CMS Energy Corporation Financial Ratios — CMS 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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	211.12	68.55	58.2	53.69	47.32
Return on Assets (%)	2.59	2.27	2.62	2.61	2.65	2.63	2.06	2.76	2.65	2.67	4.63	2.79	2.73	2.89	2.82
Return on Capital (%)	12.2	10.35	10.68	10.25	9.55	9.28	7.06	9.7	8.54	9.01	13.22	8.62	8.73	8.84	8.59
Return on Invested Capital (%)	6.46	5.62	6.02	6.18	5.85	5.92	4.66	6.14	5.18	5.61	5.19	5.16	4.47	4.99	5.02
Gross Margin (%)	26.97	29.27	30.52	29.1	33.92	36.69	38.02	34.89	36.76	40.98	36.14	32.13	38.35	42.7	41.53
EBITDA Margin (%)	23.82	25.6	26.96	25.59	29.86	32.3	33.71	30.48	31.76	35.42	30.84	27.34	32.36	36.29	35.52
Operating Margin (%)	15.42	16.04	17.39	16.05	18.25	19.63	20.33	16.91	16.83	19.16	15.64	14.24	16.55	19.79	20.22
Incremental Operating Margin (%)	43.66	- -	44.41	1.63	-3.6	-136.84	44.57	-60.69	18.88	-55.83	-9.22	6.16	-0.97	475.47	23.44
Pretax Margin (%)	9.32	9.95	11.51	10.15	12.33	12.91	13.46	11.26	11.53	12.61	11.23	10.49	12.78	14.94	14.62
Profit Margin (%)	6.38	6.11	6.88	6.64	8.1	8.61	6.99	9.56	10.27	11.76	18.46	9.74	11.89	13.35	12.54
Net Income to Common Margin (%)	6.38	6.11	6.88	6.64	8.1	8.61	6.99	9.53	10.24	11.73	18.39	9.62	11.75	13.21	12.43
Effective Tax Rate (%)	31.52	39.39	39.95	34.29	34.05	33.05	47.86	14.86	17.15	14.22	11.54	10.31	15.41	15.67	19.71
Dvd Payout Ratio (%)	50.6	66.49	59.87	61.33	61.1	62.52	81.25	61.46	68.56	67.49	71.86	68.9	79.25	69.92	70.75
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	59.42	21.32	12.08	16.15	13.84

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	7,264	7,514	7,971	8,739	9,473	10,034	10,487	11,777	13,247	12,391	12,474	14,309	15,643	16,566	18,898
ST Debt	1,057	651	732	600	955	1,284	1,273	1,093	1,220	591	382	1,119	1,073	1,260	956
LT Debt	6,207	6,863	7,239	8,139	8,518	8,750	9,214	10,684	12,027	11,800	12,092	13,190	14,570	15,306	17,942
Total Debt/EBITDA	4.69	4.69	4.5	4.76	4.91	4.85	4.73	5.62	6.3	5.45	5.52	6.09	6.48	6.07	6.23
Net Debt/EBITDA	4.48	4.54	4.33	4.58	4.71	4.69	4.6	5.52	6.19	5.41	5.3	5.99	6.36	6	6.02
Total Debt/EBIT	7.24	7.49	6.98	7.59	8.04	7.99	7.84	10.14	11.88	10.07	10.88	11.69	12.67	11.14	10.94
Net Debt/EBIT	6.92	7.25	6.71	7.3	7.72	7.71	7.63	9.94	11.69	10	10.45	11.5	12.43	11	10.57
EBITDA to Interest Expense	3.73	4.12	4.45	4.51	4.87	4.75	5.07	4.57	4.57	4.5	4.52	4.53	3.76	3.85	3.8
EBITDA-CapEx/Interest Expense	3.6	3.99	4.31	4.35	4.58	4.51	4.8	4.26	4.3	4.25	4.25	4.32	2.23	3.63	3.53
