CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan.
It is a $20.5B utility company. Revenue grew 9.9% over the last year, it keeps 12¢ of every dollar of sales as profit, and it carries $17.3B of net debt. It trades at 20.0× earnings — in the cheapest third of its own history.
- Website
- cmsenergy.com
- Location
- Jackson, MI
- Employees
- 8 350
- Sector
- Utilities
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Growth, Health and Moat lag behind.
Valuation60
- P/E vs own history24th pct · 20/25
- FCF yield-6.8% · 0/25
- P/S2.5x · 20/25
- EV/EBITDA12.8x · 20/25
Growth32
- Revenue CAGR3.9% · 6/25
- Net income CAGR-5.7% · 0/25
- EPS CAGR ~5Y2.6% · 6/25
- Fwd implied growth27.0% · 20/25
Profitability57
- ROIC6.4% · 5/25
- ROE11.0% · 12/25
- Net margin11.6% · 20/25
- Operating margin20.8% · 20/25
Health21
- Altman Zn/a · 0/25
- Current ratio0.94 · 6/25
- Interest coverage2.7x · 10/25
- Net cash / debtD/A 43% · 5/25
Quality60
- Piotroski F6/9 · 15/25
- Beneish M-2.42 · 20/25
- FCF conversion-136% · 0/25
- Margin stabilityσ 2.1% · 25/25
Moat24
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin20.4% · 6/25
- FCF-positive years1/10 yrs · 0/25
- Worst-year net marginworst 7.0% · 18/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2021FinancialBest year on record$1.35B net income
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$6.40B in first reported year
- 1997MilestoneConsumers Power was rebranded Consumers Energy in 1997
- Oct 23, 1987MilestoneCMS Energy became a publicly owned company and was listed at the New York Stock Exchange
- 1961MilestoneCMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
No standout strengths in the available data.
Watch-outs
- Negative free cash flow (-$1.4B)
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+9.9% YoY
- Profitable — makes more than it spends$1.03B TTM
- Profit growing — earnings are higher than last year+7.2% YoY
- Generates cash — cash left after running and investing-$1.40B TTM
- Debt under control — could handle its obligationscurrent ratio 0.94
- Established company — not a micro-cap — lower blow-up risk$20.5B market cap
- Not printing shares — share count not ballooning — you keep your slice+24.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 9/100
- Pays a dividend — returns cash to shareholdersyield 3.36%
- Valuation not extreme — price not wildly above earningsP/E 20.0
Peer comparisonCMS Energy Corporation vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| CMS this company | $20.5B | 20.0 | +9.9% | 11.6% | Strained |
| NEE NextEra Energy, Inc. | $161.3B | 17.4 | +10.8% | 32.4% | Strained |
| CEG Constellation Energy Corporation | $105.8B | 30.5 | +26.0% | 11.1% | Strained |
| SO The Southern Company | $99.1B | 21.3 | +6.4% | 15.4% | Strained |
| DUK Duke Energy Corporation | $90.9B | 17.3 | +6.3% | 15.8% | Strained |
| WMB Williams Companies Inc. | $89.2B | 29.0 | +8.7% | 25.2% | Strained |
| KMI Kinder Morgan, Inc. | $72.4B | 20.9 | +12.5% | 19.3% | Strained |
Head-to-head: CMS vs NEE · CMS vs CEG · CMS vs SO
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/CMS
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of CMS on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $65.49 · market cap $20.5B.