CMS Energy (CMS)
Utilities · $20.3B market cap · SEC CIK 0000811156
fundamentals score out of 100
Next reports on Oct 22, 2026, before the open, with analysts expecting $1.14 in earnings per share.
The case for CMS
- Revenue growing 9.3% year over year.
- Pays a 3.4% dividend while you wait.
- Moves less than the market (beta 0.31).
The case against
- Long-term debt of $17.8B would take 8 years of operating cash flow to repay.
- Near the bottom of its 52-week range, 20% below the high. Falling prices usually have a reason; find it first.
- Current liabilities exceed current assets (ratio 0.94).
- Growth is weak (40/100): revenue +9.3%, EPS -1.9%, +5.6% a year over five years.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 74 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 40 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 53 |
| Momentumhow the price has behaved lately | 21 |
| Stabilityhow violently it moves, what it owes and what it pays you | 51 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 19.8× |
|---|---|
| Price / book | 2.42× |
| Price / sales | 2.4× |
| Revenue growth (YoY) | +9.3% |
| EPS growth (YoY) | -1.9% |
| Gross margin | 32% |
| Operating margin | 21% |
| Net margin | 12% |
| Return on equity | 11% |
| Debt / equity | 1.97× |
| Current ratio | 0.94 |
| Dividend yield | 3.39% |
| Beta | 0.31 |
| 52-week range | $64.42 – $80.36 |
| Position in that range | 0% of the way up |
| 3-month return | -11.8% |
| 1-year return | -7.7% |
Five years of financials, as filed
Pulled from CMS Energy's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $8.3B | $7.3B | $7.3B | $8.3B | $7.1B |
| Operating income | $1.7B | $1.5B | $1.2B | $1.2B | $1.1B |
| Net income | $1.1B | $1.0B | $887M | $837M | $1.4B |
| Operating cash flow | $2.2B | $2.4B | $2.3B | $855M | $1.8B |
| Capital expenditure | — | — | — | $2.4B | $2.1B |
| Total assets | $39.9B | $35.9B | $33.5B | $31.4B | $28.8B |
| Shareholder equity | $9.1B | $8.2B | $7.5B | $7.0B | $6.6B |
| Cash | $509M | $103M | $227M | $164M | $452M |
| Long-term debt | $17.8B | $15.2B | $14.5B | $13.1B | $12.0B |
| Free cash flow | — | — | — | -$1.5B | -$257M |
| Operating margin | 20.8% | 20.3% | 17.0% | 14.7% | 16.2% |
| Net margin | 12.9% | 13.7% | 12.2% | 10.1% | 19.1% |
| Diluted shares | 301M | 298M | 292M | 290M | 290M |
Share count is up 4.0% over 4 years. Mild issuance.
What CMS Energy says it does
—Information About CMS Energy’s and Consumers’ Executive Officers section, which is incorporated by reference herein. Information that is required in Item 10 of this Form 10‑K regarding directors, executive officers, and corporate governance is incorporated by reference from CMS Energy’s and Consumers’ definitive proxy statement for their 2026 Annual Meetings of Shareholders to be held May 8, 2026. The proxy statement will be filed with the SEC, pursuant to Regulation 14A under the Exchange Act, within 120 days after the end of the fiscal year covered by this Form 10‑K, all of which information is hereby incorporated by reference in, and made part of, this Form 10‑K. Code of Ethics CMS Energy has adopted an employee code of ethics, entitled "CMS Energy Code of Conduct and Guide to Ethical Business Behavior" (Employee Code) that applies to its CEO, CFO, and CAO, as well as all other officers and employees of CMS Energy…
Risk factors CMS lists in its 10-K
- Electric Customer Deliveries and Revenue
- Performance-based Financial Incentives/Disincentives Mechanism
- Gas Pipeline and Storage Integrity and Safety
- NorthStar Clean Energy Environmental Outlook
- Accounting for the Effects of Industry Regulation
- Fixed-rate financing—potential loss in fair value
- In Millions, Except Per Share Amounts
- Income From Discontinued Operations, Net of Tax of $ — for all periods
- Loss Attributable to Noncontrolling Interests
- Net Income Attributable to CMS Energy
- Net Income Available to Common Stockholders
- Basic Earnings Per Average Common Share
- Diluted Earnings Per Average Common Share
- The accompanying notes are an integral part of these statements