Consumers Energy CompanyCMS-PB
NYSE•Utilities•Utilities - Regulated Electric
Consumers Energy Company operates as an electric and gas utility in Michigan. The company is involved in the generation, purchase, transmission, distribution, and sale of electricity through coal, wind, gas, renewable energy, oil, and nuclear sources, as well as natural gas. It serves residential, commercial, and diversified industrial customers. Consumers Energy Company was formerly known as Consumers Power Company and changed its name to Consumers Energy Company in March 1997. The company was founded in 1886 and is based in Jackson, Michigan. Consumers Energy Company operates as a subsidiary of CMS Energy Corporation.
CMS Energy Corporation Preferre (CMS-PB) reported trailing twelve months revenue of $8.58B as of March 2026, a 13.3% increase year-over-year. Quarterly revenue reached $2.67B, reflecting continued top-line momentum.
CMS Energy Corporation Preferre generated $1.11B in TTM net income, with quarterly EBITDA of $902.00M. The operating margin contracted from 20.6% to 18.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (18.3%) and net margin (12.7%) indicates moderate non-operating costs. Net margin has improved from 12.7% a year ago, signaling stronger bottom-line efficiency.
CMS-PB trades at a P/E of 21.9x (in line with broad market averages) and a P/S of 2.8x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company reported negative free cash flow of $-334.00M, indicating cash consumption over the period. The balance sheet shows $40.28B in total assets with $17.46B in long-term debt against $9.47B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~20.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.1% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~18.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.2% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding rose 2.9% — mild dilution. Compare to earnings growth to assess net per-share impact.