CMS vs. D: CMS Energy vs. Dominion Energy Stock Comparison

November 11, 2026

How do CMS Energy (CMS) and Dominion Energy (D) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

CMS Energy (CMS) and Dominion Energy (D) are both classified in the Multi-Utilities sub-industry within the broader Multi-Utilities industry, placing them in the closest GICS peer bucket.

Company profile comparison for CMS Energy (CMS) and Dominion Energy (D)
Profile Item	CMS	D
Name	CMS Energy Corporation Common Stock	Dominion Energy, Inc.
Country/Region	United States	United States
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Multi-Utilities	Multi-Utilities
GICS Sub-Industry	Multi-Utilities	Multi-Utilities
Market Capitalization	21.70 billion USD	60.34 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	February 21, 1973	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CMS

GSPC

CMS Energy (CMS) vs. Dominion Energy (D), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for CMS Energy (CMS) and Dominion Energy (D). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for CMS Energy (CMS) and Dominion Energy (D). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
Total Return (1Y)	-1.93%	16.61%
Total Return (3Y, Annualized)	11.79%	20.91%
Total Return (5Y, Annualized)	6.25%	2.95%

Risk Profile

Drawdown History

CMS

GSPC

CMS Energy (CMS) vs. Dominion Energy (D), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for CMS Energy (CMS) and Dominion Energy (D). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
Volatility (1Y, Annualized)	17.58%	21.38%
Beta (5Y)	0.31	0.60
Max Drawdown (5Y)	-28.04%	-52.20%
Avg. Volume (3M)	3.84M	4.42M

Risk-Adjusted Performance

Risk-Return Positioning

CMS and D are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
Sharpe Ratio (1Y)	-0.35	0.58
Sortino Ratio (1Y)	-0.49	0.94

Profitability

ROE (TTM)

Dominion Energy (D) at 8.82% is around its peer norm for ROE, while CMS Energy (CMS) at 5.31% drops into the bottom quartile, signaling weaker returns on shareholders’ equity.

CMS

Utilities industry group

5.31%

Max: 17.99%
Q3: 12.01%
Median: 9.44%
Q1: 7.56%
CMS: 5.31%
Min: 2.17%

D

Utilities industry group

8.82%

Max: 17.99%
Q3: 12.01%
Median: 9.44%
D: 8.82%
Q1: 7.56%
Min: 2.17%

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their ROE against the Utilities industry group benchmark.

Net Margin (TTM)

Both CMS Energy (CMS) at 9.72% and Dominion Energy (D) at 13.99% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

CMS

Utilities industry group

9.72%

Max: 28.78%
Q3: 17.30%
Median: 12.73%
CMS: 9.72%
Q1: 9.18%
Min: -0.20%

D

Utilities industry group

13.99%

Max: 28.78%
Q3: 17.30%
D: 13.99%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their net margin against the Utilities industry group benchmark.

Operating Margin (TTM)

Dominion Energy (D) at 35.07% operates in the top operating margin quartile, ahead of CMS Energy (CMS) at 28.45%, which runs around its industry’s norm.

CMS

Utilities industry group

28.45%

Max: 53.83%
Q3: 31.12%
CMS: 28.45%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

D

Utilities industry group

35.07%

Max: 53.83%
D: 35.07%
Q3: 31.12%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their operating margin against the Utilities industry group benchmark.

Profitability Metrics

Profitability metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
ROE (TTM)	5.31%	8.82%
ROA (TTM)	3.07%	3.17%
Net Margin (TTM)	9.72%	13.99%
Operating Margin (TTM)	28.45%	35.07%
Gross Margin (TTM)	40.76%	46.51%

Growth

Revenue Growth

Both CMS Energy (CMS) at 13.63% and Dominion Energy (D) at 14.16% sit in the top peer quartile for revenue growth, so each is growing its top line faster than typical industry peers.

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their Revenue Growth across different time periods.

EPS Growth

Dominion Energy (D) at 39.78% sits in the top EPS growth quartile, while CMS Energy (CMS) at 4.19% is closer to the peer norm — faster per-share earnings growth for D.

