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CMSA logoCMS Energy Corporation 5.6% JRSUB NT 78(CMSA)Earnings, Financials & Key Ratios

CMSA•NYSE•Utilities
$22.04
$6.62B mkt cap·6.2× P/E·Price updated May 6, 2026
SectorUtilitiesIndustryElectric UtilitiesSub-IndustryElectric and gas combination 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$8.54B+13.6%
  • EBITDA$2.88B+5.5%
  • Net Income$1.07B+6.8%
  • Free Cash Flow-$1.59B-145.2%
  • EBITDA Margin33.69%-7.2%
  • Net Margin12.54%-6.0%
  • ROE11.6%-2.4%
  • Interest Coverage2.58-0.2%
  • Debt/Equity1.95+2.8%
  • Net Debt/EBITDA6.37+5.3%
  • CapEx / Revenue44.78%+11.5%
  • CapEx Coverage0.58-25.6%
Technical→

CMSA Key Insights

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓19 years of consecutive dividend growth
  • ✓19 consecutive years of dividend growth
  • ✓Momentum leader: RS Rating 95 (top 5%)
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗High leverage: 6.6x Debt/EBITDA

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CMSA Price & Volume

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) stock price & volume — 10-year historical chart

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CMSA Growth Metrics

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.84%
5 Years5.88%
3 Years-0.22%
TTM13.63%

Profit CAGR

10 Years7.43%
5 Years7.24%
3 Years8.56%
TTM6.78%

EPS CAGR

10 Years6.45%
5 Years5.98%
3 Years7.39%
TTM6.01%

Return on Capital

10 Years5.15%
5 Years4.53%
3 Years4.63%
Last Year4.99%

CMSA Recent Earnings

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 23, 2026
EPS
$1.14
Est $1.09
+4.6%
Revenue
$2.7B
Est $2.5B
+8.2%
Q1 2026
Feb 5, 2026
EPS
$0.95
Est $0.93
+1.8%
Revenue
$2.2B
Est $1.9B
+18.6%
Q4 2025
Oct 30, 2025
EPS
$0.92
Est $0.86
+7.2%
Revenue
$2.0B
Est $1.8B
+9.5%
Q3 2025
Jul 31, 2025
EPS
$0.67
Est $0.68
-1.2%
Revenue
$1.8B
Est $1.7B
+5.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$1.14vs $1.09+4.6%
$2.7Bvs $2.5B+8.2%
Q1 2026Feb 5, 2026
$0.95vs $0.93+1.8%
$2.2Bvs $1.9B+18.6%
Q4 2025Oct 30, 2025
$0.92vs $0.86+7.2%
$2.0Bvs $1.8B+9.5%
Q3 2025Jul 31, 2025
$0.67vs $0.68-1.2%
$1.8Bvs $1.7B+5.8%
Based on last 12 quarters of dataView full earnings history →

CMSA Peer Comparison

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) competitors in Electric and gas combination utilities — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AQNB logoAQNBAlgonquin Power & Utilities CorDirect Competitor19.17B26.11174.07-14.03%-57.66%-26.75%1.09
EVRG logoEVRGEvergy, Inc.Direct Competitor18.65B80.9922.132.37%14.63%8.22%0.07
CMS logoCMSCMS Energy CorporationProduct Competitor22.88B74.0520.9813.63%12.55%11.6%1.95
CNP logoCNPCenterPoint Energy, Inc.Product Competitor27.64B42.3326.468.26%11.38%9.59%2.12
NI logoNINiSource Inc.Product Competitor22.72B47.4824.3521.76%14.1%8.4%1.39
WEC logoWECWEC Energy Group, Inc.Product Competitor37.11B113.9423.5913.96%16.25%11.64%1.59
AEE logoAEEAmeren CorporationProduct Competitor30.32B109.5920.4815.43%17.17%11.6%1.47
DTE logoDTEDTE Energy CompanyProduct Competitor29.63B142.4420.1826.95%7.75%10.43%2.16

Compare CMSA vs Peers

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AQNB

Most directly comparable listed peer for CMSA.

Scale Benchmark

vs NEE

Larger-name benchmark to compare CMSA against a more recognizable public peer.

Peer Set

Compare Top 5

vs AQNB, EVRG, CMS, CNP

CMSA Income Statement

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue6.58B6.87B6.62B6.42B7.33B8.6B7.46B7.51B8.54B
Revenue Growth %2.88%4.41%-3.62%-3.11%14.19%17.29%-13.19%0.71%13.63%
Cost of Revenue4.08B4.47B4.19B3.79B4.68B5.83B4.6B4.31B3.34B
Gross Profit
2.5B▲ 0%
2.4B▼ 4.2%
2.44B▲ 1.5%
2.63B▲ 8.0%
2.65B▲ 0.7%
2.76B▲ 4.3%
2.86B▲ 3.6%
3.21B▲ 12.1%
5.2B▲ 62.1%
Gross Margin %38.02%34.89%36.76%40.98%36.14%32.13%38.35%42.7%60.91%
Gross Profit Growth %6.6%-4.2%1.54%8.01%0.72%4.27%3.62%12.12%62.08%
Operating Expenses1.17B1.24B1.32B1.4B1.5B1.54B1.63B1.72B3.47B
Other Operating Expenses---------
EBITDA2.22B2.1B2.1B2.27B2.26B2.35B2.42B2.73B2.88B
EBITDA Margin %33.71%30.48%31.76%35.42%30.84%27.34%32.36%36.29%33.69%
EBITDA Growth %7.35%-5.59%0.43%8.03%-0.57%3.98%2.77%12.92%5.5%
Depreciation & Amortization881M933M989M1.04B1.11B1.13B1.18B1.24B1.15B
D&A / Revenue %13.38%13.57%14.93%16.25%15.2%13.1%15.81%16.5%13.47%
Operating Income (EBIT)
1.34B▲ 0%
1.16B▼ 13.2%
1.11B▼ 4.0%
1.23B▲ 10.3%
1.15B▼ 6.8%
1.22B▲ 6.8%
1.24B▲ 0.9%
1.49B▲ 20.4%
1.73B▲ 16.1%
Operating Margin %20.33%16.91%16.83%19.16%15.64%14.24%16.55%19.79%20.22%
Operating Income Growth %6.53%-13.15%-4.04%10.31%-6.83%6.81%0.9%20.4%16.14%
Interest Expense438M458M460M505M500M519M643M708M789M
Interest Coverage3.02x2.69x2.66x2.60x2.65x2.74x2.48x2.59x2.58x
Interest / Revenue %6.65%6.66%6.94%7.87%6.82%6.04%8.62%9.42%9.24%
Non-Operating Income-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K
Pretax Income
886M▲ 0%
774M▼ 12.6%
764M▼ 1.3%
809M▲ 5.9%
823M▲ 1.7%
902M▲ 9.6%
954M▲ 5.8%
1.12B▲ 17.7%
1.25B▲ 11.1%
Pretax Margin %13.46%11.26%11.53%12.61%11.23%10.49%12.78%14.94%14.62%
Income Tax424M115M131M115M95M93M147M176M246M
Effective Tax Rate %47.86%14.86%17.15%14.22%11.54%10.31%15.41%15.67%19.71%
Net Income
460M▲ 0%
657M▲ 42.8%
680M▲ 3.5%
755M▲ 11.0%
1.35B▲ 79.2%
837M▼ 38.1%
887M▲ 6.0%
1B▲ 13.1%
1.07B▲ 6.8%
Net Margin %6.99%9.56%10.27%11.76%18.46%9.74%11.89%13.35%12.54%
Net Income Growth %-16.52%42.83%3.5%11.03%79.21%-38.14%5.97%13.08%6.78%
EPS (Diluted)
1.64▲ 0%
2.32▲ 41.5%
2.39▲ 3.0%
2.64▲ 10.5%
4.66▲ 76.5%
2.85▼ 38.8%
3.01▲ 5.6%
3.33▲ 10.6%
3.53▲ 6.0%
EPS Growth %-17.17%41.46%3.02%10.46%76.52%-38.84%5.61%10.63%6.01%
EPS (Basic)1.642.332.402.654.662.843.013.343.53
Diluted Shares Outstanding280.8M282.9M284.3M286.3M289.5M290M291.7M298.3M300.57M

