CMS Energy Corporation (CMS) 10-Year Financial Performance & Capital Metrics

CMS • • Utilities

UtilitiesElectric UtilitiesElectric and gas combination utilities

AboutCMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It 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.Show more

Revenue $8.54B +13.6%
EBITDA $2.88B +5.5%
Net Income $1.07B +6.8%
Free Cash Flow $2.23B +444.9%
EBITDA Margin 33.69% -7.2%
Net Margin 12.54% -6.0%
ROE 11.75% -1.2%
Interest Coverage 2.19 +4.2%
Debt/Equity 1.99 +5.0%
Net Debt/EBITDA 6.35 +5.1%
CapEx / Revenue 0% -100.0%
CapEx Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓18 years of consecutive dividend growth
✓18 consecutive years of dividend growth
✓Trading near 52-week high

✗Weaknesses

✗High leverage: 6.6x Debt/EBITDA

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.84%

5Y5.88%

3Y-0.22%

TTM10.96%

Profit (Net Income) CAGR

10Y7.43%

5Y7.24%

3Y8.56%

TTM0%

EPS CAGR

10Y6.45%

5Y5.98%

3Y7.39%

TTM-0.57%

ROCE

10Y Avg5.14%

5Y Avg4.53%

3Y Avg4.62%

Latest4.95%

Peer Comparison

Electric and gas combination utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ESEversource Energy	28.59B	76.21	33.57	-0.08%	10.22%	8.3%		1.92
ETREntergy Corporation	48.45B	107.11	27.39	8.98%	13.68%	10.28%		1.80
LNTAlliant Energy Corporation	18.6B	72.34	26.89	-1.14%	19.13%	11.19%		1.49
XELXcel Energy Inc.	49.3B	83.36	24.23	-5.38%	13.46%	9.04%		1.55
WECWEC Energy Group, Inc.	38.07B	116.96	24.22	13.96%	15.9%	3.82%		0.09
FTSFortis Inc.	29.17B	57.50	23.14	5.75%	14.79%	6.48%		1.34
CMSCMS Energy Corporation	6.57B	78.07	22.12	13.63%	12.62%	11.1%	34.04%	1.99
AEEAmeren Corporation	31.31B	113.28	21.17	15.43%	16.55%	10.76%		1.47

