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
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 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×
Leverage
Debt-to-equity	8.3×+0.3×	8.3×+0.3×	8.2×+0.2×	8.2×0.0×	8×-0.3×
Net debt / EBITDA	24×+0.6×	23.7×+0.1×	23.6×-0.3×	23.6×-1.1×	23.4×-2.0×
Valuation
Market capitalization	$87.96B+8.2%	$86.53B+12.7%	$85.16B+15.3%	$84.33B+23.6%	$81.26B+20.2%
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×

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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.