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CMS ENERGY CORP CMS

NYSE · stock · Electric & Other Services Combined · website · IPO 1947-02-03 · LEI

CMS ENERGY CORP statistics & valuation

Market cap$24.3B
P / E22.7×
P / S2.9×
P / B2.5×
Net margin12.5%
Return on equity11.0%
Net debt$17.3B
Net debt / EBITDA5.7×
Enterprise value USD$41.6B
EV / EBITDA13.7×
Earnings yield EBIT/EV4.1%
Return on capital4.7%
Graham number -28.3%$50.17

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($50.17); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
8.60% 7.00% 9.60% 10.30% 11.80% 18.50% 9.70% 11.90% 13.30% 12.50% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
19.60% 20.30% 16.90% 16.80% 19.20% 15.60% 14.20% 16.60% 19.80% 20.20% 2016201720182019202020212022202320242025
Return on equity (%)
12.80% 10.30% 13.70% 13.50% 12.40% 18.80% 11.00% 10.90% 11.50% 11.00% 2016201720182019202020212022202320242025
Shares outstanding
279.2M 281.6M 283.4M 284.3M 288.9M 289.8M 291.3M 294.4M 298.8M 306.4M 2016201720182019202020212022202320242025
Net debt ($)
$8.40B $8.94B $10.46B $11.81B $11.71B $11.59B $12.96B $14.28B $15.09B $17.30B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
2.50% 2.00% 2.70% 2.50% 2.50% 4.70% 2.70% 2.60% 2.80% 2.70% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-0.70% 0.60% -5.40% -4.60% -16.10% -3.50% -17.70% 2016201720182019202020212022202320242025
Debt / equity (×)
2.01× 2.04× 2.22× 2.36× 1.93× 1.68× 1.73× 1.79× 1.74× 1.83× 2016201720182019202020212022202320242025
EPS ($)
$1.98 $1.64 $2.32 $2.39 $2.64 $4.66 $2.85 $3.01 $3.33 $3.53 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

CMS ENERGY CORP trades at about 19.8× earnings — near its 10-year norm (10-year range 13.8×–28.7×, median 21.5×).

13.8× 28.7×

Shaded band = 10-year range (13.8×–28.7×); dot = today's 19.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin20.2%19.8%16.6%14.2%15.6%19.2%16.8%16.9%20.3%19.6%
Net margin12.5%13.3%11.9%9.7%18.5%11.8%10.3%9.6%7.0%8.6%
FCF margin———-17.7%-3.5%-16.1%-4.6%-5.4%0.6%-0.7%
Return on assets2.7%2.8%2.6%2.7%4.7%2.5%2.5%2.7%2.0%2.5%
Return on equity11.0%11.5%10.9%11.0%18.8%12.4%13.5%13.7%10.3%12.8%
Debt / equity1.83×1.74×1.79×1.73×1.68×1.93×2.36×2.22×2.04×2.01×
Current ratio0.980.790.981.151.190.780.860.940.890.86

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.