Loading institutional data...
Loading institutional data...
Held by 790 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DUK | $91.0B | 18.5× | 10.6× | 2.9× | 5.6% | — | 15.7% | 9.6% | 3.7% | 5.0× | 2,397 |
| EXC | $43.0B | — | 11.0× | 1.8× | 5.3% | — | 11.4% | 9.6% | 3.6% | 5.8× | 1,243 |
| PCG | $39.4B | 11.1× | — | 1.6× | 2.1% | — | 10.8% | 8.3% | 2.9% | — | 917 |
| ED | $39.2B | 18.8× | — | 2.3× | 10.9% | — | 12.0% | 8.4% | 4.0% | — | 1,395 |
| PEG | $36.0B | 17.1× | — | 3.0× | 18.3% | — | 17.3% | 12.4% | 5.3% | — | 1,268 |
| WEC | $33.8B | 21.6× | 14.6× | 3.5× | 14.0% | 66.7% | 15.9% | 11.1% | 4.5% | 5.5× | 1,353 |
| AEE | $28.3B | 19.1× | — | 3.2× | 15.4% | — | 16.6% | 10.9% | 4.5% | — | 923 |
| CMS | $20.5B | 18.6× | 12.8× | 2.4× | 13.6% | — | 12.5% | 11.7% | 3.8% | 6.0× | 790 |
| NI | $19.5B | 20.9× | 6.7× | 3.0× | 23.5% | — | 14.3% | 9.8% | 9.1% | 0.2× | 872 |
| EVRG | $18.7B | 22.1× | 12.9× | 3.1× | 2.0% | — | 14.4% | 8.4% | 3.6% | 5.4× | 908 |
| LNT | $17.1B | 21.0× | 15.3× | 3.9× | 9.6% | 85.7% | 18.6% | 11.0% | 4.2% | 6.1× | 852 |
| NWE | $4.6B | 25.2× | 13.7× | 2.8× | 6.4% | — | 11.2% | 6.3% | 2.9% | 5.8× | 362 |
| AVA | $3.0B | 14.9× | 5.2× | 1.5× | 1.3% | — | 9.8% | 7.1% | 6.2% | 0.6× | 404 |
| UTL | $953M | 17.6× | — | 1.8× | 8.3% | — | 9.4% | 8.2% | 3.4% | — | 237 |
| GNE | $438M | 18.5× | 8.5× | 0.9× | 18.1% | 24.8% | 4.8% | 9.6% | 9.2% | -6.8× | 107 |
Peers = companies sharing CMS's sector (Electric & Other Services Combined) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $65.49 today, the market must believe free cash flow compounds 1.8%/yr for a decade (off $2.30B on the 3-yr avg basis).
The market's 1.8% is more conservative than its 8-yr track record.
Default is 8.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.31B shares (market data) · net debt $18.25B
mean -343.5% · volatility σ 592% · implied rate exceeded in 1/3 yrs
Central path = implied 1.8%/yr growth; shaded band = ±1σ (592%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $2.23B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-09
Where each multiple sits in its own 14-yr range · 62th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 4% — 8% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 16.9 | 16.8 | 19.2 | 15.6 | 14.2 | 16.6 | 19.8 | 20.2 |
| Income Tax | 1.7 | 2.0 | 1.8 | 1.3 | 1.1 | 2.0 | 2.3 | 2.9 |
| Net Income | 9.6 | 10.3 | 11.8 | 18.5 | 9.7 | 11.9 | 13.3 | 12.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CMS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $509.0M is below the $950.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.2% on $18.76B of debt.
