NYSE: CMS
CMS Energy
Utilities · Electric & Other Services Combined
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$24.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.6B |
| FY2017, ended Dec 31, 2017 | $13.3B |
| FY2018, ended Dec 31, 2018 | $14.1B |
| FY2019, ended Dec 31, 2019 | $17.8B |
| FY2020, ended Dec 31, 2020 | $17.6B |
| FY2021, ended Dec 31, 2021 | $18.8B |
| FY2022, ended Dec 31, 2022 | $18.4B |
| FY2023, ended Dec 31, 2023 | $17.1B |
| FY2024, ended Dec 31, 2024 | $19.9B |
| FY2025, ended Dec 31, 2025 | $21.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $24.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.81B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.40B |
| FY2017, ended Dec 31, 2017 | $6.58B |
| FY2018, ended Dec 31, 2018 | $6.87B |
| FY2019, ended Dec 31, 2019 | $6.62B |
| FY2020, ended Dec 31, 2020 | $6.42B |
| FY2021, ended Dec 31, 2021 | $7.33B |
| FY2022, ended Dec 31, 2022 | $8.60B |
| FY2023, ended Dec 31, 2023 | $7.46B |
| FY2024, ended Dec 31, 2024 | $7.51B |
| FY2025, ended Dec 31, 2025 | $8.54B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.81B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $551M | −$43.0M |
| FY2017, ended Dec 31, 2017 | $460M | $40.0M |
| FY2018, ended Dec 31, 2018 | $657M | −$371M |
| FY2019, ended Dec 31, 2019 | $680M | −$307M |
| FY2020, ended Dec 31, 2020 | $755M | −$1.03B |
| FY2021, ended Dec 31, 2021 | $1.35B | −$257M |
| FY2022, ended Dec 31, 2022 | $837M | −$1.52B |
| FY2023, ended Dec 31, 2023 | $887M | — |
| FY2024, ended Dec 31, 2024 | $1.00B | — |
| FY2025, ended Dec 31, 2025 | $1.07B | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.03B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$241M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $235M |
| FY2017, ended Dec 31, 2017 | $182M |
| FY2018, ended Dec 31, 2018 | $153M |
| FY2019, ended Dec 31, 2019 | $140M |
| FY2020, ended Dec 31, 2020 | $32.0M |
| FY2021, ended Dec 31, 2021 | $452M |
| FY2022, ended Dec 31, 2022 | $164M |
| FY2023, ended Dec 31, 2023 | $227M |
| FY2024, ended Dec 31, 2024 | $103M |
| FY2025, ended Dec 31, 2025 | $509M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $241M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$19.0B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.53B |
| FY2017, ended Dec 31, 2017 | $10.2B |
| FY2018, ended Dec 31, 2018 | $11.6B |
| FY2019, ended Dec 31, 2019 | $13.1B |
| FY2020, ended Dec 31, 2020 | $12.3B |
| FY2021, ended Dec 31, 2021 | $12.4B |
| FY2022, ended Dec 31, 2022 | $14.2B |
| FY2023, ended Dec 31, 2023 | $15.5B |
| FY2024, ended Dec 31, 2024 | $16.4B |
| FY2025, ended Dec 31, 2025 | $18.8B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $19.0B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 12.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.314M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 279M |
| FY2017, ended Dec 31, 2017 | 282M |
| FY2018, ended Dec 31, 2018 | 283M |
| FY2019, ended Dec 31, 2019 | 284M |
| FY2020, ended Dec 31, 2020 | 289M |
| FY2021, ended Dec 31, 2021 | 290M |
| FY2022, ended Dec 31, 2022 | 291M |
| FY2023, ended Dec 31, 2023 | 294M |
| FY2024, ended Dec 31, 2024 | 299M |
| FY2025, ended Dec 31, 2025 | 306M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 314M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.04B
Net: $1.04B more issued than bought back
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| Period | Sold for cash |
|---|---|
| FY2016, ended Dec 31, 2016 | $72.0M |
| FY2017, ended Dec 31, 2017 | $83.0M |
| FY2018, ended Dec 31, 2018 | $41.0M |
| FY2019, ended Dec 31, 2019 | $12.0M |
| FY2020, ended Dec 31, 2020 | $253M |
| FY2021, ended Dec 31, 2021 | $26.0M |
| FY2022, ended Dec 31, 2022 | $69.0M |
| FY2023, ended Dec 31, 2023 | $192M |
| FY2024, ended Dec 31, 2024 | $286M |
| FY2025, ended Dec 31, 2025 | $525M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.04B |
Revenue (TTM)
$8.81B
+9.9% YoY
Net income (TTM)
$1.03B
+0.3% YoY
Cash
$241M
−71.4% YoY
Total debt
$19.0B
+6.5% YoY
Valuation
At current price- Market Cap
- $22.0B
- P/E
- 21.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.5×
- Price / Book
- 2.2×
- EV / EBITDA
- 13.5×
Growth
Trailing 12 months- Revenue (TTM)
- $8.81B
- Revenue Growth YoY
- 9.9%
- Revenue CAGR 3Y
- −0.2%
- Revenue CAGR 5Y
- 5.9%
- EPS Growth YoY
- −1.8%
- Net Income Growth YoY
- 0.3%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 18.9%
- Net Margin
- 11.6%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 11.3%
Earnings
Trailing 12 months- Net Income
- $1.03B
- EPS (diluted)
- $3.33
- EBITDA
- $3.02B
- Operating Income
- $1.67B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $241M
- Total Debt
- $19.0B
- Net Debt
- $18.8B
- Total Assets
- $40.9B
- Total Liabilities
- $30.5B
- Shareholders' Equity
- $9.77B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.15B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 3.2%
- Dividend / Share
- $2.25
- Beta (5Y)
- 0.33
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.9% year over year, at $8.81B.
