CMS Energy vs NiSource
CMS Energy is the larger business, with $8.54bn of revenue in fiscal 2025 against $6.52bn for NiSource (1.3 times as much). NiSource grew faster (23.5% against 13.6%). NiSource kept more of each dollar of sales as profit: a net margin of 14.3% against 12.5%. NiSource carries less debt relative to equity (171.6% against 207.1%).
| Latest fiscal year | CMS EnergyCMS, 2025 | NiSourceNI, 2025 |
|---|---|---|
| Revenue | $8.54bn | $6.52bn |
| Revenue growth | 13.6% | 23.5% |
| Net income | $1.07bn | $930m |
| Operating margin | 20.2% | 28.1% |
| Net margin | 12.5% | 14.3% |
| Return on equity | 12.3% | 10.3% |
| Free cash flow | $2.23bn | −$420m |
| Cash | $509m | $110m |
| Total debt | $18.94bn | $16.21bn |
| Debt to equity | 207.1% | 171.6% |
| Dividend per share | — | $1.12 |
| Dividend yield | — | 2.7% |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $22.19bn | $21.51bn |
| Price vs our value range | Within our value range | — |
| Moat score | 38 (Weak) | 34 (Weak) |
| Insider trades, 12 months | 2 buys, 6 sales | 0 buys, 8 sales |