CMS Energy Corporation (CMS) Key Metrics
CMS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $21.54B
- Enterprise value
- $39.09B
- P/E (TTM)
- 20.6 10-yr median 21.2
- Forward P/E
- 15.2
- PEG ratio
- 2.28
- Price / sales
- 2.4 10-yr median 2.4
- Price / book
- 2.1 10-yr median 2.8
- EV / EBITDA
- 11.8 10-yr median 11.8
- Dividend yield
- 3.32% $2.28 a year
- Beta
- 0.31
CMS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCMS valuation Price multiples at each fiscal year-end price.
CMS returns How much profit the business earns on the capital it uses.
CMS per-share figures Results divided by the shares outstanding at year-end.
CMS financial health Debt, liquidity and how easily interest is covered.
CMS efficiency & capital use Working capital cycle and where the cash goes.
CMS valuation history
CMS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CMS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CMS cash returned to shareholders
CMS price vs earnings per share
CMS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $21.02B | $19.88B | $16.94B | $18.37B | $18.83B | $17.47B | $17.87B | $14.05B | $13.28B | $11.61B |
| Enterprise value | $39.34B | $36.37B | $32.38B | $32.54B | $30.88B | $34.00B | $31.02B | $25.67B | $23.59B | $21.41B |
| P/E ratio | 19.6 | 19.8 | 19.1 | 21.9 | 13.9 | 23.1 | 26.3 | 21.4 | 28.9 | 21.1 |
| Price / sales | 2.5 | 2.6 | 2.3 | 2.1 | 2.6 | 2.7 | 2.7 | 2.0 | 2.0 | 1.8 |
| Price / book | 2.3 | 2.4 | 2.2 | 2.6 | 2.8 | 2.9 | 3.6 | 3.0 | 3.0 | 2.7 |
| Price / free cash flow | — | — | — | — | — | — | — | — | 332.0 | — |
| Price / operating cash flow | 9.4 | 8.4 | 7.3 | 21.5 | 10.4 | 13.7 | 10.0 | 8.2 | 7.8 | 7.1 |
| EV / sales | 4.6 | 4.8 | 4.3 | 3.8 | 4.2 | 5.3 | 4.7 | 3.7 | 3.6 | 3.3 |
| EV / EBITDA | 11.8 | 11.8 | 11.7 | 12.8 | 12.7 | 14.4 | 14.0 | 11.9 | 10.7 | 10.3 |
| EV / free cash flow | — | — | — | — | — | — | — | — | 589.7 | — |
| Earnings yield | 5.1% | 5.0% | 5.2% | 4.6% | 7.2% | 4.3% | 3.8% | 4.7% | 3.5% | 4.7% |
| Free cash flow yield | −7.6% | −3.3% | −5.4% | −8.9% | −2.1% | −6.7% | −2.5% | −2.6% | 0.3% | −0.4% |
| Dividend yield | 3.2% | 3.1% | 3.4% | 3.0% | 2.7% | 2.7% | 2.4% | 2.9% | 2.8% | 3.0% |
| Shareholder yield (dividends + buybacks) | 3.2% | 3.1% | 3.4% | 3.0% | 2.7% | 2.7% | 2.4% | 2.9% | 2.8% | 3.0% |
| Share price at fiscal year-end | $69.93 | $66.65 | $58.07 | $63.33 | $65.05 | $61.01 | $62.84 | $49.65 | $47.30 | $41.62 |
| Per share | ||||||||||
| Revenue per share | $28.41 | $25.19 | $25.58 | $29.64 | $25.32 | $22.42 | $23.30 | $24.29 | $23.44 | $22.94 |
| Earnings per share | $3.56 | $3.36 | $3.04 | $2.89 | $4.67 | $2.64 | $2.39 | $2.32 | $1.64 | $1.97 |
| Operating cash flow per share | $7.44 | $7.95 | $7.92 | $2.95 | $6.28 | $4.46 | $6.30 | $6.02 | $6.07 | $5.84 |
| Free cash flow per share | −$5.29 | −$2.17 | −$3.12 | −$5.61 | −$1.35 | −$4.09 | −$1.57 | −$1.31 | $0.14 | −$0.15 |
| Cash per share | $2.05 | $0.35 | $0.78 | $0.57 | $1.56 | $0.59 | $0.49 | $0.54 | $0.65 | $0.84 |
| Book value per share | $30.42 | $27.59 | $25.86 | $24.19 | $22.91 | $21.23 | $17.65 | $16.81 | $15.82 | $15.24 |
| Tangible book value per share | $30.42 | $27.59 | $25.86 | $24.19 | $22.91 | $21.23 | $17.65 | $16.81 | $15.82 | $15.24 |
| Dividends per share | $2.21 | $2.10 | $1.98 | $1.88 | $1.76 | $1.63 | $1.53 | $1.44 | $1.34 | $1.24 |
| Capex per share | $12.72 | $10.12 | $11.04 | $8.56 | $7.63 | $8.55 | $7.86 | $7.33 | $5.93 | $5.99 |
