CMS ENERGY CORP Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
CMS ENERGY CORP has an operating margin of 20.2%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 19.8% the prior year.
CMS ENERGY CORP's revenue declined 100% year-over-year, from $7.5B to $9K. This contraction results in a growth score of 0/100.
CMS ENERGY CORP has a moderate D/E ratio of 1.95. This balance of debt and equity financing earns a leverage score of 39/100.
CMS ENERGY CORP's current ratio of 0.98 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
While CMS ENERGY CORP generated $2K in operating cash flow, capex of $4K consumed most of it, leaving -$2K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
CMS ENERGY CORP's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 47/100. This is down from 12.2% the prior year.
CMS ENERGY CORP scores 458124.41, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($23.5B) relative to total liabilities ($31K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
CMS ENERGY CORP passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, CMS ENERGY CORP generates $2.09 in operating cash flow ($2K OCF vs $1K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
CMS ENERGY CORP earns $2.2 in operating income for every $1 of interest expense ($2K vs $798). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
This page shows CMS ENERGY CORP (CMS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
CMS ENERGY CORP generated $9K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
CMS ENERGY CORP's EBITDA was $3K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.
CMS ENERGY CORP generated -$2K in free cash flow in fiscal year 2025, representing cash available after capex.
CMS ENERGY CORP reported $1K in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
CMS ENERGY CORP earned $3.53 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.0% from the prior year.
CMS ENERGY CORP held $509 in cash against $18K in long-term debt as of fiscal year 2025.
CMS ENERGY CORP paid $2.17 per share in dividends in fiscal year 2025. This represents an increase of 5.3% from the prior year.
CMS ENERGY CORP had 306M shares outstanding in fiscal year 2025. This represents an increase of 2.6% from the prior year.
CMS ENERGY CORP's gross margin was 80.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
CMS ENERGY CORP's operating margin was 20.2% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.
CMS ENERGY CORP's net profit margin was 12.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
CMS ENERGY CORP's ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.5 percentage points from the prior year.
CMS ENERGY CORP invested $4K in capex in fiscal year 2025, funding long-term assets and infrastructure.
CMS Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B+10.5% | $2.0B+10.0% | $1.8B-24.9% | $2.4B+23.0% | $2.0B+14.1% | $1.7B+8.5% | $1.6B-26.1% | $2.2B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $435.0M-9.6% | $481.0M+51.7% | $317.0M-35.8% | $494.0M+16.2% | $425.0M+15.8% | $367.0M+29.7% | $283.0M-31.3% | $412.0M |
| Interest Expense | $208.0M+2.0% | $204.0M+2.5% | $199.0M+6.4% | $187.0M+6.3% | $176.0M0.0% | $176.0M+2.9% | $171.0M-3.4% | $177.0M |
| Income Tax | $53.0M-22.1% | $68.0M+9.7% | $62.0M-1.6% | $63.0M+23.5% | $51.0M+96.2% | $26.0M-36.6% | $41.0M-29.3% | $58.0M |
| Net Income | $289.0M+4.3% | $277.0M+37.8% | $201.0M-33.9% | $304.0M+14.7% | $265.0M+4.7% | $253.0M+27.8% | $198.0M-31.0% | $287.0M |
| EPS (Diluted) | $0.94+2.2% | $0.92+39.4% | $0.66-34.7% | $1.01+14.8% | $0.88+4.8% | $0.84+29.2% | $0.65-32.3% | $0.96 |
CMS Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $39.9B+5.1% | $38.0B+0.8% | $37.7B+3.9% | $36.3B+1.0% | $35.9B+3.2% | $34.8B+1.3% | $34.4B+1.3% | $33.9B |
| Current Assets | $3.5B+26.5% | $2.7B-14.0% | $3.2B+14.8% | $2.8B-0.3% | $2.8B+3.2% | $2.7B-9.4% | $3.0B-3.4% | $3.1B |
| Cash & Equivalents | $509.0M+40.6% | $362.0M-57.1% | $844.0M+81.5% | $465.0M+351.5% | $103.0M-75.0% | $412.0M-41.1% | $699.0M-12.8% | $802.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $30.8B+5.7% | $29.1B-0.5% | $29.3B+4.8% | $28.0B+1.0% | $27.7B+3.7% | $26.7B+1.3% | $26.4B+1.5% | $26.0B |
