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CMSD logoCMS Energy Corporation 5.875% Junior Subordinated Notes due 2079(CMSD)Earnings, Financials & Key Ratios

CMSD•NYSE•Utilities
$23.42
$7.18B mkt cap·6.6× P/E·Price updated May 6, 2026
SectorUtilitiesIndustryElectric UtilitiesSub-IndustryElectric and gas combination utilities
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+2.6%
  • Net Debt/EBITDA6.45+6.7%
  • CapEx / Revenue0%
Technical→

CMSD Key Insights

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓16 years of consecutive dividend growth
  • ✓16 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.

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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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%
TTM13.63%

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 Years5.2%
5 Years4.52%
3 Years4.61%
Last Year4.98%

CMSD Recent Earnings

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/10 qtrs (80%)●Beat Revenue 5/10 qtrs (100%)
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 10 quarters of dataView full earnings history →

CMSD Peer Comparison

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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
CMS logoCMSCMS Energy CorporationDirect Competitor22.88B74.0520.9813.63%12.55%11.6%1.95
NI logoNINiSource Inc.Direct Competitor22.72B47.4824.3521.76%14.1%8.4%1.39
WEC logoWECWEC Energy Group, Inc.Direct Competitor37.11B113.9423.5913.96%16.25%11.64%1.59
EVRG logoEVRGEvergy, Inc.Direct Competitor18.65B80.9922.132.37%14.63%8.22%0.07
PNW logoPNWPinnacle West Capital CorporationDirect Competitor12.14B100.1719.844.2%11.99%9.27%2.52
DTE logoDTEDTE Energy CompanyProduct Competitor29.63B142.4420.1826.95%7.75%10.43%2.16
AEP logoAEPAmerican Electric Power Company, Inc.Product Competitor72.04B132.5319.909.37%16.49%11.45%1.56
ED logoEDConsolidated Edison, Inc.Product Competitor25.17B106.8718.9510.89%12.26%8.42%0.01

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.

Closest Rival

vs CMS

Most directly comparable listed peer for CMSD.

Scale Benchmark

vs GE

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

Peer Set

Compare Top 5

vs CMS, NI, WEC, EVRG

CMSD Income Statement

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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
Revenue6.58B6.87B6.84B6.42B7.33B8.6B7.46B7.51B8.54B
Revenue Growth %2.88%4.41%-0.41%-6.24%14.19%17.29%-13.19%0.71%13.63%
Cost of Revenue4.96B5.41B5.27B4.83B5.79B6.96B5.78B5.55B6.3B
Gross Profit
1.62B▲ 0%
1.47B▼ 9.7%
1.57B▲ 7.3%
1.59B▲ 1.0%
1.53B▼ 3.3%
1.64B▲ 6.6%
1.68B▲ 2.8%
1.97B▲ 17.1%
2.24B▲ 13.8%
Gross Margin %24.64%21.32%22.97%24.73%20.94%19.03%22.54%26.2%26.23%
Gross Profit Growth %-31.21%-9.68%7.3%0.95%-3.28%6.58%2.81%17.06%13.76%
Operating Expenses284M303M333M357M389M412M447M482M513M
Other Operating Expenses---------
EBITDA2.22B2.1B2.23B2.27B2.26B2.35B2.42B2.73B2.83B
EBITDA Margin %33.71%30.48%32.59%35.42%30.84%27.34%32.36%36.29%33.18%
EBITDA Growth %14.03%-5.59%6.49%1.88%-0.57%3.98%2.77%12.92%3.89%
Depreciation & Amortization881M933M992M1.04B1.11B1.13B1.18B1.24B1.11B
D&A / Revenue %13.38%13.57%14.49%16.25%15.2%13.1%15.81%16.5%12.95%
Operating Income (EBIT)
1.34B▲ 0%
1.16B▼ 13.2%
1.24B▲ 6.6%
1.23B▼ 0.7%
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%18.1%19.16%15.64%14.24%16.55%19.79%20.22%
Operating Income Growth %6.53%-13.15%6.63%-0.73%-6.83%6.81%0.9%20.4%16.14%
Interest Expense438M458M519M505M500M519M643M708M789M
Interest Coverage3.02x2.69x2.60x2.60x2.65x2.74x2.48x2.59x2.42x
Interest / Revenue %6.65%6.66%7.58%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%
829M▲ 7.1%
809M▼ 2.4%
823M▲ 1.7%
902M▲ 9.6%
954M▲ 5.8%
1.12B▲ 17.7%
1.25B▲ 11.1%
Pretax Margin %13.46%11.26%12.11%12.61%11.23%10.49%12.78%14.94%14.62%
Income Tax424M115M147M115M95M93M147M176M246M
Effective Tax Rate %47.86%14.86%17.73%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%9.93%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)1.642.332.402.654.662.863.013.343.53
Diluted Shares Outstanding280.8M282.9M284.3M286.3M289.5M290M291.7M298.3M300.4M

