NYSE: CMS · Multi-Utilities
CMS Energy
CMS Energy is a Michigan utility holding company. Its main subsidiary, Consumers Energy, served 1.9 million electric and 1.8 million natural gas customers in Michigan's Lower Peninsula in 2025; NorthStar Clean Energy runs independent power generation. FY2025 revenue was $8.54 billion and net income available to common stockholders $1.06 billion. Growth comes from investing in regulated infrastructure recovered through Michigan rate cases, funded partly with new equity and debt. In July 2026 CMS decided to exit non-utility renewables development.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 10, 2026
Built on10-K FY2025 · filed 2026-02-1010-Q (quarter ended 2026-09-30) · filed 2026-10-27
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 20.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +0.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 6.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.09x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 20.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.29
Higher than 32% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 57% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 32% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 93% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 76% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$70.08close on 2026-11-04
Market cap$21.47B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 20.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.1x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -7.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.1%
At FY2025 year-end: 19.8x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 2.3x
Book value at FY2025 year-end
At FY2025 year-end: 13.1x
EBITDA for FY2025
At FY2025 year-end: -7.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$1.84B → $1.83B (vs. a year earlier)→ −0.5%$1.84B → $1.83B (vs. a year earlier)
- Operating margin17.2% → 14.4% (vs. a year earlier)↓ −2.8 pts17.2% → 14.4% (vs. a year earlier)
- Net income$201M → $120M (vs. a year earlier)↓ −40.3%$201M → $120M (vs. a year earlier)
- Diluted EPS$0.66 → $0.37 (vs. a year earlier)↓ −43.9%$0.66 → $0.37 (vs. a year earlier)
- Cash$175M → $241M (vs. previous quarter-end)↑ +37.7%$175M → $241M (vs. previous quarter-end)
- Long-term debt$18.86B → $19.04B (vs. previous quarter-end)↑ +1.0%$18.86B → $19.04B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 adjusted earnings guidance. Source sentence
CMS Energy reaffirmed its 2026 adjusted earnings
Key changes
Reported EPS $0.39. Source sentence
Mich., Oct. 27, 2026 – CMS Energy announced today reported earnings per share of $0.39 for the third quarter of 2026, compared
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CMS ENERGY CORP
- Headquarters
- JACKSON, MI
- Incorporated in
- Michigan
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CMS
- Industry
- Multi-Utilities
- CIK
- 811156
- Website
- https://www.cmsenergy.com/ ↗
Workforce (as of FY2025 year-end)
Employees
8,350
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 32–37 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 1, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 27, 2026 10-Q (+27 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 10, 2026 10-K (+41 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 11, 2025 10-K (+42 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 1, 2024 (+32 days) | Feb 8, 2024 10-K (+39 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Electric
Electricity service
Examples: Residential, commercial, and industrial power
Michigan's Lower Peninsula.
Gas
Natural gas service
Examples: Distribution and storage
1.8 million customers.
NorthStar
Independent power
Examples: DIG, other plants
Non-utility generation.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
2026 developments from 8-Ks.
Q3 2026 results
Reported EPS $0.39 (vs $0.92) after $1.08 per share of asset impairment and restructuring tied to NorthStar Clean Energy; adjusted EPS $1.44 (vs $0.93). CMS reaffirmed 2026 adjusted EPS guidance of $3.83–3.90 and 2027 guidance of $4.08–4.17.
Source: 8-K filed 2026-10-27 (Exhibit 99.1)
NorthStar simplification
After a strategic review, CMS is exiting non-utility renewables development while keeping Michigan-based assets such as Dearborn Industrial Generation.
Source: 8-K filed 2026-07-28 (Exhibit 99.1)
$3B equity program
CMS started an at-the-market program to sell up to $3.0B of common stock in May 2026.
Source: 8-K filed 2026-05-13
New CFO
Rejji Hayes retired as CFO in June 2026; Sri Maddipati succeeded him.
Source: 8-K filed 2026-06-03
Capex ÷ D&A (FY2025)
2.93x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$3,824M ÷ $1,306M = 2.93x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$812M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.31B in FY2020 to $3.82B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$8.54B
As reported in the 10-K
Revenue CAGR (5 years)
+5.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,539M ÷ $6,418M) ^ (1÷5) − 1 = 5.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
20.2%▲favorable
+1.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,727M ÷ $8,539M × 100 = 20.2%
ROE (FY2025)
12.3%▲favorable
6-year average: 14.3%
As reported in the 10-K
P/B (FY2025 end)
2.34x
formulafiscal year-end closing price ÷ book value per share
e.g.$69.93 ÷ $29.84 = 2.34x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.1x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($21,427M + $18,757M − $509M) ÷ ($1,727M + $1,306M) = 13.1x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.9% a year over 5 years (strong growth)
From $6.42B in FY2020 to $8.54B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 19.2% → 20.2%
How much operating profit is left per $100 of revenue. It moved +1.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 22.9% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 14.3% over 6 years (latest: 12.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Consumers electric utility
Delivering electricity- Filing rate cases to recover investment
Consumers gas utility
Delivering gas- Natural Gas Delivery Plan investments
NorthStar Clean Energy
Selling power and energy commodities
06 · what it draws on
Key resources
Consumers electric utility
Owned generation and purchased power- Capital investment in grid and generation
Consumers gas utility
Purchased natural gas- Pipelines and storage
NorthStar Clean Energy
Power plants and renewable projects
02 · why customers buy
Value propositions
- Electric and natural gas service in Michigan.
04 · how it keeps them
Customer relationships
- Regulated, continuing service to residential, commercial and industrial customers.
03 · how it reaches them
Channels
- Its own regulated generation, transmission and distribution networks.
01 · who it serves
Customer segments
Consumers electric utility
1.9 million electric customersConsumers gas utility
1.8 million gas customersNorthStar Clean Energy
Wholesale and contracted buyers
09 · where money goes
Cost structure
FY2025, share of revenue ($8.54B)
- Other operating costs (incl. cost of goods sold)79.8%
Operating profit left: 20.2% of revenue. Depreciation & amortization (inside the costs above): $1.31B. Capital spending: $3.82B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Consumers electric utility
Regulated rates set by the MPSCConsumers gas utility
Regulated ratesNorthStar Clean Energy
Power sales- Leasing income
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Consumers electric utility
Generation, transmission purchases, and distribution of electricity to residential, commercial, and industrial customers, regulated by the Michigan Public Service Commission (MPSC).
01 what it draws on
Inputs & resources
- Owned generation and purchased power
- Capital investment in grid and generation
02 what it does
Activities
- Delivering electricity
- Filing rate cases to recover investment
03 who it serves
Customers
- 1.9 million electric customers
04 how money comes in
How it earns
- Regulated rates set by the MPSC
Consumers electric utility: how it makes money
- Revenue $5.64B and net income available to common $719M in FY2025.
- The latest approved electric rate increase was based on a 9.90% authorized return on equity.
Consumers gas utility
Natural gas distribution, transmission, and storage in Michigan.
01 what it draws on
Inputs & resources
- Purchased natural gas
- Pipelines and storage
02 what it does
Activities
- Delivering gas
- Natural Gas Delivery Plan investments
03 who it serves
Customers
- 1.8 million gas customers
04 how money comes in
How it earns
- Regulated rates
Consumers gas utility: how it makes money
- Revenue $2.49B and net income available to common $409M in FY2025.
NorthStar Clean Energy
Independent power production (including Dearborn Industrial Generation) and renewable projects.
01 what it draws on
Inputs & resources
- Power plants and renewable projects
02 what it does
Activities
- Selling power and energy commodities
03 who it serves
Customers
- Wholesale and contracted buyers
04 how money comes in
How it earns
- Power sales
- Leasing income
NorthStar Clean Energy: how it makes money
- Revenue $408M and net income $71M in FY2025; CMS is exiting non-utility renewables development.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Consumers Energy is regulated by the Michigan PSC and FERC; distributed energy incentives could reduce load.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the Michigan Public Service Commission (MPSC) and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Incentives for customer-owned generation
Government incentives for customer-owned generation could reduce load and shift costs.
Constrains the businessTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Environmental rules
Customer emissions goal
Set a goal to cut customer greenhouse gas emissions 25% by 2035.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Electric Utility
5,638 (66%)profit 719 · margin 12.8%
Gas Utility
2,493 (29%)profit 409 · margin 16.4%
NorthStar Clean Energy
408 (5%)profit 71 · margin 17.4%
Source: Form 10-K (FY2025) — Notes, Revenue and Reportable Segments Profit is net income available to common stockholders by segment; corporate interest and other was −$138M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Consumers' rates are set by the MPSC through periodic rate cases, which allow recovery of investment and a return on equity.
2025 electric rate case
Revised request of $447M
Typical term: Pending; based on 10.25% requested ROE
Filed June 2025 for the 12 months ending April 30, 2027.
Retail open access
Capped at 10% of Consumers' electric sales
Typical term: Michigan law
At the cap at year-end 2025.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial, and industrial customers in Michigan.
Named by the company
No customer is named.
What the filings disclose
- Residential customers provided $4.36B of Consumers' 2025 utility revenue. (Form 10-K (FY2025), revenue note)
Suppliers
Fuel and power suppliers and MISO, the regional grid operator.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
CMS's 10-K says Consumers faces limited competition: Michigan caps retail open access at 10% of its electric sales, and gas customers can choose alternative suppliers under Gas Customer Choice.
Competitors named in the 10-K
CMS's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
19 utilities of comparable revenue and business mix; Evergy was added for 2025.
- Alliant Energysite ↗
- Entergysite ↗
- PPLsite ↗
- Amerensite ↗
- Evergysite ↗
- PSEGsite ↗
- Atmos Energysite ↗
- Eversource Energysite ↗
- Semprasite ↗
- CenterPoint Energysite ↗
- Hawaiian Electric Industriessite ↗
- WEC Energy Groupsite ↗
- Consolidated Edisonsite ↗
- NiSourcesite ↗
- Xcel Energysite ↗
- DTE Energysite ↗
- OGE Energysite ↗
- Edison Internationalsite ↗
- Pinnacle West Capitalsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
CMS's recent notable deal was the Covert Generating Station.
Cash spent on acquisitions, FY2023–FY2023: $812M (years not reported separately are excluded)
2023
Covert Generating Station
$812M
1,200 MW natural gas plant bought by Consumers.
- Stated purpose (company)
- To continue providing controllable sources of electricity to customers.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 6,418 | 7,329 | 8,596 | 7,462 | 7,515 | 8,539 |
| Operating income | 1,230 | 1,146 | 1,224 | 1,235 | 1,487 | 1,727 |
| Pretax income | 809 | 823 | 902 | 954 | 1,123 | 1,248 |
| Net income (attributable) | 755 | 1,353 | 837 | 887 | 1,003 | 1,071 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 14.2% | 17.3% | -13.2% | 0.7% | 13.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 19.2% | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 11.8% | 18.5% | 9.7% | 11.9% | 13.3% | 12.5% |
| Balance sheet ($M) | ||||||
| Total assets | 29,666 | 28,753 | 31,353 | 33,517 | 35,920 | 39,941 |
| Total equity | 6,077 | 7,188 | 7,595 | 8,125 | 8,748 | 9,711 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 12,315 | 12,419 | 14,212 | 15,483 | 16,386 | 18,757 |
| Equity ratio | 18.5% | 23.1% | 22.4% | 22.5% | 22.9% | 22.9% |
| ROE | 13.7% | 22.3% | 12.3% | 12.2% | 12.7% | 12.3% |
| Cash flow ($M) | ||||||
| Operating CF | 1,276 | 1,819 | 855 | 2,309 | 2,370 | 2,235 |
| Investing CF | -2,867 | -1,233 | -2,476 | -3,386 | -3,054 | -4,038 |
| Financing CF | 1,619 | -295 | 1,327 | 1,143 | 614 | 2,240 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,035 | -257 | -1,519 | -98 | -648 | -1,589 |
| Cash and equivalents | 32 | 452 | 164 | 227 | 103 | 509 |
| Per share & other | ||||||
| EPS ($) | 2.64 | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 |
| BVPS ($) | 19.02 | 22.88 | 24.08 | 25.63 | 27.54 | 29.84 |
| Dividend per share ($) | 1.63 | 1.74 | 1.84 | 1.95 | 2.06 | 2.17 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 61.7% | 37.3% | 64.6% | 64.8% | 61.9% | 61.5% |
| P/E (x) | 23.1 | 14.0 | 22.2 | 19.3 | 20.0 | 19.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 13.2 | 13.6 | 13.8 | 13.4 | 13.3 | 13.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.21 | 2.84 | 2.63 | 2.27 | 2.42 | 2.34 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $1.83B-0.5% | $264M-16.7% | $120M-40.3% | $0.37 |
| 2026-03-31 | $2.73B+11.6% | $490M-0.8% | $340M+11.8% | $1.10 |
| 2025-12-31 † | $2.23B+12.3% | $435M+2.4% | $289M+9.1% | — |
| 2025-09-30 | $2.02B+15.9% | $481M+31.1% | $277M+9.5% | $0.92 |
| 2025-06-30 | $1.84B | $317M | $201M | $0.66 |
| 2025-03-31 | $2.45B | $494M | $304M | $1.01 |
| 2024-12-31 † | $1.99B | $425M | $265M | — |
| 2024-09-30 | $1.74B | $367M | $253M | $0.84 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,727M × (1 − 17%) ÷ $26,801M × 100 = 5.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.14%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $21.43B ÷ ($21.43B + $18.76B) = 53.3%
e.g.Debt weight: $18.76B ÷ ($21.43B + $18.76B) = 46.7%
e.g.WACC: 6.5% × 53.3% + 4.3% × (1 − 17%) × 46.7% = 5.14%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.5%–6.0% and ROIC − WACC runs −0.6 to +0.8 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.14% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.29 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 6.54%
- Cost of debt
- 4.25%
- Tax rate
- 17% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 53% : 47%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.14%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.29 (price-derived adjusted beta. Raw β -0.06, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × -0.064 + 0.33 = 0.287
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.29 × 5.5% = 6.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.85x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 138%
Most profit comes from core operations.
- ✓
Days sales outstanding: 49 → 50 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,235M ÷ $1,071M = 2.09x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,727M ÷ $1,248M × 100 = 138%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,049M + $1,306M) ÷ 2 ÷ $8,539M × 365 = 50 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 58 of 416
- Beta (adjusted)
- 0.29
Reported total 100.7%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 14% of covered companies have more
above 1 = swings more than the market
- 315.9M shares reported by 820 13F filers ÷ 313.6M shares outstanding on 2026-07-13. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-13)
19
Strengths & weaknessesSite analysis
Strengths
1. Regulated growth
Net income available to common stockholders rose to $1.06B in 2025 from $993M, driven by electric and gas rate increases.
Evidence: Form 10-K (FY2025) MD&A
2. Steady dividend growth
Dividends per share rose from $1.74 (2021) to $2.17 (2025).
Evidence: SEC EDGAR XBRL
3. Earnings guidance
CMS reaffirmed 2026 adjusted EPS guidance of $3.83–$3.90 and introduced 2027 guidance of $4.08–$4.17, with long-term adjusted EPS growth of 6–8%.
Evidence: 8-K filed 2026-07-28 (Exhibit 99.1)
Weaknesses
1. Heavy capital needs
Capital expenditures rose from $2.41B (2023) to $3.82B (2025), above operating cash flow of $2.24B in 2025.
Evidence: Form 10-K (FY2025) cash flow statement
2. Rising debt and new equity
Interest-bearing debt grew to $18.8B, and CMS launched a $3.0B at-the-market equity program in May 2026.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-05-13
3. Weaker 2026 so far
First-half 2026 EPS was $1.47 versus $1.67 a year earlier.
Evidence: 8-K filed 2026-07-28
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
19.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.10%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
61%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-7.4%
(Operating CF − capex) ÷ market cap
1. Predictable utility growth
Long-term adjusted EPS growth target of 6–8% and 2027 guidance of $4.08–$4.17.
- What has to hold
- Michigan regulators keep approving rate increases.
- The other side
- New share issuance dilutes per-share growth.
Evidence: 8-K filed 2026-07-28
2. Dividend
Dividends per share rose each year from 2021 to 2025.
- What has to hold
- Earnings growth continues.
- The other side
- Rising interest costs ($798M in 2025).
Evidence: SEC EDGAR XBRL
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. Capital spending exceeded operating cash flow in 2024 and 2025.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.5x
$509M vs. $950M
Interest coverage (operating income ÷ interest expense)
2.2x
$1.73B vs. $798M
Free cash flow ÷ dividends paid
-2.4x
−$1.59B vs. $663M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -13.2% in FY2023 ($8.6B → $7.46B) | Not yet, as of FY2025 |
| Operating income | -6.8% in FY2021 ($1.23B → $1.15B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated business
Most earnings come from rate-regulated electric and gas utilities.
Source: Form 10-K (FY2025)
Liquidity
A $750M CMS revolving credit facility (amended November 2025) plus Consumers' facilities.
Source: 8-K filed 2025-11-21
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CMS Energy's Consumers Energy won a jury verdict and an October 2026 judgment of about $485 million against Toshiba's TAES over the Ludington plant upgrade, which TAES may appeal. It is also seeking FERC recovery of costs from DOE emergency orders keeping the J.H. Campbell coal plant open; a court vacated the first order in September 2026. Other matters are ordinary-course lawsuits, rate cases and environmental compliance.
2 open matters (1 flagged as major)
Ludington pumped-storage suit against Toshiba (TAES)
PendingContract disputeMajorConsumers Energy and DTE Electric v. Toshiba America Energy Systems (TAES) and Toshiba (E.D. Mich.)
Consumers and DTE sued in 2022 after terminating TAES's Ludington upgrade contract for defaults. A jury found for the utilities in December 2025; in September 2026 the court entered a partial final judgment and denied TAES's motions for a new trial, and in October 2026 it entered a judgment of about $485 million against TAES, including $90 million of pre-judgment interest. TAES may appeal; a separate claim against Toshiba under its parent guaranty is pending.
- Amounts
- About $485 million judgment in the utilities' favor (shared by Consumers and DTE Electric); TAES counterclaimed about $15 million.
Source: Form 10-Q (quarter ended 2026-09-30) — Contingencies
DOE emergency orders keeping J.H. Campbell running
PendingRegulatory proceedingU.S. Department of Energy; Michigan Attorney General and other petitioners (D.C. Cir.); FERC
DOE emergency orders since May 2025 have required Consumers to keep the J.H. Campbell coal plant available; Consumers is seeking cost recovery at FERC (net costs of $97 million for the August and November 2025 orders). In September 2026 the D.C. Circuit vacated the May 2025 order as unlawful, without invalidating later orders; Consumers expects DOE to appeal.
Source: Form 10-Q (quarter ended 2026-09-30) — Contingencies
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Rate regulation
- Company disclosure (summarized from the 10-K)
- Results depend on MPSC decisions on rate increases and authorized returns.
- Company’s stated mitigation
- Regular rate case filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
J.H. Campbell emergency orders
- Company disclosure (summarized from the 10-K)
- The U.S. Energy Secretary ordered the coal-fired J.H. Campbell plant to keep running past its planned May 2025 closure, through at least February 2026.
- Company’s stated mitigation
- The orders authorize cost recovery at FERC; Consumers filed a FERC complaint in June 2025 to set up recovery.
- This site’s assessment
- Impact Med / Likelihood High
- 3Demand & macro
Data center demand uncertainty
- Company disclosure (summarized from the 10-K)
- CMS may need to meet large new data center demand, or anticipated growth may not materialize.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Funding & liquidity
Financing needs
- Company disclosure (summarized from the 10-K)
- Large capital plans require continued debt and equity issuance.
- Company’s stated mitigation
- Equity offering programs and revolving credit facilities (the CMS facility was raised to $750M in November 2025).
- This site’s assessment
- Impact Med / Likelihood Med
- 5Supply chain
Supply chain and workforce
- Company disclosure (summarized from the 10-K)
- Implementing capital plans may be affected by supply chain disruptions, tariffs, and workforce availability.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
FERC issued an advance notice of proposed rulemaking in response to the Secretary of the DOE’s direction to FERC to consider the advance notice of proposed rulemaking as a means to standardize and expedite interconnection procedures and agreements for large electric loads. If FERC asserts jurisdiction over the distribution components of large-load customers’ interconnections to the transmission system, or allows large-load customers to directly purchase electricity from wholesale markets, it could have a material adverse effect on CMS Energy and Consumers.
Consumers also faces regulatory uncertainty resulting from the U.S. Read more
Secretary of Energy’s emergency orders issued under the Federal Power Act and associated DOE regulations, which direct continued
operation of the J.H. Campbell, as well as similar prior or future executive actions, including the January 2025 and April 2025 executive orders related to energy supply and reliability. Read more
The Federal Power Act, DOE regulations, and U.S. Secretary of Energy emergency orders all provide for cost recovery associated with continued operations, but there is not currently a FERC-approved MISO Tariff for recovery of compliance costs associated with the continued operation of J.H. Campbell, and continued operation of J.H. Campbell is not contemplated in Consumers’ current MPSC rates or rate filings at the MPSC. Consumers is pursuing cost recovery at FERC but cannot predict the outcome of those efforts or the impact of other executive actions.
Alternatively, this rapid expansion of data centers and resulting increase in demand for electric power in MISO and in Consumers’ service territory may not develop as anticipated. Read more
Efforts to attract data center developers could be unsuccessful as other utilities and regions compete for these projects, which may limit future load growth. In addition, local zoning, permitting, land‑use constraints, and other external factors outside Consumers’ control could impede data center development. If these challenges arise and cannot be effectively mitigated, the anticipated benefits of data center load growth may not materialize. Further, even when data center customers enter into contracts to purchase utility service, there is a risk they may not fulfill their contractual or tariff obligations.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 10, 2026 ↗ with the 10-K filed Feb 11, 2025 ↗.
25
What to watch going forwardSite analysis
- Outcome of the pending electric rate case.
- J.H. Campbell cost recovery at FERC.
- Data center load additions in Michigan.
- Exit from non-utility renewables at NorthStar.
- Equity issuance under the $3B program.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 10, 2026
Built on10-K FY2025 · filed 2026-02-10
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CMS Energy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.