CMSA Balance Sheet

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets23.05B24.53B26.84B29.67B28.75B31.35B33.52B35.92B40.39B
Asset Growth %6.6%6.42%9.41%10.54%-3.08%9.04%6.9%7.17%12.44%
PP&E (Net)16.76B18.13B18.97B21.05B22.38B22.74B25.1B27.48B30.7B
PP&E / Total Assets %72.72%73.9%70.7%70.95%77.83%72.54%74.88%76.52%76.02%
Total Current Assets2.48B2.47B2.33B2.4B2.63B3.43B2.84B2.79B3.47B
Cash & Equivalents182M153M140M32M452M164M227M103M615M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory672M650M605M576M667M1.12B938M769M791M
Other Current Assets39M58M50M488M70M75M224M304M743M
Long-Term Investments64M69M71M70M71M71M76M69M79M
Goodwill000000000
Intangible Assets000000000
Other Assets3.75B3.87B5.46B6.14B3.68B5.11B5.5B5.58B5.69B
Total Liabilities18.57B19.74B21.78B23.59B21.57B23.76B25.39B27.17B30.68B
Total Debt10.49B11.78B13.29B12.42B12.5B14.34B15.67B16.59B18.94B
Net Debt10.3B11.62B13.15B12.39B12.05B14.18B15.44B16.49B18.32B
Long-Term Debt9.12B10.62B11.95B11.74B12.05B13.12B14.51B15.19B17.83B
Short-Term Borrowings1.25B1.07B1.2B587M376M1.11B1.07B1.26B959M
Capital Lease Obligations113M91M141M92M80M108M93M140M154M
Total Current Liabilities2.78B2.62B2.7B3.07B2.2B2.98B2.9B3.52B3.55B
Accounts Payable740M733M635M668M886M936M809M1.09B1.4B
Accrued Expenses463M492M541M558M622M660M754M810M0
Deferred Revenue000000000
Other Current Liabilities308M306M299M1.25B311M266M255M355M1.19B
Deferred Taxes000001000K1000K1000K1000K
Other Liabilities6.57B6.43B7.01B8.69B7.24B5.02B5.19B5.3B5.33B
Total Equity
4.48B▲ 0%
4.79B▲ 7.0%
5.05B▲ 5.5%
6.08B▲ 20.2%
7.19B▲ 18.3%
7.59B▲ 5.7%
8.13B▲ 7.0%
8.75B▲ 7.7%
9.71B▲ 11.0%
Equity Growth %4.38%7.01%5.49%20.22%18.28%5.66%6.98%7.67%11.01%
Shareholders Equity4.44B4.75B5.02B5.5B6.63B7.01B7.54B8.23B9.14B
Minority Interest37M37M37M581M557M580M581M518M567M
Common Stock3M3M3M3M3M3M3M3M3M
Additional Paid-in Capital5.02B5.09B5.11B5.37B5.41B5.49B5.71B6.01B6.51B
Retained Earnings-531M-271M-25M214M1.06B1.35B1.66B2.04B2.44B
Accumulated OCI-50M-65M-73M-86M-59M-52M-46M-41M-36M
Return on Assets (ROA)2.06%2.76%2.65%2.67%4.63%2.79%2.73%2.89%2.81%
Return on Equity (ROE)10.49%14.17%13.81%13.56%20.4%11.32%11.29%11.89%11.6%
Debt / Equity2.34x2.46x2.63x2.04x1.74x1.89x1.93x1.90x1.95x
Debt / Assets45.5%48.01%49.53%41.88%43.48%45.74%46.75%46.19%46.89%
Net Debt / EBITDA4.64x5.55x6.25x5.45x5.33x6.03x6.39x6.05x6.37x
Book Value per Share15.9516.9417.7821.2324.8326.1927.8529.3332.31