EBIT to Interest Expense	2.42	2.58	2.87	2.83	2.97	2.89	3.05	2.54	2.42	2.44	2.29	2.36	1.92	2.1	2.16
Interest Expense	415	389	398	407	396	435	438	458	460	505	500	519	643	708	798
Common Equity/Total Assets	-9.42	-8.29	-7.11	-5.5	-4.2	-2.84	-2.29	-1.09	-0.08	0.73	3.69	4.32	4.96	5.67	6.12
Long-Term Debt/Equity (%)	202.05	211.95	207.36	219.56	214.29	203.96	205.76	222.95	237.92	194.17	168.22	173.67	179.32	174.97	184.76
Long-Term Debt/Capital (%)	107.8	111.81	106.94	105.41	98.38	92.51	92.18	92.53	90.69	89.47	84.47	80.1	80.46	79.12	81.06
Long-Term Debt/Total Assets (%)	37.73	40.06	41.57	42.42	41.96	40.47	39.97	43.56	44.81	39.78	42.05	42.07	43.47	42.61	44.92
Total Debt/Equity (%)	236.46	232.06	228.33	235.74	238.31	233.89	234.19	245.76	262.06	203.9	173.54	188.4	192.53	189.37	194.6
Total Debt/Capital (%)	126.15	122.42	117.76	113.18	109.41	106.09	104.91	102	99.89	93.95	87.14	86.9	86.38	85.63	85.38
Total Debt/Total Assets (%)	44.15	43.86	45.77	45.55	46.67	46.41	45.5	48.01	49.36	41.77	43.38	45.64	46.67	46.12	47.31
Net Debt to Equity	225.78	224.46	219.45	226.84	228.65	225.85	228.09	241.13	257.78	202.45	166.61	185.35	188.97	186.91	187.97
Net Debt/Capital (%)	123.92	120.23	116.13	111.91	108.31	105.05	104.08	101.42	99.31	93.51	86.39	86.35	85.86	84.97	84.41
EBITDA	1,549	1,601	1,770	1,837	1,928	2,067	2,219	2,095	2,104	2,273	2,260	2,350	2,415	2,727	3,033
EBITDA-CapEx	1,495	1,552	1,714	1,771	1,813	1,960	2,104	1,949	1,977	2,144	2,127	2,243	1,436	2,567	2,819
Operating Income (Loss)	1,003	1,003	1,142	1,152	1,178	1,256	1,338	1,162	1,115	1,230	1,146	1,224	1,235	1,487	1,727

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	0.07	0.05	0.09	0.11	0.12	0.09	0.07	0.06	0.05	0.01	0.21	0.05	0.08	0.03	0.14
Current Ratio	1.1	1.35	1.3	1.33	1.01	0.86	0.89	0.94	0.86	0.78	1.19	1.15	0.98	0.79	0.98
Quick Ratio	0.47	0.57	0.6	0.63	0.51	0.47	0.51	0.53	0.48	0.29	0.63	0.58	0.4	0.33	0.52
CFO/Avg Current Liab	0.54	0.6	0.76	0.76	0.77	0.66	0.63	0.63	0.67	0.44	0.69	0.33	0.79	0.74	0.63
Common Equity/Total Assets	-9.42	-8.29	-7.11	-5.5	-4.2	-2.84	-2.29	-1.09	-0.08	0.73	3.69	4.32	4.96	5.67	6.12
Long-Term Debt/Equity (%)	202.05	211.95	207.36	219.56	214.29	203.96	205.76	222.95	237.92	194.17	168.22	173.67	179.32	174.97	184.76
Long-Term Debt/Capital (%)	107.8	111.81	106.94	105.41	98.38	92.51	92.18	92.53	90.69	89.47	84.47	80.1	80.46	79.12	81.06
Long-Term Debt/Total Assets (%)	37.73	40.06	41.57	42.42	41.96	40.47	39.97	43.56	44.81	39.78	42.05	42.07	43.47	42.61	44.92
Total Debt/Equity (%)	236.46	232.06	228.33	235.74	238.31	233.89	234.19	245.76	262.06	203.9	173.54	188.4	192.53	189.37	194.6
