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Friday 6 November 2026 Export CMS’s income statement to Excel — free account

CMS Energy Corporation

CMS Utilities Utilities Regulated Electric

CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024.

Revenue
+8.02%
EPS
−131.6%
Free cash flow
+26.3%
Total debt
+11.8%

Quarter to September 2026, against a year earlier

70.50 0.48 −0.68%
Market cap
$22.2B
P/E
33.3×
Fwd P/E
19.2×
Dividend yield
4.00%
F-score
5/9
Altman Z
0.86
Beneish M
−2.41
Dividend safety
27/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2017

  • Electric Utility
  • Gas Utility
  • Enterprises
  • Ener Bank

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 0.17
Sold, $m 1.80
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — 1 — — — —
Sell — — 2 1 — 1 — — — — — —
Insider Ownership 0.38%

Capital & Financial Ratios $m

Size
Market Cap 22,170.00
Revenue ttm 8,975.00
Net income ttm 524.00
Free cash flow ttm (1,743.00)
Net debt Q 19,654.00
Valuation
P/E 33.27
Forward P/E 19.20
Price / sales 2.46
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.19
Financial health
Current ratio Q 0.95 (below 1: weak)
Debt / equity Q 1.96
Interest coverage Q 0.21
Growth
Revenue growth Q +8.02% (above 0%: growing)
Operating income growth Q −90.23% (below 0%: shrinking)
EPS, this year +7.37%
EPS, next year A +6.94%
Revenue, next year A +3.40%
EPS, past 5 yrs +5.98%
EPS, next 5 yrs A +7.40%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.6×, against a ten-year median of 4.2×; over the ten years it ranged from 3.0× in 2016 to 5.2× in 2020.
P/E against its own 10 years 99.93%
10-year low 10-year high
P/S against its own 10 years 54.27%
10-year low 10-year high
P/B against its own 10 years 8.07%
10-year low 10-year high
EV/Sales against its own 10 years 72.50%
10-year low 10-year high

Dividends raised 3 years running

Yield
4.00%
Annual rate
2.82
Payout ratio
133.2%
Growth, 2018–26
+6.00%/yr
  1. 1.43 ’18
  2. 1.53 ’19 +7
  3. 1.63 ’20 +7
  4. 1.74 ’21 +7
  5. 2.29 ’22 +32
  6. 1.95 ’23 −15
  7. 2.06 ’24 +6
  8. 2.17 ’25 +5
  9. 2.28 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 248 178 615 553
Receivables 944 1,063 1,323 1,152
Inventory 938 769 791 933
Other 203 229 104 102
2,839 2,790 3,472 3,206
2023 2024 2025 Q'26
Payables 809 1,093 1,404 1,332
ST’ Debt 980 1,195 956 1,258
Other 205 320 270 346
2,895 3,521 3,548 3,388

Compound Annual Growth %

10y 5y 3y
Sales 2.84% 5.88% (0.22%)
Cash Flow 3.14% 11.86% 37.75%
Earnings 7.33% 7.04% 8.66%
Book Value 9.34% 9.83% 8.54%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.34 Actual 1.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.94 0.95 Beat by 0.01
Q1 FY26 1.11 1.13 Beat by 0.02
Q2 FY26 0.37 0.37 Met by 0.00
Q3 FY26 1.34 1.44 Beat by 0.10
Q4 FY26 1.07 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.10 0.37 (0.29) — —
’25 1.01 0.66 0.92 0.94 3.53
’24 0.96 0.65 0.84 0.87 3.33
’23 0.69 0.67 0.60 1.05 3.01
’22 1.21 0.50 0.56 0.58 2.85
’21 1.21 0.61 0.64 2.20 4.66
’20 0.85 0.48 0.76 0.55 2.64
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,730 1,829 2,183 — —
’25 2,447 1,838 2,021 2,233 8,539
’24 2,176 1,607 1,743 1,989 7,515
’23 2,284 1,555 1,673 1,950 7,462
’22 2,374 1,920 2,024 2,278 8,596
’21 2,013 1,558 1,725 2,033 7,329
’20 1,864 1,382 1,507 1,665 6,418
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 705 622 471 — —
’25 1,000 414 343 478 2,235
’24 956 707 304 403 2,370
’23 1,040 665 199 405 2,309
’22 707 352 (392) 188 855
’21 832 535 116 336 1,819
’20 201 595 348 132 1,276
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (334) (345) (468) — —
’25 112 (470) (635) (596) (1,589)
’24 343 26 (502) (515) (648)
’23 423 95 (413) (203) (98)
’22 187 (216) (1,042) (448) (1,519)
’21 396 93 (448) (298) (257)
’20 (322) 174 (401) (486) (1,035)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 21.6% a year for ten years.

