Question 1

What is CMS Energy's P/FCF ratio?

Accepted Answer

CMS Energy (CMS) P/FCF ratio is currently not available. When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for CMS Energy?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For CMS Energy specifically, the relevant sector benchmark is the current sector median of 45.4×.

Question 5

What is CMS Energy's historical P/FCF ratio range?

Accepted Answer

In the available daily series, CMS Energy (CMS) P/FCF ratio has ranged from a low of 9.0× in 2005 to a high of 332.0× in 2017.

Question 6

What was CMS Energy's P/FCF ratio in 2017?

Accepted Answer

CMS Energy (CMS) P/FCF ratio at the end of 2017 was 332.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 7

Why does CMS Energy's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.

Question 8

Why is CMS Energy's P/FCF ratio not available?

Accepted Answer

When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.


2025	$21B	-$1.59B	—	—	Dec 31, 2025
2024	$19.9B	-$648M	—	—	Dec 31, 2024
2023	$17.1B	-$910M	—	—	Dec 31, 2023
2022	$18.4B	-$1.52B	—	—	Dec 31, 2022
2021	$18.8B	-$256M	—	—	Dec 31, 2021
2020	$17.4B	-$1.04B	—	—	Dec 31, 2020
2019	$17.8B	-$314M	—	—	Dec 31, 2019
2018	$14B	-$371M	—	—	Dec 31, 2018
2017	$13.3B	$40M	332.0×	—	Dec 31, 2017
2016	$11.6B	-$94M	—	—	Dec 31, 2016
2015	$9.96B	-$53M	—	—	Dec 31, 2015
2014	$9.52B	-$205M	—	—	Dec 31, 2014
2013	$7.09B	$40M	177.4×	—	Dec 31, 2013
2012	$6.41B	-$35M	—	—	Dec 31, 2012
2011	$5.56B	$244M	22.8×	-12.8×	Dec 31, 2011
2010	$4.48B	$126M	35.5×	—	Dec 31, 2010
2009	$3.57B	-$19M	—	—	Dec 31, 2009
2008	$2.29B	-$267M	—	—	Dec 31, 2008
2007	$3.88B	-$1.26B	—	—	Dec 31, 2007
2006	$3.68B	$18M	204.7×	+143.1×	Dec 31, 2006
2005	$3.26B	$53M	61.6×	+23.7×	Dec 31, 2005
2004	$2.01B	$53M	37.9×	—	Dec 31, 2004
2003	$1.34B	-$776M	—	—	Dec 31, 2003
2002	$1.36B	-$349M	—	—	Dec 31, 2002


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	45.4×
UGI (UGI)	32.9×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	9.3×

P/FCF Ratio for CMS Energy (CMS) 2004-2026

P/FCF Ratio daily chart for CMS Energy (CMS)

Historical P/FCF Ratio for CMS Energy (CMS) from 2002 to 2025

About P/FCF Ratio at CMS Energy (CMS)

CMS Energy P/FCF Ratio by Year

CMS Energy P/FCF Ratio 2017: 332.0×

CMS Energy P/FCF Ratio 2013: 177.4×

CMS Energy P/FCF Ratio 2011: 22.8×

CMS Energy P/FCF Ratio 2010: 35.5×

CMS Energy P/FCF Ratio 2006: 204.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

CMS Energy (CMS) Key Financials