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CMS Energy Corporation (CMS)

NYSE / Utilities / Regulated Electric

Share price

66.94 USD Market dataClose of Oct 15, 2026

Market capitalisation

20.99B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 10, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

5.0% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

18.96x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

3.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 6.40B USDFY2016 Net income: 551.0M USDFY2017 Revenue: 6.58B USDFY2017 Net income: 460.0M USDFY2018 Revenue: 6.87B USDFY2018 Net income: 657.0M USDFY2019 Revenue: 6.62B USDFY2019 Net income: 680.0M USDFY2020 Revenue: 6.42B USDFY2020 Net income: 755.0M USDFY2021 Revenue: 7.33B USDFY2021 Net income: 1.35B USDFY2022 Revenue: 8.60B USDFY2022 Net income: 837.0M USDFY2023 Revenue: 7.46B USDFY2023 Net income: 887.0M USDFY2024 Revenue: 7.51B USDFY2024 Net income: 1.00B USDFY2025 Revenue: 8.54B USDFY2025 Net income: 1.07B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 18.96x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Regulated Electric industry (35 companies), 18.96x sits at the 41st percentile; the middle half of that group runs from 18.20x to 22.31x.

Is it good

Return on invested capital was 5.0% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Utilities sector (52 companies), 5.0% sits at the 39th percentile; the middle half of that group runs from 4.5% to 6.2%.

Is it safe

Interest coverage was 2.19x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether CMS Energy Corporation's return on invested capital stayed above the median of the Utilities sector, year by year. (FY2023 to FY2025, 3 fiscal years of CMS Energy Corporation with a comparable figure)
The direction
Which way CMS Energy Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of CMS Energy Corporation)
What could explain it
What in CMS Energy Corporation's filed statements could explain the movements. (2 readings drawn from the statement lines CMS Energy Corporation filed)
What to check next
What to check next on CMS Energy Corporation, and where in its filings. (5 questions for CMS Energy Corporation)
In one paragraph
One paragraph on CMS Energy Corporation's returns, cash, balance sheet and price. (11 of sixteen figures read for CMS Energy Corporation)

These are CMS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CMSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 10, 2026, accession 0000811156-26-000004.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

CMS Energy Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax5.0% ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Return on equity11.7% ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Return on capital employed, pre-tax4.8% ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Return on assets2.7% ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Operating margin20.2% ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Net margin12.5% ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
CMS 12.5%
PPL 13.1%CNP 11.2%PCG 10.8%EMA 12.4%ED 12.0%
10.8%13.1%
Net margin: CMS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

CMS Energy Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.07 ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Current ratio0.98 ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Quick ratio0.98 ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Interest coverage2.19x ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Altman Z-score0.84 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Net debt18.41B ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Total assets 39.94BTotal liabilities 30.23BShareholders' equity 9.14BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What CMS Energy Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 10, 2026, 0000811156-26-000004).

CMS Energy Corporation: balance sheet position
Total assets39.94B FiledFY2025 10-K, filed Feb 10, 2026
Total liabilities30.23B FiledFY2025 10-K, filed Feb 10, 2026
Shareholders' equity9.14B FiledFY2025 10-K, filed Feb 10, 2026
Cash509.0M FiledFY2025 10-K, filed Feb 10, 2026
Total debt18.92B FiledFY2025 10-K, filed Feb 10, 2026
Net debt18.41B
Current ratio0.98
Debt to equity2.07

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

CMS Energy Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings18.96x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
P/E on trailing twelve months19.91x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.20x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Price to sales2.36x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Enterprise value to EBIT22.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Enterprise value to EBITDA12.71x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Price to earnings over growth3.21 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Diluted earnings per share3.53 USD FiledFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Graham number49.12 USD ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004

We publish no fair value or price target of our own. Value CMS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for CMS Energy Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

CMS Energy Corporation: valuation
Share price66.94 USD
Market capitalisation20.99B USD
Enterprise value to EBITDA12.71x
Graham number49.12 USD
Diluted earnings per share, FY20253.53 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 28, 2017: low 11.73x, median 21.57x, high 31.73x, latest 19.91x. 2,315 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like CMS Energy Corporation

