CMS Energy Corporation 5.875% J(CMSC)Earnings, Financials & Key Ratios

CMSC•NYSE•Utilities

$23.01

$7.05B mkt cap·6.5× P/E·Price updated May 6, 2026

SectorUtilities IndustryElectric Utilities Sub-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$2.83B+3.9%
Net Income$1.07B+6.8%
Free Cash Flow-$1.59B-145.2%
EBITDA Margin33.18%-8.6%
Net Margin12.54%-6.0%
ROE11.6%-2.4%
Interest Coverage2.42-6.2%
Debt/Equity1.95+2.6%
Net Debt/EBITDA6.45+6.7%
CapEx / Revenue0%

Technical→

CMSC Key Insights

CMS Energy Corporation 5.875% J (CMSC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓14 years of consecutive dividend growth
✓14 consecutive years of dividend growth
✓Momentum leader: RS Rating 96 (top 4%)
✓Trading at only 0.7x book value

✗Weaknesses

✗High leverage: 6.7x Debt/EBITDA

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

CMSC Price & Volume

CMS Energy Corporation 5.875% J (CMSC) stock price & volume — 10-year historical chart

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CMSC Growth Metrics

CMS Energy Corporation 5.875% J (CMSC) 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 Years7.52%

TTM6.01%

Return on Capital

10 Years5.16%

5 Years4.51%

3 Years4.6%

Last Year4.93%

CMSC Recent Earnings

CMS Energy Corporation 5.875% J (CMSC) 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%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 23, 2026	$1.14vs $1.09+4.6%	$2.7Bvs $2.5B+8.2%
Q1 2026	Feb 5, 2026	$0.95vs $0.93+1.8%	$2.2Bvs $1.9B+18.6%
Q4 2025	Oct 30, 2025	$0.92vs $0.86+7.2%	$2.0Bvs $1.8B+9.5%
Q3 2025	Jul 31, 2025	$0.67vs $0.68-1.2%	$1.8Bvs $1.7B+5.8%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
CMSCMS Energy CorporationProduct Competitor	22.88B	74.05	20.98	13.63%	12.55%	11.6%	1.95
NINiSource Inc.Product Competitor	22.72B	47.48	24.35	21.76%	14.1%	8.4%	1.39
WECWEC Energy Group, Inc.Product Competitor	37.11B	113.94	23.59	13.96%	16.25%	11.64%	1.59
EVRGEvergy, Inc.Product Competitor	18.65B	80.99	22.13	2.37%	14.63%	8.22%	0.07
ATOAtmos Energy CorporationProduct Competitor	30.53B	184.52	24.73	12.91%	27.58%	7.69%	0.69
NWENorthwestern Energy Group IncProduct Competitor	4.37B	71.08	24.18	6.38%	10.21%	5.8%	1.14
NEENextEra Energy, Inc.Supply Chain	198.92B	95.39	28.99	11%	29.3%	12.66%	1.44
DUKDuke Energy CorporationSupply Chain	97.7B	125.54	19.90	6.19%	15.44%	9.6%	1.71

Compare CMSC vs Peers

CMS Energy Corporation 5.875% J (CMSC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CMS

Most directly comparable listed peer for CMSC.

