CMS Energy Corporation

CMS Energy Corporation

CMS
CMS Energy CorporationUS flagNew York Stock Exchange
68.46
USD
-0.13
- -
21.47BMarket Cap
CMS Energy Corporation
CMS
(New York Stock Exchange)

Recent

price

68.46

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
27.78
25.93
23.99
24.78
26.49
23.39
23.02
23.51
24.36
23.41
22.52
25.36
29.51
25.35
25.15
27.87
28.72
Revenue per Share
1.4
1.65
1.47
1.71
1.76
1.89
1.98
1.64
2.32
2.4
2.64
4.66
2.84
2.98
3.32
3.46
3.31
Basic EPS, GAAP
3.96
4.45
4.57
5.15
5.22
5.53
5.47
5.68
5.52
5.88
4.02
5.83
2.57
4.52
7.4
6.6
6.37
Free Cash Flow per Basic Share
0.7
0.84
0.97
1.03
1.09
1.17
1.25
1.35
1.44
1.54
1.64
1.76
1.87
1.97
2.1
2.16
2.25
Dividend per Share
11.19
11.92
12.09
12.98
13.34
14.21
15.23
15.77
16.78
17.68
19.02
22.11
23.31
24.86
26.8
29.11
30.45
Book Value per Share
11.19
11.92
12.09
12.98
13.34
14.21
15.23
15.77
16.78
17.68
19.02
22.11
23.31
24.86
26.8
29.11
30.45
Tangible Book Value per Share
232
251
261
265
271
276
278
280
282
283
285
289
291
294
299
306
307
Basic Weighted Avg Shares
6,432
6,503
6,253
6,566
7,179
6,456
6,399
6,583
6,873
6,624
6,418
7,329
8,596
7,462
7,515
8,539
8,813
Sales/Revenue/Turnover
15.11
15.42
16.04
17.39
16.05
18.25
19.63
20.33
16.91
16.83
19.16
15.64
14.24
16.55
19.79
20.22
18.95
Operating Margin (%)
576
546
598
628
685
750
811
881
933
989
1,043
1,114
1,126
1,180
1,240
1,306
1,350
Depreciation Expense
340
415
382
452
477
523
551
460
657
680
755
1,353
837
887
1,003
1,071
1,026
Net Income, GAAP
37.97
31.52
39.39
39.95
34.29
34.05
33.05
47.86
14.86
17.15
14.22
11.54
10.31
15.41
15.67
19.71
21.23
Effective Tax Rate (%)
5.29
6.38
6.11
6.88
6.64
8.1
8.61
6.99
9.56
10.27
11.76
18.46
9.74
11.89
13.35
12.54
11.64
Profit Margin (%)
738
227
625
581
649
18
-375
-309
-156
-373
-670
423
448
-56
-731
-76
-197
Working Capital
6,636
6,207
6,863
7,239
8,139
8,518
8,750
9,214
10,684
12,027
11,800
12,092
13,190
14,570
15,306
17,942
18,431
LT Debt
2,837
3,072
3,238
3,491
3,707
3,975
4,290
4,478
4,792
5,055
6,077
7,188
7,595
8,125
8,748
9,711
10,399
Total Equity
5.81
6.46
5.62
6.02
6.18
5.85
5.92
4.66
6.14
5.18
5.61
5.19
5.16
4.47
4.99
5.02
4.57
Return on Invested Capital (%)
6.05
6.78
5.84
6.2
6.21
6.04
6.05
4.69
6.63
6.07
6.48
9.54
6.38
6.61
6.75
6.6
6.4
Return on Capital (%)
12.01
14.26
12.28
13.6
13.39
13.75
13.45
10.58
14.25
13.87
14.32
22.65
12.53
12.43
12.96
12.54
11.47
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
956
1,360
870
LT Borrowings
17,807
17,456
18,172
LT Finance Leases
135
262
259
Preferred Equity and Hybrid Capital
224
224
224
Shares Outstanding
306
309
314
Market Capitalization
21,427
23,964
23,990

