` Comparison: CMS vs NG - Alpha Spread

CMS
vs
NG

Over the past 12 months, CMS has underperformed NG, delivering a return of +8% compared to the NG's +29% growth.

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CMS
NG
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Stocks Compared:
CMS NG
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Valuation Comparison

CMS Intrinsic Value
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NG Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
CMS Energy Corp
NYSE:CMS
71.085 USD
National Grid PLC
LSE:NG
1 230 GBX
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Valuation Scenario:
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Growth Comparison

Growth Over Time
CMS, NG

CMS
NG
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
CMS Energy Corp
Revenue
National Grid PLC
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
CMS, NG

CMS
NG
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
CMS Energy Corp
NYSE:CMS
National Grid PLC
LSE:NG
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What is Free Cash Flow?

Gross Margin

CMS
70.3%
NG
0%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

Operating Margin

CMS
22%
NG
29.6%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

Net Margin

CMS
12.5%
NG
16.4%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

FCF Margin

CMS
-18.2%
NG
-10.8%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

ROE

CMS
12.2%
NG
7.9%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

ROA

CMS
2.8%
NG
2.8%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

ROIC

CMS
4%
NG
4.2%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

ROCE

CMS
5.4%
NG
5.5%
LTM 3Y Avg 5Y Avg 10Y Avg
CMS Energy Corp
National Grid PLC

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CMS, NG

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NG
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
CMS, NG

Performance Gap Between CMS and NG
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Performance By Year
CMS, NG

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NG
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