Consumers Energy Company Financial Ratios — CMS-PB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	34.46	30.84	35.42	34.9	34.18	33.22	32.14	33.33	32.51	33.33	33.27	34.14	29.48	32.22	33.69
Return on Assets (%)	3.06	2.75	3.29	3.33	3.26	3.19	3.08	3.27	3.25	3.32	3.3	3.31	2.81	3.06	3.17
Return on Capital (%)	10.56	9.69	10.79	10.61	10.27	10.09	9.91	10.8	10.27	10.37	10.2	10.17	9.59	10.02	10.11
Return on Invested Capital (%)	6.75	6.2	6.83	6.98	6.69	6.55	6.36	6.44	6.04	6.09	5.51	5.41	4.89	5.38	5.51
Gross Margin (%)	27.71	29.92	31.15	30.28	34.68	37.55	38.57	35.29	38.06	41.9	37.39	33.38	39.66	44.11	43.31
EBITDA Margin (%)	24.42	26.21	27.53	26.66	30.54	32.98	34.28	30.91	33.23	36.58	32.08	28.48	33.56	37.58	37.17
Operating Margin (%)	15.75	16.36	17.69	16.69	18.48	19.74	20.12	16.48	17.72	19.73	16.74	15.13	17.69	21.04	21.75
Incremental Operating Margin (%)	60.82	0.42	43.51	3.55	-0.63	-57.43	34.81	-77.27	-73.86	-48.66	-5.53	5.13	-3.55	726.47	27.25
Pretax Margin (%)	11.74	12.24	13.92	12.84	14.53	15.44	15.61	13.1	14.55	15.98	14.58	13.31	14.35	16.79	17.42
Profit Margin (%)	7.47	7.3	8.45	8.34	9.64	10.16	10.16	10.91	11.65	13.18	12.36	11.59	12.1	14.01	13.88
Net Income to Common Margin (%)	7.44	7.27	8.42	8.31	9.6	10.13	10.13	10.88	11.62	13.15	12.33	11.57	12.07	13.99	13.86
Effective Tax Rate (%)	36.38	40.35	39.32	35.05	33.71	34.19	34.91	16.77	19.94	17.49	15.23	12.9	15.66	16.54	20.32
Dvd Payout Ratio (%)	80.43	89.93	76.32	80.88	80.07	81.27	59.34	57.45	58.41	57.34	85.65	83.68	88.42	83.6	84.88
Sustainable Growth Rate (%)	6.74	3.11	8.39	6.67	6.81	6.22	13.07	14.18	13.52	14.22	4.78	5.57	3.41	5.29	5.09

