Flagship explainer

What drives CMS ENERGY CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity12%Tax burden86%net income ÷ pretax incomeInterest burden72%pretax ÷ operating incomeOperating margin21%operating income ÷ revenueAsset turnover0.22×revenue ÷ average assetsEquity multiplier4.37×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$1.1BFY2025
Income before tax$1.2BFY2025
Operating income$1.7BFY2025
$8.3BFY2025
Ending assets$39.9BFY2025
Beginning assets$35.9BFY2024
$9.1BFY2025
$8.2BFY2024
Source: · event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
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