CMS Energy Corporation

CMS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$21,281	$19,914	$16,943	$18,382	$18,845	$17,674	$18,205	$14,383	$13,703	$12,057	$10,452	$9,417	$7,094	$6,356	$5,538	$4,306	$3,558	$2,282	$3,868	$3,666	$3,100	$1,768	$1,306	$1,311	$3,124	$3,518	$3,434	$5,219	$4,088	$3,075	$2,685	$1,960	$2,050	$1,467	$1,477	$2,269	$3,091	$2,000	$1,152	$1,373	$661
Enterprise value	$40,278	$36,919	$32,966	$33,138	$31,452	$30,646	$31,395	$26,044	$24,045	$21,893	$19,696	$17,986	$14,930	$13,821	$12,685	$11,489	$10,391	$8,884	$10,088	$10,394	$10,317	$9,571	$8,128	$7,525	$11,401	$11,358	$11,159	$10,570	$8,393	$6,806	$6,189	$5,101	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	20.06×	20.05×	19.32×	22.23×	13.98×	23.41×	26.77×	21.89×	29.79×	21.88×	19.99×	19.74×	15.69×	16.64×	13.34×	13.29×	16.32×	8.03×	–	–	–	14.62×	–	–	–	97.71×	12.40×	18.31×	16.75×	13.73×	13.16×	10.95×	13.23×	–	–	–	9.90×	7.37×	6.16×	7.72×	–
P/S (TTM) at period end	2.49×	2.65×	2.27×	2.14×	2.57×	2.75×	2.75×	2.09×	2.08×	1.88×	1.62×	1.31×	1.08×	1.02×	0.85×	0.67×	0.57×	0.34×	0.60×	0.60×	0.53×	0.32×	0.24×	0.15×	0.39×	0.40×	0.58×	1.02×	0.85×	0.71×	0.69×	0.54×	0.59×	0.48×	0.50×	0.76×	1.04×	0.68×	0.41×	0.44×	0.20×
P/B at period end	2.33×	2.42×	2.25×	2.62×	2.84×	3.22×	3.63×	3.02×	3.09×	2.83×	2.65×	2.57×	2.05×	1.99×	1.83×	1.54×	1.37×	0.84×	1.63×	1.47×	1.20×	0.76×	0.82×	1.16×	1.65×	1.49×	1.40×	2.36×	2.07×	1.81×	1.83×	1.77×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	13.28×	13.54×	13.65×	14.10×	13.92×	13.48×	14.92×	12.43×	10.84×	10.59×	10.22×	9.79×	8.44×	8.63×	8.19×	7.39×	8.19×	6.42×	22.07×	29.36×	429.87×	9.37×	9.10×	16.08×	22.67×	8.48×	7.51×	8.40×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	4.72×	4.91×	4.42×	3.86×	4.29×	4.78×	4.74×	3.79×	3.65×	3.42×	3.05×	2.51×	2.27×	2.21×	1.95×	1.79×	1.67×	1.31×	1.56×	1.70×	1.75×	1.75×	1.47×	0.87×	1.42×	1.30×	1.88×	2.06×	1.76×	1.57×	1.59×	1.41×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	11.6%	12.1%	11.6%	11.8%	20.3%	13.7%	13.6%	13.8%	10.4%	13.0%	13.3%	13.0%	13.1%	12.0%	13.7%	11.6%	8.4%	10.5%	(9.0%)	(3.2%)	(3.3%)	5.2%	(2.8%)	(57.4%)	(24.3%)	1.5%	11.3%	12.9%	12.3%	13.2%	13.9%	16.2%	–	–	–	–	–	–	–	–	–
Return on invested capital	4.9%	5.0%	4.4%	5.0%	5.3%	5.7%	5.1%	6.0%	4.7%	6.0%	5.9%	6.2%	6.1%	5.7%	6.8%	6.1%	4.7%	5.8%	(0.4%)	(1.0%)	(2.2%)	5.8%	–	(0.2%)	(0.2%)	3.0%	7.2%	6.8%	7.9%	7.7%	7.9%	7.5%	–	–	–	–	–	–	–	–	–
Dividend yield	3.1%	3.1%	3.4%	3.0%	2.7%	2.6%	2.4%	2.8%	2.8%	2.9%	3.1%	3.1%	3.8%	4.0%	3.8%	3.8%	3.2%	3.6%	1.2%	–	–	–	–	11.4%	6.1%	4.7%	4.7%	2.7%	2.9%	3.3%	3.1%	3.4%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.98×	0.79×	0.98×	1.15×	1.19×	0.78×	0.86×	0.94×	0.89×	0.86×	1.01×	1.33×	1.30×	1.35×	1.10×	1.37×	1.40×	1.52×	1.16×	1.46×	1.84×	1.71×	1.51×	0.95×	0.80×	0.76×	0.72×	0.78×	0.55×	0.59×	0.60×	0.68×	–	–	–	–	–	–	–	–	–
Debt / equity	2.05×	1.99×	2.05×	2.03×	1.87×	2.24×	2.60×	2.44×	2.30×	2.24×	2.31×	2.33×	2.22×	2.27×	2.34×	2.58×	2.53×	2.41×	2.64×	2.78×	2.87×	3.18×	4.56×	5.70×	4.40×	3.36×	3.20×	2.46×	2.21×	2.23×	2.42×	2.91×	–	–	–	–	–	–	–	–	–
Effective tax rate	19.7%	15.7%	15.4%	10.3%	11.5%	14.2%	17.1%	14.9%	47.9%	33.1%	34.0%	34.3%	39.9%	39.4%	31.5%	38.0%	34.3%	31.6%	60.7%	58.6%	56.1%	(4.1%)	386.7%	9.4%	22.3%	56.8%	17.8%	29.2%	30.7%	38.0%	36.6%	36.5%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	301	298	292	290	290	286	284	283	281	279	276	275	272	269	263	253	238	236	223	220	214	172	153	139	131	112	115	109	93	92	90	86	82	80	80	81	82	82	85	88	88