Scale Benchmark

vs NEE

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

Peer Set

Compare Top 5

vs CMS, NI, WEC, EVRG

CMSC Income Statement

CMS Energy Corporation 5.875% J (CMSC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	6.58B	6.87B	6.62B	6.42B	7.33B	8.6B	7.46B	7.51B	8.54B
Revenue Growth %	2.88%	4.41%	-3.62%	-3.11%	14.19%	17.29%	-13.19%	0.71%	13.63%
Cost of Revenue	4.96B	5.41B	4.19B	3.79B	4.68B	5.83B	4.6B	5.55B	6.3B
Gross Profit	1.62B▲ 0%	1.47B▼ 9.7%	2.44B▲ 66.2%	2.63B▲ 8.0%	2.65B▲ 0.7%	2.76B▲ 4.3%	2.86B▲ 3.6%	1.97B▼ 31.2%	2.24B▲ 13.8%
Gross Margin %	24.64%	21.32%	36.76%	40.98%	36.14%	32.13%	38.35%	26.2%	26.23%
Gross Profit Growth %	2.85%	-9.68%	66.21%	8.01%	0.72%	4.27%	3.62%	-31.2%	13.76%
Operating Expenses	284M	303M	1.32B	1.4B	1.5B	1.54B	1.63B	482M	513M
Other Operating Expenses	-	-	-	-	-	-	-	-	-
EBITDA	2.22B	2.1B	1.96B	2.13B	2.13B	2.22B	2.29B	2.73B	2.83B
EBITDA Margin %	33.71%	30.48%	29.57%	33.27%	28.99%	25.81%	30.69%	36.29%	33.18%
EBITDA Growth %	5.32%	-5.59%	-6.49%	8.98%	-0.47%	4.42%	3.2%	19.08%	3.89%
Depreciation & Amortization	881M	933M	844M	905M	979M	995M	1.05B	1.24B	1.11B
D&A / Revenue %	13.38%	13.57%	12.74%	14.1%	13.36%	11.58%	14.14%	16.5%	12.95%
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 %	3.24%	-13.15%	-4.04%	10.31%	-6.83%	6.81%	0.9%	20.4%	16.14%
Interest Expense	0	0	523M	507M	503M	12M	646M	708M	789M
Interest Coverage	-	-	2.31x	2.66x	2.61x	119.08x	2.19x	2.59x	2.42x
Interest / Revenue %	0%	0%	7.9%	7.9%	6.86%	0.14%	8.66%	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	424M	115M	131M	115M	95M	93M	147M	176M	246M
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%	4.67▲ 76.9%	2.84▼ 39.2%	3.01▲ 6.0%	3.33▲ 10.6%	3.53▲ 6.0%
EPS Growth %	-17.17%	41.46%	3.02%	10.46%	76.89%	-39.19%	5.99%	10.63%	6.01%
EPS (Basic)	1.64	2.33	2.40	2.65	4.68	2.84	3.01	3.34	3.53
Diluted Shares Outstanding	280.8M	282.9M	284.3M	286.3M	289.5M	290M	291.7M	298.3M	301M

CMSC Balance Sheet

CMS Energy Corporation 5.875% J (CMSC) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	23.05B	24.53B	26.84B	29.67B	28.75B	31.35B	33.52B	36.51B	39.94B
Asset Growth %	6.6%	6.42%	9.41%	10.54%	-3.08%	9.04%	6.9%	8.93%	9.39%
PP&E (Net)	16.76B	18.13B	18.97B	21.05B	22.38B	22.74B	25.1B	0	30.68B
PP&E / Total Assets %	72.72%	73.9%	70.7%	70.95%	77.83%	72.54%	74.88%	0%	76.81%
Total Current Assets	2.48B	2.47B	2.33B	2.4B	2.63B	3.43B	2.84B	2.79B	3.47B
Cash & Equivalents	199M	174M	140M	32M	476M	164M	227M	178M	615M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	672M	650M	605M	576M	667M	1.12B	938M	0	0
Other Current Assets	362M	417M	50M	488M	541M	75M	730M	1.55B	1.53B
Long-Term Investments	1.25B	1.71B	71M	70M	101M	71M	76M	89M	79M
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0
Other Assets	2.56B	2.22B	5.46B	6.14B	3.65B	5.11B	5.5B	33.63B	5.71B
Total Liabilities	18.57B	19.74B	21.78B	23.59B	21.57B	23.76B	25.39B	27.76B	30.45B
Total Debt	10.49B	11.78B	13.29B	12.42B	12.5B	14.34B	15.66B	16.59B	18.9B
Net Debt	10.29B	11.6B	13.15B	12.39B	12.03B	14.18B	15.43B	16.49B	18.28B
Long-Term Debt	9.12B	10.62B	11.95B	11.74B	12.05B	13.12B	14.51B	15.19B	17.81B
Short-Term Borrowings	1.27B	1.09B	1.2B	587M	388M	1.11B	1.08B	1.26B	950M
Capital Lease Obligations	91M	69M	141M	92M	69M	108M	84M	133M	154M
Total Current Liabilities	2.78B	2.62B	2.7B	3.07B	2.2B	2.98B	2.9B	3.52B	2.82B
Accounts Payable	740M	733M	635M	668M	886M	936M	809M	917M	1.4B
Accrued Expenses	0	0	541M	558M	0	660M	0	0	0
Deferred Revenue	91M	69M	0	0	69M	0	0	0	0
Other Current Liabilities	771M	798M	299M	1.25B	930M	266M	1.01B	1.34B	462M
Deferred Taxes	1000K	1000K	0	0	1000K	0	1000K	1000K	1000K
Other Liabilities	6.57B	6.43B	7.01B	8.69B	4.92B	7.56B	5.16B	5.28B	6.45B
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	4.44B	4.75B	5.02B	5.5B	6.63B	7.01B	7.54B	8.23B	9.14B
Minority Interest	37M	37M	37M	581M	557M	580M	581M	518M	567M
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M
Additional Paid-in Capital	0	0	5.11B	5.37B	5.41B	5.49B	5.71B	6.01B	6.51B
Retained Earnings	-531M	-271M	-25M	214M	1.06B	1.35B	1.66B	2.04B	2.44B
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%	2.86%	2.8%
Return on Equity (ROE)	10.49%	14.17%	13.81%	13.56%	20.4%	11.32%	11.29%	11.89%	11.6%
Debt / Equity	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x	1.95x
Debt / Assets	45.5%	48.01%	49.53%	41.88%	43.48%	45.74%	46.72%	45.44%	47.31%
Net Debt / EBITDA	4.64x	5.54x	6.71x	5.80x	5.66x	6.39x	6.74x	6.05x	6.45x
Book Value per Share	15.95	16.94	17.78	21.23	24.83	26.19	27.85	29.33	32.26

