Is BKH or CMS cheaper?

On trailing earnings, BKH is cheaper: BKH trades at a 18.95 P/E and CMS at 20.10.

Which has grown faster, BKH or CMS?

Over the past five years, CMS grew revenue faster — BKH at a 4.97% CAGR versus CMS at 5.66%.

Does BKH or CMS pay a bigger dividend?

BKH yields 3.79% and CMS yields 3.03% based on trailing dividends and the latest price.

Which has been the better investment, BKH or CMS?

Over the past 10-year, CMS delivered the higher annualized total return — BKH at 5.26% versus CMS at 8.45%. Past performance doesn't predict future results.

Black Hills Corporation (BKH) vs CMS Energy Corporation (CMS)

BKH leads on 9 of 15 compared metrics.

A side-by-side comparison of Black Hills Corporation and CMS Energy Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of June 20, 2026. The ● marks the stronger figure on each row (cheaper multiple, higher margin/return).

BKH

Black Hills Corporation

$5.54B

$72.75Utilities

CMS

CMS Energy Corporation

$22.67B

$73.38Utilities

Total return — BKH vs CMS

growth of $100 · last 30y

BKH +361.9%CMS +149.8%BKH compounded faster

BKH CMS

BKH vs CMS: by the numbers

•CMS is the larger company ($22.67B vs $5.54B market cap).
•BKH trades at the lower earnings multiple (18.95 vs 20.10 P/E).
•CMS grew revenue faster over the past five years (5.66% vs 4.97% CAGR).
•BKH pays the higher dividend yield (3.79% vs 3.03%).

Which is better, BKH or CMS?

Metric tally: BKH 9 · CMS 6

It depends on what you're optimizing for:

ValueBKH(lower P/E)

GrowthCMS(faster 5Y revenue CAGR)

IncomeBKH(higher dividend yield)

QualityBKH(higher ROIC)

Metrics side by side

Valuation

Metric	BKH	CMS
P/E ratio	18.95●	20.10
Forward P/E	15.77●	17.58
P/S ratio	2.41●	2.50
P/B ratio	1.39●	2.33
PEG ratio	8.50	3.45●
EV / EBITDA	12.21●	12.65

Profitability

Metric	BKH	CMS
Gross margin	35.66%	64.61%●
Operating margin	23.30%●	19.53%
Net margin	12.61%	12.55%
ROE	7.31%	11.69%●
ROIC	4.63%●	3.67%

Dividends

Metric	BKH	CMS
Dividend yield	3.79%●	3.03%
Payout ratio	69.12%	63.03%

Growth (annualized)

Metric	BKH	CMS
Revenue CAGR (5Y)	4.97%	5.66%●
EPS CAGR (5Y)	1.80%	5.90%●
FCF CAGR (5Y)	20.20%●	-16.59%
Total return CAGR (5Y)	5.65%	8.05%●

Frequently asked

Which is better, BKH or CMS?: It depends on your goal. value: BKH (lower P/E); growth: CMS (faster 5Y revenue CAGR); income: BKH (higher dividend yield); quality: BKH (higher ROIC). Across all compared metrics, BKH leads 9 to 6.
Is BKH or CMS cheaper?: On trailing earnings, BKH is cheaper: BKH trades at a 18.95 P/E and CMS at 20.10.
Which has grown faster, BKH or CMS?: Over the past five years, CMS grew revenue faster — BKH at a 4.97% CAGR versus CMS at 5.66%.
Does BKH or CMS pay a bigger dividend?: BKH yields 3.79% and CMS yields 3.03% based on trailing dividends and the latest price.
Which has been the better investment, BKH or CMS?: Over the past 10-year, CMS delivered the higher annualized total return — BKH at 5.26% versus CMS at 8.45%. Past performance doesn't predict future results.

Go deeper

Full BKH analysis Full CMS analysis Interactive comparison tool

Dig into the metrics

Black Hills P/E ratio CMS Energy P/E ratio Black Hills dividend yield CMS Energy dividend yield Black Hills ROE CMS Energy ROE Black Hills operating margin CMS Energy operating margin Black Hills revenue growth CMS Energy revenue growth Black Hills free cash flow CMS Energy free cash flow

Black Hills & CMS Energy appear in these rankings

Highest Dividend Yield Stocks Dividend Aristocrats

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified June 20, 2026.