FirmAtlas
Company handbook · CMS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
CMS · CIK 811156 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
CMS ENERGY CORPORATION
$68.70
+1.76 (+2.63%)
Close, Oct 16, 2026 · 52-week $62–80
Last fiscal year
CMS ENERGY CORPORATION reported revenue of $8.3B for the year ended Dec 31, 2025 (FY25), up 13.5% from FY24. Net income was $1.1B and operating cash flow $2.2B. Source: 10-K filed Feb 10, 2026.
Market cap
$21.0B
P/E
20.5
EV/EBITDA
12.9x
P/B
2.1
Div yield
3.28%
ROIC
5.4%
Revenue 1Y
13.5%/yr
EPS 1Y
6.0%/yr
Shares 1Y
+3%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGarrick J. Rochow
HQJackson, MI
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Electric Utility67%
Gas Utility30%
Enterprises3%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
5.4%
2.6%
8.2%
−8.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,320
8,305+13.5%
8,592
YoY
+13.5%
Operating income
1,487
1,727+16.1%
1,670
Operating margin
20.3%
20.8%+0.5 pp
—
EBITDA
2,727
3,033+11.2%
—
EBITDA margin
37.3%
36.5%−0.7 pp
—
Interest expense
700
798+14.0%
—
Interest coverage
3.90x
3.80x−0.09x
—
Net income
1,003
1,071+6.8%
1,026
YoY
+6.8%
Net margin
13.7%
12.9%−0.8 pp
—
EPS (diluted, $)
3.33
3.53+6.0%
3.33
YoY
+6.0%
Balance sheet
Total assets
35,920
39,941+11.2%
40,905
Cash & short-term investments
178
615+245.5%
—
Net PP&E
27,461
30,680+11.7%
—
Other assets
8,281
8,646+4.4%
—
Total liabilities
27,690
30,797+11.2%
31,131
Total debt
16,386
18,757+14.5%
19,036
Other liabilities
11,304
12,040+6.5%
—
Shareholders’ equity
8,230
9,144+11.1%
9,774
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,370
2,235−5.7%
2,148
Net income
947
1,002+5.8%
—
Depreciation & amortization
1,240
1,306+5.3%
—
Working capital & other
183
(73)−139.9%
—
Cash from investing
(3,054)
(4,038)n/m
—
Other investing
(3,054)
(4,038)n/m
—
Cash from financing
614
2,240+264.8%
—
Debt raised
1,962
3,609+83.9%
—
Debt repaid
(952)
(1,150)n/m
—
Shares issued
286
525+83.6%
—
Other financing
(682)
(744)n/m
—
Net change in cash
(70)
437n/m
—
Where the cash went
Returns & ratios
ROIC (all capital)
5.1%
5.4%+0.2 pp
—
ROIC (operating)
4.6%
4.8%+0.2 pp
—
Net debt / EBITDA
5.94x
5.98x+0.04x
—
Debt / equity
1.99x
2.05x+0.06x
—
ROE
12.2%
11.7%−0.5 pp
—
ROA
2.8%
2.7%−0.1 pp
—
ROCE
4.6%
4.7%+0.2 pp
—
NOPAT
1,254
1,387+10.6%
—
Invested capital (operating)
27,461
30,680+11.7%
—
Invested capital (all)
24,438
27,286+11.7%
—
Reinvestment rate
—
232.2%
—
Net debt is 6.0x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,975
2,134
2,675
1,808
vs year-ago quarter
Operating income
481
435
490
264
Net income
277
289
340
120
vs year-ago quarter
Net margin
14.0%
13.5%
12.7%
6.6%
EPS (diluted, $)
0.92
0.94
1.10
0.37
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
38,008
39,941
40,285
40,905
Cash & equivalents
432
615
263
345
Total debt
17,974
18,757
18,856
19,036
Shareholders’ equity
8,864
9,144
9,466
9,774
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
343
478
705
622
Capex
978
—
1,039
967
Free cash flow
(635)
—
(334)
(345)
vs year-ago quarter