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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

69.33 0.78 −1.11%

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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 Segments Valuation Filings

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	20.87	28.63	21.31	26.18	23.02	13.96	22.36	19.67	20.08	19.81
Piotroski F-Score Full definition →	5	6	5	4	6	7	4	4	6	5
P/S ratio Full definition →	1.80	2.00	2.04	2.68	2.71	2.57	2.15	2.31	2.64	2.46
Altman Z-Score Full definition →	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) Full definition →	0.44	0.48	0.50	0.43	0.42	0.83	0.83	0.73	0.67	0.81
P/FCF ratio Full definition →	0.00	328.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Beneish M-Score Full definition →	(2.68)	(2.51)	(2.76)	(2.66)	(2.60)	(2.72)	(1.76)	(3.20)	(2.60)	(2.41)
P/Operating CF Full definition →	29.75	25.98	101.53	45.02	131.73	55.95	98.14	42.57	49.22	43.95
Dividend Safety Score Full definition →	—	—	—	—	—	—	—	—	—	27
P/B ratio Full definition →	2.69	2.94	2.92	3.52	2.86	2.70	2.50	2.18	2.33	2.21
Price to Tangible BV Full definition →	2.69	2.94	2.92	3.52	2.86	2.70	2.50	2.18	2.33	2.21
EV/Sales Full definition →	3.27	3.53	3.71	4.65	4.63	4.20	3.79	4.36	4.81	4.60
EV/EBITDA Full definition →	10.12	10.48	12.18	14.63	13.08	13.63	13.85	13.48	13.26	12.95
EV/Operating CF Full definition →	12.84	13.64	14.98	17.20	23.30	16.93	38.08	14.09	15.26	17.58
EV/FCF Full definition →	(486.59)	581.60	(68.78)	(100.27)	(28.72)	(119.83)	(21.43)	(332.08)	(55.80)	(24.73)
Quick Ratio Full definition →	0.41	0.45	0.44	0.39	0.30	0.64	0.59	0.41	0.35	0.55
Current Ratio Full definition →	0.86	0.89	0.94	0.86	0.78	1.19	1.15	0.98	0.79	0.98
Net Debt/EBITDA Full definition →	4.54	4.56	5.49	6.18	5.43	5.31	6.00	6.34	5.99	6.03
Debt/Assets Full definition →	44.57%	44.76%	47.62%	49.03%	41.77%	43.38%	45.57%	46.39%	45.94%	47.31%
Debt/Equity Full definition →	2.25	2.30	2.44	2.60	2.04	1.74	1.88	1.91	1.89	1.95
Asset Turnover Full definition →	0.31	0.29	0.29	0.26	0.23	0.25	0.29	0.23	0.22	0.23
Operating CF/Net income Full definition →	2.96	3.71	2.59	2.63	1.69	1.35	1.03	2.63	2.39	2.11
Capex/Depreciation Full definition →	(2.06)	(1.89)	(2.22)	(2.12)	(2.22)	(1.86)	(2.11)	(2.04)	(2.43)	(2.93)
Interest Coverage Full definition →	2.85	3.04	2.52	2.40	2.43	2.28	2.35	1.91	2.05	2.16
ROE Full definition →	13.33%	10.49%	14.17%	13.81%	13.56%	20.67%	11.54%	11.49%	12.09%	11.78%
ROA Full definition →	2.63%	2.06%	2.76%	2.65%	2.67%	4.61%	2.75%	2.70%	2.86%	2.80%
ROIC Full definition →	5.74%	5.73%	4.46%	3.86%	4.17%	3.73%	3.53%	3.29%	3.71%	3.86%
Return on Tangible Assets Full definition →	3.59%	2.80%	3.66%	3.67%	3.71%	5.92%	3.57%	3.51%	3.71%	3.47%
Average Days of Receivables Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Graham Net Nets Full definition →	(1.30)	(1.22)	(1.23)	(1.09)	(1.22)	(1.01)	(1.10)	(1.31)	(1.23)	(1.27)
Graham Number Full definition →	26.29	24.29	29.84	31.06	35.66	50.26	40.41	42.87	46.26	50.08
Earnings Yield Full definition →	4.79%	3.49%	4.69%	3.82%	4.34%	7.16%	4.47%	5.08%	4.98%	5.05%
Free Cash Flow Yield Full definition →	(0.37%)	0.30%	(2.65%)	(1.73%)	(5.95%)	(1.37%)	(8.23%)	(0.57%)	(3.27%)	(7.56%)
Revenue per Share Full definition →	23.03	23.51	24.36	23.41	22.52	25.36	29.69	25.63	25.25	28.43
Operating CF per Share Full definition →	5.86	6.09	6.03	6.33	4.48	6.29	2.95	7.93	7.96	7.44
Capex per Share Full definition →	(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 Full definition →	(0.15)	0.14	(1.31)	(1.08)	(3.63)	(0.89)	(5.25)	(0.34)	(2.18)	(5.29)
Cash per Share Full definition →	0.91	0.71	0.62	0.55	0.17	1.65	0.63	0.85	0.60	2.05
Shareholders Equity per Share Full definition →	15.44	15.99	16.98	17.86	21.32	24.87	26.23	27.90	29.40	32.33
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	15.44	15.99	16.98	17.86	21.32	24.87	26.23	27.90	29.40	32.33
Free Cash Flow Full definition →	(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 Full definition →	(375.00)	(309.00)	(156.00)	(373.00)	(670.00)	423.00	448.00	(56.00)	(731.00)	(76.00)
Capital Expenditures Full definition →	(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 Full definition →	(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 Full definition →	16.66	17.39	21.96	27.61	24.17	26.87	26.60	26.35	24.32	22.75
Capex to Sales Full definition →	0.26	0.25	0.30	0.32	0.36	0.28	0.28	0.32	0.40	0.45
Price to Operating Income Full definition →	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 Full definition →	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.04
Cash ROIC Full definition →	(0.30%)	0.27%	(2.23%)	(1.67%)	(5.59%)	(1.28%)	(6.88%)	(0.41%)	(2.55%)	(5.44%)
Accounts Receivable Turnover Full definition →	7.91	7.01	6.80	7.04	7.23	8.08	6.81	5.91	7.49	7.16
Accounts Payable Turnover Full definition →	4.48	4.21	4.15	4.14	3.85	3.95	4.57	3.34	2.81	2.62
Inventory Turnover Full definition →	3.99	4.38	4.63	4.51	4.25	4.94	4.67	2.84	3.13	4.19
Average Days of Payables Full definition →	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 Full definition →	81.52	86.24	77.58	77.95	83.83	79.30	97.89	117.53	105.20	88.40
Average Receivables Full definition →	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 Full definition →	626.00	675.00	736.50	684.00	651.50	777.00	911.00	872.50	951.00	1,248.50
Average Inventory Full definition →	702.00	649.00	661.00	627.50	590.50	621.50	892.00	1,027.50	853.50	780.00
Average Assets Full definition →	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 Full definition →	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

Show all line items

Columns are period end dates · fundamentals updated 2 Nov 2026

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