CMS Energy (CMS) Financials

$70.33 +0.78 (+1.12%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$69.22 -1.11 (-1.59%)

As of 05/30/2025 06:30 PM Eastern

Annual Income Statements for CMS Energy

This table shows CMS Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	993	877	827	1,348	755	680	657	460	551	1,929
Consolidated Net Income / (Loss)	947	808	813	1,330	752	682	659	462	553	525
Net Income / (Loss) Continuing Operations	947	807	809	728	694	633	3,108	462	553	1,931
Total Pre-Tax Income	1,123	954	902	823	809	764	774	886	826	796
Total Operating Income	1,487	1,235	1,224	1,146	1,230	1,115	1,162	1,338	1,256	2,584
Total Gross Profit	4,847	4,549	4,431	4,259	4,349	3,791	6,264	3,739	4,181	5,412
Total Revenue	7,515	7,462	8,596	7,329	6,418	6,624	6,873	6,583	6,399	6,456
Operating Revenue	7,515	7,462	8,596	7,329	6,418	6,624	6,873	6,583	6,399	6,456
Total Cost of Revenue	2,668	2,913	4,165	3,070	2,069	2,833	609	2,844	2,218	1,044
Operating Cost of Revenue	2,668	2,913	4,165	3,070	2,069	2,833	609	2,844	2,218	1,044
Total Operating Expenses	3,360	3,314	3,207	3,113	3,119	2,676	2,653	2,401	2,925	2,828
Selling, General & Admin Expense	1,638	1,687	1,669	1,610	1,719	1,356	1,417	1,236	1,833	1,816
Depreciation Expense	1,240	1,180	1,126	1,114	1,043	989	933	881	811	750
Other Operating Expenses / (Income)	482	447	412	389	357	331	303	284	281	262
Total Other Income / (Expense), net	-364	-281	-322	-323	-421	-351	-388	-452	-430	-382
Interest Expense	708	643	519	500	505	460	458	438	435	396
Other Income / (Expense), net	344	362	197	177	84	82	44	-46	-26	-22
Income Tax Expense	176	147	93	95	115	131	115	424	273	271
Net Income / (Loss) Discontinued Operations	0.00	1.00	4.00	602	58	49	-	-	-	-
Preferred Stock Dividends Declared	10	10	10	5.00	0.00	0.00	0.00	-	0.00	-
Net Income / (Loss) Attributable to Noncontrolling Interest	-56	-79	-24	-23	-3.00	2.00	2.00	2.00	2.00	2.00
Basic Earnings per Share	$3.34	$3.01	$2.85	$4.66	$2.65	$2.40	$2.33	$1.64	$1.99	$1.90
Weighted Average Basic Shares Outstanding	382.90M	378.55M	375.37M	373.87M	373.05M	367.99M	367.51M	366.53M	277.90M	275.60M
Diluted Earnings per Share	$3.33	$3.01	$2.85	$4.66	$2.64	$2.39	$2.32	$1.64	$1.98	$1.89
Weighted Average Diluted Shares Outstanding	382.90M	378.55M	375.37M	373.87M	373.05M	367.99M	367.51M	366.53M	277.90M	275.60M
Weighted Average Basic & Diluted Shares Outstanding	382.90M	378.55M	375.37M	373.87M	373.05M	367.99M	367.51M	366.53M	277.90M	275.60M
Cash Dividends to Common per Share	$2.06	$1.95	$1.84	$1.74	$1.63	$1.53	$1.43	$1.33	$1.24	$1.16

This table shows CMS Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	302	262	251	195	285	306	174	195	202	168	163
Consolidated Net Income / (Loss)	295	255	247	182	263	251	173	190	194	163	163
Net Income / (Loss) Continuing Operations	295	255	247	182	263	251	173	189	194	163	163
Total Pre-Tax Income	358	306	273	223	321	317	184	230	223	184	182
Total Operating Income	494	425	367	283	412	406	271	244	314	271	258
Total Gross Profit	1,449	1,297	1,151	1,062	1,337	1,236	1,071	1,002	1,240	481	1,313
Total Revenue	2,447	1,989	1,743	1,607	2,176	1,950	1,673	1,555	2,284	2,278	2,024
Operating Revenue	2,447	1,989	1,743	1,607	2,176	1,950	1,673	1,555	2,284	2,278	2,024
Total Cost of Revenue	998	692	592	545	839	714	602	553	1,044	1,797	711
Operating Cost of Revenue	998	692	592	545	839	714	602	553	1,044	1,797	711
Total Operating Expenses	955	872	784	779	925	830	800	758	926	210	1,055
Selling, General & Admin Expense	405	420	412	404	402	403	447	406	431	-190	725
Depreciation Expense	388	326	273	273	368	310	262	255	353	296	243
Other Operating Expenses / (Income)	162	126	99	102	155	117	91	97	142	104	87
Total Other Income / (Expense), net	-137	-119	-94	-60	-91	-89	-87	-14	-91	-87	-76
Interest Expense	187	180	178	173	177	172	164	160	147	139	130
Other Income / (Expense), net	50	61	84	113	86	83	77	146	56	52	54
Income Tax Expense	63	51	26	41	58	66	11	41	29	21	19
Preferred Stock Dividends Declared	2.00	3.00	2.00	3.00	2.00	3.00	2.00	3.00	2.00	3.00	2.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-9.00	-10	-6.00	-16	-24	-58	-3.00	-8.00	-10	-8.00	-2.00
Basic Earnings per Share	$1.01	$0.89	$0.84	$0.65	$0.96	$1.05	$0.60	$0.67	$0.69	$0.58	$0.56
Weighted Average Basic Shares Outstanding	383.23M	382.90M	382.89M	382.84M	382.74M	378.55M	375.87M	375.84M	375.76M	375.37M	374.36M
Diluted Earnings per Share	$1.01	$0.88	$0.84	$0.65	$0.96	$1.05	$0.60	$0.67	$0.69	$0.58	$0.56
Weighted Average Diluted Shares Outstanding	383.23M	382.90M	382.89M	382.84M	382.74M	378.55M	375.87M	375.84M	375.76M	375.37M	374.36M
Weighted Average Basic & Diluted Shares Outstanding	383.23M	382.90M	382.89M	382.84M	382.74M	378.55M	375.87M	375.84M	375.76M	375.37M	374.36M
Cash Dividends to Common per Share	$0.54	-	$0.52	$0.52	$0.52	-	$0.49	$0.49	$0.49	-	$0.46