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	6.4B	6.58B	6.87B	6.62B	6.42B	7.33B	8.6B	7.46B	7.51B	8.54B
Revenue Growth %	-0.88%	2.88%	4.41%	-3.62%	-3.11%	14.19%	17.29%	-13.19%	0.71%	13.63%
Cost of Revenue	4.05B	4.08B	4.47B	4.19B	3.79B	4.68B	5.83B	4.6B	4.31B	3.34B
Gross Profit+	2.35B	2.5B	2.4B	2.44B	2.63B	2.65B	2.76B	2.86B	3.21B	5.2B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	7.21%	6.6%	-4.2%	1.54%	8.01%	0.72%	4.27%	3.62%	12.12%	62.08%
Operating Expenses+	1.09B	1.17B	1.24B	1.32B	1.4B	1.5B	1.54B	1.63B	1.72B	3.47B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	2.07B	2.22B	2.1B	2.1B	2.27B	2.26B	2.35B	2.42B	2.73B	2.88B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	7.21%	7.35%	-5.59%	0.43%	8.03%	-0.57%	3.98%	2.77%	12.92%	5.5%
Depreciation & Amortization+	811M	881M	933M	989M	1.04B	1.11B	1.13B	1.18B	1.24B	1.15B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	1.26B	1.34B	1.16B	1.11B	1.23B	1.15B	1.22B	1.24B	1.49B	1.73B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	6.62%	6.53%	-13.15%	-4.04%	10.31%	-6.83%	6.81%	0.9%	20.4%	16.14%
Interest Expense+	435M	438M	458M	460M	505M	500M	519M	643M	708M	789M
Interest Coverage	2.89x	3.05x	2.54x	2.42x	2.44x	2.29x	2.36x	1.92x	2.10x	2.19x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	826M	886M	774M	764M	809M	823M	902M	954M	1.12B	1.25B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	273M	424M	115M	131M	115M	95M	93M	147M	176M	246M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	551M	460M	657M	680M	755M	1.35B	837M	887M	1B	1.07B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	5.35%	-16.52%	42.83%	3.5%	11.03%	79.21%	-38.14%	5.97%	13.08%	6.78%
EPS (Diluted)+	1.98	1.64	2.32	2.39	2.64	4.66	2.85	3.01	3.33	3.53
EPS Growth %	4.76%	-17.17%	41.46%	3.02%	10.46%	76.52%	-38.84%	5.61%	10.63%	6.01%
EPS (Basic)	1.99	1.64	2.33	2.40	2.65	4.66	2.84	3.01	3.34	3.53
Diluted Shares Outstanding	279M	280.8M	282.9M	284.3M	286.3M	289.5M	290M	291.7M	298.3M	300.57M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	21.62B	23.05B	24.53B	26.84B	29.67B	28.75B	31.35B	33.52B	35.92B	39.94B
Asset Growth %	6.3%	6.6%	6.42%	9.41%	10.54%	-3.08%	9.04%	6.9%	7.17%	11.19%
PP&E (Net)+	15.71B	16.76B	18.13B	18.97B	21.05B	22.38B	22.74B	25.1B	27.48B	30.68B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	2.28B	2.48B	2.47B	2.33B	2.4B	2.63B	3.43B	2.84B	2.79B	3.47B
Cash & Equivalents	235M	182M	153M	140M	32M	452M	164M	227M	103M	615M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Inventory	626M	672M	650M	605M	576M	667M	1.12B	938M	769M	0
Other Current Assets	75M	39M	58M	50M	488M	70M	75M	224M	304M	2.86B
Long-Term Investments	65M	64M	69M	71M	70M	71M	71M	76M	69M	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	3.56B	3.75B	3.87B	5.46B	6.14B	3.68B	5.11B	5.5B	5.58B	5.79B
Total Liabilities	17.33B	18.57B	19.74B	21.78B	23.59B	21.57B	23.76B	25.39B	27.17B	30.23B
Total Debt+	10.03B	10.49B	11.78B	13.29B	12.42B	12.5B	14.34B	15.67B	16.59B	18.9B
Net Debt	9.8B	10.3B	11.62B	13.15B	12.39B	12.05B	14.18B	15.44B	16.49B	18.28B
Long-Term Debt	8.64B	9.12B	10.62B	11.95B	11.74B	12.05B	13.12B	14.51B	15.19B	18.9B
Short-Term Borrowings	1.26B	1.25B	1.07B	1.2B	587M	376M	1.11B	1.07B	1.26B	0
Capital Lease Obligations	132M	113M	91M	141M	92M	80M	108M	93M	140M	0
Total Current Liabilities+	2.65B	2.78B	2.62B	2.7B	3.07B	2.2B	2.98B	2.9B	3.52B	2.59B
Accounts Payable	610M	740M	733M	635M	668M	886M	936M	809M	1.09B	0
Accrued Expenses	446M	463M	492M	541M	558M	622M	660M	754M	810M	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	315M	308M	306M	299M	1.25B	311M	266M	255M	355M	2.59B
Deferred Taxes	0	0	0	0	0	0	1000K	1000K	1000K	0
Other Liabilities	5.93B	6.57B	6.43B	7.01B	8.69B	7.24B	5.02B	5.19B	5.3B	8.74B
Total Equity+	4.29B	4.48B	4.79B	5.05B	6.08B	7.19B	7.59B	8.13B	8.75B	9.49B
Equity Growth %	7.92%	4.38%	7.01%	5.49%	20.22%	18.28%	5.66%	6.98%	7.67%	8.45%
Shareholders Equity	4.25B	4.44B	4.75B	5.02B	5.5B	6.63B	7.01B	7.54B	8.23B	8.92B
Minority Interest	37M	37M	37M	37M	581M	557M	580M	581M	518M	567M
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	8.92B
Additional Paid-in Capital	4.92B	5.02B	5.09B	5.11B	5.37B	5.41B	5.49B	5.71B	6.01B	0
Retained Earnings	-616M	-531M	-271M	-25M	214M	1.06B	1.35B	1.66B	2.04B	0
Accumulated OCI	-50M	-50M	-65M	-73M	-86M	-59M	-52M	-46M	-41M	0
Return on Assets (ROA)	2.63%	2.06%	2.76%	2.65%	2.67%	4.63%	2.79%	2.73%	2.89%	2.82%
Return on Equity (ROE)	13.33%	10.49%	14.17%	13.81%	13.56%	20.4%	11.32%	11.29%	11.89%	11.75%
Debt / Equity	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x	1.99x
Debt / Assets	46.41%	45.5%	48.01%	49.53%	41.88%	43.48%	45.74%	46.75%	46.19%	47.31%
Net Debt / EBITDA	4.74x	4.64x	5.55x	6.25x	5.45x	5.33x	6.03x	6.39x	6.05x	6.35x
Book Value per Share	15.38	15.95	16.94	17.78	21.23	24.83	26.19	27.85	29.33	31.56

