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