This table details how cash moves in and out of CMS Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-70	66	-294	291	28	-18	-38	1,451	-31	258
Net Cash From Operating Activities	2,370	2,309	855	1,819	1,276	1,790	3,152	1,705	1,629	1,640
Net Cash From Continuing Operating Activities	2,370	2,309	855	1,930	1,243	1,751	3,152	3,209	1,629	1,640
Net Income / (Loss) Continuing Operations	947	808	813	1,330	752	682	1,364	1,094	553	525
Consolidated Net Income / (Loss)	947	808	813	1,330	752	682	1,364	1,094	553	525
Depreciation Expense	1,240	1,180	1,126	1,114	1,043	989	933	9.00	811	750
Non-Cash Adjustments To Reconcile Net Income	-221	-252	-60	-717	-697	-35	545	45	-6.00	-104
Changes in Operating Assets and Liabilities, net	404	573	-1,024	203	145	115	310	557	271	469
Net Cash From Investing Activities	-3,054	-3,386	-2,476	-1,233	-2,867	-2,816	-4,577	-1,868	-1,915	-2,064
Net Cash From Continuing Investing Activities	-3,054	-3,386	-2,476	-1,311	-2,382	-2,127	-4,577	-1,868	-1,915	-1,631
Purchase of Property, Plant & Equipment	-3,018	-3,219	-2,374	-2,076	-2,311	-2,097	-3,896	-1,665	-1,672	-1,564
Divestitures	124	0.00	5.00	898	0.00	0.00	-	-	-	-
Other Investing Activities, net	-160	-167	-107	-133	-129	-127	-933	-253	-243	-115
Net Cash From Financing Activities	614	1,143	1,327	-295	1,619	1,008	1,387	110	255	463
Net Cash From Continuing Financing Activities	614	1,143	1,327	-211	1,203	377	1,387	110	255	249
Repayment of Debt	-973	-2,101	-164	-289	-2,210	-1,350	-3,350	-1,276	-768	-71
Payment of Dividends	-638	-591	-548	-508	-467	-436	-940	-377	-347	-322
Issuance of Debt	1,934	3,551	1,919	335	3,179	2,151	4,873	1,633	1,198	599
Issuance of Common Equity	291	198	71	27	284	12	41	83	72	43
Other Financing Activities, net	0.00	86	49	0.00	417	0.00	763	47	100	0.00
Cash Interest Paid	677	607	490	489	549	498	745	418	427	386
Cash Income Taxes Paid	-69	15	1.00	16	-58	-58	33	5.00	32	10

This table details how cash moves in and out of CMS Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	348	-289	-322	-72	613	64	-222	-192	416	-13	99
Net Cash From Operating Activities	1,000	403	304	707	956	405	199	665	1,040	188	-392
Net Cash From Continuing Operating Activities	1,000	403	304	707	956	405	199	665	1,040	188	-392
Net Income / (Loss) Continuing Operations	295	255	247	182	263	251	173	190	194	163	163
Consolidated Net Income / (Loss)	295	255	247	182	263	251	173	190	194	163	163
Depreciation Expense	388	326	273	273	368	310	262	255	353	296	243
Non-Cash Adjustments To Reconcile Net Income	-46	-69	-45	-71	-36	-81	-49	-103	-19	5.00	-27
Changes in Operating Assets and Liabilities, net	363	-109	-171	323	361	-75	-187	323	512	-276	-771
Net Cash From Investing Activities	-918	-953	-855	-609	-637	-649	-658	-1,428	-651	-668	-669
Net Cash From Continuing Investing Activities	-918	-953	-855	-609	-637	-649	-658	-1,428	-651	-668	-669
Purchase of Property, Plant & Equipment	-888	-918	-806	-681	-613	-608	-614	-1,380	-617	-636	-650
Other Investing Activities, net	-30	-35	-49	-52	-24	-41	-44	-48	-34	-37	-19
Net Cash From Financing Activities	266	261	229	-170	294	308	237	571	27	467	1,160
Net Cash From Continuing Financing Activities	266	261	229	-170	294	308	237	571	27	467	1,160
Repayment of Debt	-815	-159	-269	-217	-328	-212	-385	-487	-1,017	-24	-10
Payment of Dividends	-166	-168	-156	-158	-156	-156	-145	-145	-145	-138	-137
Issuance of Debt	1,200	580	650	198	506	419	747	1,200	1,185	570	1,304
Issuance of Common Equity	3.00	8.00	4.00	7.00	272	188	3.00	3.00	4.00	59	3.00
Other Financing Activities, net	44	-	-	-	-	69	-	-	-	-	-

This table presents CMS Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	35,920	33,517	31,353	28,753	29,666	26,837	24,529	23,050	21,622	20,299
Total Current Assets	2,790	2,839	3,433	2,627	2,404	2,331	2,468	2,473	2,241	2,304
Cash & Equivalents	103	227	164	452	32	140	153	182	235	266
Restricted Cash	75	21	18	24	17	17	21	17	19	19
Accounts Receivable	1,063	944	1,580	943	872	903	978	1,044	833	785
Inventories, net	769	938	1,117	667	576	605	650	672	626	778
Other Current Assets	780	709	554	541	478	424	433	360	348	328
Plant, Property, & Equipment, net	27,461	25,072	22,713	22,352	21,017	18,926	18,126	16,761	15,715	14,705
Plant, Property & Equipment, gross	37,030	34,079	31,673	30,854	28,955	26,286	25,163	23,271	21,771	20,452
Accumulated Depreciation	9,569	9,007	8,960	8,502	7,938	7,360	7,037	6,510	6,056	5,747
Total Noncurrent Assets	5,669	5,606	5,207	3,774	6,245	5,580	3,935	3,814	3,627	3,274
Long-Term Investments	69	76	71	71	70	71	69	64	65	64
Noncurrent Note & Lease Receivables	20	22	23	30	19	2,281	1,645	1,187	1,118	1,027
Employee Benefit Assets	1,627	1,468	1,208	1,150	-	-	-	-	-	-
Other Noncurrent Operating Assets	3,953	4,040	3,905	2,523	3,476	3,228	2,221	2,563	2,444	2,183
Total Liabilities & Shareholders' Equity	35,920	33,517	31,353	28,753	29,666	26,837	24,529	23,050	21,622	20,299
Total Liabilities	27,172	25,392	23,758	21,565	23,589	21,782	19,737	18,481	14,935	14,189
Total Current Liabilities	3,521	2,895	2,985	2,204	3,074	2,704	2,624	2,784	2,655	2,302
Short-Term Debt	1,260	1,073	1,119	382	591	1,220	1,093	1,273	1,284	955
Accounts Payable	1,093	809	936	886	668	635	733	740	610	642
Accrued Expenses	38	54	0.00	12	20	35	4.00	33	21	26
Dividends Payable	156	142	122	107	104	104	94	103	98	106
Current Deferred & Payable Income Tax Liabilities	654	612	538	515	454	437	398	360	348	349
Other Current Liabilities	320	205	270	302	284	273	302	275	294	224
Total Noncurrent Liabilities	23,651	22,497	20,773	19,361	20,515	19,078	17,113	15,697	12,280	11,887
Long-Term Debt	15,194	14,508	13,122	12,046	11,744	11,951	10,615	9,123	8,640	8,400
Asset Retirement Reserve & Litigation Obligation	4,795	4,665	4,542	4,430	4,297	4,219	4,113	4,145	2,488	2,527
Noncurrent Deferred & Payable Income Tax Liabilities	3,047	2,741	2,536	2,322	1,978	1,775	1,586	1,356	73	56
Noncurrent Employee Benefit Liabilities	96	106	108	142	152	674	436	766	789	591
Other Noncurrent Operating Liabilities	519	477	465	421	394	383	294	307	290	313
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,748	8,125	7,595	7,188	6,077	5,055	4,792	4,478	4,290	3,975
Total Preferred & Common Equity	8,230	7,544	7,015	6,631	5,496	5,018	4,755	4,441	4,253	3,938
Preferred Stock	224	224	224	224	0.00	-	-	-	-	-
Total Common Equity	8,006	7,320	6,791	6,407	5,496	5,018	4,755	4,441	4,253	3,938
Common Stock	6,012	5,708	5,493	5,409	5,368	5,116	5,091	5,022	4,919	4,840
Retained Earnings	2,035	1,658	1,350	1,057	214	-25	-271	-531	-616	-855
Accumulated Other Comprehensive Income / (Loss)	-41	-46	-52	-59	-86	-73	-65	-50	-50	-47
Noncontrolling Interest	518	581	580	557	581	37	37	37	37	37