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$8,813	$8,539	$7,515	$7,462	$8,596	$7,329	$6,418	$6,624	$6,873	$6,583	$6,399	$6,456	$7,179	$6,566	$6,253	$6,503	$6,432	$6,205	$6,807	$6,464	$6,126	$5,879	$5,472	$5,513	$8,673	$8,006	$8,739	$5,926	$5,141	$4,781	$4,324	$3,890	$3,614	$3,482	$3,073	$2,941	$2,977	$2,961	$2,943	$2,800	$3,108	$3,298
Cost of revenue	($3,582)	($3,266)	($2,668)	($2,913)	($3,184)	($2,400)	($2,508)	($2,833)	($3,058)	($2,339)	($2,304)	($2,450)	($3,185)	($2,705)	($2,601)	($2,876)	($4,724)	($3,570)	($4,212)	($4,102)	($3,755)	($3,181)	($1,137)	($1,400)	($3,582)	($2,686)	($2,848)	($1,393)	($1,516)	($3,213)	($2,842)	($2,473)	($2,356)	–	–	–	–	–	–	–	–	–
Gross profit	$5,231	$5,273	$4,847	$4,549	$5,412	$4,929	$3,910	$3,791	$3,815	$4,244	$4,095	$4,006	$3,994	$3,861	$3,652	$3,627	$1,708	$2,635	$2,595	$2,362	$2,371	$2,698	$4,335	$4,113	$5,091	$5,320	$5,891	$4,533	$3,625	$1,568	$1,482	$1,417	$1,258	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($3,474)	–	–	($981)	($670)	–	–	–	–	–	–	–	–	–	–	$50	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($3,561)	($3,546)	($3,360)	($3,314)	($4,188)	($3,783)	($2,680)	($2,676)	($2,653)	($2,906)	($2,839)	($2,828)	($2,842)	($2,719)	($2,649)	($2,624)	($730)	($1,937)	($1,801)	($2,450)	($2,593)	($3,199)	($3,744)	($3,682)	($5,108)	($5,341)	($5,188)	($3,642)	($2,901)	($852)	($806)	($798)	($755)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,143)	($6,812)	($6,028)	($6,227)	($7,372)	($6,183)	($5,188)	($5,509)	($5,711)	($5,245)	($5,143)	($5,278)	($6,027)	($5,424)	($5,250)	($5,500)	($5,454)	($5,507)	($6,013)	($6,552)	($6,348)	($6,380)	($4,881)	($5,082)	($8,690)	($8,027)	($8,036)	($5,035)	($4,417)	($4,065)	($3,648)	($3,271)	($3,111)	–	–	–	–	–	–	–	–	–
Operating income	$1,670	$1,727	$1,487	$1,235	$1,224	$1,146	$1,230	$1,115	$1,162	$1,338	$1,256	$1,178	$1,152	$1,142	$1,003	$1,003	$978	$698	$794	($88)	($222)	($501)	$591	$431	($17)	($21)	$703	$891	$724	$716	$676	$619	$503	$3,482	$3,073	$2,941	$2,977	$2,961	$2,943	$2,800	$3,108	$3,298
Earnings
EBITDA	$3,020	$3,033	$2,727	$2,415	$2,350	$2,260	$2,273	$2,104	$2,095	$2,219	$2,067	$1,928	$1,837	$1,770	$1,601	$1,549	$1,554	$1,268	$1,383	$457	$354	$24	$1,022	$893	$468	$503	$1,340	$1,486	$1,259	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	–	–	–	$5	$3	$4	$7	$11	$12	$6	$12	$5	$3	$5	$9	$19	$18	$24	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($817)	($789)	($708)	($643)	($519)	($500)	($505)	($460)	($458)	($438)	($435)	($396)	($407)	($398)	($389)	($415)	($431)	($435)	($400)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,126	$1,248	$1,123	$954	$902	$823	$809	$764	$774	$886	$826	$796	$729	$756	$622	$606	$590	$335	$440	($321)	($321)	($321)	$122	$15	($435)	($421)	$88	$354	$342	$352	$361	$322	$282	–	–	–	–	–	–	–	–	–
Income tax expense	($239)	($246)	($176)	($147)	($93)	($95)	($115)	($131)	($115)	($424)	($273)	($271)	($250)	($302)	($245)	($191)	($224)	($115)	($139)	$195	$188	$180	$5	($58)	$41	$94	($50)	($63)	($100)	($108)	($137)	($118)	($103)	–	–	–	–	–	–	–	–	–
Net income	$1,026	$1,071	$1,003	$887	$837	$1,353	$755	$680	$657	$460	$551	$523	$477	$452	$382	$415	$340	$229	$295	($215)	($79)	($84)	$121	($45)	($650)	($459)	$36	$277	$285	$244	$224	$204	$179	$155	($297)	($262)	($494)	$312	$272	$187	$178	($270)
Per share
Diluted EPS (GAAP)	$3.33	$3.53	$3.33	$3.01	$2.85	$4.66	$2.64	$2.39	$2.32	$1.64	$1.98	$1.89	$1.74	$1.66	$1.42	$1.58	$1.28	$0.91	$1.20	($0.97)	($0.36)	($0.39)	$0.64	($0.29)	($4.46)	($4.17)	$0.04	$2.17	$2.45	$2.61	$2.44	$2.26	$2.08	$1.90	($3.72)	($3.26)	($6.07)	$3.80	$3.31	$2.19	$0.74	($3.06)
Basic EPS (GAAP)	$3.34	$3.53	$3.34	$3.01	$2.85	$4.66	$2.65	$2.40	$2.33	$1.64	$1.99	$1.90	$1.76	$1.71	$1.46	$1.66	$1.40	$0.96	$1.25	($0.97)	($0.36)	($0.39)	$0.65	($0.29)	($4.46)	($4.19)	$0.04	$2.18	$2.45	$2.63	$2.45	$2.27	$2.09	$1.90	($3.72)	($3.26)	($6.07)	$3.80	$3.31	$2.19	$0.74	($3.06)
Basic shares outstanding	304	300	298	291	290	289	285	283	282	280	278	276	271	264	261	251	232	227	226	223	220	214	169	153	139	130	111	110	108	93	91	90	86	82	80	80	81	82	82	85	88	88
Margins
Gross margin	59.4%	61.8%	64.5%	61.0%	63.0%	67.3%	60.9%	57.2%	55.5%	64.5%	64.0%	62.1%	55.6%	58.8%	58.4%	55.8%	26.6%	42.5%	38.1%	36.5%	38.7%	45.9%	79.2%	74.6%	58.7%	66.5%	67.4%	76.5%	70.5%	32.8%	34.3%	36.4%	34.8%	–	–	–	–	–	–	–	–	–
Operating margin	18.9%	20.2%	19.8%	16.6%	14.2%	15.6%	19.2%	16.8%	16.9%	20.3%	19.6%	18.2%	16.0%	17.4%	16.0%	15.4%	15.2%	11.2%	11.7%	(1.4%)	(3.6%)	(8.5%)	10.8%	7.8%	(0.2%)	(0.3%)	8.0%	15.0%	14.1%	15.0%	15.6%	15.9%	13.9%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	11.6%	12.5%	13.3%	11.9%	9.7%	18.5%	11.8%	10.3%	9.6%	7.0%	8.6%	8.1%	6.6%	6.9%	6.1%	6.4%	5.3%	3.7%	4.3%	(3.3%)	(1.3%)	(1.4%)	2.2%	(0.8%)	(7.5%)	(5.7%)	0.4%	4.7%	5.5%	5.1%	5.2%	5.2%	5.0%	4.5%	(9.7%)	(8.9%)	(16.6%)	10.5%	9.2%	6.7%	5.7%	(8.2%)

Analyst consensus

Buy30 analysts

Bearish · 0 · Hold · 14 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$0.84	$0.78	Beat
Q4 2024	$0.87	$0.87	Match
Q1 2025	$1.02	$1.01	Beat
Q2 2025	$0.71	$0.68	Beat
Q3 2025	$0.93	$0.86	Beat
Q4 2025	$0.95	$0.93	Beat
Q1 2026	$1.13	$1.10	Beat
Q2 2026	$0.37	$0.36	Beat

Peers

Company overview

IPO dateFeb 21, 1973

CEOGarrick J. Rochow

Employees8,350

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cmsenergy.com

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.

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