Total Debt/Capital (%)	126.15	122.42	117.76	113.18	109.41	106.09	104.91	102	99.89	93.95	87.14	86.9	86.38	85.63	85.38
Total Debt/Total Assets (%)	44.15	43.86	45.77	45.55	46.67	46.41	45.5	48.01	49.36	41.77	43.38	45.64	46.67	46.12	47.31
CFO/Total Liabilities	8.74	8.93	10.2	9.57	10.05	9.4	9.18	8.63	8.22	5.41	8.43	3.6	9.09	8.72	7.39
CFO/CapEx	21.65	25.33	25.38	22.44	14.26	15.22	14.83	11.66	14.09	9.89	13.68	7.99	2.36	14.81	10.44
Altman's Z-Score	0.73	0.76	0.84	0.9	0.82	0.83	0.86	0.84	0.86	0.78	0.98	0.95	0.82	0.84	0.87

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	6.99	7.17	7.34	7.91	7.7	7.97	7.06	6.8	7.04	7.23	8.13	6.89	5.98	7.58	7.25
Days Sales Outstanding	52.2	50.9	49.72	46.17	47.41	45.8	51.7	53.69	51.82	50.47	44.9	52.97	61.07	48.13	50.33
Inventory Turnover	4.02	3.9	4.64	5.66	5.03	5.77	6.29	6.77	6.68	6.41	7.53	6.54	4.48	5.05	6.4
Days Inventory Outstanding	90.77	93.71	78.61	64.5	72.56	63.25	58.06	53.91	54.68	56.9	48.47	55.81	81.53	72.35	57.02
Accounts Payable Turnover	8.85	7.82	7.81	7.99	6.2	6.29	6.17	6.05	6.06	5.77	6.18	6.97	5.11	4.38	4.04
Accounts Payable Turnover Days	41.25	46.68	46.72	45.67	58.83	58.04	59.18	60.37	60.25	63.26	59.02	52.36	71.41	83.24	90.25
Cash Conversion Cycle	101.72	97.92	81.61	65	61.13	51.01	50.58	47.24	46.25	44.11	34.35	56.42	71.18	37.24	17.1
Inventory to Cash Days	-38.57	-42.8	-28.88	-18.34	-25.15	-17.45	-6.36	-0.22	-2.85	-6.43	-3.58	-2.84	-20.46	-24.21	-6.69
Inventories	1,187	1,084	881	918	778	626	672	650	605	576	667	1,117	938	769	791
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1,187	1,084	881	918	778	626	672	650	605	576	667	1,117	938	769	791

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	5,538	6,356	7,094	9,417	9,958	11,570	13,244	14,011	17,784	17,388	18,799	18,448	17,096	19,914	21,427
- Cash & Cash Equivalents	161	93	172	207	266	235	182	153	140	32	452	164	227	103	509
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	224	224	224	224	224
+ Minority/Non Controlling Interest	44	44	37	37	37	37	37	37	37	581	557	580	581	518	567
+ Total Debt	7,264	7,514	7,971	8,739	9,473	10,034	10,487	11,777	13,247	12,391	12,474	14,309	15,643	16,566	18,898
Enterprise Value	12,685	13,821	14,930	17,986	19,202	21,406	23,586	25,672	30,928	30,328	31,602	33,397	33,317	37,119	40,607
Total Capital	5,758	6,138	6,769	7,721	8,658	9,458	9,996	11,546	13,262	13,189	14,315	16,466	18,109	19,346	22,135
Total Debt/Capital (%)	126.15	122.42	117.76	113.18	109.41	106.09	104.91	102	99.89	93.95	87.14	86.9	86.38	85.63	85.38
Total Debt / EV	0.57	0.54	0.53	0.49	0.49	0.47	0.44	0.46	0.43	0.41	0.39	0.43	0.47	0.45	0.47
EV/Sales	1.95	2.21	2.27	2.51	2.97	3.35	3.58	3.74	4.67	4.73	4.31	3.89	4.46	4.94	4.76
EV/EBITDA	8.19	8.63	8.44	9.79	9.96	10.36	10.63	12.25	14.7	13.34	13.98	14.21	13.8	13.61	13.39
EV/EBIT	12.65	13.78	13.07	15.61	16.3	17.04	17.63	22.09	27.74	24.66	27.58	27.29	26.98	24.96	23.51
EV/Cash Flow to Firm	8.73	9.36	8.99	10.29	10.1	11.15	12.2	12.27	14.25	17.74	13.98	25.29	11.68	12.51	14.12
EV/Free Cash Flow to Firm	8.42	9.06	8.7	9.91	9.52	10.56	11.51	11.47	13.46	16.5	13.2	23.4	8.69	11.87	13.14
Diluted Market Cap	5,816	6,548	7,281	9,556	9,958	11,612	13,282	14,046	17,865	17,467	18,832	18,448	17,096	19,914	21,427
Diluted Enterprise Value	12,963	14,013	15,117	18,125	19,202	21,448	23,624	25,707	31,009	30,407	31,635	33,397	33,317	37,119	40,607
EV per Share	50.58	53.01	56.34	66.37	69.57	77	84.24	90.97	109.29	106.41	109.35	114.65	113.17	124.23	132.53
TTM Sales	6,503	6,253	6,566	7,179	6,456	6,399	6,583	6,873	6,624	6,418	7,329	8,596	7,462	7,515	8,539
TTM EBITDA	1,549	1,601	1,770	1,837	1,928	2,067	2,219	2,095	2,104	2,273	2,260	2,350	2,415	2,727	3,033
TTM Operating Income	1,003	1,003	1,142	1,152	1,178	1,256	1,338	1,162	1,115	1,230	1,146	1,224	1,235	1,487	1,727
TTM Cash Flow to Firm	1,453	1,477	1,660	1,748	1,901	1,920	1,933	2,093	2,171	1,709	2,261	1,320	2,853	2,967	2,876
TTM Free Cash Flow to Firm	1,507	1,526	1,716	1,814	2,016	2,027	2,048	2,239	2,298	1,838	2,394	1,427	3,832	3,127	3,090

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	4.76	5.08	4.93	6.18	5.67	6.69	7.3	7.6	9.32	12.43	9.65	19.18	5.2	7.87	8.75
EV/EBIT	12.65	13.78	13.07	15.61	16.3	17.04	17.63	22.09	27.74	24.66	27.58	27.29	26.98	24.96	23.51
Enterprise Value	12,685	13,821	14,930	17,986	19,202	21,406	23,586	25,672	30,928	30,328	31,602	33,397	33,317	37,119	40,607
Low Price	16.96	21.12	24.6	25.95	31.22	34.96	41.12	40.48	47.97	46.03	53.19	52.41	49.87	55.1	63.97
EV/Sales	1.95	2.21	2.27	2.51	2.97	3.35	3.58	3.74	4.67	4.73	4.31	3.89	4.46	4.94	4.76
EV/EBITDA	8.19	8.63	8.44	9.79	9.96	10.36	10.63	12.25	14.7	13.34	13.98	14.21	13.8	13.61	13.39
Price/Earnings	13.34	16.64	15.69	19.74	19.04	21	28.79	21.39	26.23	23.09	13.95	22.31	19.49	20.05	20.2
Price/Earnings Average	11.93	15.72	15.87	17.06	18.27	20.92	28.19	20.29	24.23	23.24	13.06	22.92	19.76	19.05	20.63
Price/Earnings High	13.52	17.05	17.58	20.95	20.4	23.33	30.95	23.19	27.26	26.18	14.1	25.98	22.06	21.78	22.08
Price/Earnings Low	10.25	14.41	14.42	14.74	16.48	17.64	25.03	17.44	20.02	17.42	11.4	18.46	16.74	16.58	18.47
