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CMSCMS Energy

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Where it stands

CMS among the 31 companies we cover

All 31 →

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.6%8th of 31 · median +9.7%

Net margin

11.6%23rd of 31 · median 13.8%

Return on equity

10.5%13th of 31 · median 10.3%

Debt / equity (less is better)

1.9523rd of 30 · median 1.70

CMS and 9 peers, year by year

The 9 Utilities companies closest to CMS in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CMS CMS Energy	FY2025	$8.5B	+13.5%	20.2%	12.5%	-	11.7%	2.05
AEE Ameren	FY2025	$8.8B	+15.4%	23.0%	16.5%	−8.8%	10.9%	1.50
PPL PPL Corporation	FY2025	$9.2B	+8.6%	23.2%	12.9%	−15.3%	7.9%	1.30
CNP CenterPoint Energy	FY2025	$9.4B	+9.2%	22.5%	11.2%	−25.5%	9.4%	1.89
WEC WEC Energy Group	FY2025	$9.8B	+14.0%	22.9%	15.9%	-	11.1%	1.56
NI NiSource	FY2025	$6.5B	+23.5%	28.1%	14.3%	−6.4%	9.8%	1.72
EVRG Evergy	FY2025	$6.0B	0.0%	25.7%	14.4%	−12.6%	8.4%	1.45
PNW Pinnacle West Capital	FY2025	$5.3B	+4.2%	20.0%	11.5%	−15.3%	8.7%	1.50
AWK American Water Works	FY2025	$5.1B	+10.1%	36.6%	21.6%	−20.8%	10.3%	1.46
PEG Public Service Enterprise Group	FY2025	$12.2B	+18.3%	24.5%	17.3%	0.2%	12.4%	1.42

Revenuepeer median $8.8B

Sales growthpeer median +10.1%

Operating marginpeer median 23.2%

Net marginpeer median 14.4%

FCF marginpeer median −13.9%

Return on equitypeer median 9.8%

Debt / equitypeer median 1.50

CMS 2.05
CNP 1.89
NI 1.72
WEC 1.56
PNW 1.50
AEE 1.50
AWK 1.46
EVRG 1.45
PEG 1.42
PPL 1.30

RevenueSales growthOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2021 to FY2025

Revenue as reported in the 10-K.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	$7.3B	$8.6B	$7.5B	$7.5B	$8.5B
AEE Dec	$6.4B	$8.0B	$7.5B	$7.6B	$8.8B
PPL Dec	$5.8B	$7.9B	$8.3B	$8.5B	$9.2B
CNP Dec	$8.4B	$9.3B	$8.7B	$8.6B	$9.4B
WEC Dec	$8.3B	$9.6B	$8.9B	$8.6B	$9.8B
NI Dec	$4.7B	$5.7B	$5.3B	$5.3B	$6.5B
EVRG Dec	$5.6B	$5.9B	$5.5B	$5.8B	$6.0B
PNW Dec	$3.8B	$4.3B	$4.7B	$5.1B	$5.3B
AWK Dec	$3.9B	$3.8B	$4.2B	$4.7B	$5.1B
PEG Dec	$9.7B	$9.8B	$11.2B	$10.3B	$12.2B
Peer median	$5.8B	$7.9B	$7.5B	$7.6B	$8.8B

Sales growth, FY2021 to FY2025

Revenue against the fiscal year before.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	+13.4%	+17.6%	−12.7%	+0.8%	+13.5%
AEE Dec	+10.4%	+24.4%	−5.7%	+1.6%	+15.4%
PPL Dec	+7.5%	+33.4%	+6.5%	+1.9%	+8.6%
CNP Dec	+12.3%	+13.0%	−7.7%	−0.7%	+9.2%
WEC Dec	+14.8%	+15.4%	−7.3%	−3.3%	+14.0%
NI Dec	+5.8%	+21.3%	−6.8%	−1.2%	+23.5%
EVRG Dec	+11.5%	+4.9%	−4.4%	+6.7%	0.0%
PNW Dec	+6.0%	+13.7%	+8.6%	+9.1%	+4.2%
AWK Dec	+4.6%	−3.9%	+12.1%	+10.3%	+10.1%
PEG Dec	+1.2%	+0.8%	+14.7%	−8.4%	+18.3%
Peer median	+7.5%	+13.7%	−4.4%	+1.6%	+10.1%

Operating margin, FY2021 to FY2025

Operating income / revenue.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	15.6%	14.2%	16.6%	19.8%	20.2%
AEE Dec	20.8%	19.0%	20.8%	19.9%	23.0%
PPL Dec	24.4%	17.4%	19.6%	20.6%	23.2%
CNP Dec	16.3%	16.8%	20.2%	23.0%	22.5%
WEC Dec	20.6%	20.0%	21.5%	25.0%	22.9%
NI Dec	21.3%	22.1%	24.2%	27.6%	28.1%
EVRG Dec	24.3%	21.6%	23.3%	25.1%	25.7%
PNW Dec	21.2%	16.9%	17.6%	19.7%	20.0%
AWK Dec	30.4%	33.6%	35.5%	36.7%	36.6%
PEG Dec	−8.8%	14.1%	32.8%	22.9%	24.5%
Peer median	21.2%	19.0%	21.5%	23.0%	23.2%

