• CMS Energy average return on tangible equity for 2023 was 9.85, a 40.77% increase from 2022.
• CMS Energy average return on tangible equity for 2022 was 16.63, a 5.12% decline from 2021.
• CMS Energy average return on tangible equity for 2021 was 15.82, a 12.04% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.