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.63B	1.71B	1.7B	1.79B	1.28B	1.82B	855M	2.31B	2.37B	2.23B
Operating CF Growth %	-0.67%	4.67%	-0.12%	5.11%	-28.72%	42.55%	-53%	170.06%	2.64%	-5.7%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	551M	460M	657M	680M	697M	751M	833M	886M	1B	1.07B
Depreciation & Amortization	811M	881M	933M	992M	1.04B	1.11B	1.13B	1.18B	1.24B	0
Deferred Taxes	264M	417M	182M	150M	170M	249M	89M	157M	142M	0
Other Non-Cash Items	-4M	121M	-174M	1M	-609M	-249M	-80M	-330M	-277M	1.16B
Working Capital Changes	7M	-174M	105M	-33M	-25M	-46M	-1.11B	416M	262M	0
Capital Expenditures+	-1.67B	-1.67B	-2.07B	-2.1B	-2.31B	-2.08B	-2.37B	-3.22B	-3.02B	0
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.92B	-1.87B	-2.61B	-2.82B	-2.84B	-1.23B	-2.47B	-3.38B	-3.05B	-4.04B
Acquisitions	0	0	0	97M	89M	1M	2M	6M	129M	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	1000K	0	0	0	0	0	0	0
Other Investing	-243M	-203M	-532M	-809M	-614M	843M	-102M	-167M	-160M	-4.04B
Cash from Financing+	255M	110M	874M	1.01B	1.59B	-296M	1.32B	1.14B	609M	2.24B
Dividends Paid	-347M	-377M	-407M	-436M	-467M	-509M	-546M	-579M	-626M	0
Dividend Payout Ratio %	62.98%	81.96%	61.95%	64.12%	61.85%	37.62%	65.23%	65.28%	62.41%	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Stock Issued	72M	83M	41M	12M	253M	250M	69M	192M	286M	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	0	0	0	782M	-137M	-11M	32M	-33M	2.24B
Net Change in Cash+	-31M	-55M	-25M	-17M	-108M	427M	-294M	66M	-70M	437M
Exchange Rate Effect	0	-1000K	1000K	1000K	-1000K	1000K	0	0	0	0
Cash at Beginning	285M	254M	199M	174M	157M	49M	476M	182M	248M	178M
Cash at End	254M	199M	174M	157M	49M	476M	182M	248M	178M	615M
Free Cash Flow+	-43M	40M	-371M	-314M	-1.03B	-257M	-1.52B	-910M	-648M	2.23B
FCF Growth %	-156.58%	193.02%	-1027.5%	15.36%	-229.62%	75.17%	-491.05%	40.09%	28.79%	444.91%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	13.33%	10.49%	14.17%	13.81%	13.56%	20.4%	11.32%	11.29%	11.89%	11.75%
EBITDA Margin	32.3%	33.71%	30.48%	31.76%	35.42%	30.84%	27.34%	32.36%	36.29%	33.69%
Net Debt / EBITDA	4.74x	4.64x	5.55x	6.25x	5.45x	5.33x	6.03x	6.39x	6.05x	6.35x
Interest Coverage	2.89x	3.05x	2.54x	2.42x	2.44x	2.29x	2.36x	1.92x	2.10x	2.19x
CapEx / Revenue	26.13%	25.29%	30.18%	31.76%	36.01%	28.33%	27.62%	43.14%	40.16%	0%
Dividend Payout Ratio	62.98%	81.96%	61.95%	64.12%	61.85%	37.62%	65.23%	65.28%	62.41%	-
Debt / Equity	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x	1.99x
EPS Growth	4.76%	-17.17%	41.46%	3.02%	10.46%	76.52%	-38.84%	5.61%	10.63%	6.01%

US Stock Screener

...

