CMS vs LNT: CMS Energy and Alliant 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.
- CMS Energy is the larger company, worth $19.8B, close to Alliant Energy's $17.2B.
- Alliant Energy grew revenue faster over the last year (+5.0% vs -0.5%).
- Alliant Energy keeps more of each dollar of revenue as operating profit (23.0% vs 18.9%).
- On earnings, CMS Energy is the cheaper stock (17.7x vs 20.9x).
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 | LNT |
|---|---|---|
| Market cap | $19.8B | $17.2B |
| Share price | $65.07 | $65.85 |
| Revenue (last fiscal year) | $8.5B | $4.4B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | -0.5% | +5.0% |
| Revenue growth per year, last 5 fiscal years | +3.9% | +4.4% |
| Operating margin | 18.9% | 23.0% |
| Net margin | 11.6% | 18.6% |
| Return on equity | 10.5% | 11.1% |
| P/E (trailing) | 17.7x | 20.9x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.9x | 13.9x |
| FCF growth the price implies | — | — |
| Dividend yield | 3.4% | 3.1% |
| Debt / equity | 3.12x | 2.34x |
| Fundamental grade | D | C |
| Superinvestors holding it | 4 | 3 |
| 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% |
Alliant Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.7B | -$587M | 21.7% |
| 2022 | $4.2B | -$998M | 22.1% |
| 2023 | $4.0B | — | 23.4% |
| 2024 | $4.0B | — | 22.3% |
| 2025 | $4.4B | — | 23.5% |
Where the revenue comes from
CMS Energy · by segments, 2025
Electric Utility$5.6B67%
Gas Utility$2.5B30%
NorthStar Clean Energy$259M3%
Alliant Energy · by segments, 2025
Electric$3.7B85%
Gas$525M12%
Non-Utility and Other$89M2%
Other Utility$51M1%
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 Alliant Energy?
CMS Energy (CMS), at $19.8B against $17.2B.
Is CMS or LNT cheaper?
By trailing P/E, CMS Energy (17.7x) is cheaper than Alliant Energy (20.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMS or LNT?
Alliant Energy: revenue grew +5.0% over the last year, against -0.5%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.