Cash of $509.0M is below short-term debt of $950.0M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.54B 100.0% | $7.51B 100.0% | $7.46B 100.0% | $8.60B 100.0% | $7.33B 100.0% | $6.42B 100.0% | $6.62B 100.0% | $6.87B 100.0% | $6.58B 100.0% | $6.40B 100.0% |
| Total Operating Expenses | $6.81B 79.8% | $6.03B 80.2% | $6.23B 83.4% | $7.37B 85.8% | $6.18B 84.4% | $5.19B 80.8% | $5.51B 83.2% | $5.71B 83.1% | $5.25B 79.7% | $5.14B 80.4% |
| Operating Income | $1.73B 20.2% | $1.49B 19.8% | $1.24B 16.6% | $1.22B 14.2% | $1.15B 15.6% | $1.23B 19.2% | $1.11B 16.8% | $1.16B 16.9% | $1.34B 20.3% | $1.26B 19.6% |
| Interest Expense | $789.0M 9.2% | $708.0M 9.4% | $643.0M 8.6% | $519.0M 6.0% | $500.0M 6.8% | $505.0M 7.9% | $460.0M 6.9% | $458.0M 6.7% | $438.0M 6.7% | $435.0M 6.8% |
| Interest & Investment Income | — | — | — | $5.0M 0.1% | $3.0M 0.0% | $4.0M 0.1% | — | — | — | — |
| Other Income (Expense), net | $310.0M 3.6% | $344.0M 4.6% | $362.0M 4.9% | $197.0M 2.3% | $177.0M 2.4% | $84.0M 1.3% | $109.0M 1.6% | $70.0M 1.0% | -$14.0M -0.2% | $5.0M 0.1% |
| Pretax Income | $1.25B 14.6% | $1.12B 14.9% | $954.0M 12.8% | $902.0M 10.5% | $823.0M 11.2% | $809.0M 12.6% | $764.0M 11.5% | $774.0M 11.3% | $886.0M 13.5% | $826.0M 12.9% |
| Income Tax Expense | $246.0M 2.9% | $176.0M 2.3% | $147.0M 2.0% | $93.0M 1.1% | $95.0M 1.3% | $115.0M 1.8% | $131.0M 2.0% | $115.0M 1.7% | $424.0M 6.4% | $273.0M 4.3% |
| Net Income | $1.07B 12.5% | $1.00B 13.3% | $887.0M 11.9% | $837.0M 9.7% | $1.35B 18.5% | $755.0M 11.8% | $680.0M 10.3% | $657.0M 9.6% | $460.0M 7.0% | $551.0M 8.6% |
| Per Share | ||||||||||
| EPS (Basic) | $3.53 | $3.34 | $3.01 | $2.85 | $4.66 | $2.65 | $2.40 | $2.33 | $1.64 | $1.99 |
| EPS (Diluted) | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 | $2.64 | $2.39 | $2.32 | $1.64 | $1.98 |
| Weighted Avg Shares (Basic) | 300.4M | 297.6M | 291.2M | 289.5M | 289.0M | 285.0M | 283.0M | — | — | — |
| Weighted Avg Shares (Diluted) | 301.0M | 298.3M | 291.7M | 290.0M | 289.5M | 286.3M | 284.3M | 282.9M | 280.8M | 278.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns -3.05pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 5.1% | 8.3% (today's — no rate published for this year) | -3.2pts |
| FY2020 | 5.7% | 8.3% (today's — no rate published for this year) | -2.5pts |
| FY2021 | 5.1% | 6.1% | -1.1pts |
| FY2022 | 4.8% | 7.6% | -2.8pts |
| FY2023 | 4.5% | 7.6% | -3.1pts |
| FY2024 | 5.0% | 7.7% | -2.7pts |
| FY2025 | 5.2% | 7.3% | -2.2pts |
| Now | 3.8% | 8.3% | -4.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 19.6% | 8.6% |
| FY2017 | not reported | 20.3% | 7.0% |
| FY2018 | not reported | 16.9% | 9.6% |
| FY2019 | not reported | 16.8% | 10.3% |
| FY2020 | not reported | 19.2% | 11.8% |
| FY2021 | not reported | 15.6% | 18.5% |
| FY2022 | not reported | 14.2% | 9.7% |
| FY2023 | not reported | 16.6% | 11.9% |
| FY2024 | not reported | 19.8% | 13.3% |
| FY2025 | not reported | 20.2% | 12.5% |
Leverage and buybacks account for 8 points of the 12% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
The spread was positive in only 0 of the last 5 years.
Converts 1.01x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 8% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Stressed coverage of 1.5x sits between comfortable and thin.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 2.16x |
| 5% | 2.06x |
| 10% | 1.95x |
| 15% | 1.84x |
| 20% | 1.73x |
| 25% | 1.62x |
| 30% | 1.51x |
| 35% | 1.41x |
| 40% | 1.30x |
| 45% | 1.19x |
| 50% | 1.08x |
| 55% | 0.97x |
| 60% | 0.87x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 6.1x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $65.49, free cash flow must compound 1.81%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 2.6% | 1.8% |
| FY2025 | −5.7% | 1.8% |
The implied rate has been matched or beaten in 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.07B | $1.07B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $1.16B | $2.23B |
| Operating cash flow | $2.23B | $2.23B |
| Capex | $0 | $2.23B |
| Free cash flow | $2.23B | $2.23B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -3.1% | -3.7% | -0.6 points |
| FY2021 | 14.2% | 9.1% | -5.0 points |
| FY2022 | 17.3% | 68.0% | 50.7 points |
| FY2023 | -13.2% | not reported | not reported |
| FY2024 | 0.7% | not reported | not reported |
| FY2025 | 13.6% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 48.8 days | not reported | not reported | not reported |
| FY2020 | 48.5 days | not reported | not reported | not reported |
| FY2021 | 46.4 days | not reported | not reported | not reported |
| FY2022 | 66.4 days | not reported | not reported | not reported |
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | not reported | not reported | not reported | not reported |
| FY2025 | not reported | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.1 percent |
| FY2020 | -1.8 percent |
| FY2021 | -1.6 percent |
| FY2022 | -0.1 percent |
| FY2023 | -4.2 percent |
| FY2024 | -3.8 percent |
| FY2025 | -2.9 percent |