Utilities · Regulated Electric
Price
$78.81
Market Cap
$24.3B
Employees
8,433
Beta
0.35
Avg Volume
3,097,161
CEO
Garrick J. Rochow
Business Description
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.
Business History
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
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
22.33
Stock Price: $78.81
EPS (Diluted): 3.53
EPS (Diluted): 3.53
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.30
Stock Price: $78.81
Total Equity: $9.14B
Shares: 300,566,572
Total Equity: $9.14B
Shares: 300,566,572
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
12.34
Market Cap: $24.35B
Total Debt: $18.79B
Cash: $615.00M
EBITDA: $3.19B
Total Debt: $18.79B
Cash: $615.00M
EBITDA: $3.19B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$39.3B
Market Cap: $24.35B
Total Debt: $18.79B
Cash: $615.00M
Total Debt: $18.79B
Cash: $615.00M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
60.9%
Gross Profit: $5.20B
Revenue: $8.54B
Revenue: $8.54B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
20.2%
Operating Income: $1.73B
Revenue: $8.54B
Revenue: $8.54B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
12.5%
Net Income: $1.07B
Revenue: $8.54B
Revenue: $8.54B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
11.7%
Net Income: $1.07B
Total Equity: $9.14B
Total Equity: $9.14B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
5.1%
Operating Income: $1.73B
Tax Rate: 19.7%
Equity: $9.14B
Total Debt: $18.79B
Cash: $615.00M
Tax Rate: 19.7%
Equity: $9.14B
Total Debt: $18.79B
Cash: $615.00M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.98
Current Assets: $3.47B
Current Liabilities: $3.55B
Current Liabilities: $3.55B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.05
Short-Term Debt: $959.00M
Long-Term Debt: $17.83B
Total Debt: $18.79B
Total Equity: $9.14B
Long-Term Debt: $17.83B
Total Debt: $18.79B
Total Equity: $9.14B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$28.41
Revenue: $8.54B
Shares: 300,566,572
Shares: 300,566,572
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$30.42
Total Equity: $9.14B
Shares: 300,566,572
Shares: 300,566,572
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-5.29
Operating CF: $2.24B
CapEx: -$3.82B
Shares: 300,566,572
CapEx: -$3.82B
Shares: 300,566,572
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
3.2%
Last Dividend: N/A
Stock Price: $78.81
Stock Price: $78.81
Payout Ratio (Earnings paid out as dividends)
Dividends 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.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3B | $8.6B | $7.5B | $7.5B | $8.5B |
| Cost of Revenue | $4.7B | $5.8B | $4.6B | $4.3B | $3.3B |
| Gross Profit | $2.6B | $2.8B | $2.9B | $3.2B | $5.2B |
| Operating Expenses | $1.5B | $1.5B | $1.6B | $1.7B | $3.5B |
| 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 | $2.4B | $2.5B | $2.8B | $3.1B | $3.2B |
| EPS | $4.66 | $2.84 | $3.01 | $3.34 | $3.53 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $452.0M | $164.0M | $227.0M | $103.0M | $615.0M |
| Total Current Assets | $2.6B | $3.4B | $2.8B | $2.8B | $3.5B |
| Total Assets | $28.8B | $31.4B | $33.5B | $35.9B | $40.4B |
| Current Liabilities | $2.2B | $3.0B | $2.9B | $3.5B | $3.5B |
| Long-Term Debt | $12.0B | $13.1B | $14.5B | $15.2B | $17.8B |
| Total Liabilities | $21.6B | $23.8B | $25.4B | $27.2B | $30.7B |
| Total Equity | $6.6B | $7.0B | $7.5B | $8.2B | $9.1B |
| Retained Earnings | $1.1B | $1.4B | $1.7B | $2.0B | $2.4B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:39pm (5d 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 | -$3.2B | -$3.0B | -$3.8B |
| Free Cash Flow | -$257.0M | -$1.5B | -$910.0M | -$648.0M | -$1.6B |
| Acquisitions (net) | $1.0M | $2.0M | $6.0M | $129.0M | $4.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $427.0M | -$294.0M | $66.0M | -$70.0M | $437.0M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:51pm (11h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$9.3B $8.9B – $9.7B
|
$9.8B $9.7B – $9.8B
|
$10.1B $9.5B – $10.5B
|
$10.5B $9.9B – $10.9B
|
| EBITDA |
$4.3B $4.1B – $4.5B
|
$4.5B $4.5B – $4.5B
|
$4.6B $4.4B – $4.8B
|
$4.8B $4.6B – $5.0B
|
| Net Income |
$1.3B $1.2B – $1.3B
|
$1.4B $1.3B – $1.4B
|
$1.5B $1.4B – $1.5B
|
$1.6B $1.5B – $1.7B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:39pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +17.3% | -13.2% | +0.7% | +13.6% |
| Gross Profit Growth | +4.3% | +3.6% | +12.1% | +62.1% |
| Operating Income Growth | +6.8% | +0.9% | +20.4% | +16.1% |
| Net Income Growth | -38.1% | +6.0% | +13.1% | +6.8% |
| EBITDA Growth | +4.5% | +9.0% | +10.6% | +3.8% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:39pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-08 | $0.57 | 2026-04-20 | 2026-05-08 | 2026-05-29 |
| 2026-02-17 | $0.57 | 2026-02-05 | 2026-02-17 | 2026-02-27 |
| 2025-11-07 | $0.54 | 2025-10-20 | 2025-11-07 | 2025-11-26 |
| 2025-08-08 | $0.54 | 2025-07-21 | 2025-08-08 | 2025-08-29 |
| 2025-05-09 | $0.54 | 2025-04-14 | 2025-05-09 | 2025-05-30 |
| 2025-02-14 | $0.54 | 2025-02-06 | 2025-02-17 | 2025-02-28 |
| 2024-11-13 | $0.52 | 2024-10-21 | 2024-11-13 | 2024-11-27 |
| 2024-08-02 | $0.52 | 2024-07-22 | 2024-08-02 | 2024-08-30 |
| 2024-05-14 | $0.52 | 2024-04-22 | 2024-05-15 | 2024-05-31 |
| 2024-02-09 | $0.52 | 2024-02-01 | 2024-02-12 | 2024-02-29 |
| 2023-11-02 | $0.49 | 2023-10-20 | 2023-11-03 | 2023-11-30 |
| 2023-08-03 | $0.49 | 2023-07-21 | 2023-08-04 | 2023-08-31 |
| 2023-05-04 | $0.49 | 2023-04-21 | 2023-05-05 | 2023-05-31 |
| 2023-02-10 | $0.49 | 2023-02-02 | 2023-02-13 | 2023-02-28 |
| 2022-11-03 | $0.46 | 2022-10-21 | 2022-11-04 | 2022-11-30 |
| 2022-08-04 | $0.46 | 2022-07-22 | 2022-08-05 | 2022-08-31 |
| 2022-05-05 | $0.46 | 2022-04-22 | 2022-05-06 | 2022-05-31 |
| 2022-02-10 | $0.46 | 2022-01-27 | 2022-02-11 | 2022-02-28 |
| 2021-11-04 | $0.44 | 2021-10-22 | 2021-11-05 | 2021-11-30 |
| 2021-08-05 | $0.44 | 2021-07-22 | 2021-08-06 | 2021-08-31 |
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).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30