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CMS Energy CMS Debt-to-equity

Debt-to-equity at other companies

Nextra Energy logo
Nextra EnergyNEE
1.8×0.0×
DTE Energy logo
DTE EnergyDTE
1.9×+0.1×
PG&E logo
PG&EPCG
1.9×+0.1×
Entergy logo
EntergyETR
1.9×-0.1×
Duke Energy logo
Duke EnergyDUK
1.6×0.0×
CNP
CenterPoint EnergyCNP
1.8×-0.1×

Other financials

Income statement

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Revenue$2.7B+11.6%
Operating income$490.0M-0.8%
Net income$340.0M+11.8%
EPS (diluted)$1.10+8.9%

Balance sheet

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Cash & equivalents$263.0M-50.0%
Total debt$19.1B+12.7%
Total equity$9.5B+13.6%
Total assets$40.3B+11.0%

Cash flow

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Operating cash flow$705.0M-29.5%
CapEx$1.0B+17.0%
Free cash flow-$334.0M-398%

Valuation

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Market cap$22.65B+6.4%
Enterprise value$41.5B+9.9%
P/E20.5×-0.4×
P/S2.6×-0.2×

Profitability

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Operating margin19.5%-0.6pp
Net margin12.5%-0.6pp

Returns & leverage

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Return on equity12.4%-0.1pp
Current ratio0.8×-0.2×

Where this comes from

Calculated from CMS Energy’s reported figures.

Based on the most recent quarter.

The official record: CMS Energy’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CMS Energy's debt-to-equity?
CMS Energy (CMS) reported debt-to-equity of 2× in Q1 2026.
How has CMS Energy's debt-to-equity changed year-over-year?
CMS Energy's debt-to-equity decreased by 0.8% year-over-year, from 2× to 2×.
What is the long-term trend for CMS Energy's debt-to-equity?
Over 4 years (2021 to 2025), CMS Energy's debt-to-equity has grown at a -1.2% compound annual growth rate (CAGR), from 8.7× to 8.3×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.