Implied
21.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,399 6,583 6,873 6,624 6,418 7,329 8,596 7,462 7,515 8,539 8,975 +3.3% 8,829 9,355 9,865 +4.9%
Gross margin, % 56.20 56.80 55.51 57.23 60.92 58.11 51.55 60.96 64.50 61.75 60.99 +5.5 pt
EBT 826 886 774 764 809 823 902 954 1,123 1,248 673 +4.7%
EBT margin, % 12.91 13.46 11.26 11.53 12.61 11.23 10.49 12.78 14.94 14.62 7.50 +1.7 pt
Net income 553 462 659 682 752 1,330 813 808 947 1,002 524 +6.8%
Per share, $
Per share, $ Revenue 23.03 23.51 24.36 23.41 22.52 25.36 29.69 25.63 25.25 28.43 28.68 +2.4%
Earnings 1.99 1.64 2.33 2.40 2.65 4.66 2.85 3.01 3.33 3.53 2.12 +6.6%
Cash flow 5.86 6.09 6.03 6.33 4.48 6.29 2.95 7.93 7.96 7.44 7.27 +2.7%
Capex (6.02) (5.95) (7.35) (7.41) (8.11) (7.18) (8.20) (8.27) (10.14) (12.73) (12.84) +8.7%
Free cash flow (0.15) 0.14 (1.31) (1.08) (3.63) (0.89) (5.25) (0.34) (2.18) (5.29) (5.57) +48.1%
Book value 15.44 15.99 16.98 17.86 21.32 24.87 26.23 27.90 29.40 32.33 32.90 +8.6%
Shares, m 278 280 282 283 285 289 290 291 298 300 307 +0.9%
Valuation, ×
Valuation, × P/E 20.87 28.63 21.31 26.18 23.02 13.96 22.36 19.67 20.08 19.81 33.27 21.6
P/S 1.80 2.00 2.04 2.68 2.71 2.57 2.15 2.31 2.64 2.46 2.46 2.3
P/B 2.69 2.94 2.92 3.52 2.86 2.70 2.50 2.18 2.33 2.21 2.19 2.7
EV/Sales 3.27 3.53 3.71 4.65 4.63 4.20 3.79 4.36 4.81 4.60 4.65 4.2
EV/FCF (486.59) 581.60 (68.78) (100.27) (28.72) (119.83) (21.43) (332.08) (55.80) (24.73) (23.93) (65.7)
Cash, $m
Cash, $m Operating cash flow 1,629 1,705 1,703 1,790 1,276 1,819 855 2,309 2,370 2,235 2,276 +3.6%
Capex (1,672) (1,665) (2,074) (2,097) (2,311) (2,076) (2,374) (2,407) (3,018) (3,824) (4,019) +9.6%
Free cash flow (43) 40 (371) (307) (1,035) (257) (1,519) (98) (648) (1,589) (1,743) +49.3%
Balance, $m
Balance, $m Working capital (375) (309) (156) (373) (670) 423 448 (56) (731) (76) (182) (16.3%)
Net debt 9,382 10,118 11,506 13,000 12,342 11,998 14,107 15,302 16,323 18,283 19,654 +7.7%
Shareholders’ equity 4,290 4,478 4,792 5,055 6,077 7,188 7,595 8,125 8,748 9,711 10,295 +9.5%
Returns, %
Returns, % ROA 2.63 2.06 2.76 2.65 2.67 4.61 2.75 2.70 2.86 2.80 2.16 +0.2 pt
ROIC 5.74 5.73 4.46 3.86 4.17 3.73 3.53 3.29 3.71 3.86 2.58 (1.9) pt
ROE 13.33 10.49 14.17 13.81 13.56 20.67 11.54 11.49 12.09 11.78 8.94 (1.5) pt
People
People Employees 7,800 7,952 8,625 8,789 9,345 9,778 9,073 8,356 8,324 8,350 — +0.8%
Revenue/emp, $m 0.82 0.83 0.80 0.75 0.69 0.75 0.95 0.89 0.90 1.02 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

CMS Energy is a Michigan energy company led by President and Chief Executive Officer Garrick J. Rochow. It owns Consumers, which supplies electricity and natural gas, and NorthStar Clean Energy, which owns and markets independent power production.

