CMS Utilities

CMS Energy Corporation

$70.00-1.07%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Electric
Country: United States
Market cap: 22.0B USD
Enterprise value: 40.3B USD
Full-time employees: 8,350

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: more debt relative to equity (1.95× vs a peer median of 1.19×)more debt vs equity (1.95× vs peers 1.19×)
About average: profitability, growth and risk (debt, liquidity and share-price swings)profitability, growth and risk

Ranks #218 of 348 utilities companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
CMS Energy reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

StockQuotient Score

44/ 100

Oct 5 44 → Nov 4 44

Valuation

Is the price right?

38/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.05Sector median: 0.0485 · MAD: 0.0319

EBITDA yield7.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.47Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-9.6%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield44.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

56/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-4.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.33Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth2.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.14Sector median: 0.0196 · MAD: 0.0523

Revenue growth9.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.08Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

42/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin18.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.04Sector median: 0.1864 · MAD: 0.0865

Return on assets2.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.12Sector median: 0.0266 · MAD: 0.0124

Return on invested capital4.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.26Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin40.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity10.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 39 → 40

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.31

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.84Sector median: 0.4590 · MAD: 0.1730

Current ratio0.94×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.27Sector median: 1.0330 · MAD: 0.3620

Debt / equity1.95×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.43Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about CMS Energy

Is CMS Energy getting weaker?: Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.
How is CMS Energy valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 360 utilities peers. EBITDA yield 7.4% vs a peer median of 8.6% (weaker than 66% of peers).EBITDA yield 7.4% vs peers 8.6% (weaker than 66% of peers).
Is CMS Energy growing?: At about the same pace as its peers. Growth scores 56/100 against 360 utilities peers. Revenue growth 9.9% vs a peer median of 2.5% (stronger than 79% of peers).Revenue growth 9.9% vs peers 2.5% (stronger than 79% of peers). Earnings per share growth -4.3% vs a peer median of 1.7% (weaker than 61% of peers).Earnings per share growth -4.3% vs peers 1.7% (weaker than 61% of peers).
How profitable is CMS Energy?: About as profitable as its peers. Profitability scores 42/100 against 360 utilities peers.
How risky is CMS Energy?: Moderate risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Beta 0.31 vs a peer median of 0.46 (stronger than 71% of peers).Beta 0.31 vs peers 0.46 (stronger than 71% of peers). Debt / equity 1.95× vs a peer median of 1.19× (weaker than 81% of peers).Debt / equity 1.95× vs peers 1.19× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	8.8B USD	8.8B USD	−0.1%
Net income (12 months)	1.1B USD	1.0B USD	−7.3%
Operating margin	19.5%	18.9%	−0.6 pts
Debt	18.9B USD	19.0B USD	+1.0%
Cash	175.0M USD	241.0M USD	+37.7%
Shares outstanding	308.9M	313.6M	+1.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Utilities - Regulated Electric · 29 companies

Valuations in Utilities - Regulated Electric are above their usual range since 2016.

67% of months since 2016 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +1% vs the whole market, against a usual +1%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	15.6%	14.2%	16.6%	19.8%	20.2%	▲ 0.4 pts
Net margin	18.5%	9.7%	11.9%	13.3%	12.5%	▼ 0.8 pts
Return on assets (ROA)	4.7%	2.7%	2.6%	2.8%	2.7%	▼ 0.1 pts
Return on equity (ROE)	20.4%	11.9%	11.8%	12.2%	11.7%	▼ 0.5 pts
Free cash flow margin	-3.5%	-17.7%	—	—	—	—
Current ratio	1.19×	1.15×	0.98×	0.79×	0.98×	▲ 23%
Debt to equity	1.88×	2.03×	2.05×	1.99×	2.05×	▲ 3.0%
Interest coverage	2.29×	2.36×	1.92×	2.10×	2.19×	▲ 4.2%

CMS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: more debt relative to equity (1.95× vs a peer median of 1.19×)more debt vs equity (1.95× vs peers 1.19×)

About average: profitability, growth and risk (debt, liquidity and share-price swings)profitability, growth and risk

Ranks #218 of 348 utilities companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

CMS Energy reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Questions investors ask about CMS Energy

Is CMS Energy getting weaker?

Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.

How is CMS Energy valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 360 utilities peers. EBITDA yield 7.4% vs a peer median of 8.6% (weaker than 66% of peers).EBITDA yield 7.4% vs peers 8.6% (weaker than 66% of peers).

Is CMS Energy growing?

At about the same pace as its peers. Growth scores 56/100 against 360 utilities peers. Revenue growth 9.9% vs a peer median of 2.5% (stronger than 79% of peers).Revenue growth 9.9% vs peers 2.5% (stronger than 79% of peers). Earnings per share growth -4.3% vs a peer median of 1.7% (weaker than 61% of peers).Earnings per share growth -4.3% vs peers 1.7% (weaker than 61% of peers).

How profitable is CMS Energy?

About as profitable as its peers. Profitability scores 42/100 against 360 utilities peers.

How risky is CMS Energy?

Moderate risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Beta 0.31 vs a peer median of 0.46 (stronger than 71% of peers).Beta 0.31 vs peers 0.46 (stronger than 71% of peers). Debt / equity 1.95× vs a peer median of 1.19× (weaker than 81% of peers).Debt / equity 1.95× vs peers 1.19× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

8.8B USD

8.8B USD

−0.1%

Net income (12 months)

1.1B USD

1.0B USD

−7.3%

Operating margin

19.5%

18.9%

−0.6 pts

Debt

18.9B USD

19.0B USD

+1.0%

Cash

175.0M USD

241.0M USD

+37.7%

Shares outstanding

308.9M

313.6M

+1.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

15.6%

14.2%

16.6%

19.8%

20.2%

▲ 0.4 pts

Net margin

18.5%

9.7%

11.9%

13.3%

12.5%

▼ 0.8 pts

Return on assets (ROA)

4.7%

2.7%

2.6%

2.8%

2.7%

▼ 0.1 pts

Return on equity (ROE)

20.4%

11.9%

11.8%

12.2%

11.7%

▼ 0.5 pts

Free cash flow margin

-3.5%

-17.7%

—

Current ratio

1.19×

1.15×

0.98×

0.79×

0.98×

▲ 23%

Debt to equity

1.88×

2.03×

2.05×

1.99×

2.05×

▲ 3.0%

Interest coverage

2.29×

2.36×

1.92×

2.10×

2.19×

▲ 4.2%