CMS vs CNP: CMS Energy and CenterPoint Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- CenterPoint Energy is the larger company, worth $24.8B, about 1.3 times CMS Energy.
- CenterPoint Energy grew revenue faster over the last year (+1.9% vs -0.5%).
- CenterPoint Energy keeps more of each dollar of revenue as operating profit (22.5% vs 18.9%).
- On earnings, CMS Energy is the cheaper stock (17.7x vs 23.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CMS | CNP |
|---|---|---|
| Market cap | $19.8B | $24.8B |
| Share price | $65.07 | $38.53 |
| Revenue (last fiscal year) | $8.5B | $9.4B |
| Free cash flow (last fiscal year) | — | -$2.4B |
| Revenue growth, last year | -0.5% | +1.9% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +2.9% |
| Operating margin | 18.9% | 22.5% |
| Net margin | 11.6% | 11.4% |
| Return on equity | 10.5% | 9.3% |
| P/E (trailing) | 17.7x | 23.3x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.9x | 12.7x |
| FCF growth the price implies | — | — |
| Dividend yield | 3.4% | 2.3% |
| Debt / equity | 3.12x | 3.18x |
| Fundamental grade | D | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CMS Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.3B | -$257M | 15.6% |
| 2022 | $8.6B | -$1.5B | 14.2% |
| 2023 | $7.5B | — | 16.6% |
| 2024 | $7.5B | — | 19.8% |
| 2025 | $8.5B | — | 20.2% |
CenterPoint Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.4B | -$3.1B | 16.3% |
| 2022 | $9.3B | -$2.6B | 16.8% |
| 2023 | $8.7B | -$524M | 20.2% |
| 2024 | $8.6B | -$2.4B | 23.0% |
| 2025 | $9.4B | -$2.4B | 22.5% |
Where the revenue comes from
CMS Energy · by segments, 2025
Electric Utility$5.6B67%
Gas Utility$2.5B30%
NorthStar Clean Energy$259M3%
CenterPoint Energy · by segments, 2025
Electric$4.8B52%
Natural Gas$4.5B48%
Corporate and Other$5M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CMS in InvestinglyQuestions
Which is bigger, CMS Energy or CenterPoint Energy?
CenterPoint Energy (CNP), at $24.8B against $19.8B.
Is CMS or CNP cheaper?
By trailing P/E, CMS Energy (17.7x) is cheaper than CenterPoint Energy (23.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMS or CNP?
CenterPoint Energy: revenue grew +1.9% over the last year, against -0.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.