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
Revenue Growth (YoY)	13.63%	14.16%
Revenue Growth (3Y CAGR)	-0.22%	5.80%
EPS Growth (YoY)	4.19%	39.78%
EPS Growth (3Y CAGR)	6.84%	46.26%

Financial Strength

Current Ratio (MRQ)

Both CMS Energy (CMS) at 0.95 and Dominion Energy (D) at 0.88 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

CMS

Utilities industry group

0.95

Max: 1.90
Q3: 1.17
CMS: 0.95
Median: 0.88
Q1: 0.66
Min: 0.29

D

Utilities industry group

0.88

Max: 1.90
Q3: 1.17
Median: 0.88
D: 0.88
Q1: 0.66
Min: 0.29

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their current ratio against the Utilities industry group benchmark.

Debt / Equity (MRQ)

Dominion Energy (D) at 1.62 carries an industry-typical debt-to-equity mix, while CMS Energy (CMS) at 1.96 uses more debt funding than most peers.

CMS

Utilities industry group

1.96

Max: 2.63
CMS: 1.96
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

D

Utilities industry group

1.62

Max: 2.63
Q3: 1.77
D: 1.62
Median: 1.35
Q1: 0.84
Min: 0.00

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their debt-to-equity ratio against the Utilities industry group benchmark.

Financial Strength Metrics

Financial strength metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
Current Ratio (MRQ)	0.95	0.88
Debt / Equity (MRQ)	1.96	1.62
Net Debt / EBITDA	6.33	6.21

Dividends

Dividend Yield (TTM)

Dominion Energy (D) at 3.83% delivers top-quartile income for its industry, while CMS Energy (CMS) at 3.21% pays a more typical yield — both are credible income propositions, D the richer one.

CMS

Utilities industry group

3.21%

Max: 6.66%
Q3: 3.58%
CMS: 3.21%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

D

Utilities industry group

3.83%

Max: 6.66%
D: 3.83%
Q3: 3.58%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their dividend yield against the Utilities industry group benchmark.

Dividend Payout Ratio (TTM)

Both CMS Energy (CMS) at 80.45% and Dominion Energy (D) at 88.12% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

CMS

Utilities industry group

80.45%

Max: 113.04%
CMS: 80.45%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

D

Utilities industry group

88.12%

Max: 113.04%
D: 88.12%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their payout ratio against the Utilities industry group benchmark.

Dividend Metrics

Dividend metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
Dividend Yield (TTM)	3.21%	3.83%
Dividend Payout Ratio (TTM)	80.45%	88.12%

Valuation

P/E Ratio (TTM)

Dominion Energy (D) at 22.64 is near its industry’s usual P/E ratio, while CMS Energy (CMS) at 24.71 sits in the richer quartile — CMS needs stronger growth or earnings quality to justify the premium.

CMS

Utilities industry group

24.71

Max: 31.22
CMS: 24.71
Q3: 23.30
Median: 19.64
Q1: 15.17
Min: 3.34

D

Utilities industry group

22.64

Max: 31.22
Q3: 23.30
D: 22.64
Median: 19.64
Q1: 15.17
Min: 3.34

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their P/E ratio against the Utilities industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both CMS Energy (CMS) at 2.42 and Dominion Energy (D) at 3.14 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

CMS

Utilities industry group

2.42

Max: 6.35
Q3: 3.63
Median: 2.63
CMS: 2.42
Q1: 1.52
Min: 0.00

D

Utilities industry group

3.14

Max: 6.35
Q3: 3.63
D: 3.14
Median: 2.63
Q1: 1.52
Min: 0.00

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their P/S ratio against the Utilities industry group benchmark.

P/B Ratio (MRQ)

Dominion Energy (D) at 2.11 is valued about in line with its industry on P/B ratio, while CMS Energy (CMS) at 2.28 carries an above-peer premium to book — CMS is pricier on assets.

CMS

Utilities industry group

2.28

Max: 3.12
CMS: 2.28
Q3: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

D

Utilities industry group

2.11

Max: 3.12
Q3: 2.21
D: 2.11
Median: 1.83
Q1: 1.46
Min: 0.34

CMS Energy (CMS) vs. Dominion Energy (D): A comparison of their P/B ratio against the Utilities industry group benchmark.

Valuation Metrics

Valuation metrics for CMS Energy (CMS) and Dominion Energy (D)
Metric	CMS	D
P/E Ratio (TTM)	24.71	22.64
P/S Ratio (TTM)	2.42	3.14
P/B Ratio (MRQ)	2.28	2.11
Free Cash Flow Yield (TTM)	-9.54%	-12.95%