CMS Energy Corporation (CMS) 10-Year Financial Performance & Capital Metrics

CMS • • Utilities

UtilitiesElectric UtilitiesElectric and gas combination utilities

Revenue $8.54B +13.6%
EBITDA $2.88B +5.5%
Net Income $1.07B +6.8%
Free Cash Flow $2.23B +444.9%
EBITDA Margin 33.69% -7.2%
Net Margin 12.54% -6.0%
ROE 11.75% -1.2%
Interest Coverage 2.19 +4.2%
Debt/Equity 1.99 +5.0%
Net Debt/EBITDA 6.35 +5.1%
CapEx / Revenue 0% -100.0%
CapEx Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓18 years of consecutive dividend growth
✓18 consecutive years of dividend growth
✓Trading near 52-week high

✗Weaknesses

✗High leverage: 6.6x Debt/EBITDA

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.84%

5Y5.88%

3Y-0.22%

TTM10.96%

Profit (Net Income) CAGR

10Y7.43%

5Y7.24%

3Y8.56%

TTM0%

EPS CAGR

10Y6.45%

5Y5.98%

3Y7.39%

TTM-0.57%

ROCE

10Y Avg5.14%

5Y Avg4.53%

3Y Avg4.62%

Latest4.95%

Peer Comparison

Electric and gas combination utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ESEversource Energy	28.59B	76.21	33.57	-0.08%	10.22%	8.3%		1.92
ETREntergy Corporation	48.45B	107.11	27.39	8.98%	13.68%	10.28%		1.80
LNTAlliant Energy Corporation	18.6B	72.34	26.89	-1.14%	19.13%	11.19%		1.49
XELXcel Energy Inc.	49.3B	83.36	24.23	-5.38%	13.46%	9.04%		1.55
WECWEC Energy Group, Inc.	38.07B	116.96	24.22	13.96%	15.9%	3.82%		0.09
FTSFortis Inc.	29.17B	57.50	23.14	5.75%	14.79%	6.48%		1.34
CMSCMS Energy Corporation	6.57B	78.07	22.12	13.63%	12.62%	11.1%	34.04%	1.99
AEEAmeren Corporation	31.31B	113.28	21.17	15.43%	16.55%	10.76%		1.47