Consumers generates or buys electricity, moves it across its distribution network, and sells it to homes, businesses, and industrial customers in Michigan’s Lower Peninsula. It also buys natural gas, transports it into Michigan, stores it for winter demand, distributes it through local pipes, and sells or delivers it to customers. In 2025, Consumers served 1.9 million electric customers and 1.8 million gas customers, reaching 6.8 million of Michigan’s 10 million residents.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
Electric Utility 4,448 67.57%
Gas Utility 1,774 26.95%
Enterprises 229 3.48%
Ener Bank 132 2.01%
Gross margin 56.80%
Operating margin 20.33%
Pre-tax margin 13.46%

Revenue by segment since 2016

CMS Energy Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DTE DTE Energy Company $28.1B 20.5× 18.8× +5.67% (above 0%: growing) +11.88% (above 0%: growing) +230.17% (above 0%: growing) 0.00% 16.18% Compare
FE FirstEnergy Corporation $27.3B 22.6× 17.1× +9.86% (above 0%: growing) +26.32% (above 0%: growing) −44.47% (below 0%: shrinking) 63.57% 20.52% Compare
ES Eversource Energy $27.1B 18.6× 15.6× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
PPL PPL Corporation $27.1B 21.2× 18.7× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50% Compare
CNP CenterPoint Energy, Inc. $26.5B 22.8× 23.3× +10.21% (above 0%: growing) +11.29% (above 0%: growing) −27.29% (below 0%: shrinking) 91.42% 30.44% Compare
EIX Edison International $23.4B 6.5× 9.9× −15.03% (below 0%: shrinking) −12.96% (below 0%: shrinking) +41.59% (above 0%: growing) 65.47% 20.06% Compare
CMS CMS Energy Corporation $22.2B 33.3× 19.2× +8.02% (above 0%: growing) n/m +26.30% (above 0%: growing) 63.03% 2.15%
EVRG Evergy Inc. $20.2B 18.9× 20.1× +15.84% (above 0%: growing) +28.64% (above 0%: growing) −62.16% (below 0%: shrinking) 0.00% 38.56% Compare
LNT Alliant Energy Corporation $19.1B 20.3× 20.8× +6.20% (above 0%: growing) +40.37% (above 0%: growing) −103.43% (below 0%: shrinking) 81.71% 30.27% Compare
Median of peers $26.8B 20.4× 18.8× +5.94% +17.94% −35.88% 66.56% 21.51%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Garrick Rochow said more than 35% of NorthStar assets were under signed agreements or closed, and the restructuring remained on track for year-end completion.
  • Rochow said CMS had added approximately 745 megawatts of contracted load and energized approximately 450 megawatts, excluding its large data-center agreement.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 100.32%
Held by the ten largest 51.52%
Holder Shares Stake Change
Vanguard 42.65m 13.60% +661.14k
BlackRock 33.07m 10.54% −494.69k
State Street 17.71m 5.65% −393.09k
JPMorgan Chase 16.41m 5.23% +569.71k
Wellington Management 12.16m 3.88% +5.50m
Geode Capital Management 8.74m 2.79% +212.38k
Deutsche Bank (DWS) 8.08m 2.58% +336.71k
DZ Bank 7.88m 2.51% −252.68k
Invesco 7.62m 2.43% −28.73k
MFS Investment Management 7.24m 2.31% −388.21k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

CMS Energy Corporation (CMS) Latest News

3 Nov

Impact 3 · · The Motley Fool

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · utilitydive.com
Impact 3 · · Simply Wall St.

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · Zacks
Impact 4 · · PR Newswire
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · Associated Press

24 Oct

Impact 4 · · Simply Wall St.

20 Oct

Impact 4 · · Zacks

13 Oct

Impact 4 · · Barchart

27 Sep

Impact 3 · · Simply Wall St.

22 Sep

Impact 4 · · PR Newswire

3 Sep

Impact 3 ·

30 Jul

Impact 4 ·

29 Jul

Impact 4 ·
Impact 4 · · utilitydive.com
Impact 3 · · Moby transcript

28 Jul

Impact 4 ·
Impact 3 · · MarketBeat
Impact 3 ·

10 Jul

Impact 3 ·

8 Jun

Impact 4 · · Zacks

7 Jun

Impact 3 · · Simply Wall St.

4 Jun

Impact 3 · · Investing.com

27 May

Impact 3 · · PR Newswire

CMS metrics, ten years each

stockrow.com/CMS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com