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,472
3,025
2,866
Cash, Cash Equivalents & STI
509
175
241
Accounts Receivable, Net
1,306
1,402
1,008
Inventories
791
642
824
Total Current Liabilities
3,548
3,592
3,063
Payables & Accruals
2,322
1,961
1,910
ST Debt
956
1,360
870
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.46%
9.92%
11.01%
Free Cash Flow
10.48%
25.36%
-8.55%
Net Income, GAAP
11.31%
13.38%
6.78%
Sales/Revenue/Turnover
3.23%
6.53%
13.63%
Total Cash Common Dividend
7.33%
7.03%
6.01%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,176
1,607
1,743
1,989
7,515
2025
2,447
1,838
2,021
2,233
8,539
2026
2,730
1,829
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.95
0.65
0.84
0.88
3.32
2025
1.01
0.66
0.9
0.93
3.46
2026
1.1
0.38
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.89
0.16
0.52
0.52
2.1
2025
0.91
0.2
0.54
0.55
2.16
2026
1.01
0.16
- -
- -
- -
Business
CMS Energy Corporation operates as a prominent energy provider primarily serving Michigan. The company's operations are structured across three key segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment manages the generation, procurement, delivery, and sale of electricity, utilizing a diverse portfolio of sources including natural gas, coal, wind, solar, and nuclear power. This segment maintains an extensive distribution network, comprising thousands of miles of overhead and underground lines, along with numerous substations. The Gas Utility segment focuses on the acquisition, transmission, storage, distribution, and sale of natural gas. This network includes thousands of miles of transmission lines, multiple gas storage fields, and an expansive system of distribution mains and compressor stations. The NorthStar Clean Energy segment, formerly known as CMS Enterprises, is involved in independent power generation and marketing, with a particular emphasis on developing and operating renewable energy projects. CMS Energy delivers essential services to approximately 1.9 million electric and 1.8 million natural gas customers, encompassing residential, commercial, and diverse industrial sectors. The company, established in 1987 and headquartered in Jackson, Michigan, is actively pursuing ambitious sustainability goals, aiming for net-zero carbon emissions from its electric operations by 2040 and net-zero greenhouse gas emissions across its entire natural gas system, including customer and supplier emissions, by 2050. This strategic direction underscores its commitment to a cleaner energy future while ensuring reliable service for its vast customer base. Recent financial results show consistent performance, with the company raising its 2025 adjusted earnings per share guidance and initiating 2026 guidance. The company's business model relies on regulated utility operations, which provide stable and predictable revenue streams.

Company News

  • CMS(867.HK/8A8.SG): Innovative Drug Lumirix® Approved in China for Additional Indication of Atopic Dermatitis (AD)

  • Peter Thiel's Fund Reported Zero Stocks for 2 Straight Quarters. Its $419 Million Comeback Put 72% Into Energy and Power.

  • Why Is CMS Energy (CMS) Down 6.9% Since Last Earnings Report?

  • Longstanding Bridgeline Customer Expands from CMS to HawkSearch AI Search and Shopping Assistant

  • Peter Thiel's $418 Million Bet On These 8 Companies Reveals AI's Biggest Bottleneck

  • Danske Bank A S Invests $1.53 Million in CMS Energy Corporation $CMS

  • CMS Energy: Preferred Stock Still Preferred

  • CMS Energy Declares Quarterly Dividend on Cumulative Redeemable Perpetual Preferred Stock

  • Consumers Energy, the Principal Subsidiary of CMS Energy, Declares Quarterly Dividend on Preferred Stock

  • Consumers Energy, the Principal Subsidiary of CMS Energy, Declares Quarterly Dividend on Preferred Stock

  • CMS and MaxLinear Expand OpenZFS Storage for AI, Cloud, and Hyperscale Infrastructure

  • CMS and MaxLinear Expand OpenZFS Storage for AI, Cloud, and Hyperscale Infrastructure

  • CMS Energy Corporation (CMS) Q2 2026 Earnings Call Transcript

  • CMS Energy Q2 Earnings Match Estimates, Revenues Decrease Y/Y

  • CMS Energy Q2 Earnings Call Highlights

  • Progress Software Introduces AI Agents Built into CMS Workflows to Reduce Content Bottlenecks and Scale Digital Delivery

  • CMS Energy (CMS) Meets Q2 Earnings Estimates

  • CMS Energy forecasts 2027 profit below estimates, exits non-utility renewables business

  • Is CMS Energy Corp (CMS) Undervalued After Q2 Earnings Miss? EPS at $0.37 vs. Estimate of $0.51, GF Score: 74/100

  • CMS Energy Announces Second Quarter Results, Strategic Decision on NorthStar Clean Energy Services, Introduces Guidance for 2027