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	6.4B	6.58B	6.87B	6.62B	6.42B	7.33B	8.6B	7.46B	7.51B	8.54B
Revenue Growth %	-0.88%	2.88%	4.41%	-3.62%	-3.11%	14.19%	17.29%	-13.19%	0.71%	13.63%
Cost of Revenue	4.05B	4.08B	4.47B	4.19B	3.79B	4.68B	5.83B	4.6B	4.31B	3.34B
Gross Profit+	2.35B	2.5B	2.4B	2.44B	2.63B	2.65B	2.76B	2.86B	3.21B	5.2B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	7.21%	6.6%	-4.2%	1.54%	8.01%	0.72%	4.27%	3.62%	12.12%	62.08%
Operating Expenses+	1.09B	1.17B	1.24B	1.32B	1.4B	1.5B	1.54B	1.63B	1.72B	3.47B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	2.07B	2.22B	2.1B	2.1B	2.27B	2.26B	2.35B	2.42B	2.73B	2.88B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	7.21%	7.35%	-5.59%	0.43%	8.03%	-0.57%	3.98%	2.77%	12.92%	5.5%
Depreciation & Amortization+	811M	881M	933M	989M	1.04B	1.11B	1.13B	1.18B	1.24B	1.15B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	1.26B	1.34B	1.16B	1.11B	1.23B	1.15B	1.22B	1.24B	1.49B	1.73B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	6.62%	6.53%	-13.15%	-4.04%	10.31%	-6.83%	6.81%	0.9%	20.4%	16.14%
Interest Expense+	435M	438M	458M	460M	505M	500M	519M	643M	708M	789M
Interest Coverage	2.89x	3.05x	2.54x	2.42x	2.44x	2.29x	2.36x	1.92x	2.10x	2.19x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	826M	886M	774M	764M	809M	823M	902M	954M	1.12B	1.25B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	273M	424M	115M	131M	115M	95M	93M	147M	176M	246M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	551M	460M	657M	680M	755M	1.35B	837M	887M	1B	1.07B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	5.35%	-16.52%	42.83%	3.5%	11.03%	79.21%	-38.14%	5.97%	13.08%	6.78%
EPS (Diluted)+	1.98	1.64	2.32	2.39	2.64	4.66	2.85	3.01	3.33	3.53
EPS Growth %	4.76%	-17.17%	41.46%	3.02%	10.46%	76.52%	-38.84%	5.61%	10.63%	6.01%
EPS (Basic)	1.99	1.64	2.33	2.40	2.65	4.66	2.84	3.01	3.34	3.53
Diluted Shares Outstanding	279M	280.8M	282.9M	284.3M	286.3M	289.5M	290M	291.7M	298.3M	300.57M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	21.62B	23.05B	24.53B	26.84B	29.67B	28.75B	31.35B	33.52B	35.92B	39.94B
Asset Growth %	6.3%	6.6%	6.42%	9.41%	10.54%	-3.08%	9.04%	6.9%	7.17%	11.19%
PP&E (Net)+	15.71B	16.76B	18.13B	18.97B	21.05B	22.38B	22.74B	25.1B	27.48B	30.68B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	2.28B	2.48B	2.47B	2.33B	2.4B	2.63B	3.43B	2.84B	2.79B	3.47B
Cash & Equivalents	235M	182M	153M	140M	32M	452M	164M	227M	103M	615M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Inventory	626M	672M	650M	605M	576M	667M	1.12B	938M	769M	0
Other Current Assets	75M	39M	58M	50M	488M	70M	75M	224M	304M	2.86B
Long-Term Investments	65M	64M	69M	71M	70M	71M	71M	76M	69M	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	3.56B	3.75B	3.87B	5.46B	6.14B	3.68B	5.11B	5.5B	5.58B	5.79B
Total Liabilities	17.33B	18.57B	19.74B	21.78B	23.59B	21.57B	23.76B	25.39B	27.17B	30.23B
Total Debt+	10.03B	10.49B	11.78B	13.29B	12.42B	12.5B	14.34B	15.67B	16.59B	18.9B
Net Debt	9.8B	10.3B	11.62B	13.15B	12.39B	12.05B	14.18B	15.44B	16.49B	18.28B
Long-Term Debt	8.64B	9.12B	10.62B	11.95B	11.74B	12.05B	13.12B	14.51B	15.19B	18.9B
Short-Term Borrowings	1.26B	1.25B	1.07B	1.2B	587M	376M	1.11B	1.07B	1.26B	0
Capital Lease Obligations	132M	113M	91M	141M	92M	80M	108M	93M	140M	0
Total Current Liabilities+	2.65B	2.78B	2.62B	2.7B	3.07B	2.2B	2.98B	2.9B	3.52B	2.59B
Accounts Payable	610M	740M	733M	635M	668M	886M	936M	809M	1.09B	0
Accrued Expenses	446M	463M	492M	541M	558M	622M	660M	754M	810M	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	315M	308M	306M	299M	1.25B	311M	266M	255M	355M	2.59B
Deferred Taxes	0	0	0	0	0	0	1000K	1000K	1000K	0
Other Liabilities	5.93B	6.57B	6.43B	7.01B	8.69B	7.24B	5.02B	5.19B	5.3B	8.74B
Total Equity+	4.29B	4.48B	4.79B	5.05B	6.08B	7.19B	7.59B	8.13B	8.75B	9.49B
Equity Growth %	7.92%	4.38%	7.01%	5.49%	20.22%	18.28%	5.66%	6.98%	7.67%	8.45%
Shareholders Equity	4.25B	4.44B	4.75B	5.02B	5.5B	6.63B	7.01B	7.54B	8.23B	8.92B
Minority Interest	37M	37M	37M	37M	581M	557M	580M	581M	518M	567M
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	8.92B
Additional Paid-in Capital	4.92B	5.02B	5.09B	5.11B	5.37B	5.41B	5.49B	5.71B	6.01B	0
Retained Earnings	-616M	-531M	-271M	-25M	214M	1.06B	1.35B	1.66B	2.04B	0
Accumulated OCI	-50M	-50M	-65M	-73M	-86M	-59M	-52M	-46M	-41M	0
Return on Assets (ROA)	2.63%	2.06%	2.76%	2.65%	2.67%	4.63%	2.79%	2.73%	2.89%	2.82%
Return on Equity (ROE)	13.33%	10.49%	14.17%	13.81%	13.56%	20.4%	11.32%	11.29%	11.89%	11.75%
Debt / Equity	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x	1.99x
Debt / Assets	46.41%	45.5%	48.01%	49.53%	41.88%	43.48%	45.74%	46.75%	46.19%	47.31%
Net Debt / EBITDA	4.74x	4.64x	5.55x	6.25x	5.45x	5.33x	6.03x	6.39x	6.05x	6.35x
Book Value per Share	15.38	15.95	16.94	17.78	21.23	24.83	26.19	27.85	29.33	31.56