CMSC Cash Flow Statement

CMS Energy Corporation 5.875% J (CMSC) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	1.71B	1.7B	1.79B	1.28B	1.82B	855M	2.31B	2.37B	2.23B
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	460M	657M	680M	697M	751M	833M	886M	1B	1.07B
Depreciation & Amortization	881M	933M	992M	1.04B	1.11B	1.13B	1.05B	1.24B	0
Deferred Taxes	417M	182M	150M	170M	249M	89M	0	0	0
Other Non-Cash Items	1.95B	1.64B	1M	-609M	-249M	-80M	-76M	-135M	1.23B
Working Capital Changes	-174M	105M	-33M	-25M	-46M	-1.11B	416M	262M	-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%	0%	0%
CapEx / D&A	1.89x	2.22x	2.12x	2.22x	1.86x	2.11x	3.05x	0.00x	-
CapEx Coverage (OCF/CapEx)	1.02x	0.82x	0.85x	0.55x	0.88x	0.36x	0.72x	-	-
Cash from Investing	-1.87B	-2.61B	-2.82B	-2.84B	-1.23B	-2.47B	-3.38B	-3.05B	-4.04B
Acquisitions	0	0	97M	89M	1M	2M	0	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0
Other Investing	-203M	-532M	-809M	-614M	843M	-102M	-161M	-3.05B	-4.04B
Cash from Financing	110M	874M	1.01B	1.59B	-296M	1.32B	1.14B	614M	2.24B
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)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	83M	41M	12M	253M	250M	69M	192M	286M	525M
Share Repurchases	0	0	0	0	0	0	0	0	0
Other Financing	0	0	0	782M	-137M	-11M	32M	-28M	-16M
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	0	0	1M	-136M	136M	0	0	0	0
Cash at Beginning	254M	199M	174M	157M	49M	476M	182M	248M	178M
Cash at End	199M	174M	157M	49M	476M	182M	248M	178M	615M
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%

CMSC Key Ratios

CMS Energy Corporation 5.875% J (CMSC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet 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%	11.6%
EBITDA Margin	32.93%	33.71%	30.48%	29.57%	33.27%	28.99%	25.81%	30.69%	36.29%	33.18%
Net Debt / EBITDA	4.64x	4.64x	5.54x	6.71x	5.80x	5.66x	6.39x	6.74x	6.05x	6.45x
Interest Coverage	-	-	-	2.31x	2.66x	2.61x	119.08x	2.19x	2.59x	2.42x
CapEx / Revenue	26.13%	25.29%	30.18%	31.76%	36.01%	28.33%	27.62%	43.14%	0%	0%
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	2.34x	2.34x	2.46x	2.63x	2.04x	1.74x	1.89x	1.93x	1.90x	1.95x
EPS Growth	4.76%	-17.17%	41.46%	3.02%	10.46%	76.89%	-39.19%	5.99%	10.63%	6.01%

CMSC SEC Filings & Documents

CMS Energy Corporation 5.875% J (CMSC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

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

FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 8, 2024·SEC

10-Q Quarterly Reports

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

Apr 24, 2025·SEC

CMSC Frequently Asked Questions

CMS Energy Corporation 5.875% J (CMSC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CMS Energy Corporation 5.875% J (CMSC) reported $8.54B in revenue for fiscal year 2025. This represents a 11% increase from $7.68B in 2009.

CMS Energy Corporation 5.875% J (CMSC) grew revenue by 13.6% over the past year. This is steady growth.

Yes, CMS Energy Corporation 5.875% J (CMSC) is profitable, generating $1.07B in net income for fiscal year 2025 (12.5% net margin).

Dividend & Returns

Yes, CMS Energy Corporation 5.875% J (CMSC) pays a dividend with a yield of 9.57%. This makes it attractive for income-focused investors.

CMS Energy Corporation 5.875% J (CMSC) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

CMS Energy Corporation 5.875% J (CMSC) generated $2.23B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

CMS Energy Corporation 5.875% J (CMSC) has a dividend payout ratio of 62%. This suggests the dividend is well-covered and sustainable.

Explore More CMSC

CMS Energy Corporation 5.875% J (CMSC) financial analysis — history, returns, DCA and operating performance tools

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Dividend History

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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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CMS Energy Corporation 5.875% J(CMSC)Earnings, Financials & Key Ratios

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