CMS Energy Corp

NYSE:CMSUtilitiesSTOXX:EDD24BPSTOXX:SX50UL

$68.42+1.55%At closeAt close · Tue 20 Oct · ≈ AED 251.25 · Market cap $21.45B · Next earnings Tue 27 Oct

Ratio	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Current · undated	YoY
Gross margin	41.0%	36.1%	32.1%	38.4%	42.7%	60.9%	—	—
Operating margin	19.2%	15.6%	14.2%	16.6%	19.8%	20.2%	20.2%	+0.0 pts
Net margin	11.8%	18.5%	9.7%	11.9%	13.3%	12.5%	12.5%	+0.0 pts
EBITDA margin	36.7%	33.3%	29.6%	37.2%	40.9%	37.3%	—	—
Return on equity	13.7%	20.4%	11.9%	11.8%	12.2%	11.7%	11.0%	−0.7 pts
Return on assets	2.5%	4.7%	2.7%	2.6%	2.8%	2.7%	2.7%	+0.0 pts
Return on capital employed	4.6%	4.3%	4.3%	4.0%	4.6%	4.7%	—	—
Debt / equity	2.3×	1.9×	2.0×	2.1×	2.0×	2.1×	2.0×	−5.8%
Debt / assets	41.9%	43.5%	45.7%	46.7%	46.2%	46.9%	—	—
Interest coverage	2.4×	2.3×	2.4×	1.9×	2.1×	2.2×	—	—
Current ratio	0.8×	1.2×	1.2×	1.0×	0.8×	1.0×	1.0×	+0.0%
Quick ratio	0.6×	0.9×	0.8×	0.7×	0.6×	0.8×	—	—
Cash ratio	0.0×	0.2×	0.1×	0.1×	0.0×	0.2×	0.2×	+0.0%
Asset turnover	0.2×	0.3×	0.3×	0.2×	0.2×	0.2×	—	—
Inventory turnover	6.6×	7.0×	5.2×	4.9×	5.6×	4.2×	—	—
Receivables turnover	7.4×	7.8×	5.4×	7.9×	7.1×	6.5×	—	—
Dividend payout	61.9%	37.6%	65.2%	65.3%	62.4%	61.9%	—	—

Margins, returns, leverage and liquidityUpdated 31 Dec 2025 ·

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Current snapshot ratios have no reporting date and are shown separately from fiscal periods.