This table presents CMS Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	36,295	35,920	34,817	34,355	33,901	33,517	32,513	32,265	31,386	31,353	30,372
Total Current Assets	2,782	2,790	2,703	2,985	3,091	2,839	2,449	2,603	2,989	3,433	3,026
Cash & Equivalents	465	103	412	699	802	227	157	389	571	164	168
Restricted Cash	61	75	55	90	59	21	27	17	27	18	27
Accounts Receivable	1,028	1,063	803	825	898	944	690	721	1,022	1,580	1,175
Inventories, net	580	769	884	779	677	938	1,060	887	726	1,117	1,304
Other Current Assets	648	780	549	592	655	709	515	589	643	554	352
Plant, Property, & Equipment, net	27,903	27,461	26,671	25,877	25,280	25,072	24,694	24,264	23,003	22,713	22,340
Plant, Property & Equipment, gross	37,701	37,030	35,983	35,037	34,286	34,079	33,623	33,000	32,129	31,673	31,203
Accumulated Depreciation	9,798	9,569	9,312	9,160	9,006	9,007	8,929	8,736	9,126	8,960	8,863
Total Noncurrent Assets	5,610	5,669	5,443	5,493	5,530	5,606	5,370	5,398	5,394	5,207	5,006
Long-Term Investments	71	69	74	73	73	76	74	72	72	71	70
Noncurrent Note & Lease Receivables	20	20	20	22	22	22	30	24	23	23	28
Employee Benefit Assets	1,666	1,627	1,591	1,550	1,509	1,468	1,307	1,274	1,241	1,208	-
Other Noncurrent Operating Assets	3,853	3,953	3,758	3,848	3,926	4,040	3,959	4,028	4,058	3,905	4,908
Total Liabilities & Shareholders' Equity	36,295	35,920	34,817	34,355	33,901	33,517	32,513	32,265	31,386	31,353	30,372
Total Liabilities	27,372	27,172	26,176	25,814	25,395	25,392	24,755	24,559	23,734	23,758	22,868
Total Current Liabilities	2,627	3,521	2,191	2,528	2,295	2,895	2,719	2,737	2,942	2,985	2,488
Short-Term Debt	707	1,260	507	772	772	1,073	1,290	1,132	1,433	1,119	1,000
Accounts Payable	951	1,093	954	796	651	809	846	759	687	936	956
Accrued Expenses	2.00	38	53	50	28	54	29	21	28	0.00	0.00
Dividends Payable	168	156	161	155	169	142	157	145	125	122	117
Current Deferred & Payable Income Tax Liabilities	474	654	183	449	455	612	159	405	408	538	178
Other Current Liabilities	325	320	333	306	220	205	238	275	261	270	237
Total Noncurrent Liabilities	24,745	23,651	23,985	23,286	23,100	22,497	22,036	21,822	20,792	20,773	20,380
Long-Term Debt	16,148	15,194	15,548	14,917	14,973	14,508	14,114	13,925	12,985	13,122	12,685
Asset Retirement Reserve & Litigation Obligation	4,898	4,795	4,836	4,849	4,745	4,665	4,657	4,681	4,648	4,542	4,609
Noncurrent Deferred & Payable Income Tax Liabilities	3,123	3,047	2,960	2,909	2,804	2,741	2,668	2,630	2,579	2,536	2,497
Noncurrent Employee Benefit Liabilities	95	96	102	103	104	106	105	106	107	108	136
Other Noncurrent Operating Liabilities	481	519	539	508	474	477	492	480	473	465	383
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,923	8,748	8,641	8,541	8,506	8,125	7,758	7,706	7,652	7,595	7,504
Total Preferred & Common Equity	8,335	8,230	8,111	8,003	7,946	7,544	7,186	7,145	7,080	7,015	6,913
Preferred Stock	224	224	224	224	224	224	224	224	224	224	224
Total Common Equity	8,111	8,006	7,887	7,779	7,722	7,320	6,962	6,921	6,856	6,791	6,689
Common Stock	5,978	6,012	6,004	5,994	5,978	5,708	5,518	5,509	5,497	5,493	5,426
Retained Earnings	2,174	2,035	1,928	1,830	1,789	1,658	1,495	1,463	1,410	1,350	1,315
Accumulated Other Comprehensive Income / (Loss)	-41	-41	-45	-45	-45	-46	-51	-51	-51	-52	-52
Noncontrolling Interest	588	518	530	538	560	581	572	561	572	580	591

This table displays calculated financial ratios and metrics derived from CMS Energy's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.71%	-13.19%	17.29%	14.19%	-3.11%	-3.62%	4.41%	2.88%	-0.88%	-10.07%
EBITDA Growth	10.59%	9.03%	4.51%	3.39%	7.82%	2.20%	64.41%	-36.26%	-38.38%	-18.68%
EBIT Growth	14.65%	12.39%	7.41%	0.68%	9.77%	-0.75%	-6.66%	5.04%	-51.99%	-5.46%
NOPAT Growth	20.03%	-4.84%	8.29%	-3.93%	14.22%	-6.62%	41.80%	-17.03%	-50.66%	-5.82%
Net Income Growth	17.20%	-0.62%	-38.87%	76.86%	10.26%	3.49%	42.64%	-16.46%	5.33%	9.60%
EPS Growth	10.63%	5.61%	-38.84%	76.52%	10.46%	3.02%	41.46%	-17.17%	4.76%	8.62%
Operating Cash Flow Growth	2.64%	170.06%	-53.00%	42.55%	-28.72%	-43.21%	84.87%	4.67%	-0.67%	-42.15%
Free Cash Flow Firm Growth	56.99%	45.90%	-5,084.04%	-97.24%	224.93%	-32.91%	-127.95%	838.43%	-171.18%	-35.80%
Invested Capital Growth	6.75%	8.38%	13.19%	5.41%	0.07%	10.71%	10.92%	-9.47%	7.53%	9.17%
Revenue Q/Q Growth	0.52%	-4.21%	2.93%	5.29%	1.44%	20.79%	-16.36%	2.14%	2.09%	-3.71%
EBITDA Q/Q Growth	0.43%	6.93%	3.12%	-0.49%	51.77%	8.54%	14.39%	-37.15%	-40.93%	-18.92%
EBIT Q/Q Growth	-0.16%	11.60%	4.64%	-1.05%	5.46%	18.99%	5.51%	7.31%	-53.97%	-3.72%
NOPAT Q/Q Growth	2.72%	8.45%	4.50%	-3.76%	7.32%	18.01%	29.26%	-18.66%	-52.91%	-2.87%
Net Income Q/Q Growth	0.42%	12.22%	-36.68%	55.01%	-0.79%	44.80%	-5.86%	-14.76%	-4.98%	1.94%
EPS Q/Q Growth	-4.86%	18.50%	-36.24%	54.82%	-1.12%	9.13%	20.21%	-14.58%	-5.26%	1.61%
Operating Cash Flow Q/Q Growth	-0.08%	10.37%	-14.76%	12.63%	343.06%	-57.71%	52.20%	7.44%	11.50%	-50.20%
Free Cash Flow Firm Q/Q Growth	-872.24%	21.52%	-20.33%	-98.94%	157.11%	37.00%	-407.79%	5,058.27%	-112.26%	102.61%
Invested Capital Q/Q Growth	3.27%	2.01%	2.81%	1.62%	-11.33%	2.66%	5.26%	0.63%	18.42%	4.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.50%	60.96%	51.55%	58.11%	67.76%	57.23%	91.14%	56.80%	65.34%	83.83%
EBITDA Margin	40.86%	37.22%	29.63%	33.25%	36.72%	33.00%	31.12%	19.76%	31.90%	51.30%
Operating Margin	19.79%	16.55%	14.24%	15.64%	19.16%	16.83%	16.91%	20.33%	19.63%	40.02%
EBIT Margin	24.36%	21.40%	16.53%	18.05%	20.47%	18.07%	17.55%	19.63%	19.22%	39.68%
Profit (Net Income) Margin	12.60%	10.83%	9.46%	18.15%	11.72%	10.30%	9.59%	7.02%	8.64%	8.13%
Tax Burden Percent	84.33%	84.70%	90.13%	161.60%	92.95%	89.27%	85.14%	52.14%	66.95%	65.95%
Interest Burden Percent	61.33%	59.74%	63.48%	62.21%	61.57%	63.83%	64.18%	68.58%	67.15%	31.07%
Effective Tax Rate	15.67%	15.41%	10.31%	11.54%	14.22%	17.15%	14.86%	47.86%	33.05%	34.05%
Return on Invested Capital (ROIC)	5.16%	4.62%	5.37%	5.43%	5.80%	5.34%	6.34%	4.48%	5.33%	11.70%
ROIC Less NNEP Spread (ROIC-NNEP)	3.22%	3.02%	3.19%	8.05%	3.40%	3.39%	3.33%	2.37%	2.86%	0.71%
Return on Net Nonoperating Assets (RNNOA)	6.07%	5.66%	5.63%	14.63%	7.71%	8.51%	7.88%	6.06%	8.05%	1.97%
Return on Equity (ROE)	11.23%	10.28%	11.00%	20.05%	13.51%	13.85%	14.22%	10.54%	13.38%	13.67%
Cash Return on Invested Capital (CROIC)	-1.37%	-3.42%	-7.00%	0.15%	5.73%	-4.82%	-4.02%	14.42%	-1.93%	2.93%
Operating Return on Assets (OROA)	5.27%	4.92%	4.73%	4.53%	4.65%	4.66%	5.07%	5.78%	5.87%	12.98%
Return on Assets (ROA)	2.73%	2.49%	2.71%	4.55%	2.66%	2.66%	2.77%	2.07%	2.64%	2.66%
Return on Common Equity (ROCE)	10.20%	9.23%	9.82%	17.99%	12.76%	13.75%	14.10%	10.45%	13.26%	13.54%
Return on Equity Simple (ROE_SIMPLE)	11.51%	10.71%	11.59%	20.06%	13.68%	13.59%	13.86%	10.40%	13.00%	13.33%
Net Operating Profit after Tax (NOPAT)	1,254	1,045	1,098	1,014	1,055	924	989	698	841	1,704
NOPAT Margin	16.69%	14.00%	12.77%	13.83%	16.44%	13.95%	14.39%	10.60%	13.14%	26.40%
Net Nonoperating Expense Percent (NNEP)	1.93%	1.60%	2.18%	-2.62%	2.40%	1.95%	3.01%	2.11%	2.47%	10.99%
Return On Investment Capital (ROIC_SIMPLE)	4.98%	4.41%	5.03%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	35.50%	39.04%	48.45%	41.89%	32.24%	42.77%	8.86%	43.20%	34.66%	16.17%
SG&A Expenses to Revenue	21.80%	22.61%	19.42%	21.97%	26.78%	20.47%	20.62%	18.78%	28.65%	28.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.71%	44.41%	37.31%	42.48%	48.60%	40.40%	38.60%	36.47%	45.71%	43.80%
Earnings before Interest and Taxes (EBIT)	1,831	1,597	1,421	1,323	1,314	1,197	1,206	1,292	1,230	2,562
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,071	2,777	2,547	2,437	2,357	2,186	2,139	1,301	2,041	3,312
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.19	2.89	3.27	3.54	3.72	4.06	3.29	3.25	2.88	2.60
Price to Tangible Book Value (P/TBV)	3.19	2.89	3.27	3.54	3.72	4.06	3.29	3.25	2.88	2.60
Price to Revenue (P/Rev)	3.40	2.83	2.58	3.09	3.19	3.08	2.28	2.19	1.91	1.59
Price to Earnings (P/E)	25.70	24.09	26.84	16.80	27.10	29.98	23.83	31.33	22.22	5.31
Dividend Yield	3.09%	3.47%	3.10%	2.87%	2.95%	2.76%	3.36%	3.38%	3.69%	4.10%
Earnings Yield	3.89%	4.15%	3.73%	5.95%	3.69%	3.34%	4.20%	3.19%	4.50%	18.83%
Enterprise Value to Invested Capital (EV/IC)	1.69	1.58	1.70	1.84	1.83	1.84	1.66	1.66	1.34	1.27
Enterprise Value to Revenue (EV/Rev)	5.65	4.98	4.30	4.82	5.19	5.05	3.96	3.73	3.42	2.99
Enterprise Value to EBITDA (EV/EBITDA)	13.83	13.39	14.52	14.49	14.13	15.30	12.73	18.90	10.72	5.82
Enterprise Value to EBIT (EV/EBIT)	23.19	23.28	26.03	26.69	25.35	27.94	22.58	19.03	17.79	7.53
Enterprise Value to NOPAT (EV/NOPAT)	33.87	35.59	33.69	34.84	31.57	36.20	27.52	35.24	26.03	11.32
Enterprise Value to Operating Cash Flow (EV/OCF)	17.92	16.10	43.26	19.41	26.11	18.68	8.64	14.42	13.44	11.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	1,229.75	31.97	0.00	0.00	10.95	0.00	45.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.88	1.92	1.88	1.73	2.04	2.62	2.46	2.32	2.31	2.35
Long-Term Debt to Equity	1.74	1.79	1.73	1.68	1.94	2.38	2.23	2.04	2.01	2.11
Financial Leverage	1.88	1.88	1.77	1.82	2.27	2.51	2.37	2.55	2.82	2.79
Leverage Ratio	4.12	4.13	4.07	4.40	5.08	5.22	5.13	5.09	5.07	5.14
Compound Leverage Factor	2.52	2.47	2.58	2.74	3.13	3.33	3.29	3.49	3.41	1.60
Debt to Total Capital	65.29%	65.73%	65.22%	63.36%	67.09%	72.38%	71.08%	69.89%	69.82%	70.18%
Short-Term Debt to Total Capital	5.00%	4.53%	5.12%	1.95%	3.20%	6.67%	6.60%	8.56%	9.03%	7.16%
Long-Term Debt to Total Capital	60.29%	61.20%	60.09%	61.41%	63.89%	65.71%	64.48%	61.34%	60.79%	63.02%
Preferred Equity to Total Capital	0.89%	0.94%	1.03%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.06%	2.45%	2.66%	2.84%	3.15%	0.20%	0.22%	0.25%	0.26%	0.28%
Common Equity to Total Capital	31.77%	30.88%	31.10%	32.66%	29.76%	27.42%	28.70%	29.86%	29.92%	29.54%
Debt to EBITDA	5.36	5.61	5.59	5.10	5.26	6.06	5.51	7.99	4.86	2.82
Net Debt to EBITDA	5.28	5.49	5.49	4.88	5.21	5.96	5.39	7.79	4.71	2.72
Long-Term Debt to EBITDA	4.95	5.22	5.15	4.94	5.01	5.50	4.99	7.01	4.23	2.54
Debt to NOPAT	13.12	14.91	12.97	12.26	11.74	14.34	11.90	14.90	11.80	5.49
Net Debt to NOPAT	12.92	14.60	12.74	11.72	11.63	14.09	11.66	14.52	11.42	5.28
Long-Term Debt to NOPAT	12.12	13.89	11.95	11.88	11.18	13.02	10.80	13.08	10.27	4.93
Altman Z-Score	1.00	0.95	1.06	1.11	0.87	0.94	0.90	0.89	0.91	1.11
Noncontrolling Interest Sharing Ratio	9.17%	10.24%	10.72%	10.27%	5.55%	0.75%	0.80%	0.84%	0.90%	0.96%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.79	0.98	1.15	1.19	0.78	0.86	0.94	0.89	0.84	1.00
Quick Ratio	0.33	0.40	0.58	0.63	0.29	0.48	0.52	0.51	0.47	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-333	-774	-1,431	29	1,042	-834	-628	2,246	-304	427
Operating Cash Flow to CapEx	78.53%	71.73%	36.02%	87.62%	56.64%	89.50%	80.90%	105.57%	97.43%	108.18%
Free Cash Flow to Firm to Interest Expense	-0.47	-1.20	-2.76	0.06	2.06	-1.81	-1.37	5.13	-0.70	1.08
Operating Cash Flow to Interest Expense	3.35	3.59	1.65	3.64	2.53	3.89	6.88	3.89	3.74	4.14
Operating Cash Flow Less CapEx to Interest Expense	-0.92	-1.42	-2.93	-0.51	-1.93	-0.46	-1.62	0.21	-0.10	0.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.23	0.29	0.25	0.23	0.26	0.29	0.29	0.31	0.33
Accounts Receivable Turnover	7.49	5.91	6.81	8.08	7.23	7.04	6.80	7.01	7.91	7.70
Inventory Turnover	3.13	2.84	4.67	4.94	3.50	4.51	0.92	4.38	3.16	1.23
Fixed Asset Turnover	0.29	0.31	0.38	0.34	0.32	0.36	0.39	0.41	0.42	0.46
Accounts Payable Turnover	2.81	3.34	4.57	3.95	3.18	4.14	0.83	4.21	3.54	1.57
Days Sales Outstanding (DSO)	48.74	61.73	53.57	45.20	50.47	51.82	53.69	52.04	46.15	47.41
Days Inventory Outstanding (DIO)	116.76	128.75	78.17	73.89	104.17	80.85	396.17	83.29	115.52	296.48
Days Payable Outstanding (DPO)	130.10	109.32	79.84	92.38	114.93	88.13	441.42	86.63	103.02	232.50
Cash Conversion Cycle (CCC)	35.40	81.15	51.90	26.71	39.71	44.54	8.44	48.70	58.65	111.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	25,111	23,524	21,705	19,176	18,191	18,178	16,420	14,803	16,351	15,206
Invested Capital Turnover	0.31	0.33	0.42	0.39	0.35	0.38	0.44	0.42	0.41	0.44
Increase / (Decrease) in Invested Capital	1,587	1,819	2,529	985	13	1,758	1,617	-1,548	1,145	1,277
Enterprise Value (EV)	42,469	37,185	36,987	35,313	33,313	33,442	27,227	24,584	21,886	19,287
Market Capitalization	25,520	21,123	22,195	22,651	20,460	20,386	15,656	14,414	12,244	10,244
Book Value per Share	$20.91	$19.47	$18.14	$17.14	$14.84	$13.64	$12.94	$12.13	$11.68	$10.88
Tangible Book Value per Share	$20.91	$19.47	$18.14	$17.14	$14.84	$13.64	$12.94	$12.13	$11.68	$10.88
Total Capital	25,202	23,706	21,836	19,616	18,468	18,302	16,569	14,874	14,214	13,330
Total Debt	16,454	15,581	14,241	12,428	12,391	13,247	11,777	10,396	9,924	9,355
Total Long-Term Debt	15,194	14,508	13,122	12,046	11,800	12,027	10,684	9,123	8,640	8,400
Net Debt	16,207	15,257	13,988	11,881	12,272	13,019	11,534	10,133	9,605	9,006
Capital Expenditures (CapEx)	3,018	3,219	2,374	2,076	2,253	2,000	3,896	1,615	1,672	1,516
Debt-free, Cash-free Net Working Capital (DFCFNWC)	351	769	1,385	329	-128	690	763	763	616	672
Debt-free Net Working Capital (DFNWC)	529	1,017	1,567	805	-79	847	937	962	870	957
Net Working Capital (NWC)	-731	-56	448	423	-670	-373	-156	-311	-414	2.00
Net Nonoperating Expense (NNE)	307	237	285	-316	303	242	330	236	288	1,179
Net Nonoperating Obligations (NNO)	16,363	15,399	14,110	11,988	12,114	13,123	11,628	10,325	12,061	11,231
Total Depreciation and Amortization (D&A)	1,240	1,180	1,126	1,114	1,043	989	933	9.00	811	750
Debt-free, Cash-free Net Working Capital to Revenue	4.67%	10.31%	16.11%	4.49%	-1.99%	10.42%	11.10%	11.59%	9.63%	10.41%
Debt-free Net Working Capital to Revenue	7.04%	13.63%	18.23%	10.98%	-1.23%	12.79%	13.63%	14.61%	13.60%	14.82%
Net Working Capital to Revenue	-9.73%	-0.75%	5.21%	5.77%	-10.44%	-5.63%	-2.27%	-4.72%	-6.47%	0.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.34	$3.01	$2.85	$4.66	$2.65	$2.40	$2.33	$1.64	$1.99	$1.90
Adjusted Weighted Average Basic Shares Outstanding	382.90M	378.55M	375.37M	373.87M	373.05M	367.99M	367.51M	366.53M	364.12M	362.08M
Adjusted Diluted Earnings per Share	$3.33	$3.01	$2.85	$4.66	$2.64	$2.39	$2.32	$1.64	$1.98	$1.89
Adjusted Weighted Average Diluted Shares Outstanding	382.90M	378.55M	375.37M	373.87M	373.05M	367.99M	367.51M	366.53M	364.12M	362.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.40	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	382.90M	378.55M	375.37M	373.87M	373.05M	367.99M	367.51M	366.53M	364.12M	362.08M
Normalized Net Operating Profit after Tax (NOPAT)	1,254	1,045	1,098	1,014	1,055	924	989	698	841	1,704
Normalized NOPAT Margin	16.69%	14.00%	12.77%	13.83%	16.44%	13.95%	14.39%	10.60%	13.14%	26.40%
Pre Tax Income Margin	14.94%	12.78%	10.49%	11.23%	12.61%	11.53%	11.26%	13.46%	12.91%	12.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.59	2.48	2.74	2.65	2.60	2.60	2.63	2.95	2.83	6.47
NOPAT to Interest Expense	1.77	1.62	2.12	2.03	2.09	2.01	2.16	1.59	1.93	4.30
EBIT Less CapEx to Interest Expense	-1.68	-2.52	-1.84	-1.51	-1.86	-1.75	-5.87	-0.74	-1.02	2.64
NOPAT Less CapEx to Interest Expense	-2.49	-3.38	-2.46	-2.12	-2.37	-2.34	-6.35	-2.09	-1.91	0.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.37%	73.14%	67.40%	38.20%	62.10%	63.93%	142.64%	81.60%	62.75%	61.33%
Augmented Payout Ratio	67.37%	73.14%	67.40%	38.20%	62.10%	63.93%	142.64%	81.60%	62.75%	61.33%

This table displays calculated financial ratios and metrics derived from CMS Energy's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.45%	2.00%	4.18%	3.34%	-4.73%	-14.40%	-17.34%	-19.01%	-3.79%	12.05%	17.33%
EBITDA Growth	7.62%	1.63%	18.69%	3.72%	19.78%	29.08%	9.91%	23.09%	-14.84%	14.21%	1.28%
EBIT Growth	9.24%	-0.61%	29.60%	1.54%	34.59%	51.39%	11.54%	38.30%	-26.59%	24.23%	4.70%
NOPAT Growth	20.59%	10.17%	30.32%	15.19%	23.57%	33.91%	10.27%	-7.84%	-33.24%	22.84%	3.97%
Net Income Growth	12.17%	1.59%	42.77%	-4.21%	35.57%	53.99%	6.14%	33.80%	-43.77%	-74.29%	-10.93%
EPS Growth	5.21%	-16.19%	40.00%	-2.99%	39.13%	81.03%	7.14%	34.00%	-42.98%	-73.64%	-12.50%
Operating Cash Flow Growth	4.60%	-0.49%	52.76%	6.32%	-8.08%	115.43%	150.77%	88.92%	47.10%	-44.05%	-437.93%
Free Cash Flow Firm Growth	10.32%	17.68%	45.56%	64.53%	10.15%	34.58%	15.62%	-85.19%	-195.04%	-189.90%	-207.65%
Invested Capital Growth	7.93%	6.75%	5.44%	4.87%	9.11%	8.38%	9.24%	13.29%	10.70%	13.19%	11.87%
Revenue Q/Q Growth	23.03%	14.11%	8.46%	-26.15%	11.59%	16.56%	7.59%	-31.92%	0.26%	12.55%	5.42%
EBITDA Q/Q Growth	14.78%	12.15%	8.22%	-22.75%	8.39%	30.98%	-5.43%	-10.79%	16.80%	11.53%	5.92%
EBIT Q/Q Growth	11.93%	7.76%	13.89%	-20.48%	1.84%	40.52%	-10.77%	5.41%	14.55%	3.53%	10.64%
NOPAT Q/Q Growth	14.94%	6.66%	43.76%	-31.58%	5.00%	26.17%	27.08%	-26.60%	13.79%	3.90%	6.21%
Net Income Q/Q Growth	15.69%	3.24%	35.71%	-30.80%	4.78%	45.09%	-8.95%	-2.06%	19.02%	0.00%	14.79%
EPS Q/Q Growth	14.77%	4.76%	29.23%	-32.29%	-8.57%	75.00%	-10.45%	-2.90%	18.97%	3.57%	12.00%
Operating Cash Flow Q/Q Growth	148.14%	32.57%	-57.00%	-26.05%	136.05%	103.52%	-70.08%	-36.06%	453.19%	147.96%	-211.36%
Free Cash Flow Firm Q/Q Growth	-18.10%	-33.58%	-7.07%	46.90%	-8.41%	11.66%	30.25%	-34.52%	21.06%	-13.94%	-53.07%
Invested Capital Q/Q Growth	0.95%	3.27%	3.37%	0.16%	-0.16%	2.01%	2.81%	4.20%	-0.83%	2.81%	6.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.22%	65.21%	66.04%	66.09%	61.44%	63.38%	64.02%	64.44%	54.29%	21.12%	64.87%
EBITDA Margin	38.09%	40.82%	41.54%	41.63%	39.80%	40.97%	36.46%	41.48%	31.66%	27.17%	27.42%
Operating Margin	20.19%	21.37%	21.06%	17.61%	18.93%	20.82%	16.20%	15.69%	13.75%	11.90%	12.75%
EBIT Margin	22.23%	24.43%	25.87%	24.64%	22.89%	25.08%	20.80%	25.08%	16.20%	14.18%	15.42%
Profit (Net Income) Margin	12.06%	12.82%	14.17%	11.33%	12.09%	12.87%	10.34%	12.22%	8.49%	7.16%	8.05%
Tax Burden Percent	82.40%	83.33%	90.48%	81.61%	81.93%	79.18%	94.02%	82.61%	87.00%	88.59%	89.56%
Interest Burden Percent	65.81%	62.96%	60.53%	56.31%	64.46%	64.83%	52.87%	58.97%	60.27%	56.97%	58.33%
Effective Tax Rate	17.60%	16.67%	9.52%	18.39%	18.07%	20.82%	5.98%	17.83%	13.00%	11.41%	10.44%
Return on Invested Capital (ROIC)	5.30%	5.50%	6.01%	4.63%	5.07%	5.44%	5.37%	4.97%	4.97%	4.43%	4.77%
ROIC Less NNEP Spread (ROIC-NNEP)	4.59%	4.88%	5.46%	4.30%	4.55%	4.96%	4.81%	4.89%	4.36%	3.84%	4.24%
Return on Net Nonoperating Assets (RNNOA)	8.27%	9.18%	10.32%	7.87%	8.13%	9.31%	9.10%	8.72%	7.50%	6.78%	7.74%
Return on Equity (ROE)	13.58%	14.69%	16.33%	12.50%	13.20%	14.75%	14.48%	13.69%	12.46%	11.21%	12.51%
Cash Return on Invested Capital (CROIC)	-2.21%	-1.37%	-0.14%	0.21%	-3.78%	-3.42%	-4.47%	-8.00%	-5.46%	-7.00%	-5.95%
Operating Return on Assets (OROA)	4.93%	5.29%	5.75%	5.48%	5.16%	5.77%	5.15%	6.66%	4.58%	4.06%	4.23%
Return on Assets (ROA)	2.67%	2.78%	3.15%	2.52%	2.72%	2.96%	2.56%	3.25%	2.40%	2.05%	2.21%
Return on Common Equity (ROCE)	12.33%	13.34%	14.79%	11.31%	11.91%	13.24%	12.95%	12.25%	11.16%	10.01%	11.09%
Return on Equity Simple (ROE_SIMPLE)	11.75%	0.00%	11.63%	10.86%	11.04%	0.00%	10.02%	9.94%	9.35%	0.00%	18.57%
Net Operating Profit after Tax (NOPAT)	407	354	332	231	338	321	255	201	273	240	231
NOPAT Margin	16.64%	17.81%	19.05%	14.37%	15.51%	16.49%	15.23%	12.89%	11.96%	10.54%	11.42%
Net Nonoperating Expense Percent (NNEP)	0.71%	0.62%	0.55%	0.33%	0.52%	0.48%	0.57%	0.08%	0.61%	0.59%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	1.58%	1.41%	-	-	-	1.36%	-	-	-	1.10%	-
Cost of Revenue to Revenue	40.78%	34.79%	33.96%	33.91%	38.56%	36.62%	35.98%	35.56%	45.71%	78.89%	35.13%
SG&A Expenses to Revenue	16.55%	21.12%	23.64%	25.14%	18.47%	20.67%	26.72%	26.11%	18.87%	-8.34%	35.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.03%	43.84%	44.98%	48.48%	42.51%	42.56%	47.82%	48.75%	40.54%	9.22%	52.12%
Earnings before Interest and Taxes (EBIT)	544	486	451	396	498	489	348	390	370	323	312
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	932	812	724	669	866	799	610	645	723	619	555
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.55	3.19	3.43	2.93	2.94	2.89	2.77	3.08	3.25	3.27	3.10
Price to Tangible Book Value (P/TBV)	3.55	3.19	3.43	2.93	2.94	2.89	2.77	3.08	3.25	3.27	3.10
Price to Revenue (P/Rev)	3.69	3.40	3.62	3.08	3.08	2.83	2.48	2.62	2.62	2.58	2.48
Price to Earnings (P/E)	28.48	25.70	26.08	23.73	23.63	24.09	26.10	29.30	32.84	26.84	15.99
Dividend Yield	2.78%	3.09%	2.88%	3.37%	3.28%	3.47%	3.75%	3.34%	3.15%	3.10%	3.28%
Earnings Yield	3.51%	3.89%	3.84%	4.21%	4.23%	4.15%	3.83%	3.41%	3.05%	3.73%	6.25%
Enterprise Value to Invested Capital (EV/IC)	1.81	1.69	1.78	1.63	1.63	1.58	1.53	1.64	1.71	1.70	1.66
Enterprise Value to Revenue (EV/Rev)	5.89	5.65	5.79	5.18	5.20	4.98	4.52	4.51	4.33	4.30	4.19
Enterprise Value to EBITDA (EV/EBITDA)	14.61	13.83	14.16	13.03	13.11	13.39	13.57	14.43	15.20	14.52	14.18
Enterprise Value to EBIT (EV/EBIT)	24.42	23.19	23.61	22.17	22.19	23.28	24.62	26.30	28.60	26.03	25.80
Enterprise Value to NOPAT (EV/NOPAT)	34.61	33.87	35.48	33.63	34.48	35.59	36.57	38.99	38.28	33.69	33.35
Enterprise Value to Operating Cash Flow (EV/OCF)	18.99	17.92	18.26	16.93	17.20	16.10	16.84	24.45	30.98	43.26	34.93
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	800.68	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.89	1.88	1.86	1.84	1.85	1.92	1.99	1.95	1.88	1.88	1.83
Long-Term Debt to Equity	1.81	1.74	1.80	1.75	1.76	1.79	1.82	1.81	1.70	1.73	1.70
Financial Leverage	1.80	1.88	1.89	1.83	1.79	1.88	1.89	1.78	1.72	1.77	1.82
Leverage Ratio	4.03	4.12	4.11	4.10	4.04	4.13	4.12	4.04	3.99	4.07	4.30
Compound Leverage Factor	2.65	2.59	2.49	2.31	2.60	2.68	2.18	2.38	2.41	2.32	2.51
Debt to Total Capital	65.39%	65.29%	65.01%	64.75%	64.93%	65.73%	66.51%	66.15%	65.33%	65.22%	64.70%
