Cms Energy Corporation
$38.94B- Market cap
- $20.69B
- Debt
- +$18.76B
- Cash
- −$509.00M
Capital structure 52% equity / 48% debt · EV / Revenue 4.56x · EV proxy / EBITDA proxy 12.84x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 ·
Decision snapshot: CMS stock price vs DUK: inconclusive Relative valuation is incomplete for this pair. Review the available filing metrics before drawing a conclusion.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at DUK's multiple
Needs DUK P/E.
Implied fair value · at CMS's multiple
Price unavailable
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Reported gross margin
Operating income + D&A
Lower is better
Not comparable
Lower leverage
Statements
Annual statements in reported currencies, with calculations and source evidence.
Values retain reported currencies and share bases. Select a figure to inspect its period, calculation and filing inputs. Differences require compatible units and periods.
Explore enterprise value and market valuation multiples in the valuation sections.
Trendline
Eight period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
USD market cap plus reported borrowing debt, less cash and equivalents. This EV proxy excludes investments, preferred stock and noncontrolling-interest adjustments.
Capital structure 52% equity / 48% debt · EV / Revenue 4.56x · EV proxy / EBITDA proxy 12.84x
Complete market value, debt and cash evidence is required for enterprise value.
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
CMS ENERGY CORPORATION · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
Duke Energy CORP · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
Balance sheet health
Inspect reported liquidity and leverage alongside historical financial-health checks.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Not enough data to score either balance sheet.
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
Cash excludes investments. EBITDA is an operating-income-plus-D&A proxy. Missing borrowing categories remain unavailable; select a value to inspect its inputs.
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
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If you believe CMS’s EV/EBITDA discount to Duke (10.5x vs 14.5x) will close because CMS can meaningfully improve revenue growth (currently 0.7%) and narrow gross/operating margin gaps, then buy (DUK-implied upside exists toward the upper DUK-implied bound $78.86); if you expect continued slower growth and middling quality (Piotroski F-Score 5/9) or are concerned about higher book leverage (Debt/Equity 2.0x), then remain neutral or avoid.
CMS’s current price ($71.49) is marginally above DUK-implied P/E valuation (implied price $70.77, -1.0% downside) while sitting inside DUK-implied range and the historical band. On a multiples basis CMS looks cheap on EV/EBITDA and P/S versus Duke, but P/E is essentially in line, producing a modest valuation disconnect.
Supporting Metrics