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CMS Energy

CMS NYSE Multi-Utilities Financials FY2016–FY2025

CMS Energy's revenue rose 13.6% to $8.5 billion in fiscal 2025. Its operating margin was 20.2%, up from 19.8% a year earlier. The diluted share count rose 0.9%.

Last close · Oct 23, 2026

$69.58

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$8.5B
13.6% vs prior year
Operating margin Operating income as a share of revenue.
20.2%
0.4 pts
Net income Profit after all expenses, interest and tax.
$1.1B
6.8%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.2%
0.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$21.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.9x
On $3.33 EPS (TTM)

About these figures. From 2023 CMS Energy tags its capital expenditure with its own label, which the SEC's structured data leaves out, so capital spending and free cash flow are blank from 2023.

What CMS Energy does

No business description yet.

Legal name
CMS ENERGY CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000811156-26-000004
0000811156

Revenue and margins

CMS Energy had $8.5B of revenue in fiscal 2025, up 13.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CMS Energy returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CMS Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$18.4B and divides by 301.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.9x · peers 21.7x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably CMS Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $452M$164M$227M$103M$509M
Debt incl. finance leases $12.5B$14.3B$15.6B$16.5B$18.9B
Net debt / EBITDA 5.3x6.0x6.4x6.0x6.1x
Debt / equity 1.9x2.0x2.1x2.0x2.1x
Interest coverage 2.3x2.4x1.9x2.1x2.2x
Current ratio 1.2x1.2x1.0x0.8x1.0x
Quick ratio 1.2x1.2x1.0x0.8x1.0x
Total assets $28.8B$31.4B$33.5B$35.9B$39.9B
Total liabilities $21.6B$23.8B$25.4B$27.2B$30.2B
Shareholders' equity $6.6B$7.0B$7.5B$8.2B$9.1B
Net debt (− = net cash) $12.0B$14.1B$15.3B$16.4B$18.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

2 insiders

Sold, 12 months

$2.1M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 31, 2026 Srikanth MaddipatiEvp/cfo Bought 200 $72.46 $0.0M Form 4
May 26, 2026 Brandon J. HofmeisterSenior Vice President Sold 3,000 $74.31 $0.2M Form 4
Mar 2, 2026 Scott B McIntoshVP, Controller, CAO Sold 1,750 $78.21 $0.1M Form 4
Feb 27, 2026 Brandon J. HofmeisterSenior Vice President Sold 4,000 $78.24 $0.3M Form 4
Feb 25, 2026 Diane LeopoldDirector Bought 2,000 $76.70 $0.2M Form 4
Feb 20, 2026 John G RussellDirector Sold 14,914 $75.76 $1.1M Form 4
Nov 3, 2025 Brandon J. HofmeisterSenior Vice President Sold 4,000 $72.47 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 3 / 85 / 85 / 8
Accruals ratio −4.4%−3.9%−3.1%
Altman Z'' 0.730.670.81

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CMS Energy CMS $21.6B 13.6% 20.2% — 5.2% 20.9x 5
Ameren AEE $30.1B 15.4% 23.0% −8.8% 5.7% 19.0x 6 Compare →
CenterPoint Energy CNP $27.1B 8.3% 22.6% −25.5% 5.7% 25.2x 4 Compare →
NiSource NI $20.8B 23.5% 28.1% −6.4% 5.8% 23.0x 6 Compare →
Pinnacle West Capital PNW $13.2B 4.2% 20.0% −15.4% 5.4% 20.3x 3 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.4B $6.6B $6.9B $6.6B $6.4B $7.3B $8.6B $7.5B $7.5B $8.5B
Operating income $1.3B $1.3B $1.2B $1.1B $1.2B $1.1B $1.2B $1.2B $1.5B $1.7B
Interest expense $435M $438M $458M $460M $505M $500M $519M $643M $708M $789M
Pretax income $826M $886M $774M $764M $809M $823M $902M $954M $1.1B $1.2B
Income tax $273M $424M $115M $131M $115M $95.0M $93.0M $147M $176M $246M
Net income $551M $460M $657M $680M $755M $1.4B $837M $887M $1.0B $1.1B
Diluted EPS $1.98 $1.64 $2.32 $2.39 $2.64 $4.66 $2.85 $3.01 $3.33 $3.53
Diluted shares 0.28B 0.28B 0.28B 0.28B 0.29B 0.29B 0.29B 0.29B 0.30B 0.30B
Cash flow
Cash from operations $1.6B $1.7B $1.7B $1.8B $1.3B $1.8B $855M $2.3B $2.4B $2.2B
Capital expenditure $1.7B $1.7B $2.1B $2.1B $2.3B $2.1B $2.4B — — —
Free cash flow −$43.0M $40.0M −$371M −$307M −$1.0B −$257M −$1.5B — — —
Depreciation and amortization $811M $881M $933M $989M $1.0B $1.1B $1.1B $1.2B $1.2B $1.3B
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $347M $377M $407M $436M $467M $509M $546M $0.0M $0.0M $0.0M
Dividends and buybacks $347M $377M $407M $436M $467M $509M $546M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $235M $182M $153M $140M $32.0M $452M $164M $227M $103M $509M
Total debt $9.5B $10.2B $11.6B $13.1B $12.3B $12.4B $14.2B $15.5B $16.4B $18.8B
Finance lease liabilities $0.0M $0.0M $0.0M $66.0M $60.0M $52.0M $77.0M $67.0M $116M $141M
Current assets $2.3B $2.5B $2.5B $2.3B $2.4B $2.6B $3.4B $2.8B $2.8B $3.5B
Current liabilities $2.7B $2.8B $2.6B $2.7B $3.1B $2.2B $3.0B $2.9B $3.5B $3.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $15.7B $16.8B $18.1B $18.9B $21.0B $22.4B $22.7B $25.1B $27.5B $30.7B
Total assets $21.6B $23.1B $24.5B $26.8B $29.7B $28.8B $31.4B $33.5B $35.9B $39.9B
Total liabilities $17.3B $18.6B $19.7B $21.8B $23.6B $21.6B $23.8B $25.4B $27.2B $30.2B
Shareholders' equity $4.3B $4.4B $4.8B $5.0B $5.5B $6.6B $7.0B $7.5B $8.2B $9.1B
Margins
Operating margin 19.6% 20.3% 16.9% 16.8% 19.2% 15.6% 14.2% 16.6% 19.8% 20.2%
EBITDA margin 32.3% 33.7% 30.5% 31.8% 35.4% 30.8% 27.3% 32.4% 36.3% 35.5%
Net margin 8.6% 7.0% 9.6% 10.3% 11.8% 18.5% 9.7% 11.9% 13.4% 12.5%
FCF margin −0.7% 0.6% −5.4% −4.6% −16.1% −3.5% −17.7% — — —
Returns
Return on capital 6.4% 5.0% 6.4% 5.4% 5.8% 5.4% 5.4% 4.6% 5.2% 5.2%
Return on capital employed 6.8% 6.8% 5.5% 4.8% 4.9% 4.3% 4.5% 4.2% 4.7% 5.0%
Return on equity 13.5% 10.6% 14.3% 13.9% 14.4% 22.3% 12.3% 12.2% 12.7% 12.3%
Return on assets 2.6% 2.1% 2.8% 2.7% 2.7% 4.6% 2.8% 2.7% 2.9% 2.8%
Growth
Revenue growth −0.9% 2.9% 4.4% −3.6% −3.1% 14.2% 17.3% −13.2% 0.7% 13.6%
Net income growth 5.4% −16.5% 42.8% 3.5% 11.0% 79.2% −38.1% 6.0% 13.1% 6.8%
EPS growth 4.8% −17.2% 41.5% 3.0% 10.5% 76.5% −38.8% 5.6% 10.6% 6.0%
FCF growth −156.6% — −1,027.5% — — — — — — —
Share count change 0.9% 0.7% 0.8% 0.5% 0.7% 1.1% 0.2% 0.6% 2.3% 0.9%
Financial health
Net debt / EBITDA 4.5x 4.5x 5.5x 6.2x 5.4x 5.3x 6.0x 6.4x 6.0x 6.1x
Debt / equity 2.2x 2.3x 2.4x 2.6x 2.3x 1.9x 2.0x 2.1x 2.0x 2.1x
Interest coverage 2.9x 3.1x 2.5x 2.4x 2.4x 2.3x 2.4x 1.9x 2.1x 2.2x
Current ratio 0.9x 0.9x 0.9x 0.9x 0.8x 1.2x 1.2x 1.0x 0.8x 1.0x
Quick ratio 0.9x 0.9x 0.9x 0.9x 0.8x 1.2x 1.2x 1.0x 0.8x 1.0x
Capital allocation
Capex / revenue 26.1% 25.3% 30.2% 31.7% 36.0% 28.3% 27.6% — — —
Payouts / FCF — 942.5% — — — — — — — —
Quality scores
Piotroski F-score 4.0 4.0 5.0 3.0 5.0 7.0 4.0 3.0 5.0 5.0
Altman Z'' 0.4 0.5 0.5 0.4 0.4 0.8 0.8 0.7 0.7 0.8
Accruals ratio −5.1% −5.6% −4.4% −4.3% −1.8% −1.6% −0.1% −4.4% −3.9% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0000811156). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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