| Debt per share | $63.01 | $55.62 | $53.72 | $49.45 | $43.18 | $58.34 | $46.76 | $41.63 | $37.35 | $35.96 |
| Shares outstanding | 300.6M | 298.3M | 291.7M | 290.0M | 289.5M | 286.3M | 284.3M | 282.9M | 280.8M | 279.0M |
| Change in shares outstanding | +0.8% | +2.3% | +0.6% | +0.2% | +1.1% | +0.7% | +0.5% | +0.7% | +0.6% | +1.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.3% | 12.7% | 12.2% | 12.3% | 21.3% | 13.6% | 13.9% | 14.3% | 10.6% | 13.5% |
| Return on invested capital (ROIC) | 5.3% | 5.3% | 4.7% | 5.5% | 4.9% | 5.2% | 5.3% | 6.4% | 4.8% | 6.2% |
| Return on assets (ROA) | 2.8% | 2.9% | 2.7% | 2.8% | 4.6% | 2.7% | 2.6% | 2.8% | 2.1% | 2.6% |
| Return on tangible assets | 2.7% | 2.8% | 2.6% | 2.7% | 4.7% | 2.5% | 2.5% | 2.7% | 2.0% | 2.5% |
| Free cash flow margin | −18.6% | −8.6% | −12.2% | −18.9% | −5.3% | −18.3% | −6.7% | −5.4% | 0.6% | −0.7% |
| Income quality (OCF / net income) | 2.09 | 2.36 | 2.60 | 1.02 | 1.34 | 1.69 | 2.63 | 2.59 | 3.71 | 2.96 |
| Financial health | ||||||||||
| Total debt | $18.94B | $16.59B | $15.67B | $14.34B | $12.50B | $16.70B | $13.29B | $11.78B | $10.49B | $10.03B |
| Cash & short-term investments | $615.0M | $103.0M | $227.0M | $164.0M | $452.0M | $168.0M | $140.0M | $153.0M | $182.0M | $235.0M |
| Net debt | $18.32B | $16.49B | $15.44B | $14.18B | $12.05B | $16.53B | $13.15B | $11.62B | $10.30B | $9.80B |
| Debt / equity | 2.07 | 2.02 | 2.08 | 2.04 | 1.89 | 2.75 | 2.65 | 2.48 | 2.36 | 2.36 |
| Debt / assets | 0.47 | 0.46 | 0.47 | 0.46 | 0.43 | 0.56 | 0.50 | 0.48 | 0.45 | 0.46 |
| Net debt / EBITDA | 5.48 | 5.37 | 5.56 | 5.57 | 4.94 | 7.01 | 5.94 | 5.37 | 4.67 | 4.73 |
| Current ratio | 0.98 | 0.79 | 0.98 | 1.15 | 1.19 | 1.53 | 0.86 | 0.94 | 0.89 | 0.86 |
| Quick ratio | 0.76 | 0.57 | 0.66 | 0.78 | 0.89 | 1.17 | 0.64 | 0.69 | 0.65 | 0.62 |
| Interest coverage | 2.2 | 2.1 | 1.9 | 2.4 | 2.3 | 2.4 | 2.4 | 2.5 | 3.1 | 2.9 |
| Working capital | −$76.0M | −$731.0M | −$56.0M | $448.0M | $423.0M | $836.0M | −$373.0M | −$156.0M | −$309.0M | −$375.0M |
| Invested capital | $27.47B | $24.72B | $22.99B | $21.19B | $18.68B | $22.61B | $18.17B | $16.38B | $14.75B | $14.05B |
| Tangible asset value | $9.71B | $8.75B | $8.12B | $7.59B | $7.19B | $6.08B | $5.05B | $4.79B | $4.48B | $4.29B |
| Net current asset value | −$27.20B | −$24.38B | −$22.55B | −$20.32B | −$18.94B | −$21.18B | −$19.45B | −$17.27B | −$16.10B | −$15.05B |
| Graham number | $49.39 | $45.69 | $42.06 | $39.63 | $49.08 | $35.49 | $30.82 | $29.64 | $24.14 | $26.03 |
| Graham net-net per share | −$95.40 | −$86.78 | −$82.24 | −$75.35 | −$69.33 | −$77.77 | −$72.04 | −$64.82 | −$60.98 | −$57.43 |
| Capital allocation | ||||||||||
| Dividends paid | $663.0M | $626.0M | $579.0M | $546.0M | $509.0M | $467.0M | $436.0M | $407.0M | $377.0M | $347.0M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 61.9% | 62.4% | 65.3% | 65.2% | 37.6% | 61.9% | 64.1% | 61.9% | 82.0% | 63.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | — | 942.5% | — |
| Capex / revenue | 44.8% | 40.2% | 43.1% | 28.9% | 30.1% | 38.1% | 33.8% | 30.2% | 25.3% | 26.1% |
| Capex / operating cash flow | 171.1% | 127.3% | 139.4% | 290.2% | 121.4% | 191.8% | 124.9% | 121.8% | 97.7% | 102.6% |
| Capex / depreciation | 2.93 | 2.43 | 2.73 | 2.20 | 1.98 | 2.34 | 2.25 | 2.22 | 1.89 | 2.06 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.3% | −10.2% | 1.4% | 1.0% | 0.2% | 0.3% | 0.3% |
| SG&A / revenue | 40.7% | — | — | — | — | — | 1.4% | 25.0% | 23.1% | 23.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 51.0 | 48.7 | 61.7 | 53.6 | 52.3 | 65.5 | 65.4 | 65.6 | 62.5 | 54.9 |
| Days of inventory on hand | 85.3 | 72.3 | 81.5 | 55.8 | 48.5 | 56.9 | 54.7 | 53.9 | 58.1 | 63.3 |
| Days payables outstanding | 136.5 | 80.6 | 69.2 | 57.0 | 61.0 | 63.3 | 59.6 | 60.1 | 60.4 | 56.4 |
| Cash conversion cycle (days) | -0.2 | 40.5 | 74.0 | 52.4 | 39.8 | 59.1 | 60.4 | 59.4 | 60.2 | 61.8 |
| Receivables turnover | 7.16 | 7.49 | 5.91 | 6.81 | 6.98 | 5.58 | 5.59 | 5.57 | 5.84 | 6.64 |
| Payables turnover | 2.67 | 4.53 | 5.27 | 6.40 | 5.98 | 5.77 | 6.12 | 6.08 | 6.04 | 6.47 |
| Inventory turnover | 4.28 | 5.05 | 4.48 | 6.54 | 7.53 | 6.41 | 6.68 | 6.77 | 6.29 | 5.77 |
| Asset turnover | 0.22 | 0.22 | 0.23 | 0.29 | 0.25 | 0.23 | 0.26 | 0.29 | 0.29 | 0.30 |
| Average receivables | $1.19B | $1.00B | $1.26B | $1.26B | $1.05B | $1.15B | $1.19B | $1.23B | $1.13B | $963.0M |
| Average payables | $1.25B | $951.0M | $872.5M | $911.0M | $782.0M | $656.5M | $684.0M | $736.5M | $675.0M | $626.0M |
| Average inventory | $780.0M | $853.5M | $1.03B | $892.0M | $621.5M | $590.5M | $627.5M | $661.0M | $649.0M | $702.0M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from CMS's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CMS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), CMS Energy traded at 19.6 times earnings, against a 10-year median of 21.2. Based on the latest twelve months, the trailing P/E is 20.6 and the forward P/E is 15.2. CMS Energy earned a return on equity of 12.3% and a return on invested capital of 5.3% in fiscal 2025. It ended the year with $18.9 billion of debt and $615.0 million in cash and short-term investments, net debt of $18.3 billion. It returned $663.0 million to shareholders: $663.0 million in dividends and $0 in share buybacks. The share count rose 7.7% from 279.0M to 300.6M over 9 years.
See the CMS income statement, the CMS chart for price history, or the CMS stock overview for the latest quote and news.
CMS key metrics FAQ
What is CMS Energy's P/E ratio?
CMS Energy's trailing P/E ratio is 20.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.2. At the end of fiscal 2025 it was 19.6, compared with a 10-year median of 21.2.
What is CMS Energy's EV/EBITDA?
CMS Energy's enterprise value was 11.8 times EBITDA at the end of fiscal 2025 (enterprise value $39.3 billion, EBITDA $3.3 billion); the current EV/EBITDA is 11.8.
What is CMS Energy's return on equity?
CMS Energy's return on equity (ROE) was 12.3% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $8.7 billion.
What is CMS Energy's ROIC?
CMS Energy's return on invested capital was 5.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does CMS Energy have?
CMS Energy had total debt of $18.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.07 and $18.3 billion of net debt (5.48 times EBITDA).
What is CMS Energy's dividend yield?
CMS Energy's forward dividend yield is 3.32%. CMS Energy paid $663.0 million in dividends in fiscal 2025 ($2.21 per share), a payout ratio of 61.9%.
What is CMS Energy's free cash flow yield?
CMS Energy generated -$1.6 billion of free cash flow in fiscal 2025, a free cash flow yield of −7.6% on its market value at year-end ($21.0 billion).
What is CMS Energy's current ratio?
CMS Energy's current ratio was 0.98 at the end of fiscal 2025: current assets were 0.98 times current liabilities.
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