Saturday 17 October 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. In the quarter to June 2026, revenue was flat, EPS fell 43.9%, free cash flow grew 26.6% and total debt rose 6.96%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years; insiders bought in the last twelve months.
68.93
1.99
+2.97%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
20.87 | 28.63 | 21.31 | 26.18 | 23.02 | 13.96 | 22.36 | 19.67 | 20.08 | 19.81 |
Piotroski F-Score |
5 | 6 | 5 | 4 | 6 | 7 | 4 | 4 | 6 | 5 |
P/S ratio |
1.80 | 2.00 | 2.04 | 2.68 | 2.71 | 2.57 | 2.15 | 2.31 | 2.64 | 2.46 |
Altman Z-Score |
0.83 | 0.86 | 0.84 | 0.86 | 0.78 | 0.98 | 0.94 | 0.81 | 0.84 | 0.86 |
Altman Z″-Score (non-manufacturers) |
0.44 | 0.48 | 0.50 | 0.43 | 0.42 | 0.83 | 0.83 | 0.73 | 0.67 | 0.81 |
P/FCF ratio |
0.00 | 328.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Beneish M-Score |
(2.68) | (2.51) | (2.76) | (2.66) | (2.60) | (2.72) | (1.76) | (3.20) | (2.60) | (2.41) |
P/Operating CF |
29.75 | 25.98 | 101.53 | 45.02 | 131.73 | 55.95 | 98.14 | 42.57 | 49.22 | 43.95 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 27 |
P/B ratio |
2.69 | 2.94 | 2.92 | 3.52 | 2.86 | 2.70 | 2.50 | 2.18 | 2.33 | 2.21 |
Price to Tangible BV |
2.69 | 2.94 | 2.92 | 3.52 | 2.86 | 2.70 | 2.50 | 2.18 | 2.33 | 2.21 |
EV/Sales |
3.27 | 3.53 | 3.71 | 4.65 | 4.63 | 4.20 | 3.79 | 4.36 | 4.81 | 4.60 |
EV/EBITDA |
10.12 | 10.48 | 12.18 | 14.63 | 13.08 | 13.63 | 13.85 | 13.48 | 13.26 | 12.95 |
EV/Operating CF |
12.84 | 13.64 | 14.98 | 17.20 | 23.30 | 16.93 | 38.08 | 14.09 | 15.26 | 17.58 |
EV/FCF |
(486.59) | 581.60 | (68.78) | (100.27) | (28.72) | (119.83) | (21.43) | (332.08) | (55.80) | (24.73) |
Quick Ratio |
0.41 | 0.45 | 0.44 | 0.39 | 0.30 | 0.64 | 0.59 | 0.41 | 0.35 | 0.55 |
Current Ratio |
0.86 | 0.89 | 0.94 | 0.86 | 0.78 | 1.19 | 1.15 | 0.98 | 0.79 | 0.98 |
Net Debt/EBITDA |
4.54 | 4.56 | 5.49 | 6.18 | 5.43 | 5.31 | 6.00 | 6.34 | 5.99 | 6.03 |
Debt/Assets |
44.57% | 44.76% | 47.62% | 49.03% | 41.77% | 43.38% | 45.57% | 46.39% | 45.94% | 47.31% |
Debt/Equity |
2.25 | 2.30 | 2.44 | 2.60 | 2.04 | 1.74 | 1.88 | 1.91 | 1.89 | 1.95 |
Asset Turnover |
0.31 | 0.29 | 0.29 | 0.26 | 0.23 | 0.25 | 0.29 | 0.23 | 0.22 | 0.23 |
Operating CF/Net income |
2.96 | 3.71 | 2.59 | 2.63 | 1.69 | 1.35 | 1.03 | 2.63 | 2.39 | 2.11 |
Capex/Depreciation |
(2.06) | (1.89) | (2.22) | (2.12) | (2.22) | (1.86) | (2.11) | (2.04) | (2.43) | (2.93) |
Interest Coverage |
2.85 | 3.04 | 2.52 | 2.40 | 2.43 | 2.28 | 2.35 | 1.91 | 2.05 | 2.16 |
| 13.33% | 10.49% | 14.17% | 13.81% | 13.56% | 20.67% | 11.54% | 11.49% | 12.09% | 11.78% | |
| 2.63% | 2.06% | 2.76% | 2.65% | 2.67% | 4.61% | 2.75% | 2.70% | 2.86% | 2.80% | |
ROIC |
5.74% | 5.73% | 4.46% | 3.86% | 4.17% | 3.73% | 3.53% | 3.29% | 3.71% | 3.86% |
Return on Tangible Assets |
3.59% | 2.80% | 3.66% | 3.67% | 3.71% | 5.92% | 3.57% | 3.51% | 3.71% | 3.47% |
Average Days of Receivables |
47.51 | 57.89 | 51.94 | 49.76 | 49.59 | 46.96 | 67.09 | 46.18 | 51.63 | 56.55 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
23.89% | 23.09% | 25.03% | 25.47% | 25.51% | 27.28% | 24.21% | 28.60% | 28.21% | 26.23% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(1.30) | (1.22) | (1.23) | (1.09) | (1.22) | (1.01) | (1.10) | (1.31) | (1.23) | (1.27) |
