CMS Energy CorporationCMS
NYSE•Utilities•Utilities - Regulated Electric
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 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 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 trades at a P/E of 21.4x (in line with broad market averages) and a P/S of 2.8x. The price-to-book ratio of 2.5x 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation