CMS Energy (CMS) Financials

$73.40 +0.37 (+0.50%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$73.37 -0.03 (-0.05%)

As of 08:00 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,929	551	460	657	680	755	1,348	827	877	993
Consolidated Net Income / (Loss)	525	553	462	659	682	752	1,330	813	808	947
Net Income / (Loss) Continuing Operations	1,931	553	462	3,108	633	694	728	809	807	947
Total Pre-Tax Income	796	826	886	774	764	809	823	902	954	1,123
Total Operating Income	2,584	1,256	1,338	1,162	1,115	1,230	1,146	1,224	1,235	1,487
Total Gross Profit	5,412	4,181	3,739	6,264	3,791	4,349	4,259	4,431	4,549	4,847
Total Revenue	6,456	6,399	6,583	6,873	6,624	6,418	7,329	8,596	7,462	7,515
Operating Revenue	6,456	6,399	6,583	6,873	6,624	6,418	7,329	8,596	7,462	7,515
Total Cost of Revenue	1,044	2,218	2,844	609	2,833	2,069	3,070	4,165	2,913	2,668
Operating Cost of Revenue	1,044	2,218	2,844	609	2,833	2,069	3,070	4,165	2,913	2,668
Total Operating Expenses	2,828	2,925	2,401	2,653	2,676	3,119	3,113	3,207	3,314	3,360
Selling, General & Admin Expense	1,816	1,833	1,236	1,417	1,356	1,719	1,610	1,669	1,687	1,638
Depreciation Expense	750	811	881	933	989	1,043	1,114	1,126	1,180	1,240
Other Operating Expenses / (Income)	262	281	284	303	331	357	389	412	447	482
Total Other Income / (Expense), net	-382	-430	-452	-388	-351	-421	-323	-322	-281	-364
Interest Expense	396	435	438	458	460	505	500	519	643	708
Other Income / (Expense), net	-22	-26	-46	44	82	84	177	197	362	344
Income Tax Expense	271	273	424	115	131	115	95	93	147	176
Net Income / (Loss) Discontinued Operations	-	-	-	-	49	58	602	4.00	1.00	0.00
Preferred Stock Dividends Declared	-	0.00	-	0.00	0.00	0.00	5.00	10	10	10
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	2.00	2.00	2.00	2.00	-3.00	-23	-24	-79	-56
Basic Earnings per Share	$1.90	$1.99	$1.64	$2.33	$2.40	$2.65	$4.66	$2.85	$3.01	$3.34
Weighted Average Basic Shares Outstanding	275.60M	277.90M	366.53M	367.51M	367.99M	373.05M	373.87M	375.37M	378.55M	382.90M
Diluted Earnings per Share	$1.89	$1.98	$1.64	$2.32	$2.39	$2.64	$4.66	$2.85	$3.01	$3.33
Weighted Average Diluted Shares Outstanding	275.60M	277.90M	366.53M	367.51M	367.99M	373.05M	373.87M	375.37M	378.55M	382.90M
Weighted Average Basic & Diluted Shares Outstanding	275.60M	277.90M	366.53M	367.51M	367.99M	373.05M	373.87M	375.37M	378.55M	382.90M
Cash Dividends to Common per Share	$1.16	$1.24	$1.33	$1.43	$1.53	$1.63	$1.74	$1.84	$1.95	$2.06

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About CMS Energy's Financials

When does CMS Energy's fiscal year end?

According to the most recent income statement we have on file, CMS Energy's financial year ends in December. Their financial 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. See CMS Energy's forecast for analyst expectations on what’s next for the company.

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 5/7/2025 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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