CMSA Cash Flow Statement

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations1.71B1.7B1.79B1.28B1.82B855M2.31B2.37B2.23B
Operating CF Growth %4.67%-0.12%5.11%-28.72%42.55%-53%170.06%2.64%-5.7%
Operating CF / Revenue %25.9%24.78%27.02%19.88%24.82%9.95%30.94%31.54%26.17%
Net Income460M657M680M697M751M833M886M1B1.07B
Depreciation & Amortization881M933M992M1.04B1.11B1.13B1.18B1.24B1.31B
Deferred Taxes417M182M150M170M249M89M157M142M202M
Other Non-Cash Items121M-174M1M-609M-249M-80M-330M-277M-283M
Working Capital Changes-174M105M-33M-25M-46M-1.11B416M262M-61M
Capital Expenditures-1.67B-2.07B-2.1B-2.31B-2.08B-2.37B-3.22B-3.02B-3.82B
CapEx / Revenue %25.29%30.18%31.76%36.01%28.33%27.62%43.14%40.16%44.78%
CapEx / D&A1.89x2.22x2.12x2.22x1.86x2.11x2.73x2.43x2.93x
CapEx Coverage (OCF/CapEx)1.02x0.82x0.85x0.55x0.88x0.36x0.72x0.79x0.58x
Cash from Investing-1.87B-2.61B-2.82B-2.84B-1.23B-2.47B-3.38B-3.05B-4.03B
Acquisitions0097M89M1M2M6M129M4M
Purchase of Investments000000000
Sale of Investments0146M0000000
Other Investing-203M-532M-809M-614M843M-102M-167M-160M-214M
Cash from Financing110M874M1.01B1.59B-296M1.32B1.14B609M2.24B
Dividends Paid-377M-407M-436M-467M-509M-546M-579M-626M-663M
Dividend Payout Ratio %81.96%61.95%64.12%61.85%37.62%65.23%65.28%62.41%61.9%
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K1000K1000K1000K
Stock Issued83M41M12M253M250M69M192M286M525M
Share Repurchases000000000
Other Financing000782M-137M-11M32M-33M-20M
Net Change in Cash
-55M▲ 0%
-25M▲ 54.5%
-17M▲ 32.0%
-108M▼ 535.3%
427M▲ 495.4%
-294M▼ 168.9%
66M▲ 122.4%
-70M▼ 206.1%
437M▲ 724.3%
Exchange Rate Effect-2M4M1M-136M136M0000
Cash at Beginning254M199M174M157M49M476M182M248M178M
Cash at End199M174M157M49M476M182M248M178M615M
Free Cash Flow
40M▲ 0%
-371M▼ 1027.5%
-314M▲ 15.4%
-1.03B▼ 229.6%
-257M▲ 75.2%
-1.52B▼ 491.1%
-910M▲ 40.1%
-648M▲ 28.8%
-1.59B▼ 145.2%
FCF Growth %193.02%-1027.5%15.36%-229.62%75.17%-491.05%40.09%28.79%-145.22%
FCF Margin %0.61%-5.4%-4.74%-16.13%-3.51%-17.67%-12.2%-8.62%-18.61%
FCF / Net Income %8.7%-56.47%-46.18%-137.09%-18.99%-181.48%-102.59%-64.61%-148.37%

CMSA Key Ratios

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)13.33%10.49%14.17%13.81%13.56%20.4%11.32%11.29%11.89%11.6%
EBITDA Margin32.3%33.71%30.48%31.76%35.42%30.84%27.34%32.36%36.29%33.69%
Net Debt / EBITDA4.74x4.64x5.55x6.25x5.45x5.33x6.03x6.39x6.05x6.37x
Interest Coverage2.90x3.02x2.69x2.66x2.60x2.65x2.74x2.48x2.59x2.58x
CapEx / Revenue26.13%25.29%30.18%31.76%36.01%28.33%27.62%43.14%40.16%44.78%
Dividend Payout Ratio62.98%81.96%61.95%64.12%61.85%37.62%65.23%65.28%62.41%61.9%
Debt / Equity2.34x2.34x2.46x2.63x2.04x1.74x1.89x1.93x1.90x1.95x
EPS Growth4.76%-17.17%41.46%3.02%10.46%76.52%-38.84%5.61%10.63%6.01%

CMSA SEC Filings & Documents

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 20, 2026·SEC

Material company update

Feb 11, 2026·SEC

Material company update

Feb 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 8, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

Apr 24, 2025·SEC

CMSA Frequently Asked Questions

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) reported $8.54B in revenue for fiscal year 2025. This represents a 97% increase from $4.32B in 1996.

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) grew revenue by 13.6% over the past year. This is steady growth.

Yes, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) is profitable, generating $1.07B in net income for fiscal year 2025 (12.5% net margin).

Dividend & Returns

Yes, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) pays a dividend with a yield of 10.01%. This makes it attractive for income-focused investors.

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) had negative free cash flow of $1.59B in fiscal year 2025, 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.

Explore More CMSA

CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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