CMSNYSEElectric & Other Services CombinedFiscal year ends December 31Also trades as CMS.PC, CMSA, CMSC, CMSD
CMS ENERGY CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$67.37−1.33 (-1.94%)
Close on Oct 19, 2026
- Market cap
- $20.94B
- P/E (TTM)
- 20.2
- Dividend yield
- 3.22%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
20.2%+1.1 pts over 5 years
Net margin
12.5%+0.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.6% | -0.2% | +5.9% | +2.8% | |
| Operating income | +16.1% | +12.2% | +7.0% | +3.9% | |
| Net income | +6.8% | +8.6% | +7.2% | +7.4% | |
| EPS, diluted | +6.0% | +7.4% | +6.0% | +6.4% | |
| Dividend per share | +5.3% | +5.7% | +5.9% | +6.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.5% | 14.4% | 12.3% | |
| Return on assets | 2.6% | 2.7% | 2.8% | |
| Current ratio | 0.86 | 0.78 | 0.98 | |
| Debt to equity | 2.24 | 2.24 | 2.05 | |
| Net debt to EBITDA | 4.48× | 5.34× | 6.02× | |
| Interest coverage | 2.9× | 2.4× | 2.2× | |
| Capex to revenue | 26.1% | 36.0% | – | |
| Diluted shares | 279M | 286M | 301M |
Cash use needs five years of cash flow figures
Cms Energy does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.5%
×Asset turnover0.23×
×Equity multiplier4.37×
=Return on equity, FY202512.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.5% | 0.23× | 4.37× | 12.3% |
| FY2024 | 13.3% | 0.22× | 4.40× | 12.7% |
| FY2023 | 11.9% | 0.23× | 4.46× | 12.2% |
| FY2022 | 9.7% | 0.29× | 4.40× | 12.3% |
| FY2021 | 18.5% | 0.25× | 4.82× | 22.3% |
| FY2020 | 11.8% | 0.23× | 5.37× | 14.4% |
| FY2019 | 10.3% | 0.26× | 5.26× | 13.9% |
| FY2018 | 9.6% | 0.29× | 5.17× | 14.3% |
| FY2017 | 7.0% | 0.29× | 5.14× | 10.6% |
| FY2016 | 8.6% | 0.31× | 5.12× | 13.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.07B
- Cash generatingOperating cash flow above zero$2.24B
- Return on assets improvedROA up on the prior year3.0% → 3.0%
- Earnings backed by cashOperating cash flow above net income$2.24B vs $1.07B
- Less leverageLong-term debt to assets fell42.3% → 44.6%
- Better liquidityCurrent ratio rose0.79 → 0.98
- No dilutionShare count did not rise298M → 301M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.22 → 0.24