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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

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

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Columns are period end dates · fundamentals updated 2 Nov 2026

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