Net margin, FY2021 to FY2025

Net income / revenue.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	18.5%	9.7%	11.9%	13.3%	12.5%
AEE Dec	15.5%	13.5%	15.4%	15.5%	16.5%
PPL Dec	−25.4%	9.6%	8.9%	10.5%	12.9%
CNP Dec	17.8%	11.3%	10.5%	11.8%	11.2%
WEC Dec	15.6%	14.7%	15.0%	17.8%	15.9%
NI Dec	12.4%	14.0%	13.4%	14.4%	14.3%
EVRG Dec	15.7%	12.8%	13.3%	14.9%	14.4%
PNW Dec	16.3%	11.2%	10.7%	11.9%	11.5%
AWK Dec	32.1%	21.6%	22.3%	22.4%	21.6%
PEG Dec	−6.7%	10.5%	22.8%	17.2%	17.3%
Peer median	15.6%	12.8%	13.4%	14.9%	14.4%

Free cash flow, FY2021 to FY2025

Cash from operations minus capital spending.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	−$257.0M	−$1.5B	-	-	-
AEE Dec	−$1.8B	−$1.1B	−$1.0B	−$1.6B	−$775.0M
PPL Dec	$297.0M	−$425.0M	−$632.0M	−$465.0M	−$1.4B
CNP Dec	−$3.1B	−$2.6B	−$524.0M	−$2.4B	−$2.4B
WEC Dec	−$340.0M	−$636.2M	-	-	-
NI Dec	−$620.1M	−$793.7M	−$710.7M	−$832.5M	−$420.0M
EVRG Dec	−$620.8M	−$364.6M	−$353.8M	−$352.9M	−$751.7M
PNW Dec	−$613.5M	−$466.0M	−$638.7M	−$639.4M	−$819.5M
AWK Dec	−$323.0M	−$1.2B	−$701.0M	−$811.0M	−$1.1B
PEG Dec	−$983.0M	−$1.4B	$481.0M	−$1.2B	$26.0M
Peer median	−$620.1M	−$793.7M	−$635.3M	−$821.8M	−$797.3M

FCF margin, FY2021 to FY2025

Free cash flow / revenue.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	−3.5%	−17.7%	-	-	-
AEE Dec	−28.4%	−13.7%	−13.8%	−20.4%	−8.8%
PPL Dec	5.1%	−5.4%	−7.6%	−5.5%	−15.3%
CNP Dec	−37.6%	−28.0%	−6.0%	−27.5%	−25.5%
WEC Dec	−4.1%	−6.6%	-	-	-
NI Dec	−13.1%	−13.8%	−13.3%	−15.8%	−6.4%
EVRG Dec	−11.1%	−6.2%	−6.4%	−6.0%	−12.6%
PNW Dec	−16.1%	−10.8%	−13.6%	−12.5%	−15.3%
AWK Dec	−8.2%	−31.4%	−16.6%	−17.3%	−20.8%
PEG Dec	−10.1%	−14.1%	4.3%	−12.1%	0.2%
Peer median	−11.1%	−13.7%	−10.4%	−14.1%	−13.9%

Return on equity, FY2021 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	20.4%	11.9%	11.8%	12.2%	11.7%
AEE Dec	10.2%	10.2%	10.2%	9.8%	10.9%
PPL Dec	−10.8%	5.4%	5.3%	6.3%	7.9%
CNP Dec	15.8%	10.5%	9.5%	9.6%	9.4%
WEC Dec	11.7%	12.1%	11.0%	11.9%	11.1%
NI Dec	8.4%	10.6%	8.6%	8.8%	9.8%
EVRG Dec	9.5%	7.9%	7.6%	8.8%	8.4%
PNW Dec	10.5%	8.0%	8.1%	9.0%	8.7%
AWK Dec	17.3%	10.7%	9.6%	10.2%	10.3%
PEG Dec	−4.5%	7.5%	16.6%	11.0%	12.4%
Peer median	10.2%	10.2%	9.5%	9.6%	9.8%

Debt / equity, FY2021 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	1.87	2.03	2.05	1.99	2.05
AEE Dec	1.42	1.45	1.47	1.56	1.50
PPL Dec	0.82	1.02	1.12	1.19	1.30
CNP Dec	1.65	1.53	1.82	1.96	1.89
WEC Dec	1.39	1.47	1.55	1.56	1.56
NI Dec	1.41	1.32	1.47	1.61	1.72
EVRG Dec	1.05	1.09	1.33	1.37	1.45
PNW Dec	1.22	1.34	1.46	1.40	1.50
AWK Dec	1.50	1.61	1.26	1.36	1.46
PEG Dec	1.35	1.48	1.31	1.41	1.42
Peer median	1.39	1.45	1.46	1.41	1.50

EPS (diluted), FY2021 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2021	FY2022	FY2023	FY2024	FY2025
CMS Dec	$4.66	$2.85	$3.01	$3.33	$3.53
AEE Dec	$3.84	$4.14	$4.38	$4.42	$5.35
PPL Dec	−$1.93	$1.02	$1.00	$1.20	$1.59
CNP Dec	$2.28	$1.59	$1.37	$1.58	$1.60
WEC Dec	$4.11	$4.45	$4.22	$4.83	$4.81
NI Dec	$1.27	$1.70	$1.48	$1.62	$1.95
EVRG Dec	$3.83	$3.27	$3.17	$3.79	$3.66
PNW Dec	$5.47	$4.26	$4.41	$5.24	$5.05
AWK Dec	$6.95	$4.51	$4.90	$5.39	$5.69
PEG Dec	−$1.29	$2.06	$5.13	$3.54	$4.22
Peer median	$3.83	$3.27	$4.22	$3.79	$4.22

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CMS and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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