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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Operating margin	80.4%+2.3pp	81.1%+5.0pp	80.6%+7.8pp	79.6%+12.2pp	78.1%+16.0pp
Net margin	50.5%-3.1pp	51%-2.6pp	51.8%-0.3pp	53.2%+5.4pp	53.5%+9.8pp
EBITDA margin	142.3%-1.3pp	144%+2.4pp	144.8%+7.1pp	144.5%+13.8pp	143.5%+20.3pp
Free cash flow margin	57.2%-4.8pp	65.3%-2.6pp	71.5%+0.9pp	63.2%-18.9pp	62%-7.0pp
Returns
Return on equity	49.6%-2.2pp	49.7%-2.5pp	50.1%-1.5pp	51.4%+2.9pp	51.7%+5.5pp
Return on assets	11.4%-0.4pp	11.4%-0.4pp	11.5%-0.2pp	11.7%+0.7pp	11.8%+1.3pp
Return on invested capital	21.4%+0.2pp	21.9%+1.1pp	21.8%+1.6pp	21.6%+2.2pp	21.2%+2.3pp
Efficiency
Asset turnover	0.9×0.0×	0.9×0.0×	0.9×0.0×	0.9×0.0×	0.9×-0.1×
Liquidity
Current ratio	3.7×-0.5×	3.9×-0.6×	3.7×-1.0×	4.1×-0.3×	4.3×+0.1×
Quick ratio	3.7×-0.7×	4×-0.7×	3.8×-1.1×	4.2×-0.4×	4.4×0.0×
Cash ratio	0.7×-0.1×	0.8×-0.1×	0.7×-0.3×	0.8×-0.1×	0.8×+0.1×
Leverage
Debt-to-equity	8.3×+0.3×	8.3×+0.3×	8.2×+0.2×	8.2×0.0×	8×-0.3×
Debt-to-assets	1.9×+0.1×	1.9×0.0×	1.9×0.0×	1.9×0.0×	1.9×0.0×
Net debt / EBITDA	24×+0.6×	23.7×+0.1×	23.6×-0.3×	23.6×-1.1×	23.4×-2.0×
Interest coverage	8.7×+0.3×	8.8×+0.6×	8.7×+0.7×	8.5×+0.8×	8.4×+0.8×
Valuation
Market capitalization	$87.96B+8.2%	$86.53B+12.7%	$85.16B+15.3%	$84.33B+23.6%	$81.26B+20.2%
Enterprise value	$159.89B+10.5%	$156.04B+12.5%	$152.72B+13.3%	$149.91B+16.7%	$144.71B+13.4%
Price / earnings	82.8×+2.4×	83.2×+6.3×	83.2×+7.1×	82.4×+5.7×	80.4×-1.2×
Price / sales	10.4×-0.3×	10.6×+0.3×	10.8×+0.8×	11×+1.8×	10.8×+1.9×
Price / book	9.8×-0.1×	10×+0.5×	10.1×+0.7×	10.2×+1.3×	9.9×+0.9×
EV / EBITDA	53.4×0.0×	53.2×+0.5×	53.4×+0.7×	53.9×+1.4×	53.4×-0.7×
EV / sales	19×-0.2×	19.1×+0.5×	19.3×+1.2×	19.5×+2.3×	19.2×+2.5×
Free cash flow yield	22%-1.1pp	24.5%-2.3pp	26.5%-3.2pp	23.2%-12.7pp	23.2%-7.3pp
Earnings yield	19.3%-0.6pp	19.3%-1.6pp	19.3%-1.8pp	19.4%-1.5pp	20%+0.2pp

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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.