CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) 10-Year Financial Performance & Capital Metrics

CMSA • • Utilities

UtilitiesElectric UtilitiesMulti-Utility CompaniesDual Electric & Gas Utilities

AboutCMS Energy Corp. engages in the provision of electric and natural gas activities. It operates through the following business segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment focuses on generation, purchase, distribution, and sale of electricity. The Gas Utility segment includes purchase, transmission, storage, distribution, and sale of natural gas. The NorthStar Clean Energy segment is involved in domestic independent power production including the development and operation of renewable generation and the marketing of independent power production. The company was founded in 1987 and is headquartered in Jackson, MI.Show more

Revenue $7.51B +0.7%
EBITDA $2.73B +12.9%
Net Income $1B +13.1%
Free Cash Flow -$648M +28.8%
EBITDA Margin 36.29% +12.1%
Net Margin 13.35% +12.3%
ROE 11.89% +5.4%
Interest Coverage 2.10 +9.4%
Debt/Equity 1.90 -1.7%
Net Debt/EBITDA 6.05 -5.4%
CapEx / Revenue 40.16% -6.9%
CapEx Coverage 0.79 +9.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓18 years of consecutive dividend growth
✓18 consecutive years of dividend growth
✓Trading at only 0.8x book value

✗Weaknesses

✗High leverage: 6.1x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.46%

5Y2.56%

3Y0.84%

TTM10.96%

Profit (Net Income) CAGR

10Y7.72%

5Y8.08%

3Y-9.5%

TTM0%

EPS CAGR

10Y6.71%

5Y6.86%

3Y-10.6%

TTM-0.57%

ROCE

10Y Avg5.32%

5Y Avg4.51%

3Y Avg4.45%

Latest4.72%

Peer Comparison

Dual Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AQNBAlgonquin Power & Utilities Cor		25.60	170.63	-14.03%	-57.66%	-26.75%		1.09
ESEversource Energy	26.15B	69.69	30.70	-0.08%	10.22%	8.3%		1.92
PPLPPL Corporation	26.42B	35.71	29.76	1.8%	12.16%	7.58%		1.19
LNTAlliant Energy Corporation	17.24B	67.06	24.93	-1.14%	19.13%	11.19%		1.49
DDominion Energy, Inc.	51.53B	60.34	24.73	0.46%	14.77%	7.36%		1.38
PEGPublic Service Enterprise Group Incorporated	39.64B	79.41	22.43	-8.43%	17.77%	12.24%		1.42
WECWEC Energy Group, Inc.	35.18B	108.16	22.39	-3.3%	17.76%	12.1%	1.22%	1.59
XELXcel Energy Inc.	44.58B	75.36	21.91	-5.38%	11.01%	9.04%		1.55

