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What this page is: Delvantic's full research page for CMS Energy Corporation Common Stock (CMS) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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CMS Energy Corporation Common Stock
CMS NYSE
Utilities · Utilities - Regulated Electric
Jackson, MI 49201, United States
cmsenergy.com
Price
$67.70
Market Cap
$21.0B
Employees
8,350
Beta
0.34
Avg Volume
3,744,300
Last Dividend
$2.25
CEO
Mr. Garrick J. Rochow
CMS Energy Corporation Common Stock is the equity security of CMS Energy Corporation, an energy holding company centered on regulated utility operations. The company’s core businesses include electric utility services, natural gas utility services, and NorthStar Clean Energy, which participates in independent power production and renewable generation. Through its regulated utilities, CMS Energy serves residential, commercial, and industrial customers with electricity and natural gas distribution, transmission, storage, and related energy services. Its clean energy segment adds wholesale power generation and power marketing capabilities, giving the company a diversified role across the U.S. energy market. CMS Energy Corporation Common Stock represents ownership in a business that combines essential utility infrastructure with selective power-generation activities, making it a widely followed utility-sector asset for investors monitoring regulated energy providers and the transition toward cleaner electricity generation.
Runs with full report
Price Overview
Price at report time
$67.70
as of Sep 1, 1:23pm (36d ago)
Change · Sep 1
-0.36 (-0.53%)
Day Range
$67.58 – $68.57
52-Week Range
$67.47 – $80.36
50-Day MA
$72.83
200-Day MA
$73.62
Volume
76,376.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 36d).
Share Structure
Outstanding
313,600,000.00
Float
311,473,033.00
Free Float
99.3%
High free float
— 99.3% of shares trade freely, ~0.7% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E · trailing (TTM) (Price per dollar of earnings over the past year — not a run-rate or forward P/E)
HEXStock Price / EPS (Diluted)
19.18
Stock Price: $67.70
EPS (Diluted): 3.53
EPS (Diluted): 3.53
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.10
Stock Price: $67.70
Total Equity: $9.71B
Shares: 301,000,000
Total Equity: $9.71B
Shares: 301,000,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
12.77
Market Cap: $21.03B
Total Debt: $18.89B
Cash: $509.00M
EBITDA: $3.03B
Total Debt: $18.89B
Cash: $509.00M
EBITDA: $3.03B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$38.7B
Market Cap: $21.03B
Total Debt: $18.89B
Cash: $509.00M
Total Debt: $18.89B
Cash: $509.00M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $8.54B
Revenue: $8.54B
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
20.2%
Operating Income: $1.73B
Revenue: $8.54B
Revenue: $8.54B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
12.5%
Net Income: $1.07B
Revenue: $8.54B
Revenue: $8.54B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
11.0%
Net Income: $1.07B
Total Equity: $9.71B
Total Equity: $9.71B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
4.9%
Operating Income: $1.73B
Tax Rate: 19.7%
Equity: $9.71B
Total Debt: $18.89B
Cash: $509.00M
Tax Rate: 19.7%
Equity: $9.71B
Total Debt: $18.89B
Cash: $509.00M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
0.98
Current Assets: $3.47B
Current Liabilities: $3.55B
Current Liabilities: $3.55B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
1.95
Short-Term Debt: $952.00M
Long-Term Debt: $17.94B
Total Debt: $18.89B
Total Equity: $9.71B
Long-Term Debt: $17.94B
Total Debt: $18.89B
Total Equity: $9.71B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$28.37
Revenue: $8.54B
Shares: 301,000,000
Shares: 301,000,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$32.26
Total Equity: $9.71B
Shares: 301,000,000
Shares: 301,000,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$7.43
Operating CF: $2.24B
CapEx: $0.00
Shares: 301,000,000
CapEx: $0.00
Shares: 301,000,000
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
3.3%
Last Dividend: $2.25
Stock Price: $67.70
Stock Price: $67.70
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.07B
Net Income: $1.07B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CMS against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Income Statement (Annual)
Last updated: Sep 1, 2026 1:26pm (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3B | $8.6B | $7.5B | $7.5B | $8.5B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $6.2B | $7.4B | $6.2B | $6.0B | $6.8B |
| Operating Income | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B |
| Net Income | $1.4B | $837.0M | $887.0M | $1.0B | $1.1B |
| EBITDA | $2.3B | $2.4B | $2.4B | $2.7B | $3.0B |
| EPS | $4.66 | $2.85 | $3.01 | $3.34 | $3.53 |
| EPS (Diluted) | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
Balance Sheet (Annual)
Last updated: Sep 1, 2026 1:23pm (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $452.0M | $164.0M | $227.0M | $103.0M | $509.0M |
| Total Current Assets | $2.6B | $3.4B | $2.8B | $2.8B | $3.5B |
| Total Assets | $28.8B | $31.4B | $33.5B | $35.9B | $39.9B |
| Current Liabilities | $2.2B | $3.0B | $2.9B | $3.5B | $3.5B |
| Long-Term Debt | $12.1B | $13.2B | $14.6B | $15.3B | $17.9B |
| Total Liabilities | $21.6B | $23.8B | $25.4B | $27.2B | $30.2B |
| Total Equity | $7.2B | $7.6B | $8.1B | $8.7B | $9.7B |
| Retained Earnings | $1.1B | $1.4B | $1.7B | $2.0B | $2.4B |
Cash Flow (Annual)
Last updated: Sep 1, 2026 1:31pm (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.8B | $855.0M | $2.3B | $2.4B | $2.2B |
| Capital Expenditure | -$2.1B | -$2.4B | — | — | — |
| Free Cash Flow | -$257.0M | -$1.5B | — | — | — |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $100.0M | $1.8B | $1.4B | $1.0B | $2.5B |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $291.0M | -$294.0M | $66.0M | -$70.0M | $437.0M |
Growth Trends (YoY %)
Last updated: Sep 1, 2026 1:26pm (36d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +17.3% | -13.2% | +0.7% | +13.6% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | +6.8% | +0.9% | +20.4% | +16.1% |
| Net Income Growth | -38.1% | +6.0% | +13.1% | +6.8% |
| EBITDA Growth | +4.0% | +2.8% | +12.9% | +11.2% |
Dividend History (Last 20)
Last updated: Sep 1, 2026 1:23pm (36d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-08-07 | $0.57 | — | — | — |
| 2026-05-08 | $0.57 | — | — | — |
| 2026-02-17 | $0.57 | — | — | — |
| 2025-11-07 | $0.54 | — | — | — |
| 2025-08-08 | $0.54 | — | — | — |
| 2025-05-09 | $0.54 | — | — | — |
| 2025-02-14 | $0.54 | — | — | — |
| 2024-11-13 | $0.52 | — | — | — |
| 2024-08-02 | $0.52 | — | — | — |
| 2024-05-14 | $0.52 | — | — | — |
| 2024-02-09 | $0.52 | — | — | — |
| 2023-11-02 | $0.49 | — | — | — |
| 2023-08-03 | $0.49 | — | — | — |
| 2023-05-04 | $0.49 | — | — | — |
| 2023-02-10 | $0.49 | — | — | — |
| 2022-11-03 | $0.46 | — | — | — |
| 2022-08-04 | $0.46 | — | — | — |
| 2022-05-05 | $0.46 | — | — | — |
| 2022-02-10 | $0.46 | — | — | — |
| 2021-11-04 | $0.44 | — | — | — |
Deep Analysis
0Company Classification
1Industry Landscape
2Company Momentum
3Forward Projection
4aDCF Valuation
4bEarnings Power Value
4cAnchored PE
4dReverse DCF
4eRevenue-Based DCF
4fAnchored P/S
4gScenario Analysis
4hDividend Discount Model
4iBook Value Analysis
4jInsider Activity
4fCash Flow Quality
4gDebt Maturity Risk
4hMacro Environment
4iSector Intelligence
4jRevenue Confidence
4kSensitivity Analysis
4lSector Demand Cycle
5AI Investigation
5bThesis Evaluation
6Valuation Synthesis
computed
not applicable
not yet run 0 computed · 6 not applicable · 18 not yet run
Risk : Reward — upside vs downside from this company's own quarters
Not computed yet
Why there is no ratio: Risk:reward has not been computed for this name yet — its report predates the mechanical valuation chain. It is added, at $0, the next time a report or the nightly touches this ticker.
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CMS — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for CMS — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
Skipped in the Qwen lane lane by design —
the GPT seat runs only in the full report.
Grok Reading
Skipped in the Qwen lane lane by design —
the Grok seat runs only in the full report.
Advanced Analysis Forensic deep-dive · separate lenses
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Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
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v1.1.760 · f4b58a28 · 2026-10-07 20:07:48