Where do CMS Energy's ratios come from?

Every ratio is computed from CMS Energy's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

CMS Energy CMS Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Operating margin	19.5%-0.7pp	20.2%-0.5pp	20.7%+0.7pp	20%-0.2pp	20.2%+0.4pp
Net margin	12.5%0.0pp	12.5%-0.1pp	12.6%-0.1pp	12.8%-0.3pp	13.1%-0.2pp
Returns
Return on equity	12.4%+0.1pp	12.3%0.0pp	12.3%-0.1pp	12.5%-0.1pp	12.5%-0.2pp
Return on invested capital	5.1%-0.2pp	5.3%-0.2pp	5.5%0.0pp	5.5%-0.1pp	5.6%+0.3pp
Efficiency
Asset turnover	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×0.0×
Liquidity
Current ratio	0.8×-0.1×	1×+0.1×	0.9×-0.1×	1×-0.1×	1.1×+0.3×
Leverage
Debt-to-equity	2×0.0×	2.1×0.0×	2×-0.1×	2.1×+0.1×	2×0.0×
Net debt / EBITDA	6.2×+0.1×	6×+0.2×	5.9×-0.1×	5.9×+0.1×	5.8×-0.2×
Per Share
Book value per share	$30.82—	——	$29.51+5.1%	$28.06+0.7%	$27.87—
Valuation
Market capitalization	$23.89B+12.3%	$21.28B-3.0%	$21.93B+5.2%	$20.85B-7.2%	$22.47B+12.8%
Price / earnings	21.6×+1.7×	19.9×-1.1×	20.9×+0.6×	20.4×-1.6×	22×+2.2×
Price / sales	2.7×+0.2×	2.5×-0.2×	2.6×0.0×	2.6×-0.3×	2.9×+0.2×
Price / book	2.5×+0.2×	2.3×-0.1×	2.5×0.0×	2.5×-0.2×	2.7×+0.3×
EV / EBITDA	14×+1.0×	13.1×-0.1×	13.2×0.0×	13.2×-0.6×	13.8×+0.5×

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Where do CMS Energy's ratios come from?: Every ratio is computed from CMS Energy's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.