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	6.46B	6.4B	6.58B	6.87B	6.62B	6.42B	7.33B	8.6B	7.46B	7.51B
Revenue Growth %	-0.1%	-0.01%	0.03%	0.04%	-0.04%	-0.03%	0.14%	0.17%	-0.13%	0.01%
Cost of Revenue	4.27B	4.05B	4.08B	4.47B	4.19B	3.79B	4.68B	5.83B	4.6B	4.31B
Gross Profit+	2.19B	2.35B	2.5B	2.4B	2.44B	2.63B	2.65B	2.76B	2.86B	3.21B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.07%	0.07%	-0.04%	0.02%	0.08%	0.01%	0.04%	0.04%	0.12%
Operating Expenses+	1.01B	1.09B	1.17B	1.24B	1.32B	1.4B	1.5B	1.54B	1.63B	1.72B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	1.93B	2.07B	2.22B	2.1B	2.1B	2.27B	2.26B	2.35B	2.42B	2.73B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.05%	0.07%	0.07%	-0.06%	0%	0.08%	-0.01%	0.04%	0.03%	0.13%
Depreciation & Amortization+	750M	811M	881M	933M	989M	1.04B	1.11B	1.13B	1.18B	1.24B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	1.18B	1.26B	1.34B	1.16B	1.11B	1.23B	1.15B	1.22B	1.24B	1.49B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.02%	0.07%	0.07%	-0.13%	-0.04%	0.1%	-0.07%	0.07%	0.01%	0.2%
Interest Expense+	396M	435M	438M	458M	460M	505M	500M	519M	643M	708M
Interest Coverage	2.97x	2.89x	3.05x	2.54x	2.42x	2.44x	2.29x	2.36x	1.92x	2.10x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	796M	826M	886M	774M	764M	809M	823M	902M	954M	1.12B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	271M	273M	424M	115M	131M	115M	95M	93M	147M	176M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	523M	551M	460M	657M	680M	755M	1.35B	837M	887M	1B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.1%	0.05%	-0.17%	0.43%	0.04%	0.11%	0.79%	-0.38%	0.06%	0.13%
EPS (Diluted)+	1.89	1.98	1.64	2.32	2.39	2.64	4.66	2.85	3.01	3.33
EPS Growth %	0.09%	0.05%	-0.17%	0.41%	0.03%	0.1%	0.77%	-0.39%	0.06%	0.11%
EPS (Basic)	1.90	1.99	1.64	2.33	2.40	2.65	4.66	2.84	3.01	3.34
Diluted Shares Outstanding	276M	279M	280.8M	282.9M	284.3M	286.3M	289.5M	290M	291.7M	298.3M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	20.34B	21.62B	23.05B	24.53B	26.84B	29.67B	28.75B	31.35B	33.52B	35.92B
Asset Growth %	0.06%	0.06%	0.07%	0.06%	0.09%	0.11%	-0.03%	0.09%	0.07%	0.07%
PP&E (Net)+	14.71B	15.71B	16.76B	18.13B	18.97B	21.05B	22.38B	22.74B	25.1B	27.48B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	2.32B	2.28B	2.48B	2.47B	2.33B	2.4B	2.63B	3.43B	2.84B	2.79B
Cash & Equivalents	266M	235M	182M	153M	140M	32M	452M	164M	227M	103M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	778M	626M	672M	650M	605M	576M	667M	1.12B	938M	769M
Other Current Assets	51M	75M	39M	58M	50M	488M	70M	75M	224M	304M
Long-Term Investments	64M	65M	64M	69M	71M	70M	71M	71M	76M	69M
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	3.21B	3.56B	3.75B	3.87B	5.46B	6.14B	3.68B	5.11B	5.5B	5.58B
Total Liabilities	16.36B	17.33B	18.57B	19.74B	21.78B	23.59B	21.57B	23.76B	25.39B	27.17B
Total Debt+	9.47B	10.03B	10.49B	11.78B	13.29B	12.42B	12.5B	14.34B	15.67B	16.59B
Net Debt	9.21B	9.8B	10.3B	11.62B	13.15B	12.39B	12.05B	14.18B	15.44B	16.49B
Long-Term Debt	8.4B	8.64B	9.12B	10.62B	11.95B	11.74B	12.05B	13.12B	14.51B	15.19B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	118M	110M	91M	69M	76M	56M	46M	68M	62M	112M
Total Current Liabilities+	2.3B	2.65B	2.78B	2.62B	2.7B	3.07B	2.2B	2.98B	2.9B	3.52B
Accounts Payable	642M	610M	740M	733M	635M	668M	886M	936M	809M	1.09B
Accrued Expenses	455M	446M	463M	492M	541M	558M	622M	660M	754M	810M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	250M	315M	308M	306M	299M	1.25B	311M	266M	255M	355M
Deferred Taxes	0	0	0	0	0	0	0	1000K	1000K	1000K
Other Liabilities	5.5B	5.93B	6.57B	6.43B	7.01B	8.69B	7.24B	5.02B	5.19B	5.3B
Total Equity+	3.98B	4.29B	4.48B	4.79B	5.05B	6.08B	7.19B	7.59B	8.13B	8.75B
Equity Growth %	0.07%	0.08%	0.04%	0.07%	0.05%	0.2%	0.18%	0.06%	0.07%	0.08%
Shareholders Equity	3.94B	4.25B	4.44B	4.75B	5.02B	5.5B	6.63B	7.01B	7.54B	8.23B
Minority Interest	37M	37M	37M	37M	37M	581M	557M	580M	581M	518M
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M
Additional Paid-in Capital	4.84B	4.92B	5.02B	5.09B	5.11B	5.37B	5.41B	5.49B	5.71B	6.01B
Retained Earnings	-855M	-616M	-531M	-271M	-25M	214M	1.06B	1.35B	1.66B	2.04B
Accumulated OCI	-47M	-50M	-50M	-65M	-73M	-86M	-59M	-52M	-46M	-41M
Return on Assets (ROA)	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.05%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.14%	0.13%	0.1%	0.14%	0.14%	0.14%	0.2%	0.11%	0.11%	0.12%
Debt / Equity	2.38x	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x
Debt / Assets	0.47%	0.46%	0.45%	0.48%	0.5%	0.42%	0.43%	0.46%	0.47%	0.46%
Net Debt / EBITDA	4.78x	4.74x	4.64x	5.55x	6.25x	5.45x	5.33x	6.03x	6.39x	6.05x
Book Value per Share	14.4	15.38	15.95	16.94	17.78	21.23	24.83	26.19	27.85	29.33

