CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company 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.
CMS Energy Corporation (CMS) reported trailing twelve months (TTM) revenue of $10.24B as of December 2025, which represents a 15.8% increase year-over-year. The company's operating margin has expanded to 97.7% from 93.0% a year ago. In terms of profitability, CMS generated $4.12B in net income. Valuation-wise, the stock trades at a P/E ratio of 5.2x and a Price-to-Sales (P/S) ratio of 2.1x. The company generated $0 in free cash flow over the last twelve months, indicating its ability to reinvest in growth or return capital to shareholders. Data based on the most recent quarterly reports.
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