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	4,517	4,623	4,951	5,482	5,770	6,158	6,187	6,993	7,435	8,489	8,862	10,332	11,324	12,231	13,529
ST Debt	363	173	234	205	469	795	535	145	311	691	766	1,095	824	521	919
LT Debt	4,154	4,450	4,717	5,277	5,301	5,363	5,652	6,848	7,124	7,798	8,096	9,237	10,500	11,710	12,610
Total Debt/EBITDA	2.96	2.93	2.85	3.02	3.06	3.08	2.9	3.5	3.51	3.75	3.94	4.45	4.71	4.52	4.48
Net Debt/EBITDA	2.79	2.83	2.76	2.92	2.98	2.96	2.84	3.45	3.47	3.72	3.9	4.41	4.68	4.48	4.44
Total Debt/EBIT	4.59	4.7	4.43	4.83	5.07	5.14	4.94	6.57	6.58	6.95	7.54	8.38	8.93	8.07	7.65
Net Debt/EBIT	4.33	4.54	4.29	4.66	4.92	4.94	4.83	6.46	6.5	6.89	7.48	8.31	8.87	8	7.59
EBITDA to Interest Expense	5.76	6.46	7.1	7.25	7.53	7.46	7.73	6.91	7.13	7.08	7.24	6.93	5.37	5.22	5.4
EBITDA-CapEx/Interest Expense	5.55	6.26	6.87	6.97	7.09	7.04	7.31	6.41	6.71	6.67	6.81	6.61	3.24	4.93	5
EBIT to Interest Expense	3.72	4.03	4.56	4.54	4.56	4.47	4.54	3.69	3.8	3.82	3.78	3.68	2.83	2.92	3.16
Interest Expense	265	244	245	250	250	268	276	289	297	320	311	335	448	518	560
Common Equity/Total Assets	8.91	8.84	9.67	9.37	9.61	9.56	9.55	10.01	9.93	9.96	9.86	9.52	9.48	9.48	9.33
Long-Term Debt/Equity (%)	94.54	97.12	97.12	100	95.58	90.3	87.11	98.96	92.08	91.14	87.25	90.96	97.22	102.44	100.25
Long-Term Debt/Capital (%)	69.74	72.88	71.98	73.37	69.77	66.2	68.61	74.15	72.5	70.53	69.95	69.88	73.02	75.55	74.06
Long-Term Debt/Total Assets (%)	26.52	27.34	29.16	29.57	28.45	26.89	26.79	31.09	30.06	30.7	29.83	30.88	32.96	34.35	34
Total Debt/Equity (%)	102.8	100.89	101.94	103.88	104.04	103.69	95.36	101.05	96.1	99.22	95.51	101.74	104.85	107	107.56
Total Debt/Capital (%)	75.84	75.71	75.55	76.22	75.94	76.02	75.1	75.72	75.67	76.77	76.57	78.17	78.75	78.91	79.46
Total Debt/Total Assets (%)	28.84	28.41	30.6	30.72	30.96	30.87	29.32	31.75	31.37	33.42	32.65	34.54	35.55	35.88	36.48
Net Debt to Equity	97.06	97.45	98.72	100.21	101.01	99.63	93.28	99.49	94.97	98.33	94.77	100.88	104.17	106.01	106.72
Net Debt/Capital (%)	72.65	73.18	73.37	74.26	74.22	74.24	73.86	74.87	74.87	76.23	76.13	77.75	78.42	78.41	78.95
EBITDA	1,527	1,576	1,740	1,813	1,883	2,000	2,133	1,998	2,119	2,264	2,252	2,321	2,405	2,706	3,023
EBITDA-CapEx	1,471	1,527	1,684	1,743	1,773	1,888	2,018	1,852	1,992	2,135	2,119	2,216	1,452	2,552	2,802
Operating Income (Loss)	985	984	1,118	1,135	1,139	1,197	1,252	1,065	1,130	1,221	1,175	1,233	1,268	1,515	1,769

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.05	- -	0.01	0.05	0.03	0.06	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.02	0.01
Current Ratio	1.47	1.6	1.46	1.74	1.11	0.93	0.92	1.22	1.09	0.88	0.85	1.13	1.01	1.03	0.85
Quick Ratio	0.59	0.63	0.63	0.74	0.48	0.46	0.44	0.57	0.49	0.4	0.38	0.55	0.37	0.42	0.37
CFO/Avg Current Liab	0.94	0.89	0.93	0.97	1.18	0.88	0.81	0.91	1.08	0.66	0.86	0.37	0.89	0.95	0.76
Common Equity/Total Assets	8.91	8.84	9.67	9.37	9.61	9.56	9.55	10.01	9.93	9.96	9.86	9.52	9.48	9.48	9.33
Long-Term Debt/Equity (%)	94.54	97.12	97.12	100	95.58	90.3	87.11	98.96	92.08	91.14	87.25	90.96	97.22	102.44	100.25
Long-Term Debt/Capital (%)	69.74	72.88	71.98	73.37	69.77	66.2	68.61	74.15	72.5	70.53	69.95	69.88	73.02	75.55	74.06
Long-Term Debt/Total Assets (%)	26.52	27.34	29.16	29.57	28.45	26.89	26.79	31.09	30.06	30.7	29.83	30.88	32.96	34.35	34
Total Debt/Equity (%)	102.8	100.89	101.94	103.88	104.04	103.69	95.36	101.05	96.1	99.22	95.51	101.74	104.85	107	107.56
Total Debt/Capital (%)	75.84	75.71	75.55	76.22	75.94	76.02	75.1	75.72	75.67	76.77	76.57	78.17	78.75	78.91	79.46
Total Debt/Total Assets (%)	28.84	28.41	30.6	30.72	30.96	30.87	29.32	31.75	31.37	33.42	32.65	34.54	35.55	35.88	36.48
CFO/Total Liabilities	11.74	11.57	11.93	10.77	13.71	12	11.67	11.27	11.21	7.58	11.1	5.03	11.54	10.8	9.13
CFO/CapEx	23.62	27.61	24.12	19.34	16.31	15.01	14.83	11.66	14.09	9.89	14.9	9.47	2.55	15.88	10.13
Altman's Z-Score	0.71	0.68	0.73	0.72	0.62	0.57	0.56	0.56	0.52	0.48	0.48	0.52	0.45	0.46	0.46

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.85	7.05	7.22	7.68	7.52	7.66	7.34	7.36	7.47	7.36	7.98	6.66	5.84	7.36	7.19
Days Sales Outstanding	53.26	51.78	50.55	47.5	48.52	47.67	49.75	49.61	48.83	49.6	45.75	54.81	62.5	49.58	50.74
Inventory Turnover	3.85	3.74	4.48	5.34	4.81	5.47	5.98	6.43	6.39	6.17	7.17	6.16	4.26	4.79	6.03
Days Inventory Outstanding	94.72	97.7	81.52	68.33	75.86	66.74	61.07	56.76	57.12	59.18	50.94	59.25	85.64	76.19	60.57
Accounts Payable Turnover	8.61	7.58	7.57	7.6	5.97	5.93	5.87	5.86	5.96	5.68	6	6.79	5	4.52	4.26
Accounts Payable Turnover Days	42.41	48.16	48.24	48.05	61.1	61.54	62.2	62.25	61.28	64.24	60.79	53.72	72.95	80.74	85.65
Cash Conversion Cycle	105.58	101.32	83.83	67.78	63.28	52.88	48.62	44.12	44.67	44.53	35.89	60.34	75.19	45.03	25.66
Inventory to Cash Days	-41.46	-45.92	-30.97	-20.82	-27.35	-19.07	-11.33	-7.16	-8.29	-9.58	-5.19	-4.44	-23.14	-26.61	-9.83
Inventories	1,181	1,075	869	906	768	617	662	639	597	569	658	1,105	924	756	774
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1,181	1,075	869	906	768	617	662	639	597	569	658	1,105	924	756	774

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	85	5	18	71	50	131	44	39	11	20	22	43	35	44	25
+ Preferred Equity and Hybrid Capital	44	44	37	37	37	37	37	37	37	37	37	37	37	37	37
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	4,517	4,623	4,951	5,482	5,770	6,158	6,187	6,993	7,435	8,489	8,862	10,332	11,324	12,231	13,529
Enterprise Value	4,476	4,662	4,970	5,448	5,757	6,064	6,180	6,991	7,461	8,506	8,877	10,326	11,326	12,224	13,541
Total Capital	5,956	6,106	6,553	7,192	7,598	8,101	8,238	9,235	9,826	11,057	11,574	13,218	14,380	15,499	17,026
Total Debt/Capital (%)	75.84	75.71	75.55	76.22	75.94	76.02	75.1	75.72	75.67	76.77	76.57	78.17	78.75	78.91	79.46
Total Debt / EV	1.01	0.99	1	1.01	1	1.02	1	1	1	1	1	1	1	1	1
EV/Sales	0.72	0.78	0.79	0.8	0.93	1	0.99	1.08	1.17	1.37	1.26	1.27	1.58	1.7	1.67
EV/EBITDA	2.93	2.96	2.86	3	3.06	3.03	2.9	3.5	3.52	3.76	3.94	4.45	4.71	4.52	4.48
EV/EBIT	4.54	4.74	4.45	4.8	5.05	5.07	4.94	6.56	6.6	6.97	7.55	8.37	8.93	8.07	7.65
EV/Cash Flow to Firm	3	3.11	3.31	3.59	2.94	3.26	3.28	3.6	3.68	5.52	3.95	8.03	4.03	4.25	5.04
EV/Free Cash Flow to Firm	2.89	3.01	3.19	3.43	2.78	3.08	3.09	3.35	3.46	5.1	3.73	7.42	3.01	4.03	4.66
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	4,476	4,662	4,970	5,448	5,757	6,064	6,180	6,991	7,461	8,506	8,877	10,326	11,326	12,224	13,541
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	6,253	6,013	6,321	6,800	6,165	6,064	6,222	6,464	6,376	6,189	7,021	8,151	7,166	7,200	8,132
TTM EBITDA	1,527	1,576	1,740	1,813	1,883	2,000	2,133	1,998	2,119	2,264	2,252	2,321	2,405	2,706	3,023
TTM Operating Income	985	984	1,118	1,135	1,139	1,197	1,252	1,065	1,130	1,221	1,175	1,233	1,268	1,515	1,769
TTM Cash Flow to Firm	1,492	1,499	1,500	1,516	1,960	1,857	1,885	1,944	2,028	1,540	2,246	1,286	2,808	2,878	2,684
TTM Free Cash Flow to Firm	1,548	1,548	1,556	1,586	2,070	1,969	2,000	2,090	2,155	1,669	2,379	1,391	3,761	3,032	2,905

