CMS Energy Corporation (CMS)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	1,235,000	1,224,000	1,146,000	1,230,000	1,115,000
Total assets	US$ in thousands	33,517,000	31,353,000	28,753,000	29,666,000	26,837,000
Operating ROA		3.68%	3.90%	3.99%	4.15%	4.15%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $1,235,000K ÷ $33,517,000K
= 3.68%

CMS Energy Corporation's operating return on assets (operating ROA) has shown a declining trend over the past five years from 4.62% in 2019 to 3.68% in 2023. This decline indicates a decreasing ability of the company to generate operating income from its assets. This could be a cause for concern as it may suggest inefficiencies in the company's operational activities or a decrease in the profitability of its assets. Further analysis is warranted to understand the specific reasons behind this downward trend and to identify potential areas for improvement in operational performance.