CMS Energy
CMS · Multi-Utilities
$69.58
1.0%NiSource
NI · Multi-Utilities
$43.28
0.9%The short version
- CMS Energy is the larger business, with $8.5B of revenue in fiscal 2025 against $6.5B for NiSource.
- NiSource grew revenue faster (23.5%, against 13.6%).
- NiSource kept more of each dollar of sales as operating profit (28.1% operating margin, against 20.2% operating margin).
- NiSource earned a higher return on the capital invested in it (5.8%, against 5.2%).
- Investors pay more for each dollar of NiSource’s earnings: a P/E of 23.0x against 20.9x for CMS Energy.
| Latest fiscal year | CMS · FY25 | NI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.6B | $20.8B |
| Revenue | $8.5B | $6.5B |
| Free cash flow | — | −$420M |
| Net income | $1.1B | $930M |
| Growth | ||
| Revenue growth | 13.6% | 23.5% |
| 5-year growth | 5.9% | 7.8% |
| Share count change | 0.9% | 4.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.2% | 28.1% |
| Net margin | 12.5% | 14.3% |
| FCF margin | — | −6.4% |
| Return on capital | 5.2% | 5.8% |
| Return on equity | 12.3% | 10.3% |
| Balance sheet | ||
| Net debt | $18.4B | $16.1B |
| Net debt / EBITDA | 6.1x | 5.4x |
| Dividends and buybacks | $0.0M | $530M |
| Valuation & quality | ||
| P/E | 20.9x | 23.0x |
| Piotroski F-score | 5 | 6 |
FY16
CMS $6.4B
NI $4.5B
FY17
CMS $6.6B
NI $4.9B
FY18
CMS $6.9B
NI $5.0B
FY19
CMS $6.6B
NI $5.1B
FY20
CMS $6.4B
NI $4.5B
FY21
CMS $7.3B
NI $4.7B
FY22
CMS $8.6B
NI $5.7B
FY23
CMS $7.5B
NI $5.3B
FY24
CMS $7.5B
NI $5.3B
FY25
CMS $8.5B
NI $6.5B
CMS
NI
FY16
CMS 19.6%
NI 19.3%
FY17
CMS 20.3%
NI 18.9%
FY18
CMS 16.9%
NI 2.5%
FY19
CMS 16.8%
NI 17.6%
FY20
CMS 19.2%
NI 12.3%
FY21
CMS 15.6%
NI 21.3%
FY22
CMS 14.2%
NI 22.1%
FY23
CMS 16.6%
NI 24.2%
FY24
CMS 19.8%
NI 27.6%
FY25
CMS 20.2%
NI 28.1%
CMS
NI
FY16
CMS −$43.0M
NI −$672M
FY17
CMS $40.0M
NI −$954M
FY18
CMS −$371M
NI −$1.3B
FY19
CMS −$307M
NI −$219M
FY20
CMS −$1.0B
NI −$654M
FY21
CMS −$257M
NI −$620M
FY22
CMS −$1.5B
NI −$794M
FY23
CMS —
NI −$711M
FY24
CMS —
NI −$833M
FY25
CMS —
NI −$420M
CMS
NI
FY16
CMS 6.4%
NI 4.9%
FY17
CMS 5.0%
NI 3.7%
FY18
CMS 6.4%
NI 0.7%
FY19
CMS 5.4%
NI 4.5%
FY20
CMS 5.8%
NI 2.8%
FY21
CMS 5.4%
NI 5.2%
FY22
CMS 5.4%
NI 5.8%
FY23
CMS 4.6%
NI 5.3%
FY24
CMS 5.2%
NI 5.2%
FY25
CMS 5.2%
NI 5.8%
CMS
NI
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