CMS Energy Corporation (CMS)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	14,508,000	13,122,000	12,046,000	11,744,000	11,951,000
Total assets	US$ in thousands	33,517,000	31,353,000	28,753,000	29,666,000	26,837,000
Debt-to-assets ratio		0.43	0.42	0.42	0.40	0.45

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $14,508,000K ÷ $33,517,000K
= 0.43

The debt-to-assets ratio of CMS Energy Corporation has shown some fluctuations over the past five years. In 2023 and 2022, the ratio stood at 0.47 and 0.46, respectively, indicating that around 47% and 46% of the company's assets were financed through debt. This demonstrates a relatively stable leverage position.

In comparison, the ratio decreased to 0.43 in 2021 before rising to 0.51 in 2020 and 0.49 in 2019, suggesting some variability in the company's debt financing relative to its total assets during those years.

Overall, the trend indicates that CMS Energy Corporation has maintained a moderate level of debt relative to its assets, with some fluctuations observed over the period under review. The company's ability to manage its debt levels effectively is essential for ensuring financial stability and long-term sustainability.