CMS · Cms Energy Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $8.54B | $7.51B | $7.46B | $8.60B | $7.33B | $6.68B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $6.81B | $6.03B | $6.23B | $7.37B | $6.18B | $5.32B |
| D&A | $1.31B | $1.24B | $1.18B | $1.13B | $1.11B | $1.05B |
| Operating Income | $1.73B | $1.49B | $1.24B | $1.22B | $1.15B | $1.36B |
| Interest Expense | $798.00M | $700.00M | $643.00M | $519.00M | $500.00M | $561.00M |
| Income Tax | $246.00M | $176.00M | $147.00M | $93.00M | $95.00M | $133.00M |
| Net Income | $1.07B | $1.00B | $887.00M | $837.00M | $1.35B | $755.00M |
| EPS - Basic | $3.53 | $3.34 | $3.01 | $2.85 | $4.66 | $2.65 |
| EPS - Diluted | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 | $2.64 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $509.00M | $103.00M | $227.00M | $164.00M | $452.00M | $168.00M |
| Accounts Receivable | - | - | - | $1.56B | $931.00M | $863.00M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | $928.00M | $875.00M | $671.00M |
| Current Assets | $3.47B | $2.79B | $2.84B | $3.43B | $2.63B | $2.40B |
| Total Assets | $39.94B | $35.92B | $33.52B | $31.35B | $28.75B | $29.67B |
| Current Liabilities | $3.55B | $3.52B | $2.90B | $2.98B | $2.20B | $3.07B |
| Long-term Debt | $17.81B | $15.19B | $14.51B | $13.12B | $12.05B | $13.63B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $9.14B | $8.23B | $7.54B | $7.01B | $6.63B | $5.50B |
| Retained Earnings | $2.44B | $2.04B | $1.66B | $1.35B | $1.06B | $214.00M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.23B | $2.37B | $2.31B | $855.00M | $1.82B | $1.28B |
| Investing Cash Flow | ($4.04B) | ($3.05B) | ($3.39B) | ($2.48B) | ($1.23B) | ($2.87B) |
| Financing Cash Flow | $2.24B | $614.00M | $1.14B | $1.33B | ($295.00M) | $1.62B |
| CapEx | - | - | - | $2.37B | $2.08B | $2.32B |
| Free Cash Flow | - | - | - | ($1.52B) | ($257.00M) | ($1.04B) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 20.4% |
| EBITDA margin | 35.5% | 36.3% | 32.4% | 27.3% | 30.8% | 36.1% |
| Net margin | 12.5% | 13.3% | 11.9% | 9.7% | 18.5% | 11.3% |
| Free cash flow margin | - | - | - | -17.7% | -3.5% | -15.6% |
| FCF / Net income | - | - | - | -1.81 | -0.19 | -1.38 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 18.7% | 14.9% | 14.2% | 10.0% | 6.6% | 15.0% |
| Return on assets | 2.7% | 2.8% | 2.6% | 2.7% | 4.7% | 2.5% |
| Return on equity | 11.7% | 12.2% | 11.8% | 11.9% | 20.4% | 13.7% |
| Return on invested capital | 5.2% | 5.4% | 4.8% | 5.5% | 5.7% | 6.1% |
| Liquidity | ||||||
| Current ratio | 0.98 | 0.79 | 0.98 | 1.15 | 1.19 | 0.78 |
| Quick ratio | 0.98 | 0.79 | 0.98 | 1.15 | 1.19 | 0.78 |
| Cash ratio | 0.14 | 0.03 | 0.08 | 0.05 | 0.21 | 0.05 |
| Leverage | ||||||
| Debt / Equity | 1.95 | 1.85 | 1.92 | 1.87 | 1.82 | 2.48 |
| Debt / Assets | 0.45 | 0.42 | 0.43 | 0.42 | 0.42 | 0.46 |
| Debt / EBITDA | 5.87 | 5.57 | 6.01 | 5.58 | 5.33 | 5.66 |
| Interest coverage | 2.2x | 2.1x | 1.9x | 2.4x | 2.3x | 2.4x |
| Equity multiplier | 4.37 | 4.36 | 4.44 | 4.47 | 4.34 | 5.40 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.21 | 0.21 | 0.22 | 0.27 | 0.25 | 0.23 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | 66d | 46d | 47d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 19.8x | 20.0x | 19.3x | 22.2x | 14.0x | 23.1x |
| P / B | 2.3x | 2.4x | 2.2x | 2.6x | 2.8x | 3.2x |
| P / S | 2.5x | 2.6x | 2.3x | 2.1x | 2.6x | 2.6x |
| EV / EBITDA | 12.6x | 12.8x | 12.9x | 13.3x | 13.5x | 12.8x |
| Growth | ||||||
| Revenue growth (YoY) | 13.6% | 0.7% | -13.2% | 17.3% | 9.7% | -2.4% |
| Revenue CAGR (3y) | -0.2% | 0.8% | 3.8% | 7.9% | 2.2% | 0.5% |
| Revenue CAGR (5y) | 5.0% | 1.9% | 1.7% | 5.5% | 2.8% | 0.7% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 16.1% | 20.4% | 0.9% | 6.8% | -15.9% | 9.9% |
| Net income growth (YoY) | 6.8% | 13.1% | 6.0% | -38.1% | 79.2% | 11.0% |
| EPS growth (YoY) | 6.0% | 10.6% | 5.6% | -38.8% | 76.5% | 10.5% |
| EPS CAGR (3y) | 7.4% | -10.6% | 4.5% | 6.0% | 26.2% | 17.2% |
| EPS CAGR (5y) | 6.0% | 6.9% | 5.3% | 11.7% | 18.7% | 6.9% |
| FCF growth (YoY) | - | - | - | -491.1% | 75.3% | -231.5% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 11.1% | 9.1% | 7.5% | 5.8% | 20.7% | 9.5% |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electric & Other Services Combined
Comparing CMS ENERGY CORP against the 5 most active filers in the same SIC group.
Dividends
$2.23/share trailing 12 months · +5.2% YoY
| Ex-date | Per share |
|---|---|
| May 8, 2026 | $0.5700 |
| Feb 17, 2026 | $0.5700 |
| Nov 7, 2025 | $0.5430 |
| Aug 8, 2025 | $0.5430 |
| May 9, 2025 | $0.5430 |
| Feb 14, 2025 | $0.5430 |
| Nov 13, 2024 | $0.5150 |
| Aug 2, 2024 | $0.5150 |
| May 14, 2024 | $0.5150 |
| Feb 9, 2024 | $0.5150 |
| Nov 2, 2023 | $0.4880 |
| Aug 3, 2023 | $0.4880 |
| May 4, 2023 | $0.4880 |
| Feb 10, 2023 | $0.4880 |
| Nov 3, 2022 | $0.4600 |
| Aug 4, 2022 | $0.4600 |
| May 5, 2022 | $0.4600 |
| Feb 10, 2022 | $0.4600 |
| Nov 4, 2021 | $0.4350 |
| Aug 5, 2021 | $0.4350 |
| May 6, 2021 | $0.4350 |
| Feb 4, 2021 | $0.4350 |
| Nov 5, 2020 | $0.4080 |
| Aug 6, 2020 | $0.4080 |