Cms Energy
Cms Energy returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 4.77% | 4.62% | -0.5% | 11.18% | 2.61% | 0.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 5.01% | 4.9% | 0.88% | 12.33% | 2.89% | 0.6 pp |
| FY 2025 Q4 | Dec 31, 2025 | 5.23% | 5.02% | 4.53% | 12.21% | 2.82% | 0.8 pp |
| FY 2025 Q3 | Sep 30, 2025 | 5.39% | 5.08% | 5.92% | 12.22% | 2.88% | 1 pp |
| FY 2025 Q2 | Jun 30, 2025 | 5.38% | 4.83% | 7.67% | 12.36% | 2.84% | 1 pp |
| FY 2025 Q1 | Mar 31, 2025 | 5.43% | 4.81% | 11.48% | 12.41% | 2.91% | 1 pp |
| FY 2024 Q4 | Dec 31, 2024 | 5.18% | 4.72% | 12.68% | 12.59% | 2.89% | 0.8 pp |
| FY 2024 Q3 | Sep 30, 2024 | 5.19% | 4.7% | 16.85% | 13.56% | 3.11% | 0.8 pp |
| FY 2024 Q2 | Jun 30, 2024 | 4.97% | 4.47% | 17.26% | 12.67% | 2.91% | 0.6 pp |
| FY 2024 Q1 | Mar 31, 2024 | 4.94% | 4.44% | 7.61% | 12.78% | 2.97% | 0.5 pp |
| FY 2023 Q4 | Dec 31, 2023 | 4.64% | 4.19% | -3.06% | 12.05% | 2.73% | 0.2 pp |
| FY 2023 Q3 | Sep 30, 2023 | 4.4% | 3.81% | -5.01% | 10.48% | 2.38% | 0 pp |
| FY 2023 Q2 | Jun 30, 2023 | 4.47% | 3.87% | -3.83% | 10.38% | 2.41% | 0.1 pp |
| FY 2023 Q1 | Mar 31, 2023 | 4.71% | 3.91% | -3.98% | 9.73% | 2.29% | 0.3 pp |
| FY 2022 Q4 | Dec 31, 2022 | 5.38% | 4.46% | 3.38% | 12.12% | 2.79% | 1 pp |
| FY 2022 Q3 | Sep 30, 2022 | 5.23% | 4.2% | -5.75% | 19.93% | 4.29% | 0.8 pp |
| FY 2022 Q2 | Jun 30, 2022 | 5.45% | 4.33% | -16.34% | 20.81% | 4.51% | 1.1 pp |
| FY 2022 Q1 | Mar 31, 2022 | 5.2% | 4.36% | — | 21.46% | 4.64% | 0.8 pp |
| FY 2021 Q4 | Dec 31, 2021 | 5.05% | 4.31% | — | 22.23% | 4.63% | 0.6 pp |
| FY 2021 Q3 | Sep 30, 2021 | 5.85% | 5.04% | — | 15.23% | 2.92% | 1.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 6.65% | 5.58% | — | 16.37% | 3.08% | 2.3 pp |
| FY 2021 Q1 | Mar 31, 2021 | 6.32% | 5.76% | 8.43% | 15.78% | 3.01% | 1.9 pp |
| FY 2020 Q4 | Dec 31, 2020 | 5.93% | 5.37% | 4.52% | 14.36% | 2.67% | 1.5 pp |
| FY 2020 Q3 | Sep 30, 2020 | 5.88% | 5.27% | 5.19% | 14.87% | 2.76% | 1.5 pp |
| FY 2020 Q2 | Jun 30, 2020 | 6.21% | 5.39% | 9.26% | 14.96% | 2.8% | 1.8 pp |
| FY 2020 Q1 | Mar 31, 2020 | 6.02% | 5.29% | 4.51% | 14.14% | 2.72% | 1.6 pp |
| FY 2019 Q4 | Dec 31, 2019 | 5.96% | 5.38% | 1.73% | 13.92% | 2.65% | 1.6 pp |
| FY 2019 Q3 | Sep 30, 2019 | 5.93% | 5.32% | 6.88% | 12.8% | 2.49% | 1.5 pp |
| FY 2019 Q2 | Jun 30, 2019 | 5.9% | 5.13% | 5.43% | 12.24% | 2.4% | 1.5 pp |
| FY 2019 Q1 | Mar 31, 2019 | 6.19% | 5.38% | 11.13% | 13.31% | 2.64% | 1.8 pp |
| FY 2018 Q4 | Dec 31, 2018 | 6.43% | 5.51% | 16.88% | 14.29% | 2.76% | 2 pp |
| FY 2018 Q3 | Sep 30, 2018 | 5.47% | 6.4% | -5.28% | 11.76% | 2.37% | 1.1 pp |
| FY 2018 Q2 | Jun 30, 2018 | 5.68% | 6.55% | -6.75% | 12.04% | 2.43% | 1.3 pp |
| FY 2018 Q1 | Mar 31, 2018 | 5.3% | 6.55% | -17.32% | 11.2% | 2.26% | 0.9 pp |
| FY 2017 Q4 | Dec 31, 2017 | 4.97% | 6.82% | -18.13% | 10.58% | 2.06% | 0.6 pp |
| FY 2017 Q3 | Sep 30, 2017 | 6.11% | 6.47% | 2.74% | 12.28% | 2.51% | 1.7 pp |
| FY 2017 Q2 | Jun 30, 2017 | 6.35% | 6.85% | 8.93% | 12.88% | 2.62% | 1.9 pp |
| FY 2017 Q1 | Mar 31, 2017 | 6.65% | 7.16% | 19.99% | 13.82% | 2.81% | 2.3 pp |
| FY 2016 Q4 | Dec 31, 2016 | 6.57% | 7.01% | 13.97% | 13.45% | 2.63% | 2.2 pp |
| FY 2016 Q3 | Sep 30, 2016 | 6.42% | 6.87% | 4.25% | 14.21% | 2.88% | 2 pp |
| FY 2016 Q2 | Jun 30, 2016 | 6.31% | 6.58% | 4.82% | 13.59% | 2.73% | 1.9 pp |
| FY 2016 Q1 | Mar 31, 2016 | 5.84% | 6.19% | -1.9% | 12.26% | 2.47% | 1.4 pp |
| FY 2015 Q4 | Dec 31, 2015 | 6.16% | 6.61% | 1.26% | 13.75% | 2.65% | 1.8 pp |
| FY 2015 Q3 | Sep 30, 2015 | 6.44% | 6.93% | 7.96% | 13.55% | 2.71% | 2 pp |
| FY 2015 Q2 | Jun 30, 2015 | 6.3% | 6.58% | -6.5% | 12.3% | 2.48% | 1.9 pp |
| FY 2015 Q1 | Mar 31, 2015 | 6.53% | 6.77% | — | 12.8% | 2.56% | 2.1 pp |
| FY 2014 Q4 | Dec 31, 2014 | 6.57% | 7.06% | 6.62% | 13.39% | 2.61% | 2.2 pp |
| FY 2014 Q3 | Sep 30, 2014 | 6.57% | 7.09% | — | 13.67% | 2.74% | 2.2 pp |
| FY 2014 Q2 | Jun 30, 2014 | 7.17% | 7.7% | — | 14.78% | 2.94% | 2.8 pp |
| FY 2014 Q1 | Mar 31, 2014 | — | 7.69% | — | 14.79% | 2.92% | — |
| FY 2013 Q4 | Dec 31, 2013 | 6.42% | 7.41% | 13.29% | 13.6% | 2.63% | 2 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 7.11% | — | 12.65% | 2.49% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 7.41% | — | 13.65% | 2.61% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 7.64% | — | 14.45% | 2.75% | — |
| FY 2012 Q4 | Dec 31, 2012 | 5.96% | 6.81% | — | 12.28% | 2.27% | 1.6 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 6.69% | — | 11.41% | 2.19% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 6.65% | — | 11.44% | 2.16% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 6.39% | — | 11.69% | 2.18% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | 7.24% | — | 14.26% | 2.59% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | 7.31% | — | 13.61% | 2.53% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 7.33% | — | 13.91% | 2.61% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 4.4%, rounded from the Utility · General benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · CMS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.