# CMS Energy Corporation (CMS) — Stock CV

CMS Energy Corporation 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.

> 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.

## Identity

- **Ticker**: CMS
- **Sector**: Utilities
- **Industry**: Electric & Other Services Combined
- **Headquarters**: JACKSON, MI
- **Employees**: 8 350
- **Website**: https://www.cmsenergy.com
- **Market cap**: $20.5B
- **Last price**: $65.49
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $8.81B
- **Net income**: $1.03B
- **Free cash flow**: -$1.40B
- **Net debt**: $17.3B
- **P/E**: 20.0
- **Revenue growth (YoY)**: 9.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 60 |
| Growth | 32 |
| Profitability | 57 |
| Health | 21 |
| Quality | 60 |
| Moat | 24 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +9.9% YoY
- [x] Profitable — $1.03B TTM
- [x] Profit growing — +7.2% YoY
- [ ] Generates cash — -$1.40B TTM
- [ ] Debt under control — current ratio 0.94
- [x] Established company — $20.5B market cap
- [ ] Not printing shares — +24.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 9/100
- [x] Pays a dividend — yield 3.36%
- [x] Valuation not extreme — P/E 20.0

## Experience (career milestones)

- **FY2021** — Best year on record: $1.35B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $6.40B in first reported year
- **1997** — Consumers Power was rebranded Consumers Energy in 1997
- **Oct 23, 1987** — CMS Energy became a publicly owned company and was listed at the New York Stock Exchange
- **1961** — CMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock…

## Strengths

- None stand out in the data.

## Watch-outs

- Negative free cash flow (-$1.4B)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.33B | $1.35B | -$257M |
| FY2022 | $8.60B | $837M | -$1.52B |
| FY2023 | $7.46B | $887M | -$751M |
| FY2024 | $7.51B | $1.00B | -$472M |
| FY2025 | $8.54B | $1.07B | -$1.08B |

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Source: https://stockcv.com/CMS — derived from company filings; may be delayed or incomplete. Information, not investment advice.