  1. PPL Corporation (PPL)Market cap 25.95B USD
  2. CenterPoint Energy, Inc. (CNP)Market cap 26.22B USD
  3. Pacific Gas & Electric Co. (PCG)Market cap 34.73B USD
  4. Emera Incorporated (EMA)Market cap 14.46B USD
  5. Consolidated Edison, Inc. (ED)Market cap 40.49B USD

Same industry (Regulated Electric) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

CMS Energy Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Dividend yield3.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
FY2016 Free cash flow: -43.0M USDFY2016 Net income: 551.0M USDFY2017 Free cash flow: 40.0M USDFY2017 Net income: 460.0M USDFY2018 Free cash flow: -371.0M USDFY2018 Net income: 657.0M USDFY2019 Free cash flow: -307.0M USDFY2019 Net income: 680.0M USDFY2020 Free cash flow: -1.03B USDFY2020 Net income: 755.0M USDFY2021 Free cash flow: -257.0M USDFY2021 Net income: 1.35B USDFY2022 Free cash flow: -1.52B USDFY2022 Net income: 837.0M USDFY2023 Net income: 887.0M USDFY2024 Net income: 1.00B USDFY2025 Net income: 1.07B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

CMS Energy Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
18.96xFY2025Oct 15, 2026
2.20xFY2025Oct 15, 2026
22.33xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
5.0%FY2025Feb 10, 2026
3.4%FY2025Oct 15, 2026
2.07FY2025Feb 10, 2026
0.98FY2025Feb 10, 2026
2.36xFY2025Oct 15, 2026
3.21FY2025Oct 15, 2026
0.84FY2025Oct 15, 2026
-2.52FY2025Feb 10, 2026
5/9FY2025Feb 10, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports CMS Energy Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

CMS Energy Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20258.54B1.73B1.07B3.53n/a20.2%11.7%10-K, Feb 10, 20260000811156-26-000004
FY20247.51B1.49B1.00B3.33n/a19.8%12.2%10-K, Feb 11, 20250000811156-25-000036
FY20237.46B1.24B887.0M3.01n/a16.6%11.8%10-K, Feb 8, 20240000811156-24-000044
FY20228.60B1.22B837.0M2.85-1.52B14.2%11.9%10-K, Feb 9, 20230000811156-23-000014
FY20217.33B1.15B1.35B4.66-257.0M15.6%20.4%10-K, Feb 10, 20220000811156-22-000048
FY20206.42B1.23B755.0M2.64-1.03B19.2%13.7%10-K, Feb 11, 20210000811156-21-000016
FY20196.62B1.11B680.0M2.39-307.0M16.8%13.6%10-K, Feb 6, 20200000811156-20-000004
FY20186.87B1.16B657.0M2.32-371.0M16.9%13.8%10-K, Feb 5, 20190000811156-19-000003
FY20176.58B1.34B460.0M1.6440.0M20.3%10.4%10-K, Feb 14, 20180001104659-18-009493
FY20166.40B1.26B551.0M1.98-43.0M19.6%13.0%10-K, Feb 7, 20170001104659-17-006823
  • Revenue, compound annual growth FY2016 to FY2025: 3.3%
  • Earnings, compound annual growth FY2016 to FY2025: 7.7%
  • Earnings per share, compound annual growth FY2016 to FY2025: 6.6%
  • Free cash flow: Free cash flow was not positive in both 2016 and 2022, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

CMS Energy Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.52 ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Piotroski F-score5/9 ComputedFY2025 10-K, filed Feb 10, 2026, 0000811156-26-000004
Named tests met1 of 30 Computed
Beta-0.05 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 28 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(7)
  • Current Ratio: Graham set this test for industrial companies; for utilities he tested debt against equity.
  • Altman Z-Score: Altman fitted the Z-score on manufacturers; it is not measured for a utility.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 7 figures could not be read on this company, among them Current Ratio, Altman Z-Score, Gross Margin. Each blank in the table above names the rest, with its reason. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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