CMS Energy Corp (CMS)

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.

Symbol
CMS
Exchange
NYSE
Sector
Utilities
Industry
Utilities - Regulated Electric
Market cap
$19.99B
52 week range
62.29 - 80.36

Valuation

Share price
$63.74 (close of 2026-10-02)
P/E (TTM)
19.14x
Price to book
1.92x
Price to free cash flow
-23.91x
Enterprise value
$39.05B
Book value per share
$33.16

Price performance

PeriodChange
1 day+0.16%
5 days+1.25%
1 month-6.35%
3 months-18.00%
6 months-18.89%
Year to date-8.85%
1 year-11.26%
3 years+26.04%
5 years+6.71%
10 years+51.73%
All time+117.91%

Members of Congress who disclosed CMS trades

Julie Johnson

Super investors holding CMS

George Soros (Soros Fund Mgmt) · Ken Griffin (Citadel)

Profitability and growth

Return on equity
11.03%
Return on invested capital
5.27%
Return on assets
2.68%
Return on capital employed
4.75%
Gross margin
20.79%
Net margin
12.90%
EBITDA margin
36.52%
Revenue growth
13.46%
Net income growth
6.78%
Free cash flow growth
-5.70%

Cash flow and balance sheet

Free cash flow yield (TTM)
-4.18%
Current ratio
0.94x
Net debt to EBITDA
5.75x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$8.30B
Cost of revenue
$6.58B
Gross profit
$1.73B
EBITDA
$3.03B
Net income
$1.07B
Earnings per share
$3.53
Shares outstanding
300.40M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$8.30B$1.73B$1.07B$3.53
2024-12-31$7.32B$1.49B$1.00B$3.34
2023-12-31$7.26B$1.24B$887.00M$3.01
2022-12-31$8.32B$1.22B$837.00M$2.85
2021-12-31$7.08B$1.15B$1.35B$4.66
2020-12-31$6.24B$1.23B$755.00M$2.65
2019-12-31$6.40B$1.11B$680.00M$2.40
2018-12-31$6.50B$1.16B$657.00M$2.33
2017-12-31$6.58B$1.34B$460.00M$1.64
2016-12-31$6.40B$1.26B$551.00M$1.99

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3120.79%12.90%11.03%5.27%
2024-12-3120.31%13.70%11.47%5.20%
2023-12-3117.01%12.22%10.92%4.62%
2022-12-3114.71%10.06%11.02%5.20%
2021-12-3116.20%19.12%18.82%5.46%
2020-12-3119.72%12.10%12.42%6.04%
2019-12-3117.41%10.62%13.45%5.44%
2018-12-3117.87%10.10%13.71%6.44%
2017-12-3120.33%6.99%10.27%6.29%
2016-12-3119.63%8.61%12.84%7.24%

Cash and debt by year

Period endCashDebt
2025-12-31$509.00M$17.81B
2024-12-31$103.00M$15.19B
2023-12-31$227.00M$14.51B
2022-12-31$164.00M$13.12B
2021-12-31$452.00M$12.05B
2020-12-31$32.00M$11.74B
2019-12-31$140.00M$11.95B
2018-12-31$153.00M$10.62B
2017-12-31$182.00M$9.12B
2016-12-31$235.00M$8.64B

Free cash flow by year

Period endFree cash flow
2025-12-31$2.23B
2024-12-31$2.37B
2023-12-31$2.31B
2022-12-31-$1.52B
2021-12-31-$257.00M
2020-12-31-$1.03B
2019-12-31-$307.00M
2018-12-31-$371.00M
2017-12-31$40.00M
2016-12-31-$43.00M

Dividend history

Most recent payment
2026-08-07
Paid in the last twelve months
$2.25
Payment dateDividend per share
2026-08-07$0.57
2026-05-08$0.57
2026-02-17$0.57
2025-11-07$0.54
2025-08-08$0.54
2025-05-09$0.54
2025-02-14$0.54
2024-11-13$0.52

Investor relations

Next earnings report

Next confirmed report
2026-10-29
Consensus EPS estimate
$1.16

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-28Jun/2026$0.37
2026-04-28Mar/2026$1.11
2026-02-05Dec/2025$0.94
2025-10-30Sep/2025$0.86
2025-07-31Jun/2025$0.67
2025-07-23--
2025-04-24Mar/2025$1.05
2025-04-23--

Filings and sources

Company website
cmsenergy.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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