Price/Book Value	-3.57	-4.48	-5.73	-8.93	-11.69	-18.87	-25.08	-52.28	-808.35	80.13	17.74	13.63	10.29	9.77	8.76
Price/Book Value Average	-3.19	-4.23	-5.79	-7.71	-11.21	-18.8	-24.56	-49.59	-746.64	80.64	16.6	14.01	10.43	9.28	8.95
Price/Book Value High	-3.62	-4.59	-6.41	-9.47	-12.52	-20.97	-26.97	-56.67	-840.12	90.85	17.94	15.88	11.65	10.61	9.58
Price/Book Value Low	-2.74	-3.88	-5.26	-6.67	-10.11	-15.85	-21.81	-42.62	-617.07	60.45	14.5	11.28	8.84	8.08	8.01
Price/Tangible Book Value	1.8	1.96	2.03	2.54	2.51	2.7	2.96	2.92	3.52	2.86	2.7	2.5	2.16	2.34	2.26
Price/Tangible Book Value Average	1.61	1.85	2.05	2.19	2.4	2.69	2.9	2.77	3.25	2.88	2.53	2.57	2.19	2.22	2.31
Price/Tangible Book Value High	1.83	2.01	2.28	2.7	2.68	3	3.18	3.17	3.66	3.24	2.73	2.91	2.45	2.54	2.47
Price/Tangible Book Value Low	1.38	1.7	1.87	1.9	2.17	2.27	2.57	2.38	2.69	2.16	2.21	2.07	1.86	1.93	2.07
Price/Sales	0.85	1.02	1.08	1.31	1.54	1.81	2.01	2.04	2.68	2.71	2.57	2.15	2.29	2.65	2.51
Price/Sales Average	0.76	0.96	1.09	1.13	1.48	1.8	1.97	1.93	2.48	2.73	2.4	2.21	2.32	2.52	2.56
Price/Sales High	0.86	1.04	1.21	1.39	1.65	2.01	2.16	2.21	2.79	3.07	2.59	2.5	2.59	2.88	2.74
Price/Sales Low	0.65	0.88	0.99	0.98	1.33	1.52	1.75	1.66	2.05	2.04	2.1	1.78	1.97	2.19	2.3
Price/Cash Flow	4.74	5.12	4.99	6.36	6.07	7.1	7.77	8.23	9.94	13.63	10.34	21.58	7.4	8.4	9.59
Price/Cash Flow Average	4.23	4.84	5.05	5.49	5.83	7.08	7.6	7.8	9.18	13.71	9.68	22.17	7.51	7.98	9.79
Price/Cash Flow High	4.8	5.25	5.59	6.75	6.51	7.89	8.35	8.92	10.33	15.45	10.45	25.13	8.38	9.13	10.48
Price/Cash Flow Low	3.64	4.44	4.59	4.75	5.25	5.97	6.75	6.71	7.58	10.28	8.45	17.86	6.36	6.95	8.77
Price/Free Cash Flow Average	4.25	4.8	4.98	5.34	5.44	6.66	7.14	7.21	8.61	12.51	9.03	19.7	5.27	7.48	8.94
Price/Free Cash Flow High	4.82	5.2	5.52	6.55	6.08	7.43	7.85	8.23	9.69	14.09	9.76	22.34	5.88	8.55	9.57
Price/Free Cash Flow Low	3.65	4.4	4.53	4.61	4.91	5.62	6.34	6.19	7.11	9.38	7.89	15.87	4.47	6.51	8
EV/Sales Average	1.86	2.15	2.29	2.33	2.91	3.34	3.54	3.63	4.46	4.74	4.15	3.94	4.5	4.81	4.81
EV/Sales High	1.96	2.24	2.4	2.59	3.08	3.55	3.73	3.91	4.77	5.09	4.34	4.24	4.77	5.17	4.99
EV/Sales Low	1.75	2.07	2.19	2.17	2.77	3.06	3.32	3.36	4.03	4.06	3.84	3.52	4.14	4.48	4.54
EV/EBITDA Average	7.81	8.41	8.48	9.09	9.75	10.33	10.5	11.91	14.05	13.39	13.45	14.43	13.89	13.24	13.54
EV/EBITDA High	8.24	8.73	8.92	10.1	10.33	10.98	11.08	12.82	15.03	14.37	14.08	15.5	14.73	14.24	14.05
EV/EBITDA Low	7.36	8.1	8.11	8.49	9.26	9.46	9.85	11.02	12.7	11.46	12.47	12.86	12.8	12.35	12.79
