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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

69.31 1.37 −1.94%

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Market cap: $22.2B
P/E: 32.7×
Fwd P/E: 19.2×
Dividend yield: 4.07%
F-score: 5/9
Altman Z: 0.86
Beneish M: −2.41
Dividend safety: 27/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

	Older periods	Dec '25	Mar '26	Jun '26	Sep '26
P/E ratio Full definition →	+8 more quarters Free account	19.81	21.43	22.97	29.77
P/S ratio Full definition →		2.46	2.69	2.69	2.20
P/FCF ratio Full definition →		0.00	0.00	0.00	0.00
P/Operating CF Full definition →		43.95	33.72	38.15	41.91
P/B ratio Full definition →		2.21	2.42	2.33	1.96
Price to Tangible BV Full definition →		2.21	2.42	2.33	1.96
EV/Sales Full definition →		4.60	4.83	4.84	4.39
EV/EBITDA Full definition →		12.95	13.95	14.13	15.17
EV/Operating CF Full definition →		17.58	21.95	19.87	17.31
EV/FCF Full definition →		(24.73)	(20.93)	(22.35)	(22.60)
Quick Ratio Full definition →		0.55	0.47	0.45	0.50
Current Ratio Full definition →		0.98	0.84	0.94	0.95
Net Debt/EBITDA Full definition →		23.53	20.86	33.14	56.97
Debt/Assets Full definition →		47.31%	47.36%	47.18%	48.48%
Debt/Equity Full definition →		1.95	1.90	1.86	1.96
Asset Turnover Full definition →		0.23	0.23	0.22	0.23
Operating CF/Net income Full definition →		1.67	2.09	5.32	3.89
Capex/Depreciation Full definition →		(3.14)	(2.52)	(3.14)	(3.15)
Interest Coverage Full definition →		2.14	2.32	1.21	0.21
Research and Development Expense of Revenue Full definition →		0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →		28.84%	22.75%	31.82%	23.18%
Intangible Assets out of Total Assets Full definition →		0.00	0.00	0.00	0.00
Share Based Compensation of Revenue Full definition →		0.00%	0.00%	0.00%	0.00%
Graham Net Nets Full definition →		(1.27)	(1.14)	(1.16)	(1.43)
Graham Number Full definition →		50.08	51.11	49.57	39.18
Earnings Yield Full definition →		5.05%	4.67%	4.35%	3.36%
Free Cash Flow Yield Full definition →		(7.56%)	(8.56%)	(8.05%)	(8.83%)
Revenue per Share Full definition →		7.43	8.91	5.90	6.98
Operating CF per Share Full definition →		1.59	2.30	2.01	1.51
Capex per Share Full definition →		(3.58)	(3.39)	(3.12)	(3.00)
Free Cash Flow per Share Full definition →		(1.98)	(1.09)	(1.11)	(1.50)
Cash per Share Full definition →		2.05	0.86	1.11	1.77
Shareholders Equity per Share Full definition →		32.33	32.80	33.52	32.90
Interest Debt per Share Full definition →		0.00	0.00	0.00	0.00
Book value per Share Full definition →		32.33	32.80	33.52	32.90
Free Cash Flow Full definition →		(596.00)	(334.00)	(345.00)	(468.00)
Working Capital Full definition →		(76.00)	(567.00)	(197.00)	(182.00)
Capital Expenditures Full definition →		(1,074.00)	(1,039.00)	(967.00)	(939.00)
Net Current Asset Value Full definition →		(26,758.00)	(27,209.00)	(27,640.00)	(28,182.00)
EV/EBIT Full definition →		22.75	24.72	25.56	31.87
Capex to Sales Full definition →		0.48	0.38	0.53	0.43
Price to Operating Income Full definition →		12.16	13.80	14.21	15.97
Other line items
Average Receivables Full definition →		1,193.00	1,222.00	979.50	1,043.00
Average Payables Full definition →		1,248.50	1,094.50	1,187.50	1,240.50
Average Inventory Full definition →		780.00	611.00	780.00	918.00
Average Assets Full definition →		37,930.50	38,290.00	39,302.00	39,845.50
Average Common Equity Full definition →		9,005.50	9,263.00	9,461.00	9,639.00

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Columns are period end dates · fundamentals updated 2 Nov 2026

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