Question 1

What is CMS Energy's P/B ratio?

Accepted Answer

CMS Energy (CMS) P/B ratio is 2.3× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For CMS Energy specifically, the relevant sector benchmark is the current sector median of 2.1×.

Question 5

Is CMS Energy's P/B ratio high or low?

Accepted Answer

CMS Energy's P/B ratio of 2.3× is below its own 5-year average of 2.5× and above the sector median of 2.1×. That places the current reading at the 9th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

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

Accepted Answer

In the available daily series, CMS Energy (CMS) P/B ratio has ranged from a low of 0.5× in 2003 to a high of 3.7× in 2019. The 5-year average is 2.5× and the 5-year median is 2.5×.

Question 7

What was CMS Energy's P/B ratio in 2025?

Accepted Answer

CMS Energy (CMS) P/B ratio at the end of 2025 was 2.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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.


2025	$21.02B	$9.14B	2.3×	-0.1×	Dec 31, 2025
2024	$19.91B	$8.23B	2.4×	+0.2×	Dec 31, 2024
2023	$17.10B	$7.54B	2.3×	-0.4×	Dec 31, 2023
2022	$18.45B	$7.01B	2.6×	-0.2×	Dec 31, 2022
2021	$18.81B	$6.63B	2.8×	-0.3×	Dec 31, 2021
2020	$17.43B	$5.50B	3.2×	-0.4×	Dec 31, 2020
2019	$17.78B	$5.02B	3.5×	+0.6×	Dec 31, 2019
2018	$14.03B	$4.75B	3.0×	-0.0×	Dec 31, 2018
2017	$13.28B	$4.44B	3.0×	+0.3×	Dec 31, 2017
2016	$11.57B	$4.25B	2.7×	+0.2×	Dec 31, 2016
2015	$9.96B	$3.94B	2.5×	-0.1×	Dec 31, 2015
2014	$9.52B	$3.67B	2.6×	+0.5×	Dec 31, 2014
2013	$7.09B	$3.45B	2.1×	+0.0×	Dec 31, 2013
2012	$6.41B	$3.19B	2.0×	+0.2×	Dec 31, 2012
2011	$5.56B	$3.03B	1.8×	+0.2×	Dec 31, 2011
2010	$4.48B	$2.79B	1.6×	+0.3×	Dec 31, 2010
2009	$3.57B	$2.84B	1.3×	+0.4×	Dec 31, 2009
2008	$2.29B	$2.71B	0.8×	-0.8×	Dec 31, 2008
2007	$3.88B	$2.38B	1.6×	+0.2×	Dec 31, 2007
2006	$3.68B	$2.50B	1.5×	+0.2×	Dec 31, 2006
2005	$3.26B	$2.58B	1.3×	+0.4×	Dec 31, 2005
2004	$2.01B	$2.33B	0.9×	+0.0×	Dec 31, 2004
2003	$1.34B	$1.58B	0.8×	-0.4×	Dec 31, 2003
2002	$1.36B	$1.13B	1.2×	-0.5×	Dec 31, 2002
2001	$3.12B	$1.89B	1.7×	—	Dec 31, 2001


MGE Energy (MGEE)	2.1×
New Jersey Resources (NJR)	2.1×
Xcel Energy (XEL)	2.1×
Atmos Energy (ATO)	2.1×
Sempra (SRE)	2.0×
PPL (PPL)	1.9×
Middlesex Water (MSEX)	1.9×
Duke Energy (DUK)	1.9×
Dominion Energy (D)	1.9×
Evergy (EVRG)	1.9×
Pinnacle West Capital (PNW)	1.7×
Exelon (EXC)	1.7×
Essential Utilities (WTRG)	1.7×
Edison International (EIX)	1.6×
Consolidated Edison (ED)	1.6×
Eversource Energy (ES)	1.6×
California Water Service Group (CWT)	1.5×
UGI (UGI)	1.4×
Northwest Natural Holding (NWN)	1.4×
Black Hills (BKH)	1.3×
Artesian Resources (ARTNA)	1.3×
H2O America (HTO)	1.2×
Avista (AVA)	1.2×
PG&E (PCG)	1.2×
Algonquin Power & Utilities (AQN)	1.0×

P/B Ratio for CMS Energy (CMS)

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

Historical P/B Ratio for CMS Energy (CMS) from 2001 to 2025

About P/B Ratio at CMS Energy (CMS)

CMS Energy P/B Ratio by Year

CMS Energy P/B Ratio 2025: 2.3×

CMS Energy P/B Ratio 2024: 2.4×

CMS Energy P/B Ratio 2023: 2.3×

CMS Energy P/B Ratio 2022: 2.6×

CMS Energy P/B Ratio 2021: 2.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

CMS Energy (CMS) Key Financials

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

Historical P/B Ratio for CMS Energy (CMS) from 2001 to 2025

About P/B Ratio at CMS Energy (CMS)

CMS Energy P/B Ratio by Year

CMS Energy P/B Ratio 2025: 2.3×

CMS Energy P/B Ratio 2024: 2.4×

CMS Energy P/B Ratio 2023: 2.3×

CMS Energy P/B Ratio 2022: 2.6×

CMS Energy P/B Ratio 2021: 2.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is CMS Energy's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for CMS Energy?

+Is CMS Energy's P/B ratio high or low?

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

+What was CMS Energy's P/B ratio in 2025?

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

CMS Energy (CMS) Key Financials