CMS Energy Corporation (CMS)

Debt-to-equity ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	14,508,000	14,114,000	13,925,000	12,985,000	13,122,000	12,685,000	11,667,000	12,045,000	12,046,000	12,027,000	11,728,000	13,561,000	11,744,000	13,275,000	13,414,000	12,545,000	11,951,000	12,040,000	11,236,000	11,105,000
Total stockholders’ equity	US$ in thousands	7,544,000	7,186,000	7,145,000	7,080,000	7,015,000	6,913,000	6,878,000	6,854,000	6,631,000	6,090,000	5,797,000	5,727,000	5,496,000	5,320,000	5,214,000	5,185,000	5,018,000	4,957,000	4,851,000	4,858,000
Debt-to-equity ratio		1.92	1.96	1.95	1.83	1.87	1.83	1.70	1.76	1.82	1.97	2.02	2.37	2.14	2.50	2.57	2.42	2.38	2.43	2.32	2.29

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $14,508,000K ÷ $7,544,000K
= 1.92

The debt-to-equity ratio of CMS Energy Corporation has been relatively stable over the past eight quarters, hovering around the range of 1.81 to 2.15. The ratio indicates that the company relies more on debt financing compared to equity financing in its capital structure. The trend suggests a moderate level of leverage in the company's operations, with a slight increase in the ratio observed in the most recent quarters. It is important for investors and stakeholders to monitor changes in the debt-to-equity ratio to assess the company's ability to manage its debt obligations and financial risk.