CMS Energy vs Pinnacle West Capital
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KIRA’s take AI analyst
I put CMS Energy and Pinnacle West Capital side by side, using each one’s latest annual report. Here is what stands out:
- 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 20.2x for Pinnacle West Capital.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
CMS Energy
CMS
6/9
Revenue growthOperating marginNet marginReturn on equityPiotroski F-scoreShare count change
Pinnacle West Capital
PNW
3/9
5-year growthReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CMS FY25 | PNW FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.6B | $13.1B |
| 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 | 20.2x |
| Piotroski F-score | 5 | 3 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.