asset Turnover | — | 0.21 | 0.21 | 0.22 | 0.27 | 0.25 | 0.22 | 0.26 | 0.28 | 0.29 | 0.30 |
| Inventory Turnover | — | — | — | 6.16 | 6.23 | 8.69 | 8.39 | 8.72 | 8.32 | 7.38 | 6.46 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CMSD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 returns 9.4% 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 15.1% (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 | 9.4% | 9.5% | 9.1% | 7.9% | 8.4% | 6.5% | 5.8% | 5.6% | — | — | — |
| 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 | 15.1% | 15.2% | 14.4% | 12.1% | 12.7% | 17.3% | 9.5% | 8.8% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 9.4% | 9.5% | 9.1% | 7.9% | 8.4% | 6.5% | 5.8% | 5.6% | — | — | — |
| Shares Outstanding | — | $300M | $298M | $292M | $290M | $290M | $286M | $284M | $283M | $281M | $279M |
Peer Comparison
Compare CMSD 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 |
|---|---|---|---|---|---|---|---|---|---|
 CMSDYou | $7B | 6.6 | 9.0 | — | 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 | 24.3 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 WEC | $37B | 23.6 | 15.4 | — | 50.5% | 24.2% | 11.6% | 5.1% | 5.8 |
 EVRG | $19B | 22.1 | 7.0 | — | 83.3% | 25.7% | 12.7% | 8.3% | 0.1 |
 PNW | $12B | 19.8 | 14.4 | — | 25.4% | 20.9% | 8.8% | 3.9% | 8.5 |
 DTE | $30B | 20.2 | 13.1 | — | 84.9% | 15.0% | 12.2% | 4.8% | 6.2 |
 AEP | $72B | 19.9 | 13.9 | — | 31.8% | 24.3% | 12.1% | 5.1% | 5.7 |
 ED | $25B | 18.9 | 4.8 | 5.6 | 81.0% | 17.3% | 8.8% | 6.0% | 0.1 |
 SO | $105B | 23.9 | 12.8 | — | 29.8% | 24.6% | 11.5% | 5.3% | 4.9 |
 XEL | $50B | 23.6 | 14.5 | — | 24.3% | 19.6% | 9.4% | 4.0% | 6.0 |
| Utilities Median | — | 19.7 | 11.5 | 15.4 | 40.7% | 19.8% | 9.4% | 4.9% | 5.0 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCMSD — Frequently Asked Questions
Quick answers to the most common questions about buying CMSD stock.
What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's P/E ratio?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's current P/E ratio is 6.6x. The historical average is 8.2x. This places it at the 29th percentile of its historical range.
What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's EV/EBITDA?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's ROE?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's return on equity (ROE) is 11.6%. The historical average is 14.0%.
Is CMSD stock overvalued?
Based on historical data, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 is trading at a P/E of 6.6x. This is at the 29th 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% Junior Subordinated Notes due 2079's dividend yield?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's current dividend yield is 9.42% with a payout ratio of 61.9%.
What are CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's profit margins?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 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% Junior Subordinated Notes due 2079 have?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.