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	4.54	4.74	4.45	4.8	5.05	5.07	4.94	6.56	6.6	6.97	7.55	8.37	8.93	8.07	7.65
Enterprise Value	4,476	4,662	4,970	5,448	5,757	6,064	6,180	6,991	7,461	8,506	8,877	10,326	11,326	12,224	13,541
Low Price	77	87	92.6	92.87	95	95.35	100.15	96.93	100.81	99.6	106.09	83.5	75.02	74.5	73.5
EV/Sales	0.72	0.78	0.79	0.8	0.93	1	0.99	1.08	1.17	1.37	1.26	1.27	1.58	1.7	1.67
EV/EBITDA	2.93	2.96	2.86	3	3.06	3.03	2.9	3.5	3.52	3.76	3.94	4.45	4.71	4.52	4.48
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.72	0.78	0.79	0.8	0.93	1	0.99	1.08	1.17	1.37	1.26	1.27	1.58	1.7	1.67
EV/Sales High	0.72	0.78	0.79	0.8	0.93	1	0.99	1.08	1.17	1.37	1.26	1.27	1.58	1.7	1.67
EV/Sales Low	0.72	0.78	0.79	0.8	0.93	1	0.99	1.08	1.17	1.37	1.26	1.27	1.58	1.7	1.67
EV/EBITDA Average	2.93	2.96	2.86	3	3.06	3.03	2.9	3.5	3.52	3.76	3.94	4.45	4.71	4.52	4.48
EV/EBITDA High	2.93	2.96	2.86	3	3.06	3.03	2.9	3.5	3.52	3.76	3.94	4.45	4.71	4.52	4.48
EV/EBITDA Low	2.93	2.96	2.86	3	3.06	3.03	2.9	3.5	3.52	3.76	3.94	4.45	4.71	4.52	4.48
EV/EBIT Average	4.54	4.74	4.45	4.8	5.05	5.07	4.94	6.56	6.6	6.97	7.55	8.37	8.93	8.07	7.65
EV/EBIT High	4.54	4.74	4.45	4.8	5.05	5.07	4.94	6.56	6.6	6.97	7.55	8.37	8.93	8.07	7.65
EV/EBIT Low	4.54	4.74	4.45	4.8	5.05	5.07	4.94	6.56	6.6	6.97	7.55	8.37	8.93	8.07	7.65
Last Price	91.45	93.74	96.32	104.51	97	102.9	103.96	101.5	109.5	109.05	109.11	86.8	82.5	76.5	77.01
High Price	92.99	99.98	102	109.75	104.99	108.75	105.95	105.9	110.4	113.08	112.5	111.1	98.63	94.87	83.37
Enterprise Value Average	4,476	4,662	4,970	5,448	5,757	6,064	6,180	6,991	7,461	8,506	8,877	10,326	11,326	12,224	13,541
Enterprise Value High	4,476	4,662	4,970	5,448	5,757	6,064	6,180	6,991	7,461	8,506	8,877	10,326	11,326	12,224	13,541
Enterprise Value Low	4,476	4,662	4,970	5,448	5,757	6,064	6,180	6,991	7,461	8,506	8,877	10,326	11,326	12,224	13,541

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	84	84	84	84	84	84	84	84	84	84	84	84	84	84	84
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Consumers Energy Company

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