A Business at a Glance
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CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, primarily a domestic independent power producer and marketer. Consumers’ customer base consists of a mix of primarily residential, commercial, and diversified industrial customers. NorthStar Clean Energy, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production. CMS Energy manages its businesses by the nature of services each provides, and operates principally in three business segments: electric utility; gas utility; and NorthStar Clean Energy, its non‑utility operations and investments.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.5B | 8.5B | 7.5B | 7.5B | 8.6B | 7.3B |
| Net Income | 1.1B | 1.1B | 993M | 877M | 827M | 1.3B |
| EPS | $3.53 | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 |
| Free Cash Flow | 1.6B | 1.6B | 1.9B | 2.0B | -1.5B | -257M |
| ROIC | 5.1% | 5.5% | 5.1% | 4.6% | 5.2% | 5.6% |
| Gross Margin | 44.9% | 44.9% | 45.6% | 40.6% | 33.4% | 37.7% |
| Debt/Equity | 2.05 | 2.05 | 2.00 | 2.06 | 2.03 | 1.87 |
| Dividends/Share | $2.21 | $2.17 | $2.06 | $1.95 | $1.84 | $1.74 |
| Operating Income | 1.7B | 1.7B | 1.5B | 1.2B | 1.2B | 1.1B |
| Operating Margin | 20.2% | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% |
| ROE | 11.6% | 12.2% | 12.1% | 11.6% | 11.8% | 20.3% |
| Shares Outstanding | 301M | 301M | 298M | 291M | 290M | 289M |
CMS ENERGY CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
CMS ENERGY CORP trades at 6.1x trailing earnings, compared to its 15-year median P/E of 6.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.1x vs a median of 3.4x. The company's 5-year average ROIC is 5.2% with a gross margin of 40.4%. Total shareholder yield (dividends) is 10.2%. At current prices, the estimated annualized return to fair value is +28.2%.
CMS ENERGY CORP (CMSA) has a current P/E ratio of 6.1, compared to its historical median P/E of 6.5. The stock is currently considered Fair based on its historical valuation range.
CMS ENERGY CORP (CMSA) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
CMS ENERGY CORP (CMSA) has a market capitalization of $6.5B. It is classified as a mid-cap stock.
Yes, CMS ENERGY CORP (CMSA) pays a dividend with a trailing twelve-month yield of 10.18%.
Based on historical P/E analysis, CMS ENERGY CORP (CMSA) appears fair. The current P/E of 6.1 is 6% below its historical median of 6.5. The estimated fair value CAGR (P/E method) is 5.4%.
CMS ENERGY CORP (CMSA) operates in the Electric & Other Services Combined industry, within the Utilities sector.
CMS ENERGY CORP (CMSA) reported annual revenue of $8.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
CMS ENERGY CORP (CMSA) has a net profit margin of 12.4%. This is a healthy margin.
CMS ENERGY CORP (CMSA) generated $1.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CMS ENERGY CORP (CMSA) has a debt-to-equity ratio of 2.05. This indicates higher leverage, which may increase financial risk.
CMS ENERGY CORP (CMSA) reported earnings per share (EPS) of $3.53 in its most recent fiscal year.
CMS ENERGY CORP (CMSA) has a return on equity (ROE) of 12.2%. This indicates moderate shareholder returns.
CMS ENERGY CORP (CMSA) has a 5-year average gross margin of 40.4%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for CMS ENERGY CORP (CMSA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CMS ENERGY CORP (CMSA) has a book value per share of $30.42, based on its most recent annual SEC filing.
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