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CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079(CMSD)Earnings, Financials & Key Ratios
CMSD•NYSE•Utilities
$21.77
6.2× P/E·Price updated Jun 27, 2026
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$2.83B+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+2.7%
CMSD Price & Volume
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) stock price & volume — 10-year historical chart
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Aggressive Rate Base Expansion Drives Revenue Growth
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Accelerating
Profitability:Stable
Financial Position:Mixed
Cash Flow:Burning
Primary Risk:Regulatory lag and leverage
"CMS Energy is executing an aggressive capital deployment strategy, evidenced by a net PPE increase to $31.5 billion as of 2026Q1, which serves as the primary engine for long-term rate base growth. While the company maintains a robust OCF-to-dividend coverage ratio peaking at 6.1x, investors should monitor the persistent reliance on external financing and the high debt-to-equity ratio of 1.90. The ongoing transition toward a cleaner generation fleet remains subject to regulatory lag, which may continue to obscure the underlying cash-generating capacity of the utility's core operations."
Verdict Logic
while the 10.1% dividend yield is attractive, the current ratio of 0.84 and the high CapEx-to-OCF ratio of 147.4% suggest significant liquidity pressure that may limit near-term financial flexibility.
CMSD Growth Metrics
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years2.84%
5 Years5.88%
3 Years-0.22%
TTM13.31%
Profit CAGR
10 Years7.43%
5 Years7.24%
3 Years8.56%
TTM8.53%
EPS CAGR
10 Years6.45%
5 Years5.98%
3 Years7.39%
TTM7.1%
Return on Capital
10 Years5.19%
5 Years4.52%
3 Years4.6%
Last Year4.95%
CMSD Recent Earnings
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/10 qtrs (80%)●Beat Revenue 5/10 qtrs (100%)
Q2 2026Latest
Apr 23, 2026Metric
Actual
Est
EPS
$1.10+0.9%
$1.09
Rev
$2.7B+8.2%
$2.5B
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.95+1.8%
$0.93
Rev
$2.2B+18.6%
$1.9B
Q4 2025
Oct 30, 2025Metric
Actual
Est
EPS
$0.92+7.2%
$0.86
Rev
$2.0B+9.5%
$1.8B
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$0.67-1.2%
$0.68
Rev
$1.8B+5.8%
$1.7B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 23, 2026 | $1.10vs $1.09+0.9% | $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 10 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $21.77 | $6.67B | 6.17 | 13.63% | 12.54% | 11.6% | 10.14% | |
| $78.81 | $24.35B | 22.33 | 13.63% | 12.55% | 11.6% | — | |
| $49.00 | $23.49B | 25.13 | 21.76% | 14.1% | 8.4% | — | |
| $118.85 | $38.71B | 24.61 | 13.96% | 16.25% | 11.64% | — | |
| $87.21 | $20.1B | 23.83 | 1.65% | 14.71% | 8.65% | — | |
| $108.10 | $13.1B | 21.41 | 4.2% | 11.99% | 9.27% | — |
Compare CMSD vs Peers
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CMSD SEC Filings & Documents
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) SEC filings — annual & quarterly reports (10-K, 10-Q)
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CMSD Frequently Asked Questions
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's revenue?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) reported $8.82B in revenue for fiscal year 2025. This represents a 42% increase from $6.20B in 2009.
How fast is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 growing?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) grew revenue by 13.6% over the past year. This is steady growth.
Is CMSD profitable?
Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) is profitable, generating $1.11B in net income for fiscal year 2025 (12.5% net margin).
Dividend & Returns
Does CMSD pay dividends?
Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) pays a dividend with a yield of 10.14%. This makes it attractive for income-focused investors.
What is CMSD's return on equity?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.
What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's free cash flow?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) generated $1.79B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Industry Metrics
Is CMSD's dividend sustainable?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) has a dividend payout ratio of 62%. This suggests the dividend is well-covered and sustainable.