CMS Energy vs Pinnacle West Capital
Add, change or remove companies; up to four.
The short version
- CMS Energy is the larger business, with $8.5B of revenue in fiscal 2025 against $5.3B for Pinnacle West Capital, about 1.6 times as much.
- CMS Energy grew revenue faster (13.6%, against 4.2%).
- Investors pay more for each dollar of CMS Energy’s earnings: a P/E of 20.9x against 20.3x for Pinnacle West Capital.
| Latest fiscal year | CMS · FY25 | PNW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.6B | $13.2B |
| Revenue | $8.5B | $5.3B |
| Free cash flow | — | −$820M |
| Net income | $1.1B | $632M |
| Growth | ||
| Revenue growth | 13.6% | 4.2% |
| 5-year growth | 5.9% | 8.3% |
| Share count change | 0.9% | 4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.2% | 20.0% |
| Net margin | 12.5% | 11.8% |
| FCF margin | — | −15.4% |
| Return on capital | 5.2% | 5.4% |
| Return on equity | 12.3% | 9.2% |
| Balance sheet | ||
| Net debt | $18.4B | $10.6B |
| Net debt / EBITDA | 6.1x | 5.2x |
| Dividends and buybacks | $0.0M | $423M |
| Valuation & quality | ||
| P/E | 20.9x | 20.3x |
| Piotroski F-score | 5 | 3 |
Revenue
FY16
CMS $6.4B
PNW $3.5B
FY17
CMS $6.6B
PNW $3.6B
FY18
CMS $6.9B
PNW $3.7B
FY19
CMS $6.6B
PNW $3.5B
FY20
CMS $6.4B
PNW $3.6B
FY21
CMS $7.3B
PNW $3.8B
FY22
CMS $8.6B
PNW $4.3B
FY23
CMS $7.5B
PNW $4.7B
FY24
CMS $7.5B
PNW $5.1B
FY25
CMS $8.5B
PNW $5.3B
CMS
PNW
Operating margin
FY16
CMS 19.6%
PNW 23.9%
FY17
CMS 20.3%
PNW 25.5%
FY18
CMS 16.9%
PNW 21.0%
FY19
CMS 16.8%
PNW 19.4%
FY20
CMS 19.2%
PNW 22.0%
FY21
CMS 15.6%
PNW 21.2%
FY22
CMS 14.2%
PNW 16.9%
FY23
CMS 16.6%
PNW 17.6%
FY24
CMS 19.8%
PNW 19.8%
FY25
CMS 20.2%
PNW 20.0%
CMS
PNW
Free cash flow
FY16
CMS −$43.0M
PNW −$252M
FY17
CMS $40.0M
PNW −$291M
FY18
CMS −$371M
PNW $99.0M
FY19
CMS −$307M
PNW −$235M
FY20
CMS −$1.0B
PNW −$360M
FY21
CMS −$257M
PNW −$613M
FY22
CMS −$1.5B
PNW −$466M
FY23
CMS —
PNW −$639M
FY24
CMS —
PNW −$639M
FY25
CMS —
PNW −$820M
CMS
PNW
Return on capital
FY16
CMS 6.4%
PNW 6.4%
FY17
CMS 5.0%
PNW 6.3%
FY18
CMS 6.4%
PNW 6.2%
FY19
CMS 5.4%
PNW 6.5%
FY20
CMS 5.8%
PNW 6.1%
FY21
CMS 5.4%
PNW 5.4%
FY22
CMS 5.4%
PNW 4.6%
FY23
CMS 4.6%
PNW 4.9%
FY24
CMS 5.2%
PNW 5.5%
FY25
CMS 5.2%
PNW 5.4%
CMS
PNW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.