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CMS Energy Corporation

CMS Utilities Utilities Regulated Electric

CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024.

Revenue
+8.02%
EPS
−131.6%
Free cash flow
+26.3%
Total debt
+11.8%

Quarter to September 2026, against a year earlier

69.41 0.70 −1.00%
Market cap
$22.2B
P/E
33.3×
Fwd P/E
19.2×
Dividend yield
4.00%
F-score
5/9
Altman Z
0.86
Beneish M
−2.41
Dividend safety
27/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

CMS Energy Corporation (CMS) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, CMS Energy Corporation (CMS) trades at a EV/EBITDA of 16.1×. Over the past ten years it has ranged from 9.1× (June 2015) to 16.1× (November 2026); the current reading is higher than 100% of that period. That is above the Utilities Regulated Electric industry median of 12.4× and above the Utilities sector median of 12.3×.

EV/EBITDA, daily

Embed this chart

Annual newest first

Period EV/EBITDA Change
FY2025 13.0× (2.30%)
FY2024 13.3× (1.61%)
FY2023 13.5× (2.73%)
FY2022 13.9× 1.66%
FY2021 13.6× 4.19%
FY2020 13.1× (10.60%)
FY2019 14.6× 20.12%
FY2018 12.2× 16.18%
FY2017 10.5× 3.57%
FY2016 10.1× 3.36%

Quarterly newest first

Period EV/EBITDA Change
Sep 2026 15.2× 7.35%
Jun 2026 14.1× 1.33%
Mar 2026 13.9× 7.68%
Dec 2025 13.0× (1.63%)
43 more quarters

Against its own ten years

Low 9.1× High 16.1×
Ten-year median 13.2×
Current reading's percentile 100

EV/EBITDA against peers

Company EV/EBITDA
EIX Edison International compare 6.9×
ES Eversource Energy compare 10.3×
EVRG Evergy Inc. compare 12.2×
CNP CenterPoint Energy, Inc. compare 12.3×
PPL PPL Corporation compare 12.5×
DTE DTE Energy Company compare 13.1×
FE FirstEnergy Corporation compare 13.9×
CMS CMS Energy Corporation 16.1×
LNT Alliant Energy Corporation compare 16.6×
Utilities Regulated Electric industry median 12.4×
Utilities sector median 12.3×
Market median 10.9×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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