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.64B	1.63B	1.71B	1.7B	1.79B	1.28B	1.82B	855M	2.31B	2.37B
Operating CF Growth %	0.13%	-0.01%	0.05%	-0%	0.05%	-0.29%	0.43%	-0.53%	1.7%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	523M	551M	460M	657M	680M	697M	751M	833M	886M	1B
Depreciation & Amortization	750M	811M	881M	933M	992M	1.04B	1.11B	1.13B	1.18B	1.24B
Deferred Taxes	247M	264M	417M	182M	150M	170M	249M	89M	157M	142M
Other Non-Cash Items	-102M	-4M	121M	-174M	1M	-609M	-249M	-80M	-330M	-277M
Working Capital Changes	222M	7M	-174M	105M	-33M	-25M	-46M	-1.11B	416M	262M
Capital Expenditures+	-1.56B	-1.67B	-1.67B	-2.07B	-2.1B	-2.31B	-2.08B	-2.37B	-3.22B	-3.02B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-2.06B	-1.92B	-1.87B	-2.61B	-2.82B	-2.84B	-1.23B	-2.47B	-3.38B	-3.05B
Acquisitions	-154M	0	0	0	97M	89M	1M	2M	6M	129M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	1000K	0	0	0	0	0	0
Other Investing	-346M	-243M	-203M	-532M	-809M	-614M	843M	-102M	-167M	-160M
Cash from Financing+	463M	255M	110M	874M	1.01B	1.59B	-296M	1.32B	1.14B	609M
Dividends Paid	-322M	-347M	-377M	-407M	-436M	-467M	-509M	-546M	-579M	-626M
Dividend Payout Ratio %	0.62%	0.63%	0.82%	0.62%	0.64%	0.62%	0.38%	0.65%	0.65%	0.62%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	43M	72M	83M	41M	12M	253M	250M	69M	192M	286M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	0	0	0	0	782M	-137M	-11M	32M	-33M
Net Change in Cash+	41M	-31M	-55M	-25M	-17M	-108M	427M	-294M	66M	-70M
Exchange Rate Effect	1000K	0	-1000K	1000K	1000K	-1000K	1000K	0	0	0
Cash at Beginning	244M	285M	254M	199M	174M	157M	49M	476M	182M	248M
Cash at End	285M	254M	199M	174M	157M	49M	476M	182M	248M	178M
Free Cash Flow+	76M	-43M	40M	-371M	-314M	-1.03B	-257M	-1.52B	-910M	-648M
FCF Growth %	1.58%	-1.57%	1.93%	-10.28%	0.15%	-2.3%	0.75%	-4.91%	0.4%	0.29%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.62%	13.33%	10.49%	14.17%	13.81%	13.56%	20.4%	11.32%	11.29%	11.89%
EBITDA Margin	29.86%	32.3%	33.71%	30.48%	31.76%	35.42%	30.84%	27.34%	32.36%	36.29%
Net Debt / EBITDA	4.78x	4.74x	4.64x	5.55x	6.25x	5.45x	5.33x	6.03x	6.39x	6.05x
Interest Coverage	2.97x	2.89x	3.05x	2.54x	2.42x	2.44x	2.29x	2.36x	1.92x	2.10x
CapEx / Revenue	24.23%	26.13%	25.29%	30.18%	31.76%	36.01%	28.33%	27.62%	43.14%	40.16%
Dividend Payout Ratio	61.57%	62.98%	81.96%	61.95%	64.12%	61.85%	37.62%	65.23%	65.28%	62.41%
Debt / Equity	2.38x	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x
EPS Growth	8.62%	4.76%	-17.17%	41.46%	3.02%	10.46%	76.52%	-38.84%	5.61%	10.63%

Revenue by Segment

	2021	2022	2023	2024
Residential Utility Services	3.8B	4.4B	3.85B	3.75B
Residential Utility Services Growth	-	15.90%	-12.43%	-2.80%
Commercial Utility Service	1.97B	2.29B	2.04B	2.11B
Commercial Utility Service Growth	-	16.40%	-11.04%	3.68%
Industrial Utility Service	678M	867M	720M	720M
Industrial Utility Service Growth	-	27.88%	-16.96%	0.00%
Other Utility Service	-	-	466M	-
Other Utility Service Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) has a price-to-earnings (P/E) ratio of 6.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) reported $8.29B in revenue for fiscal year 2024. This represents a 28% increase from $6.50B in 2011.

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) is profitable, generating $1.05B in net income for fiscal year 2024 (13.3% net margin).

Dividend & Returns

Yes, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) pays a dividend with a yield of 9.24%. This makes it attractive for income-focused investors.

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) has a return on equity (ROE) of 11.9%. This is reasonable for most industries.

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) had negative free cash flow of $1.51B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) has a dividend payout ratio of 62%. This suggests the dividend is well-covered and sustainable.

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