Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 17.95% is in line with its 5-year average of 17.29%, around the middle of its 5-year range (10.03%–23.80%).
As of the fiscal period ended Tuesday, March 31, 2026. 9.04% below its 12-month average of 19.73%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
17.95%
OPERATING MARGIN AVG TTM
19.73%
OPERATING MARGIN AVG 3Y
18.78%
OPERATING MARGIN AVG 5Y
17.29%
OPERATING MARGIN AVG 10Y
18.13%
OPERATING MARGIN AVG 15Y
17.66%
OPERATING MARGIN AVG 20Y
16.74%
CURRENT VS TTM AVG
-9.04%
CURRENT VS 3Y AVG
-4.41%
CURRENT VS 5Y AVG
+3.83%
CURRENT VS 10Y AVG
-1.01%
CURRENT VS 15Y AVG
+1.61%
CURRENT VS 20Y AVG
+7.24%
SECTOR MEDIAN · UTILITIES
22.55%
median of 42 covered companies
CURRENT VS SECTOR MEDIAN
-20.39%
vs the sector median at left
CMS Energy Corporation
Market Cap
$22.66B
Operating Margin
17.95%
TTM Avg
19.73%
3Y Avg
18.78%
5Y Avg
17.29%
Market Cap
$26.72B
Operating Margin
36.94%
TTM Avg
36.62%
3Y Avg
35.58%
5Y Avg
34.30%
Market Cap
$26.75B
Operating Margin
23.50%
TTM Avg
22.05%
3Y Avg
20.28%
5Y Avg
22.45%
Market Cap
$18.31B
Operating Margin
23.01%
TTM Avg
22.88%
3Y Avg
22.81%
5Y Avg
22.43%
Market Cap
$27.77B
Operating Margin
23.24%
TTM Avg
22.79%
3Y Avg
20.65%
5Y Avg
18.82%
Market Cap
$27.77B
Operating Margin
22.52%
TTM Avg
22.40%
3Y Avg
20.71%
5Y Avg
20.89%
Market Cap
$28.19B
Operating Margin
18.57%
TTM Avg
18.20%
3Y Avg
17.33%
5Y Avg
17.48%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| CMS Energy Corporation (CMS) | $22.66B | 17.95% | 19.73% | 18.78% | 17.29% |
| NiSource Inc (NI)vs › | $21.61B | 27.78% | 27.16% | 24.87% | 21.96% |
| Evergy, Inc. (EVRG)vs › | $19.19B | 25.42% | 25.00% | 23.80% | 23.80% |
| American Water Works Company, Inc. (AWK)vs › | $26.72B | 36.94% | 36.62% | 35.58% | 34.30% |
| PPL Corporation (PPL)vs › | $26.75B | 23.50% | 22.05% | 20.28% | 22.45% |
| Alliant Energy Corporation (LNT)vs › | $18.31B | 23.01% | 22.88% | 22.81% | 22.43% |
| CenterPoint Energy, Inc. (CNP)vs › | $27.77B | 23.24% | 22.79% | 20.65% | 18.82% |
| Eversource Energy (ES)vs › | $27.77B | 22.52% | 22.40% | 20.71% | 20.89% |
| FirstEnergy Corp. (FE)vs › | $28.19B | 18.57% | 18.20% | 17.33% | 17.48% |
| NRG Energy, Inc. (NRG)vs › | $28.27B | 3.00% | 7.32% | 5.59% | 7.82% |
Gross Margin
64.6%
Operating Margin
17.9%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-03-31 | 17.95% |
| 2025-12-31 | 19.48% |
| 2025-09-30 | 23.80% |
| 2025-06-30 | 17.25% |
| 2025-03-31 | 20.19% |
| 2024-12-31 | 21.37% |
| 2024-09-30 | 21.06% |
| 2024-06-30 | 17.61% |
| 2024-03-31 | 18.93% |
| 2023-12-31 | 20.82% |
| 2023-09-30 | 16.20% |
| 2023-06-30 | 15.69% |
| 2023-03-31 | 13.75% |
| 2022-12-31 | 11.90% |
| 2022-09-30 | 12.75% |
| 2022-06-30 | 12.45% |
| 2022-03-31 | 19.21% |
| 2021-12-31 | 10.03% |
| 2021-09-30 | 15.07% |
| 2021-06-30 | 16.17% |
| 2021-03-31 | 21.36% |
| 2020-12-31 | 19.58% |
| 2020-09-30 | 22.56% |
| 2020-06-30 | 17.95% |
| 2020-03-31 | 19.74% |
| 2019-12-31 | 17.33% |
| 2019-09-30 | 22.70% |
| 2019-06-30 | 15.09% |
| 2019-03-31 | 17.44% |
| 2018-12-31 | 13.67% |
| 2018-09-30 | 18.39% |
| 2018-06-30 | 17.09% |
| 2018-03-31 | 18.59% |
| 2017-12-31 | 21.32% |
| 2017-09-30 | 21.61% |
| 2017-06-30 | 16.63% |
| 2017-03-31 | 21.21% |
| 2016-12-31 | 17.68% |
| 2016-09-30 | 23.63% |
| 2016-06-30 | 20.06% |
| 2016-03-31 | 18.10% |
| 2015-12-31 | 16.24% |
| 2015-09-30 | 21.33% |
| 2015-06-30 | 15.11% |
| 2015-03-31 | 18.81% |
| 2014-12-31 | 15.53% |
| 2014-09-30 | 16.50% |
| 2014-06-30 | 16.01% |
| 2014-03-31 | 16.17% |
| 2013-12-31 | 15.21% |
| 2013-09-30 | 21.94% |
| 2013-06-30 | 16.50% |
| 2013-03-31 | 16.62% |
| 2012-12-31 | 12.69% |
| 2012-09-30 | 22.76% |
| 2012-05-30 | 19.50% |
| 2012-03-31 | 10.79% |
| 2011-12-31 | 10.74% |
| 2011-09-30 | 21.58% |
| 2011-06-30 | 15.18% |
| 2011-03-31 | 14.89% |
| 2010-12-31 | 9.39% |
| 2010-09-30 | 22.11% |
| 2010-06-30 | 19.55% |
| 2010-03-31 | 12.15% |
| 2009-12-31 | 6.95% |
| 2009-09-30 | 18.21% |
| 2009-06-30 | 12.24% |
| 2009-03-31 | 9.93% |
| 2008-12-31 | 9.60% |
| 2008-09-30 | 14.50% |
| 2008-06-30 | 11.43% |
| 2008-03-31 | 11.58% |
| 2007-12-31 | -13.80% |
| 2007-09-30 | 15.13% |
| 2007-06-30 | 0.30% |
| 2007-03-31 | -2.15% |
| 2006-12-31 | -7.66% |
| 2006-09-30 | -3.57% |
| 2006-06-30 | 5.00% |
| 2006-03-31 | -0.96% |
| 2005-12-31 | -2.41% |
| 2005-09-30 | -63.22% |
| 2005-06-30 | 5.61% |
| 2005-03-31 | 22.76% |
| 2004-12-31 | 13.96% |
| 2004-09-30 | 13.17% |
| 2004-06-30 | 9.79% |
| 2004-03-31 | 7.18% |
| 2003-12-31 | 0.07% |
| 2003-09-30 | 4.78% |
| 2003-06-30 | 11.19% |
| 2003-03-31 | 9.60% |
| 2002-12-31 | -14.36% |
| 2002-09-30 | 5.88% |
| 2002-06-30 | 7.12% |
