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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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 34.96 | 41.12 | 40.48 | 47.97 | 46.03 | 53.19 | 52.41 | 49.87 | 55.10 | 63.97 |
Analyst estimates 2026–2028 Powerpack |
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| High | 46.25 | 50.85 | 53.82 | 65.31 | 69.17 | 65.79 | 73.76 | 65.72 | 72.40 | 76.45 | |||||
| People | |||||||||||||||
| People | Employees | 7,800 | 7,952 | 8,625 | 8,789 | 9,345 | 9,778 | 9,073 | 8,356 | 8,324 | 8,350 | ||||
| Revenue/emp, $m | 0.82 | 0.83 | 0.80 | 0.75 | 0.69 | 0.75 | 0.95 | 0.89 | 0.90 | 1.02 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 6,399 | 6,583 | 6,873 | 6,624 | 6,418 | 7,329 | 8,596 | 7,462 | 7,515 | 8,539 | ||||
| Gross margin, % | 56.20 | 56.80 | 55.51 | 57.23 | 60.92 | 58.11 | 51.55 | 60.96 | 64.50 | 61.75 | |||||
| EBT | 826 | 886 | 774 | 764 | 809 | 823 | 902 | 954 | 1,123 | 1,248 | |||||
| EBT margin, % | 12.91 | 13.46 | 11.26 | 11.53 | 12.61 | 11.23 | 10.49 | 12.78 | 14.94 | 14.62 | |||||
| Net income | 553 | 462 | 659 | 682 | 752 | 1,330 | 813 | 808 | 947 | 1,002 | |||||
| Depreciation | 811 | 881 | 933 | 989 | 1,043 | 1,114 | 1,126 | 1,180 | 1,240 | 1,306 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 23.03 | 23.51 | 24.36 | 23.41 | 22.52 | 25.36 | 29.69 | 25.63 | 25.25 | 28.43 | ||||
| Earnings | 1.99 | 1.64 | 2.33 | 2.40 | 2.65 | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 | |||||
| Cash flow | 5.86 | 6.09 | 6.03 | 6.33 | 4.48 | 6.29 | 2.95 | 7.93 | 7.96 | 7.44 | |||||
| Capex | (6.02) | (5.95) | (7.35) | (7.41) | (8.11) | (7.18) | (8.20) | (8.27) | (10.14) | (12.73) | |||||
| Free cash flow | (0.15) | 0.14 | (1.31) | (1.08) | (3.63) | (0.89) | (5.25) | (0.34) | (2.18) | (5.29) | |||||
| Book value | 15.44 | 15.99 | 16.98 | 17.86 | 21.32 | 24.87 | 26.23 | 27.90 | 29.40 | 32.33 | |||||
| Shares, m | 278 | 280 | 282 | 283 | 285 | 289 | 290 | 291 | 298 | 300 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 20.87 | 28.63 | 21.31 | 26.18 | 23.02 | 13.96 | 22.36 | 19.67 | 20.08 | 19.81 | ||||
| P/S | 1.80 | 2.00 | 2.04 | 2.68 | 2.71 | 2.57 | 2.15 | 2.31 | 2.64 | 2.46 | |||||
| P/B | 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/FCF | (486.59) | 581.60 | (68.78) | (100.27) | (28.72) | (119.83) | (21.43) | (332.08) | (55.80) | (24.73) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 1,629 | 1,705 | 1,703 | 1,790 | 1,276 | 1,819 | 855 | 2,309 | 2,370 | 2,235 | ||||
| Capex | (1,672) | (1,665) | (2,074) | (2,097) | (2,311) | (2,076) | (2,374) | (2,407) | (3,018) | (3,824) | |||||
| Free cash flow | (43) | 40 | (371) | (307) | (1,035) | (257) | (1,519) | (98) | (648) | (1,589) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | (375) | (309) | (156) | (373) | (670) | 423 | 448 | (56) | (731) | (76) | ||||
| Total debt | 9,636 | 10,317 | 11,680 | 13,157 | 12,391 | 12,474 | 14,289 | 15,550 | 16,501 | 18,898 | |||||
| Net debt | 9,382 | 10,118 | 11,506 | 13,000 | 12,342 | 11,998 | 14,107 | 15,302 | 16,323 | 18,283 | |||||
| Shareholders’ equity | 4,290 | 4,478 | 4,792 | 5,055 | 6,077 | 7,188 | 7,595 | 8,125 | 8,748 | 9,711 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 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 | |||||
| ROE | 13.33 | 10.49 | 14.17 | 13.81 | 13.56 | 20.67 | 11.54 | 11.49 | 12.09 | 11.78 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
CMS Energy Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DTE DTE Energy Company | $26.7B | 20.5× | 19.4× | −1.46% (below 0%: shrinking) | +22.73% (above 0%: growing) | −179.77% (below 0%: shrinking) | 51.91% | 13.59% | Compare |
| FE FirstEnergy Corporation | $26.4B | 24.6× | 16.8× | +8.82% (above 0%: growing) | +8.70% (above 0%: growing) | −143.84% (below 0%: shrinking) | 64.30% | 18.41% | Compare |
| CNP CenterPoint Energy, Inc. | $26.2B | 23.9× | 22.8× | +10.70% (above 0%: growing) | +23.33% (above 0%: growing) | −4.04% (below 0%: shrinking) | 86.94% | 24.81% | Compare |
| PPL PPL Corporation | $26.0B | 20.7× | 18.6× | +4.25% (above 0%: growing) | +24.00% (above 0%: growing) | −112.80% (below 0%: shrinking) | 71.67% | 22.50% | Compare |
| ES Eversource Energy | $24.9B | 17.3× | 15.4× | +2.29% (above 0%: growing) | −85.42% (below 0%: shrinking) | +398.93% (above 0%: growing) | 67.64% | 18.63% | Compare |
| EIX Edison International | $21.4B | 5.7× | 12.2× | −4.09% (below 0%: shrinking) | +56.18% (above 0%: growing) | +30.60% (above 0%: growing) | 73.90% | 25.06% | Compare |
| CMS CMS Energy Corporation | $21.0B | 20.7× | 18.6× | −0.49% (below 0%: shrinking) | −43.94% (below 0%: shrinking) | +26.60% (above 0%: growing) | 63.09% | 14.43% | |
| EVRG Evergy Inc. | $18.8B | 20.7× | 19.6× | +4.39% (above 0%: growing) | +25.68% (above 0%: growing) | −101.48% (below 0%: shrinking) | 70.18% | 25.37% | Compare |
| LNT Alliant Energy Corporation | $17.4B | 21.6× | 21.2× | +1.04% (above 0%: growing) | −2.94% (below 0%: shrinking) | −106.25% (below 0%: shrinking) | 82.60% | 19.05% | Compare |
| Median of peers | $25.4B | 20.7× | 19.0× | +3.27% | +23.03% | −103.86% | 70.92% | 20.78% |
CMS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
CMS Energy Corporation (CMS) key facts
- Strength: CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024.
- Strength: Net income was $1.0 billion, or $3.53 per share (basic), a net margin of 12.4%.
- CMS Energy Corporation (CMS) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
- As of October 16, 2026, CMS traded at $68.93, a market capitalization of $21.0 billion.
- At that price the stock trades at 20.7× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 33% of its own readings over the past ten years.
- CMS Energy Corporation pays an annual dividend of $2.25 per share, a yield of 3.27%, with a payout ratio of 67.6%.
- Return on equity was 11.8% and debt-to-equity 1.86.
- Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.86 (distress zone) for fiscal 2025.