Note
Net margin of 11.6% over the last 12 months.
Watch
Net debt is 6.2× EBITDA ($18.8B), a heavy load.
Watch
Share count is up 4.8% in a year, diluting holders.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 10, 2026 · Read the filing on EDGAR
- Net income rose about 7% to $1,061 million, helped by rate increases and favorable weather; gas utility profit rose $81 million and electric $38 million.
- Consumers' five-year capital plan grew to $24.1 billion through 2030, and $25.8 billion companywide, up from $20.0 billion and $22.8 billion.
- Federal emergency orders kept the J.H. Campbell coal plant running past its planned May 2025 closure, with cost recovery still pending at FERC.
- Consumers signed a data center deal adding over 1 GW of expected demand and won approval of a large-customer tariff designed to protect existing customers.
Business momentum
Improving
“In 2025, CMS Energy’s net income available to common stockholders was $1.1 billion, and diluted EPS were $3.53.”
Outlook
Positive
“This outlook reflects strong growth in electric demand, offset partially by the effects of energy waste reduction programs.”
Financial stress
Low
“CMS Energy and Consumers expect to have sufficient liquidity to fund their present and future commitments.”
Tone against the previous report
About the same
Red flags
- Medium
Other
“there is not currently a FERC-approved MISO Tariff for recovery of compliance costs associated with the continued operation of J.H. Campbell”
- Minor
Large write-down
“two early‑phase renewable natural gas development projects have been paused indefinitely, and Consumers recognized an impairment charge of $15 million related to these projects in 2025”
Positives
New data center deal supports long-term sales growth
“reached an agreement with a new data center expected to add more than 1 GW of incremental load growth in our service territory”
Larger investment plan drives expected growth in the asset base that earns returns
“is expected to result in annual rate-base growth of more than 8 percent”
New tariff shields existing customers from data center costs and risks
“require a minimum 15‑year contract (beyond the construction period), an 80‑percent minimum demand billing obligation, upfront fees, and strong collateral and exit‑fee protections”
Concerns
Part of the profit gain came from favorable weather, while spending and interest costs rose
“In 2025, higher gas and electric sales, due primarily to favorable weather, and electric and gas rate increases were offset partially by increased depreciation and property taxes, reflecting higher capital spending, and higher interest charges.”
The growing capital plan depends on outside funding
“CMS Energy and Consumers rely on the capital markets to fund their robust capital plan.”
Affordability pressure could limit the rate increases the plan needs
“Regulators could face competitive or political pressures to avoid or limit rate increases for a number of reasons, including affordability concerns, economic downturn, reliability and economic justice concerns, or decreased customer base, among others.”
New risks since the previous report
Federal orders forcing the Campbell coal plant to keep running, with cost recovery uncertain
“Consumers is pursuing cost recovery at FERC but cannot predict the outcome of those efforts or the impact of other executive actions.”
Federal rule could let large power users bypass the utility
“If FERC asserts jurisdiction over the distribution components of large-load customers’ interconnections to the transmission system, or allows large-load customers to directly purchase electricity from wholesale markets, it could have a material adverse effect”
Proposed community solar program could add competition for customers
“Groups are advocating for an ROA-like community solar program that allows third parties to sell directly to customers and offer them a regulated bill credit.”
Data center customers may not honor their contracts
“Further, even when data center customers enter into contracts to purchase utility service, there is a risk they may not fulfill their contractual or tariff obligations.”
Court challenge to Michigan's local power capacity requirement
“In January 2025, the Sixth Circuit Court of Appeals issued an opinion finding that the MPSC’s imposition of a local clearing requirement on individual electric suppliers would discriminate against interstate commerce.”
Biggest risks named
- Regulators limiting rate increases or cost recovery
- Reliance on capital markets, subsidiary dividends and heavy debt
- Delivering the large capital and clean energy plans
- Campbell coal plant emergency orders and cost recovery
- Data center demand falling short or straining the system
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3.3 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 27, 2026 | Pro | |||
| 10-K | Feb 10, 2026 | 64 | Improving | 1 medium1 minor | |
| 10-K | Feb 11, 2025 | 69 | Improving | None | |
| 10-K | Feb 8, 2024 | 58 | Mixed | None | |
| 10-K | Feb 9, 2023 | 37 | Sharp deterioration | 1 minor | |
| 10-K | Feb 10, 2022 | 66 | Improving | 1 minor | |
| 10-K | Feb 11, 2021 | 68 | Improving | None | |
| 10-K | Feb 6, 2020 | 67 | Improving | None | |
| 10-K | Feb 5, 2019 | 76 | Strong improvement | None | |
| 10-K | Feb 14, 2018 | 59 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Jul 28, 2026. View filings on SEC EDGAR