Question 1

What is CMS Energy's P/E ratio?

Accepted Answer

CMS Energy (CMS) P/E ratio is 19.6× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For CMS Energy specifically, the relevant sector benchmark is the current sector median of 21.4×.

Question 5

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

Accepted Answer

CMS Energy's P/E ratio of 19.6× is above its own 5-year average of 19.3× and below the sector median of 21.4×. That places the current reading at the 34th 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/E ratio range?

Accepted Answer

In the available daily series, CMS Energy (CMS) P/E ratio has ranged from a low of 7.7× in 2008 to a high of 30.2× in 2008. The 5-year average is 19.3× and the 5-year median is 19.8×.

Question 7

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

Accepted Answer

CMS Energy (CMS) P/E ratio at the end of 2025 was 19.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$1.07B	19.6×	-0.2×	Dec 31, 2025
2024	$19.91B	$1.00B	19.9×	+0.6×	Dec 31, 2024
2023	$17.10B	$887.00M	19.3×	-2.8×	Dec 31, 2023
2022	$18.45B	$837.00M	22.0×	+8.1×	Dec 31, 2022
2021	$18.81B	$1.35B	13.9×	-9.2×	Dec 31, 2021
2020	$17.43B	$755.00M	23.1×	-3.1×	Dec 31, 2020
2019	$17.78B	$680.00M	26.2×	+4.8×	Dec 31, 2019
2018	$14.03B	$657.00M	21.4×	-7.5×	Dec 31, 2018
2017	$13.28B	$460.00M	28.9×	+7.9×	Dec 31, 2017
2016	$11.57B	$551.00M	21.0×	+2.0×	Dec 31, 2016
2015	$9.96B	$523.00M	19.0×	-0.9×	Dec 31, 2015
2014	$9.52B	$477.00M	20.0×	+4.3×	Dec 31, 2014
2013	$7.09B	$452.00M	15.7×	-1.1×	Dec 31, 2013
2012	$6.41B	$382.00M	16.8×	+3.4×	Dec 31, 2012
2011	$5.56B	$415.00M	13.4×	+0.2×	Dec 31, 2011
2010	$4.48B	$340.00M	13.2×	-2.7×	Dec 31, 2010
2009	$3.57B	$225.00M	15.9×	+8.1×	Dec 31, 2009
2008	$2.29B	$297.00M	7.7×	—	Dec 31, 2008
2007	$3.88B	−$215.00M	—	—	Dec 31, 2007
2006	$3.68B	−$79.00M	—	—	Dec 31, 2006
2005	$3.26B	−$84.00M	—	—	Dec 31, 2005
2004	$2.01B	$119.00M	16.9×	—	Dec 31, 2004
2003	$1.34B	−$53.00M	—	—	Dec 31, 2003
2002	$1.36B	−$969.00M	—	—	Dec 31, 2002
2001	$3.12B	−$545.00M	—	—	Dec 31, 2001


Alliant Energy (LNT)	22.5×
American States Water (AWR)	22.1×
Middlesex Water (MSEX)	21.8×
Evergy (EVRG)	21.4×
H2O America (HTO)	21.2×
Essential Utilities (WTRG)	20.5×
Ameren (AEE)	19.9×
Duke Energy (DUK)	19.8×
MGE Energy (MGEE)	19.8×
American Electric Power Company (AEP)	19.4×
Consolidated Edison (ED)	19.1×
Pinnacle West Capital (PNW)	18.7×
Dominion Energy (D)	18.3×
Black Hills (BKH)	18.2×
Exelon (EXC)	18.1×
Public Service Enterprise Group (PEG)	17.8×
Northwest Natural Holding (NWN)	17.7×
New Jersey Resources (NJR)	16.2×
Avista (AVA)	16.0×
Eversource Energy (ES)	14.9×
Artesian Resources (ARTNA)	14.1×
PG&E (PCG)	13.1×
UGI (UGI)	12.2×
Edison International (EIX)	7.6×
AES (AES)	7.5×

P/E Ratio for CMS Energy (CMS)

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

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

About P/E Ratio at CMS Energy (CMS)

CMS Energy P/E Ratio by Year

CMS Energy P/E Ratio 2025: 19.6×

CMS Energy P/E Ratio 2024: 19.9×

CMS Energy P/E Ratio 2023: 19.3×

CMS Energy P/E Ratio 2022: 22.0×

CMS Energy P/E Ratio 2021: 13.9×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

CMS Energy (CMS) Key Financials

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

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

About P/E Ratio at CMS Energy (CMS)

CMS Energy P/E Ratio by Year

CMS Energy P/E Ratio 2025: 19.6×

CMS Energy P/E Ratio 2024: 19.9×

CMS Energy P/E Ratio 2023: 19.3×

CMS Energy P/E Ratio 2022: 22.0×

CMS Energy P/E Ratio 2021: 13.9×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

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

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

CMS Energy (CMS) Key Financials