CMSD Balance Sheet

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets23.05B24.53B26.84B29.67B28.75B31.35B33.52B36.51B39.94B
Asset Growth %6.6%6.42%9.41%10.54%-3.08%9.04%6.9%8.93%9.39%
PP&E (Net)16.76B18.13B18.97B21.05B22.38B22.74B25.1B030.68B
PP&E / Total Assets %72.72%73.9%70.7%70.95%77.83%72.54%74.88%0%76.81%
Total Current Assets2.48B2.47B2.33B2.4B2.63B3.43B2.84B2.79B3.47B
Cash & Equivalents199M174M157M49M452M164M227M178M615M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory672M650M605M576M667M1.12B938M00
Other Current Assets362M417M443M907M70M75M730M1.55B1.53B
Long-Term Investments1.25B1.71B2.35B89M71M71M98M89M79M
Goodwill000000000
Intangible Assets000000000
Other Assets2.56B2.22B3.18B6.12B3.68B5.11B5.48B33.63B5.71B
Total Liabilities18.57B19.74B21.78B23.59B21.57B23.76B25.39B27.76B30.68B
Total Debt10.49B11.78B13.29B12.42B12.5B14.34B15.66B16.59B18.9B
Net Debt10.29B11.6B13.14B12.37B12.05B14.18B15.43B16.49B18.28B
Long-Term Debt9.12B10.62B11.95B11.74B12.05B13.12B14.51B15.19B17.81B
Short-Term Borrowings1.27B1.09B1.23B598M376M1.11B1.08B1.26B950M
Capital Lease Obligations91M69M113M81M80M108M84M133M154M
Total Current Liabilities2.78B2.62B2.7B3.07B2.2B2.98B2.9B3.52B3.55B
Accounts Payable740M733M635M668M886M936M809M917M1.4B
Accrued Expenses0000622M660M000
Deferred Revenue360M398M1.86B2.09B0084M00
Other Current Liabilities411M400M-1.02B-286M311M266M1.01B1.34B1.19B
Deferred Taxes1000K1000K1000K1000K001000K1000K1000K
Other Liabilities6.57B6.43B7.01B6.71B7.24B7.56B5.16B5.28B6.45B
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 Equity4.44B4.75B5.02B5.5B6.63B7.01B7.54B8.23B9.14B
Minority Interest37M37M37M581M557M580M581M518M567M
Common Stock3M3M3M3M3M3M3M3M3M
Additional Paid-in Capital0005.37B5.41B5.49B5.71B6.01B6.51B
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%2.86%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 / Equity2.34x2.46x2.63x2.04x1.74x1.89x1.93x1.90x1.95x
Debt / Assets45.5%48.01%49.53%41.88%43.48%45.74%46.72%45.44%47.31%
Net Debt / EBITDA4.64x5.54x5.89x5.44x5.33x6.03x6.39x6.05x6.45x
Book Value per Share15.9516.9417.7821.2324.8326.1927.8529.3332.33

CMSD Cash Flow Statement

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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%26.15%19.88%24.82%9.95%30.94%31.54%26.17%
Net Income460M657M680M158M751M833M886M1B1.07B
Depreciation & Amortization881M933M992M1.04B1.11B1.13B1.05B1.24B0
Deferred Taxes417M182M150M170M249M89M000
Other Non-Cash Items1.95B1.64B1M-81M-271M-106M-76M-135M1.23B
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%30.74%36.01%28.33%27.62%43.14%0%0%
CapEx / D&A1.89x2.22x2.12x2.22x1.86x2.11x3.05x0.00x-
CapEx Coverage (OCF/CapEx)1.02x0.82x0.85x0.55x0.88x0.36x0.72x--
Cash from Investing-1.87B-2.61B-2.82B-2.84B-1.23B-2.47B-3.38B-3.05B-4.04B
Acquisitions0097M89M1M2M000
Purchase of Investments000000000
Sale of Investments0146M0000000
Other Investing-203M-532M-809M-614M843M-102M-161M-3.05B-4.04B
Cash from Financing110M874M1.01B1.59B-296M1.32B1.14B614M2.24B
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-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 Effect257M204M1M-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%-4.59%-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%

CMSD Key Ratios

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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 Margin30.41%33.71%30.48%32.59%35.42%30.84%27.34%32.36%36.29%33.18%
Net Debt / EBITDA5.03x4.64x5.54x5.89x5.44x5.33x6.03x6.39x6.05x6.45x
Interest Coverage3.00x3.02x2.69x2.60x2.60x2.65x2.74x2.48x2.59x2.42x
CapEx / Revenue26.13%25.29%30.18%30.74%36.01%28.33%27.62%43.14%0%0%
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%

CMSD SEC Filings & Documents

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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

CMSD Frequently Asked Questions

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) reported $8.54B in revenue for fiscal year 2025. This represents a 38% increase from $6.20B in 2009.

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) grew revenue by 13.6% over the past year. This is steady growth.

Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) is profitable, generating $1.07B in net income for fiscal year 2025 (12.5% net margin).

Dividend & Returns

Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) pays a dividend with a yield of 9.42%. This makes it attractive for income-focused investors.

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.

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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% Junior Subordinated Notes due 2079 (CMSD) has a dividend payout ratio of 62%. This suggests the dividend is well-covered and sustainable.

Explore More CMSD

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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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