CMS vs. FE: CMS Energy vs. FirstEnergy Stock Comparison

November 11, 2026

How do CMS Energy (CMS) and FirstEnergy (FE) 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 FirstEnergy (FE) both fall under the Utilities industry group, but CMS is classified in Multi-Utilities while FE is classified in Electric Utilities.

Company profile comparison for CMS Energy (CMS) and FirstEnergy (FE)
Profile Item	CMS	FE
Name	CMS Energy Corporation Common Stock	FirstEnergy Corp.
Country/Region	United States	United States
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Multi-Utilities	Electric Utilities
GICS Sub-Industry	Multi-Utilities	Electric Utilities
Market Capitalization	21.70 billion USD	26.88 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	February 21, 1973	November 10, 1997
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CMS

GSPC

CMS Energy (CMS) vs. FirstEnergy (FE), 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 FirstEnergy (FE). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for CMS Energy (CMS) and FirstEnergy (FE)
Metric	CMS	FE
Total Return (1Y)	-1.93%	5.62%
Total Return (3Y, Annualized)	11.79%	14.20%
Total Return (5Y, Annualized)	6.25%	8.32%

Risk Profile

Drawdown History

CMS

GSPC

CMS Energy (CMS) vs. FirstEnergy (FE), 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 FirstEnergy (FE). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for CMS Energy (CMS) and FirstEnergy (FE)
Metric	CMS	FE
Volatility (1Y, Annualized)	17.58%	16.31%
Beta (5Y)	0.31	0.39
Max Drawdown (5Y)	-28.04%	-28.59%
Avg. Volume (3M)	3.84M	4.29M

Risk-Adjusted Performance

Risk-Return Positioning

CMS and FE 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 FirstEnergy (FE)
Metric	CMS	FE
Sharpe Ratio (1Y)	-0.35	0.08
Sortino Ratio (1Y)	-0.49	0.11

Profitability

ROE (TTM)

FirstEnergy (FE) at 10.04% 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%

FE

Utilities industry group

10.04%

Max: 17.99%
Q3: 12.01%
FE: 10.04%
Median: 9.44%
Q1: 7.56%
Min: 2.17%

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

Net Margin (TTM)

CMS Energy (CMS) at 9.72% keeps about the industry-typical share of revenue as profit, while FirstEnergy (FE) at 7.49% retains only a bottom-quartile share.

CMS

Utilities industry group

9.72%

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

FE

Utilities industry group

7.49%

Max: 28.78%
Q3: 17.30%
Median: 12.73%
Q1: 9.18%
FE: 7.49%
Min: -0.20%

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

Operating Margin (TTM)

Both CMS Energy (CMS) at 28.45% and FirstEnergy (FE) at 21.24% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

CMS

Utilities industry group

28.45%

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

FE

Utilities industry group

21.24%

Max: 53.83%
Q3: 31.12%
Median: 23.62%
FE: 21.24%
Q1: 15.45%
Min: -4.90%

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

Profitability Metrics

Profitability metrics for CMS Energy (CMS) and FirstEnergy (FE)
Metric	CMS	FE
ROE (TTM)	5.31%	10.04%
ROA (TTM)	3.07%	3.66%
Net Margin (TTM)	9.72%	7.49%
Operating Margin (TTM)	28.45%	21.24%
Gross Margin (TTM)	40.76%	69.63%

Growth

Revenue Growth

CMS Energy (CMS) at 13.63% sits in the top revenue growth quartile, while FirstEnergy (FE) at 12.01% is closer to the peer norm — faster top-line expansion for CMS.

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

EPS Growth

Both CMS Energy (CMS) at 4.19% and FirstEnergy (FE) at 3.53% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

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

Growth Metrics

Growth metrics for CMS Energy (CMS) and FirstEnergy (FE)
Metric	CMS	FE
Revenue Growth (YoY)	13.63%	12.01%
Revenue Growth (3Y CAGR)	-0.22%	6.59%
EPS Growth (YoY)	4.19%	3.53%
EPS Growth (3Y CAGR)	6.84%	35.34%

Financial Strength

Current Ratio (MRQ)

CMS Energy (CMS) at 0.95 keeps current ratio within its industry’s typical mid-range, while FirstEnergy (FE) at 0.38 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for FE.

CMS

Utilities industry group

0.95

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

FE

Utilities industry group

0.38

Max: 1.90
Q3: 1.17
Median: 0.88
Q1: 0.66
FE: 0.38
Min: 0.29

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

Debt / Equity (MRQ)

Both CMS Energy (CMS) at 1.96 and FirstEnergy (FE) at 2.07 lean more heavily on debt funding than most peers, landing in the higher-leverage quartile of their industries.

CMS

Utilities industry group

1.96

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

FE

Utilities industry group

2.07

Max: 2.63
FE: 2.07
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

CMS Energy (CMS) vs. FirstEnergy (FE): 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 FirstEnergy (FE)
Metric	CMS	FE
Current Ratio (MRQ)	0.95	0.38
Debt / Equity (MRQ)	1.96	2.07
Net Debt / EBITDA	6.33	5.85

Dividends

Dividend Yield (TTM)

FirstEnergy (FE) at 3.90% delivers top-quartile income for its industry, while CMS Energy (CMS) at 3.21% pays a more typical yield — both are credible income propositions, FE 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%

FE

Utilities industry group

3.90%

Max: 6.66%
FE: 3.90%
Q3: 3.58%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both CMS Energy (CMS) at 80.45% and FirstEnergy (FE) at 87.92% 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%

FE

Utilities industry group

87.92%

Max: 113.04%
FE: 87.92%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for CMS Energy (CMS) and FirstEnergy (FE)
Metric	CMS	FE
Dividend Yield (TTM)	3.21%	3.90%
Dividend Payout Ratio (TTM)	80.45%	87.92%

Valuation

P/E Ratio (TTM)

FirstEnergy (FE) at 22.43 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

FE

Utilities industry group

22.43

Max: 31.22
Q3: 23.30
FE: 22.43
Median: 19.64
Q1: 15.17
Min: 3.34

CMS Energy (CMS) vs. FirstEnergy (FE): 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 FirstEnergy (FE) at 1.68 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

FE

Utilities industry group

1.68

Max: 6.35
Q3: 3.63
Median: 2.63
FE: 1.68
Q1: 1.52
Min: 0.00

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

P/B Ratio (MRQ)

FirstEnergy (FE) at 2.07 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

FE

Utilities industry group

2.07

Max: 3.12
Q3: 2.21
FE: 2.07
Median: 1.83
Q1: 1.46
Min: 0.34

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

Valuation Metrics

Valuation metrics for CMS Energy (CMS) and FirstEnergy (FE)
Metric	CMS	FE
P/E Ratio (TTM)	24.71	22.43
P/S Ratio (TTM)	2.42	1.68
P/B Ratio (MRQ)	2.28	2.07
Free Cash Flow Yield (TTM)	-9.54%	-9.48%