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CMS Energy Corporation

CMS Energy Corporation

NYSE•CMS
CEO: Mr. Garrick J. Rochow
Sector: Utilities
Industry: Regulated Electric
Listing Date: 1987-05-01
CMS 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.
Contact Information
One Energy Plaza, Jackson, MI, 49201, United States
517-788-0550
www.cmsenergy.com
Market Cap
$20.94B
P/E (TTM)
20.0
20.3
Dividend Yield
3.1%
52W High
$76.45
52W Low
$63.97
52W Range
49%
Rank43Top 38.2%
4.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$2.02B+15.95%
4-Quarter Trend

EPS

$0.92+10.84%
4-Quarter Trend

FCF

-$635.00M+26.49%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

CMS Energy Net Income Rises Consolidated net income available to common stockholders reached $775M for nine months, showing a $44M increase over 2024 results.
Utility Earnings Show Strength Consumers Electric Utility net income grew to $617M for nine months, supported by electric rate increases and higher sales volumes.
Gas Utility Deliveries Increase Gas utility deliveries rose to 213 Bcf for nine months, contributing $238M in net income, up $43M year-over-year.
Strong Financing Activity CMS Energy financing cash flow increased significantly to $1.423B for nine months, driven by higher debt issuances totaling $1.064B.

Risk Factors

J.H. Campbell Emergency Orders Continued J.H. Campbell operation due to DOE emergency orders creates uncertainty regarding long-term Clean Energy Plan compliance and cost recovery.
Regulatory Rate Case Uncertainty Consumers seeks rate recovery for Reliability Roadmap investments; final MPSC order on 2025 electric rate case expected by April 2026.
Ludington Contract Dispute Risk Litigation with TAES/Toshiba regarding Ludington overhaul continues; unfavorable outcome could materially impact liquidity and financial condition.
NorthStar Clean Energy Declines NorthStar Clean Energy segment income fell to $15M for nine months, down $38M, reflecting lower earnings from renewable projects.

Outlook

Major Infrastructure Investment Consumers plans $20.0B capital expenditures through 2029, prioritizing electric distribution ($8.5B) and gas infrastructure ($6.3B) upgrades.
Clean Energy Transition Progress Strategy targets 60% renewable energy by 2035 and 100% clean energy by 2040, including adding up to 9,000 MW solar capacity.
Gas Methane Reduction Goal Consumers aims for net-zero methane emissions from the natural gas delivery system by 2030, targeting an 80% reduction from 2012 levels.
Credit Ratios Remain Strong CMS Energy parent debt to capital ratio is 0.55 to 1.0, well within the 0.70 to 1.0 limit as of September 30, 2025.

Peer Comparison

Revenue (TTM)

Edison InternationalEIX
$18.09B
+4.4%
DTE Energy CompanyDTE
$14.82B
+19.4%
FirstEnergy Corp.FE
$14.47B
+7.6%

Gross Margin (Latest Quarter)

DTE Energy CompanyDTE
83.5%
+46.5pp
FirstEnergy Corp.FE
60.3%
-6.8pp
NiSource Inc.NI
53.3%
+1.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DTE$26.92B27.78.2%48.6%
FTS$26.19B20.07.6%46.2%
FE$25.93B19.610.5%49.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
0.5%
Moderate Growth
4Q Net Income CAGR
1.5%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 5, 2026
|
EPS:$0.96
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 30, 2025|
    Revenue: $2.02B+16.0%
    |
    EPS: $0.92+10.8%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 31, 2025|
    Revenue: $1.84B+14.4%
    |
    EPS: $0.66+1.5%
    Meet
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 24, 2025|
    Revenue: $2.45B+12.5%
    |
    EPS: $1.01+5.2%
    Meet
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 11, 2025|
    Revenue: $7.52B+0.7%
    |
    EPS: $3.34+11.0%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 31, 2024|
    Revenue: $1.74B+4.2%
    |
    EPS: $0.83+38.3%
    Meet
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 25, 2024|
    Revenue: $1.61B+3.3%
    |
    EPS: $0.65-3.0%
    Meet
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 25, 2024|
    Revenue: $2.18B-4.7%
    |
    EPS: $0.96+39.1%
    Meet
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 8, 2024|
    Revenue: $7.46B-13.2%
    |
    EPS: $3.01+6.0%
    Miss