EV/EBIT Average	12.06	13.43	13.14	14.5	15.96	17.01	17.42	21.47	26.52	24.75	26.53	27.7	27.17	24.29	23.78
EV/EBIT High	12.72	13.94	13.82	16.11	16.91	18.07	18.37	23.11	28.36	26.55	27.76	29.77	28.8	26.12	24.67
EV/EBIT Low	11.37	12.93	12.57	13.54	15.16	15.57	16.33	19.87	23.96	21.19	24.59	24.69	25.02	22.64	22.46
Last Price	22.08	24.38	26.77	34.75	36.08	41.62	47.3	49.65	62.84	61.01	65.05	63.33	58.07	66.65	69.93
High Price	22.37	24.98	29.98	36.87	38.66	46.25	50.85	53.82	65.31	69.17	65.79	73.76	65.72	72.4	76.45
Enterprise Value Average	12,097	13,471	15,009	16,706	18,797	21,362	23,308	24,950	29,570	30,439	30,403	33,904	33,553	36,118	41,069
Enterprise Value High	12,757	13,977	15,781	18,561	19,914	22,694	24,580	26,849	31,627	32,653	31,816	36,435	35,569	38,837	42,605
Enterprise Value Low	11,401	12,971	14,355	15,601	17,861	19,555	21,856	23,084	26,720	26,059	28,175	30,216	30,903	33,668	38,781

	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	254	264	266	275	277	279	282	283	284	289	290	291	294	299	306
Diluted Weighted Avg Shares	263	269	272	275	276	279	281	283	284	286	290	291	294	299	306
Basic Weighted Avg Shares	251	261	265	271	276	278	280	282	283	285	289	291	294	299	306
Revenue per Share	25.93	23.99	24.78	26.49	23.39	23.02	23.51	24.36	23.41	22.52	25.36	29.51	25.35	25.15	27.87
EBITDA per Share	6.18	6.14	6.68	6.78	6.99	7.44	7.92	7.42	7.43	7.98	7.82	8.07	8.2	9.13	9.9
Operating Income per Share	4	3.85	4.31	4.25	4.27	4.52	4.78	4.12	3.94	4.32	3.97	4.2	4.19	4.98	5.64
Basic EPS, GAAP	1.65	1.47	1.71	1.76	1.89	1.98	1.64	2.32	2.4	2.64	4.66	2.84	2.98	3.32	3.46
Basic EPS from Cont Ops	1.65	1.45	1.71	1.77	1.9	1.99	1.65	2.34	2.24	2.44	2.52	2.78	2.74	3.17	3.27
Diluted EPS, GAAP	1.58	1.42	1.66	1.73	1.89	1.97	1.64	2.32	2.38	2.63	4.66	2.84	2.98	3.32	3.46
Diluted EPS from Cont Ops	1.58	1.4	1.67	1.74	1.9	1.98	1.65	2.33	2.23	2.42	2.51	2.78	2.74	3.17	3.27
Dividend per Share	0.84	0.97	1.03	1.09	1.17	1.25	1.35	1.44	1.54	1.64	1.76	1.87	1.97	2.1	2.16
Cash Flow per Share	4.66	4.76	5.36	5.46	5.94	5.86	6.09	6.03	6.33	4.48	6.29	2.94	7.84	7.93	7.29
Free Cash Flow per Basic Share	4.45	4.57	5.15	5.22	5.53	5.47	5.68	5.52	5.88	4.02	5.83	2.57	4.52	7.4	6.6
Cash & Equivalents per Share	0.64	0.36	0.65	0.76	0.96	0.85	0.65	0.54	0.49	0.11	1.56	0.56	0.77	0.34	1.66
Book Value per Share	-6.18	-5.45	-4.68	-3.89	-3.09	-2.21	-1.89	-0.95	-0.08	0.76	3.67	4.64	5.64	6.82	7.98
Tangible Book Value per Share	12.25	12.42	13.17	13.68	14.4	15.43	15.99	16.98	17.86	21.32	24.1	25.3	26.84	28.53	30.96

CMS Energy Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)