Short-Term Debt to Total Capital	2.74%	5.00%	2.05%	3.19%	3.18%	4.53%	5.57%	4.97%	6.49%	5.12%	4.70%
Long-Term Debt to Total Capital	62.64%	60.29%	62.96%	61.56%	61.74%	61.20%	60.94%	61.17%	58.84%	60.09%	60.00%
Preferred Equity to Total Capital	0.87%	0.89%	0.91%	0.92%	0.92%	0.94%	0.97%	0.98%	1.02%	1.03%	1.05%
Noncontrolling Interests to Total Capital	2.28%	2.06%	2.15%	2.22%	2.31%	2.45%	2.47%	2.46%	2.59%	2.66%	2.78%
Common Equity to Total Capital	31.46%	31.77%	31.94%	32.10%	31.84%	30.88%	30.06%	30.40%	31.06%	31.10%	31.46%
Debt to EBITDA	5.37	5.36	5.25	5.33	5.39	5.61	5.93	5.92	5.96	5.59	5.57
Net Debt to EBITDA	5.18	5.28	5.07	5.04	5.07	5.49	5.83	5.74	5.68	5.49	5.46
Long-Term Debt to EBITDA	5.15	4.95	5.08	5.07	5.13	5.22	5.43	5.48	5.36	5.15	5.16
Debt to NOPAT	12.73	13.12	13.15	13.75	14.18	14.91	15.99	16.00	15.00	12.97	13.09
Net Debt to NOPAT	12.28	12.92	12.71	13.00	13.34	14.60	15.72	15.49	14.30	12.74	12.84
Long-Term Debt to NOPAT	12.19	12.12	12.74	13.07	13.49	13.89	14.65	14.80	13.51	11.95	12.14
Altman Z-Score	0.98	0.87	0.97	0.87	0.90	0.84	0.80	0.87	0.94	0.95	0.93
Noncontrolling Interest Sharing Ratio	9.16%	9.17%	9.45%	9.52%	9.78%	10.24%	10.56%	10.56%	10.43%	10.72%	11.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	0.79	1.23	1.18	1.35	0.98	0.90	0.95	1.02	1.15	1.22
Quick Ratio	0.57	0.33	0.55	0.60	0.74	0.40	0.31	0.41	0.54	0.58	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,456	-1,233	-923	-862	-1,623	-1,498	-1,695	-2,430	-1,807	-2,289	-2,009
Operating Cash Flow to CapEx	112.61%	43.90%	37.72%	103.82%	155.95%	66.61%	32.41%	48.19%	168.56%	29.56%	-60.31%
Free Cash Flow to Firm to Interest Expense	-7.79	-6.85	-5.19	-4.98	-9.17	-8.71	-10.34	-15.19	-12.29	-16.47	-15.45
Operating Cash Flow to Interest Expense	5.35	2.24	1.71	4.09	5.40	2.35	1.21	4.16	7.07	1.35	-3.02
Operating Cash Flow Less CapEx to Interest Expense	0.60	-2.86	-2.82	0.15	1.94	-1.18	-2.53	-4.47	2.88	-3.22	-8.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.22	0.22	0.23	0.23	0.25	0.27	0.28	0.29	0.27
Accounts Receivable Turnover	8.09	7.49	10.01	9.58	7.66	5.91	8.35	9.44	8.20	6.81	8.77
Inventory Turnover	4.50	3.13	2.77	3.24	3.86	2.84	3.38	4.74	7.24	4.67	3.18
Fixed Asset Turnover	0.29	0.29	0.29	0.30	0.30	0.31	0.33	0.35	0.37	0.38	0.38
Accounts Payable Turnover	3.53	2.81	2.99	3.47	4.05	3.34	4.44	4.91	6.18	4.57	3.75
Days Sales Outstanding (DSO)	45.14	48.74	36.45	38.10	47.65	61.73	43.69	38.67	44.50	53.57	41.63
Days Inventory Outstanding (DIO)	81.15	116.76	131.89	112.61	94.55	128.75	107.97	77.00	50.45	78.17	114.77
Days Payable Outstanding (DPO)	103.42	130.10	122.12	105.11	90.17	109.32	82.30	74.38	59.08	79.84	97.37
Cash Conversion Cycle (CCC)	22.87	35.40	46.22	45.60	52.03	81.15	69.36	41.29	35.86	51.90	59.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25,349	25,111	24,316	23,523	23,486	23,524	23,061	22,430	21,525	21,705	21,111
Invested Capital Turnover	0.32	0.31	0.32	0.32	0.33	0.33	0.35	0.39	0.42	0.42	0.42
Increase / (Decrease) in Invested Capital	1,863	1,587	1,255	1,093	1,961	1,819	1,950	2,631	2,080	2,529	2,240
Enterprise Value (EV)	45,830	42,469	43,308	38,374	38,275	37,185	35,232	36,692	36,808	36,987	35,032
Market Capitalization	28,760	25,520	27,040	22,785	22,680	21,123	19,290	21,328	22,264	22,195	20,727
Book Value per Share	$21.18	$20.91	$20.60	$20.32	$20.18	$19.47	$18.52	$18.42	$18.26	$18.14	$17.87
Tangible Book Value per Share	$21.18	$20.91	$20.60	$20.32	$20.18	$19.47	$18.52	$18.42	$18.26	$18.14	$17.87
Total Capital	25,778	25,202	24,696	24,230	24,251	23,706	23,162	22,763	22,070	21,836	21,259
Total Debt	16,855	16,454	16,055	15,689	15,745	15,581	15,404	15,057	14,418	14,241	13,755
Total Long-Term Debt	16,148	15,194	15,548	14,917	14,973	14,508	14,114	13,925	12,985	13,122	12,755
Net Debt	16,258	16,207	15,514	14,827	14,811	15,257	15,146	14,579	13,748	13,988	13,490
Capital Expenditures (CapEx)	888	918	806	681	613	608	614	1,380	617	636	650
Debt-free, Cash-free Net Working Capital (DFCFNWC)	336	351	552	440	707	769	836	592	882	1,385	1,343
Debt-free Net Working Capital (DFNWC)	862	529	1,019	1,229	1,568	1,017	1,020	998	1,480	1,567	1,538
Net Working Capital (NWC)	155	-731	512	457	796	-56	-270	-134	47	448	538
Net Nonoperating Expense (NNE)	112	99	85	49	75	70	82	11	79	77	68
Net Nonoperating Obligations (NNO)	16,426	16,363	15,675	14,982	14,980	15,399	15,303	14,724	13,873	14,110	13,607
Total Depreciation and Amortization (D&A)	388	326	273	273	368	310	262	255	353	296	243
Debt-free, Cash-free Net Working Capital to Revenue	4.32%	4.67%	7.38%	5.94%	9.61%	10.31%	10.73%	7.27%	10.37%	16.11%	16.08%
Debt-free Net Working Capital to Revenue	11.07%	7.04%	13.63%	16.59%	21.32%	13.63%	13.09%	12.26%	17.40%	18.23%	18.42%
Net Working Capital to Revenue	1.99%	-9.73%	6.85%	6.17%	10.82%	-0.75%	-3.47%	-1.65%	0.55%	5.21%	6.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$0.89	$0.84	$0.65	$0.96	$1.05	$0.60	$0.67	$0.69	$0.58	$0.56
Adjusted Weighted Average Basic Shares Outstanding	383.23M	382.90M	382.89M	382.84M	382.74M	378.55M	375.87M	375.84M	375.76M	375.37M	374.36M
Adjusted Diluted Earnings per Share	$1.01	$0.88	$0.84	$0.65	$0.96	$1.05	$0.60	$0.67	$0.69	$0.58	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	383.23M	382.90M	382.89M	382.84M	382.74M	378.55M	375.87M	375.84M	375.76M	375.37M	374.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	383.23M	382.90M	382.89M	382.84M	382.74M	378.55M	375.87M	375.84M	375.76M	375.37M	374.36M
Normalized Net Operating Profit after Tax (NOPAT)	407	354	332	231	338	321	255	201	273	240	231
Normalized NOPAT Margin	16.64%	17.81%	19.05%	14.37%	15.51%	16.49%	15.23%	12.89%	11.96%	10.54%	11.42%
Pre Tax Income Margin	14.63%	15.38%	15.66%	13.88%	14.75%	16.26%	11.00%	14.79%	9.76%	8.08%	8.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.91	2.70	2.53	2.29	2.81	2.84	2.12	2.44	2.52	2.32	2.40
NOPAT to Interest Expense	2.18	1.97	1.87	1.34	1.91	1.87	1.55	1.25	1.86	1.73	1.78
EBIT Less CapEx to Interest Expense	-1.84	-2.40	-1.99	-1.65	-0.65	-0.69	-1.62	-6.19	-1.68	-2.25	-2.60
NOPAT Less CapEx to Interest Expense	-2.57	-3.13	-2.66	-2.60	-1.56	-1.67	-2.19	-7.37	-2.34	-2.85	-3.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.19%	67.37%	65.11%	69.39%	67.27%	73.14%	79.03%	79.01%	83.53%	67.40%	41.90%
Augmented Payout Ratio	66.19%	67.37%	65.11%	69.39%	67.27%	73.14%	79.03%	79.01%	83.53%	67.40%	41.90%

Frequently Asked Questions About CMS Energy's Financials

When does CMS Energy's financial year end?

According to the most recent income statement we have on file, CMS Energy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has CMS Energy's net income changed over the last 9 years?

CMS Energy's net income appears to be on an upward trend, with a most recent value of $947 million in 2024, rising from $525 million in 2015. The previous period was $808 million in 2023. Find out what analysts predict for CMS Energy in the coming months.

What is CMS Energy's operating income?

CMS Energy's total operating income in 2024 was $1.49 billion, based on the following breakdown:

Total Gross Profit: $4.85 billion
Total Operating Expenses: $3.36 billion

How has CMS Energy revenue changed over the last 9 years?

Over the last 9 years, CMS Energy's total revenue changed from $6.46 billion in 2015 to $7.52 billion in 2024, a change of 16.4%.

How much debt does CMS Energy have?

CMS Energy's total liabilities were at $27.17 billion at the end of 2024, a 7.0% increase from 2023, and a 91.5% increase since 2015.

How much cash does CMS Energy have?

In the past 9 years, CMS Energy's cash and equivalents has ranged from $32 million in 2020 to $452 million in 2021, and is currently $103 million as of their latest financial filing in 2024.

How has CMS Energy's book value per share changed over the last 9 years?

Over the last 9 years, CMS Energy's book value per share changed from 10.88 in 2015 to 20.91 in 2024, a change of 92.2%.

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This page (NYSE:CMS) was last updated on 5/31/2025 by MarketBeat.com Staff

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CMS Energy (CMS) Financials

Frequently Asked Questions About CMS Energy's Financials

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CMS Energy (CMS) Financials

Annual Income Statements for CMS Energy

Quarterly Income Statements for CMS Energy

Annual Cash Flow Statements for CMS Energy

Quarterly Cash Flow Statements for CMS Energy

Annual Balance Sheets for CMS Energy

Quarterly Balance Sheets for CMS Energy

Annual Metrics And Ratios for CMS Energy

Quarterly Metrics And Ratios for CMS Energy

Frequently Asked Questions About CMS Energy's Financials

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