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CMSACMS Energy Corporation 5.6% JRSUB NT 78
$21.11$6.3B
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CMSA logoCMS Energy Corporation 5.6% JRSUB NT 78(CMSA)Earnings, Financials & Key Ratios

CMSA•NYSE•Utilities
6.0× P/E·Price updated Jun 19, 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%

CMSA Key Insights

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

✓Strengths

  • ✓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.

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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
Metric
Actual
Est
EPS
$1.14+4.6%
$1.09
Rev
$2.7B+8.2%
$2.5B
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.95+1.8%
$0.93
Rev
$2.2B+18.6%
$1.9B
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.92+7.2%
$0.86
Rev
$2.0B+9.5%
$1.8B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$0.67-1.2%
$0.68
Rev
$1.8B+5.8%
$1.7B
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AQNB logoAQNBAlgonquin Power & Utilities CorDirect Competitor19.7B25.51170.07-14.03%-57.66%-24.04%1.09
EVRG logoEVRGEvergy, Inc.Direct Competitor19.02B82.5022.541.65%14.71%8.65%1.50
CMS logoCMSCMS Energy CorporationProduct Competitor22.67B73.3820.7913.63%12.55%11.6%1.95
CNP logoCNPCenterPoint Energy, Inc.Product Competitor27.96B42.8226.768.26%11.38%9.59%2.12
NI logoNINiSource Inc.Product Competitor22.66B47.2624.2421.76%14.1%8.4%1.39
WEC logoWECWEC Energy Group, Inc.Product Competitor36.54B112.1723.2213.96%16.25%11.64%1.59
AEE logoAEEAmeren CorporationProduct Competitor30.06B108.6720.3115.43%17.17%11.6%1.47
DTE logoDTEDTE Energy CompanyProduct Competitor30.7B147.5620.9026.95%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue
6.58B6.87B6.62B6.42B7.33B8.6B7.46B7.51B8.54B
Revenue Growth %
2.88%4.41%-3.62%-3.11%14.19%17.29%-13.19%0.71%13.63%
Cost of Revenue
4.08B4.47B4.19B3.79B4.68B5.83B4.6B4.31B3.34B
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 Expenses
1.17B1.24B1.32B1.4B1.5B1.54B1.63B1.72B3.47B
Other Operating Expenses
---------
EBITDA
2.22B2.1B2.1B2.27B2.26B2.35B2.42B2.73B2.88B
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 & Amortization
881M933M989M1.04B1.11B1.13B1.18B1.24B1.15B
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 Expense
438M458M460M505M500M519M643M708M789M
Interest Coverage
3.02x2.69x2.66x2.60x2.65x2.74x2.48x2.59x2.58x
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 Tax
424M115M131M115M95M93M147M176M246M
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 Outstanding
280.8M282.9M284.3M286.3M289.5M290M291.7M298.3M300.57M

CMSA Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets
23.05B24.53B26.84B29.67B28.75B31.35B33.52B35.92B40.39B
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 Assets
2.48B2.47B2.33B2.4B2.63B3.43B2.84B2.79B3.47B
Cash & Equivalents
182M153M140M32M452M164M227M103M615M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory
672M650M605M576M667M1.12B938M769M791M
Other Current Assets
39M58M50M488M70M75M224M304M743M
Long-Term Investments
64M69M71M70M71M71M76M69M79M
Goodwill
000000000
Intangible Assets
000000000
Other Assets
3.75B3.87B5.46B6.14B3.68B5.11B5.5B5.58B5.69B
Total Liabilities
18.57B19.74B21.78B23.59B21.57B23.76B25.39B27.17B30.68B
Total Debt
10.49B11.78B13.29B12.42B12.5B14.34B15.67B16.59B18.94B
Net Debt
10.3B11.62B13.15B12.39B12.05B14.18B15.44B16.49B18.32B
Long-Term Debt
9.12B10.62B11.95B11.74B12.05B13.12B14.51B15.19B17.83B
Short-Term Borrowings
1.25B1.07B1.2B587M376M1.11B1.07B1.26B959M
Capital Lease Obligations
113M91M141M92M80M108M93M140M154M
Total Current Liabilities
2.78B2.62B2.7B3.07B2.2B2.98B2.9B3.52B3.55B
Accounts Payable
740M733M635M668M886M936M809M1.09B1.4B
Accrued Expenses
463M492M541M558M622M660M754M810M0
Deferred Revenue
000000000
Other Current Liabilities
308M306M299M1.25B311M266M255M355M1.19B
Deferred Taxes
000001000K1000K1000K1000K
Other Liabilities
6.57B6.43B7.01B8.69B7.24B5.02B5.19B5.3B5.33B
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 Equity
4.44B4.75B5.02B5.5B6.63B7.01B7.54B8.23B9.14B
Minority Interest
37M37M37M581M557M580M581M518M567M
Common Stock
3M3M3M3M3M3M3M3M3M
Additional Paid-in Capital
5.02B5.09B5.11B5.37B5.41B5.49B5.71B6.01B6.51B
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 / Equity
2.34x2.46x2.63x2.04x1.74x1.89x1.93x1.90x1.95x
Debt / Assets
45.5%48.01%49.53%41.88%43.48%45.74%46.75%46.19%46.89%
Net Debt / EBITDA
4.64x5.55x6.25x5.45x5.33x6.03x6.39x6.05x6.37x
Book Value per Share
15.9516.9417.7821.2324.8326.1927.8529.3332.31

CMSA Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
1.71B1.7B1.79B1.28B1.82B855M2.31B2.37B2.23B
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 Income
460M657M680M697M751M833M886M1B1.07B
Depreciation & Amortization
881M933M992M1.04B1.11B1.13B1.18B1.24B1.31B
Deferred Taxes
417M182M150M170M249M89M157M142M202M
Other Non-Cash Items
121M-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&A
1.89x2.22x2.12x2.22x1.86x2.11x2.73x2.43x2.93x
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
Acquisitions
0097M89M1M2M6M129M4M
Purchase of Investments
000000000
Sale of Investments
0146M0000000
Other Investing
-203M-532M-809M-614M843M-102M-167M-160M-214M
Cash from Financing
110M874M1.01B1.59B-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 Issued
83M41M12M253M250M69M192M286M525M
Share Repurchases
000000000
Other Financing
000782M-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 Beginning
254M199M174M157M49M476M182M248M178M
Cash at End
199M174M157M49M476M182M248M178M615M
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 Margin
32.3%33.71%30.48%31.76%35.42%30.84%27.34%32.36%36.29%33.69%
Net Debt / EBITDA
4.74x4.64x5.55x6.25x5.45x5.33x6.03x6.39x6.05x6.37x
Interest Coverage
2.90x3.02x2.69x2.66x2.60x2.65x2.74x2.48x2.59x2.58x
CapEx / Revenue
26.13%25.29%30.18%31.76%36.01%28.33%27.62%43.14%40.16%44.78%
Dividend Payout Ratio
62.98%81.96%61.95%64.12%61.85%37.62%65.23%65.28%62.41%61.9%
Debt / Equity
2.34x2.34x2.46x2.63x2.04x1.74x1.89x1.93x1.90x1.95x
EPS Growth
4.76%-17.17%41.46%3.02%10.46%76.52%-38.84%5.61%10.63%6.01%
Related:CMSA Dividend History·CMSA Revenue History·CMSA Price History·CMSA P/E History·CMSA Financial Ratios·CMSA Institutional Holders

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 10.45%. 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.

What if you invested $1,000 in CMSA back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in CMSA be worth today?

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