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.63B	1.71B	1.7B	1.79B	1.28B	1.82B	855M	2.31B	2.37B	2.23B
Operating CF Growth %	-0.67%	4.67%	-0.12%	5.11%	-28.72%	42.55%	-53%	170.06%	2.64%	-5.7%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	551M	460M	657M	680M	697M	751M	833M	886M	1B	1.07B
Depreciation & Amortization	811M	881M	933M	992M	1.04B	1.11B	1.13B	1.18B	1.24B	0
Deferred Taxes	264M	417M	182M	150M	170M	249M	89M	157M	142M	0
Other Non-Cash Items	-4M	121M	-174M	1M	-609M	-249M	-80M	-330M	-277M	1.16B
Working Capital Changes	7M	-174M	105M	-33M	-25M	-46M	-1.11B	416M	262M	0
Capital Expenditures+	-1.67B	-1.67B	-2.07B	-2.1B	-2.31B	-2.08B	-2.37B	-3.22B	-3.02B	0
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.92B	-1.87B	-2.61B	-2.82B	-2.84B	-1.23B	-2.47B	-3.38B	-3.05B	-4.04B
Acquisitions	0	0	0	97M	89M	1M	2M	6M	129M	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	1000K	0	0	0	0	0	0	0
Other Investing	-243M	-203M	-532M	-809M	-614M	843M	-102M	-167M	-160M	-4.04B
Cash from Financing+	255M	110M	874M	1.01B	1.59B	-296M	1.32B	1.14B	609M	2.24B
Dividends Paid	-347M	-377M	-407M	-436M	-467M	-509M	-546M	-579M	-626M	0
Dividend Payout Ratio %	62.98%	81.96%	61.95%	64.12%	61.85%	37.62%	65.23%	65.28%	62.41%	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Stock Issued	72M	83M	41M	12M	253M	250M	69M	192M	286M	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	0	0	0	782M	-137M	-11M	32M	-33M	2.24B
Net Change in Cash+	-31M	-55M	-25M	-17M	-108M	427M	-294M	66M	-70M	437M
Exchange Rate Effect	0	-1000K	1000K	1000K	-1000K	1000K	0	0	0	0
Cash at Beginning	285M	254M	199M	174M	157M	49M	476M	182M	248M	178M
Cash at End	254M	199M	174M	157M	49M	476M	182M	248M	178M	615M
Free Cash Flow+	-43M	40M	-371M	-314M	-1.03B	-257M	-1.52B	-910M	-648M	2.23B
FCF Growth %	-156.58%	193.02%	-1027.5%	15.36%	-229.62%	75.17%	-491.05%	40.09%	28.79%	444.91%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	13.33%	10.49%	14.17%	13.81%	13.56%	20.4%	11.32%	11.29%	11.89%	11.75%
EBITDA Margin	32.3%	33.71%	30.48%	31.76%	35.42%	30.84%	27.34%	32.36%	36.29%	33.69%
Net Debt / EBITDA	4.74x	4.64x	5.55x	6.25x	5.45x	5.33x	6.03x	6.39x	6.05x	6.35x
Interest Coverage	2.89x	3.05x	2.54x	2.42x	2.44x	2.29x	2.36x	1.92x	2.10x	2.19x
CapEx / Revenue	26.13%	25.29%	30.18%	31.76%	36.01%	28.33%	27.62%	43.14%	40.16%	0%
Dividend Payout Ratio	62.98%	81.96%	61.95%	64.12%	61.85%	37.62%	65.23%	65.28%	62.41%	-
Debt / Equity	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x	1.99x
EPS Growth	4.76%	-17.17%	41.46%	3.02%	10.46%	76.52%	-38.84%	5.61%	10.63%	6.01%

CMS Energy Corporation (CMS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CMS vs Peers

vs DUK

vs XEL

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

CMS Energy Corporation (CMS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CMS vs Peers

vs DUK

vs XEL

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios