CMS Energy
CMS stock analysis · Utilities · Multi-Utilities
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.
View share-count filing ↗DCF value
Requires positive annual FCF, usable shares and discount rate above terminal growth.
How this is calculated ↗Reverse DCF
No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.
How this is calculated ↗Relative valuation
11 industry peers · median 21.7×
How this is calculated ↗Historical multiples
7 annual observations · snapshot P/E 22.6× · 0.0% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Requires reported dividends, repurchases and issuance; missing values are not zero.
How this is calculated ↗Accrual quality
Annual basis · read assumptions below
How this is calculated ↗Fundamental momentum
Annual basis · read assumptions below
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | — | — | — |
| 10.0% | — | — | — |
| 12.0% | — | — | — |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-12-31 | 8.5B | 1B | 2.2B | 3.8B | 39.9B |
| 2024-12-31 | 7.5B | 947M | 2.4B | 3B | 35.9B |
| 2023-12-31 | 7.5B | 808M | 2.3B | 3.2B | 33.5B |
| 2022-12-31 | 8.3B | 813M | 855M | 2.4B | 31.4B |
| 2021-12-31 | 7.1B | 1.3B | 1.8B | 2.1B | 28.8B |
| 2020-12-31 | 6.2B | 752M | 1.3B | 2.3B | 29.7B |
| 2019-12-31 | 6.4B | 682M | 1.8B | 2.1B | 26.8B |
| 2018-12-31 | 6.5B | 659M | 1.7B | 2.1B | 24.5B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 8.5B | Revenues Reviewed fiscal 2023–2025 CMS Energy consolidated operating revenue. Customer-contract revenue is reconciled with other revenue in Note 15; the separately presented Consumers Energy subsidiary is not substituted. | 2026-02-10 |
| netIncome | 1B | ProfitLoss Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-10 |
| Parent/common earnings proxy | 1.1B | NetIncomeLossAvailableToCommonStockholdersBasic | 2026-02-10 |
| cfo | 2.2B | NetCashProvidedByUsedInOperatingActivities | 2026-02-10 |
| capex | 3.8B | Reviewed manual correction Reviewed CMS Energy consolidated cash-flow statement, page 96, in USD millions: ongoing capital expenditures $3,824m plus explicitly reported Covert plant acquisition $0m. Both use PaymentsToAcquirePropertyPlantAndEquipment with PropertyPlantAndEquipmentByTypeAxis members OngoingCapitalExpendituresMember and CovertPlantAcquisitionMember; Company Facts omits these dimensions. This is the consolidated issuer, not the separately presented Consumers Energy subsidiary statement. Excludes noncash finance-lease additions, unpaid capital expenditures, and the separately reported cost-to-retire-property/other investing line. The reported zero acquisition component is source evidence, not a default. | 2026-02-10 |
| operatingIncome | 1.7B | OperatingIncomeLoss | 2026-02-10 |
| assets | 39.9B | Assets | 2026-02-10 |
| equity | 9.7B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-10 |
| Parent book equity proxy | 9.1B | StockholdersEquity | 2026-02-10 |
| debt | 18.8B | LongTermDebtCurrent + LongTermDebtNoncurrent | 2026-02-10 |
| shortDebt | — | Not reported under a supported tag | — |
| cash | 509M | CashAndCashEquivalentsAtCarryingValue | 2026-02-10 |
| shares | 301M | WeightedAverageNumberOfDilutedSharesOutstanding | 2026-02-10 |
| dividends | — | Not reported under a supported tag | — |
| buybacks | — | Not reported under a supported tag | — |
| issuance | 525M | ProceedsFromIssuanceOfCommonStock | 2026-02-10 |