CMS Energy Corporation

CMS

$68.59

+0.78%

N/A+$0.53

Utilities

Regulated Electric

NYSE

Active Trading

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and ...

Key Metrics of CMS

Snapshot

Latest / TTM · 6 periods

Market Cap

$21.51B

ROCE

4.4%

EV / EBITDA

12.99x

-0.3% YoY

FCF Yield

-8.9%

-1.3% YoY

Cash Conversion Cycle

-12.1d

Current Ratio

0.92

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Key Metrics

Latest / TTM · 6 periods

Valuation trend

Valuation trend table

Metric	2021	2022	2023	2024	2025	TTM
Market CapTotal market value of all shares outstanding.	$18.80B	$18.33B	$16.91B	$19.84B	$21.02B	$21.51B
Enterprise ValueCompany value including debt and cash adjustments.	$30.85B	$32.51B	$32.35B	$36.32B	$39.34B	$40.57B
EV / SalesHow many dollars investors pay per dollar of sales.	4.21x	3.78x	4.34x	4.83x	4.61x	4.60x
EV / EBITDAValuation multiple versus operating earnings before non-cash charges.	12.66x	12.76x	11.65x	11.83x	12.34x	12.99x
Net Debt / EBITDALeverage ratio using net debt divided by EBITDA.	4.94	5.57	5.56	5.37	5.75	6.10

Returns + ROCE gauge

ROCE latest

4.4%

Prev year 4.7%

Returns + ROCE gauge table

Metric	2021	2022	2023	2024	2025	TTM
ROEProfit generated from shareholders' equity.	20.4%	11.9%	11.8%	12.2%	11.7%	11.0%
ROAProfit generated from total assets.	4.7%	2.7%	2.6%	2.8%	2.7%	2.5%
ROICReturn generated on invested operating capital.	5.1%	5.5%	5.4%	5.8%	5.3%	4.8%
ROCEOperating return on long-term capital used.	4.3%	4.3%	4.0%	4.6%	4.7%	4.4%
Earnings YieldEarnings as a percentage of market value.	7.2%	4.6%	5.2%	5.1%	5.1%	5.0%

Cash flow quality

Cash flow quality table

Metric	2021	2022	2023	2024	2025	TTM
FCFFCash flow available to all capital providers.	$185.28M	$-1.05B	$-366.08M	$-50.96M	$-955.52M	$-1.65B
FCFECash flow available to equity holders after debt flows.	$-157.00M	$294.00M	$582.00M	$334.00M	$805.00M	$-1.16B
FCF YieldFree cash flow divided by market capitalization.	-1.4%	-8.3%	-5.4%	-3.3%	-7.6%	-8.9%
Income QualityHow well accounting earnings are backed by cash flow.	2.42	1.03	2.61	2.36	2.09	2.42
Capex / OCFShare of operating cash flow spent on capital expenditures.	114.1%	277.7%	139.4%	127.3%	171.1%	188.9%

Operating efficiency

Operating efficiency table

Metric	2021	2022	2023	2024	2025	TTM
DSOAverage days to collect cash from customers.	47.0d	67.1d	46.2d	51.6d	56.6d	42.4d
DIOAverage days inventory stays before being sold.	52.0d	69.9d	74.4d	65.2d	86.5d	112.5d
DPOAverage days the company takes to pay suppliers.	69.1d	58.6d	64.2d	92.6d	153.5d	167.0d
Operating CycleTime from buying inventory to collecting receivables.	99.0d	137.0d	120.6d	116.8d	143.0d	154.9d
Cash Conversion CycleNet days cash is tied in operations.	29.9d	78.4d	56.4d	24.2d	-10.5d	-12.1d

Snapshot

Latest / TTM: —

Market Cap

$21.51B

ROE

11.0%

FCF Yield

-8.9%

Current Ratio

0.92

Upstream

ANR Pipeline CompanyNYSE:TRP Enbridge Inc.NYSE:ENBCanadian Natural Gas ProducersItron Inc.NASDAQ:ITRILandis+Gyr Group AGSWX:LANDSiemens Energy AGXETRA:ENRGE Vernova Inc.NYSE:GEV ABB LtdNYSE:ABBHecate EnergyPipeline Construction ContractorsSteel Manufacturers (Pipeline)Natural Gas ProducersSemiconductor/Electronics Suppliers

Downstream

Michigan Residential CustomersMichigan Commercial CustomersGeneral Motors CompanyNYSE:GMMichigan Industrial ManufacturersGas Customer Choice Program ParticipantsSwitch Inc.

Proxies

DTE Energy CompanyNYSE:DTE WEC Energy Group Inc.NYSE:WEC Alliant Energy CorporationNASDAQ:LNT Ameren CorporationNYSE:AEE

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CMS Energy Corporation

Key Metrics of CMS

Key Metrics

Valuation trend

Returns + ROCE gauge

Cash flow quality

Operating efficiency

Snapshot

Supply Chain of CMS

Upstream

Downstream

Proxies

Key Metrics of CMS

Key Metrics

Valuation trend

Returns + ROCE gauge

Cash flow quality

Operating efficiency

Snapshot

Supply Chain of CMS

Upstream

Downstream

Proxies