Graham Number |
26.29 | 24.29 | 29.84 | 31.06 | 35.66 | 50.26 | 40.41 | 42.87 | 46.26 | 50.08 |
Earnings Yield |
4.79% | 3.49% | 4.69% | 3.82% | 4.34% | 7.16% | 4.47% | 5.08% | 4.98% | 5.05% |
Free Cash Flow Yield |
(0.37%) | 0.30% | (2.65%) | (1.73%) | (5.95%) | (1.37%) | (8.23%) | (0.57%) | (3.27%) | (7.56%) |
Revenue per Share |
23.03 | 23.51 | 24.36 | 23.41 | 22.52 | 25.36 | 29.69 | 25.63 | 25.25 | 28.43 |
Operating CF per Share |
5.86 | 6.09 | 6.03 | 6.33 | 4.48 | 6.29 | 2.95 | 7.93 | 7.96 | 7.44 |
Capex per Share |
(6.02) | (5.95) | (7.35) | (7.41) | (8.11) | (7.18) | (8.20) | (8.27) | (10.14) | (12.73) |
Free Cash Flow per Share |
(0.15) | 0.14 | (1.31) | (1.08) | (3.63) | (0.89) | (5.25) | (0.34) | (2.18) | (5.29) |
Cash per Share |
0.91 | 0.71 | 0.62 | 0.55 | 0.17 | 1.65 | 0.63 | 0.85 | 0.60 | 2.05 |
Shareholders Equity per Share |
15.44 | 15.99 | 16.98 | 17.86 | 21.32 | 24.87 | 26.23 | 27.90 | 29.40 | 32.33 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
15.44 | 15.99 | 16.98 | 17.86 | 21.32 | 24.87 | 26.23 | 27.90 | 29.40 | 32.33 |
Free Cash Flow |
(43.00) | 40.00 | (371.00) | (307.00) | (1,035.00) | (257.00) | (1,519.00) | (98.00) | (648.00) | (1,589.00) |
Working Capital |
(375.00) | (309.00) | (156.00) | (373.00) | (670.00) | 423.00 | 448.00 | (56.00) | (731.00) | (76.00) |
Capital Expenditures |
(1,672.00) | (1,665.00) | (2,074.00) | (2,097.00) | (2,311.00) | (2,076.00) | (2,374.00) | (2,407.00) | (3,018.00) | (3,824.00) |
Net Current Asset Value |
(15,052.00) | (16,097.00) | (17,269.00) | (19,451.00) | (21,185.00) | (18,938.00) | (20,325.00) | (22,553.00) | (24,382.00) | (26,758.00) |
EV/EBIT |
16.66 | 17.39 | 21.96 | 27.61 | 24.17 | 26.87 | 26.60 | 26.35 | 24.32 | 22.75 |
Capex to Sales |
0.26 | 0.25 | 0.30 | 0.32 | 0.36 | 0.28 | 0.28 | 0.32 | 0.40 | 0.45 |
Price to Operating Income |
9.19 | 9.83 | 12.06 | 15.95 | 14.14 | 16.40 | 15.07 | 13.96 | 13.34 | 12.16 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 |
Cash ROIC |
(0.30%) | 0.27% | (2.23%) | (1.67%) | (5.59%) | (1.28%) | (6.88%) | (0.41%) | (2.55%) | (5.44%) |
Accounts Receivable Turnover |
7.91 | 7.01 | 6.80 | 7.04 | 7.23 | 8.08 | 6.81 | 5.91 | 7.49 | 7.16 |
Accounts Payable Turnover |
4.48 | 4.21 | 4.15 | 4.14 | 3.85 | 3.95 | 4.57 | 3.34 | 2.81 | 2.62 |
Inventory Turnover |
3.99 | 4.38 | 4.63 | 4.51 | 4.25 | 4.94 | 4.67 | 2.84 | 3.13 | 4.19 |
Average Days of Payables |
79.43 | 94.97 | 87.49 | 81.81 | 97.22 | 105.34 | 82.03 | 101.37 | 149.53 | 156.91 |
Days of Inventory on Hand |
81.52 | 86.24 | 77.58 | 77.95 | 83.83 | 79.30 | 97.89 | 117.53 | 105.20 | 88.40 |
Average Receivables |
809.00 | 938.50 | 1,011.00 | 940.50 | 887.50 | 907.50 | 1,261.50 | 1,262.00 | 1,003.50 | 1,193.00 |
Average Payables |
626.00 | 675.00 | 736.50 | 684.00 | 651.50 | 777.00 | 911.00 | 872.50 | 951.00 | 1,248.50 |
Average Inventory |
702.00 | 649.00 | 661.00 | 627.50 | 590.50 | 621.50 | 892.00 | 1,027.50 | 853.50 | 780.00 |
Average Assets |
20,960.50 | 22,336.00 | 23,789.50 | 25,683.00 | 28,251.50 | 29,209.50 | 30,053.00 | 32,435.00 | 34,718.50 | 37,930.50 |
Average Common Equity |
4,132.50 | 4,384.00 | 4,635.00 | 4,923.50 | 5,566.00 | 6,520.50 | 7,167.50 | 7,636.00 | 8,212.50 | 9,005.50 |
Columns are period end dates