| Current Liabilities | $3.5B+16.3% | $3.1B-4.5% | $3.2B+21.7% | $2.6B-25.4% | $3.5B+60.7% | $2.2B-13.3% | $2.5B+10.2% | $2.3B |
| Long-Term Debt | $17.8B+6.2% | $16.8B0.0% | $16.8B+3.9% | $16.1B+6.3% | $15.2B-2.3% | $15.5B+4.2% | $14.9B-0.4% | $15.0B |
| Total Equity | $9.1B+3.2% | $8.9B+5.6% | $8.4B+0.7% | $8.3B+1.3% | $8.2B+1.5% | $8.1B+1.3% | $8.0B+0.7% | $7.9B |
| Retained Earnings | $2.4B+5.2% | $2.3B+5.1% | $2.2B+1.7% | $2.2B+6.8% | $2.0B+5.5% | $1.9B+5.4% | $1.8B+2.3% | $1.8B |
CMS Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $478.0M+39.4% | $343.0M-17.1% | $414.0M-58.6% | $1.0B+148.1% | $403.0M+32.6% | $304.0M-57.0% | $707.0M-26.0% | $956.0M |
| Capital Expenditures | N/A | $978.0M+10.6% | $884.0M-0.5% | $888.0M | N/A | $806.0M+18.4% | $681.0M+11.1% | $613.0M |
| Free Cash Flow | N/A | -$635.0M-35.1% | -$470.0M-519.6% | $112.0M | N/A | -$502.0M-2030.8% | $26.0M-92.4% | $343.0M |
| Investing Cash Flow | -$1.1B-6.3% | -$1.0B-8.7% | -$962.0M-4.8% | -$918.0M+3.7% | -$953.0M-11.5% | -$855.0M-40.4% | -$609.0M+4.4% | -$637.0M |
| Financing Cash Flow | $817.0M+289.0% | $210.0M-77.8% | $947.0M+256.0% | $266.0M+1.9% | $261.0M+14.0% | $229.0M+234.7% | -$170.0M-157.8% | $294.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CMS Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 19.5%-4.3pp | 23.8%+6.6pp | 17.3%-2.9pp | 20.2%-1.2pp | 21.4%+0.3pp | 21.1%+3.5pp | 17.6%-1.3pp | 18.9% |
| Net Margin | 12.9%-0.8pp | 13.7%+2.8pp | 10.9%-1.5pp | 12.4%-0.9pp | 13.3%-1.2pp | 14.5%+2.2pp | 12.3%-0.9pp | 13.2% |
| Return on Equity | 3.2%+0.0pp | 3.1%+0.7pp | 2.4%-1.3pp | 3.6%+0.4pp | 3.2%+0.1pp | 3.1%+0.6pp | 2.5%-1.1pp | 3.6% |
| Return on Assets | 0.7%-0.0pp | 0.7%+0.2pp | 0.5%-0.3pp | 0.8%+0.1pp | 0.7%+0.0pp | 0.7%+0.2pp | 0.6%-0.3pp | 0.9% |
| Current Ratio | 0.98+0.1 | 0.90-0.1 | 1.00-0.1 | 1.06+0.3 | 0.79-0.4 | 1.23+0.1 | 1.18-0.2 | 1.35 |
| Debt-to-Equity | 1.95+0.1 | 1.89-0.1 | 2.00+0.1 | 1.94+0.1 | 1.85-0.1 | 1.92+0.1 | 1.86-0.0 | 1.88 |
| FCF Margin | N/A | -31.4%-5.8pp | -25.6%-30.1pp | 4.6% | N/A | -28.8%-30.4pp | 1.6%-14.1pp | 15.8% |
Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is CMS ENERGY CORP's annual revenue?
CMS ENERGY CORP (CMS) reported $9K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CMS ENERGY CORP's revenue growing?
CMS ENERGY CORP (CMS) revenue declined by 100% year-over-year, from $7.5B to $9K in fiscal year 2025.
Is CMS ENERGY CORP profitable?
Yes, CMS ENERGY CORP (CMS) reported a net income of $1K in fiscal year 2025, with a net profit margin of 12.5%.
What is CMS ENERGY CORP's earnings per share (EPS)?
CMS ENERGY CORP (CMS) reported diluted earnings per share of $3.53 for fiscal year 2025. This represents a 6.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is CMS ENERGY CORP's EBITDA?
CMS ENERGY CORP (CMS) had EBITDA of $3K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does CMS ENERGY CORP have?
As of fiscal year 2025, CMS ENERGY CORP (CMS) had $509 in cash and equivalents against $18K in long-term debt.
What is CMS ENERGY CORP's gross margin?
CMS ENERGY CORP (CMS) had a gross margin of 80.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is CMS ENERGY CORP's operating margin?
CMS ENERGY CORP (CMS) had an operating margin of 20.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is CMS ENERGY CORP's net profit margin?
CMS ENERGY CORP (CMS) had a net profit margin of 12.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does CMS ENERGY CORP pay dividends?
Yes, CMS ENERGY CORP (CMS) paid $2.17 per share in dividends during fiscal year 2025.
What is CMS ENERGY CORP's return on equity (ROE)?
CMS ENERGY CORP (CMS) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is CMS ENERGY CORP's free cash flow?
CMS ENERGY CORP (CMS) generated -$2K in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CMS ENERGY CORP's operating cash flow?
CMS ENERGY CORP (CMS) generated $2K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are CMS ENERGY CORP's total assets?
CMS ENERGY CORP (CMS) had $40K in total assets as of fiscal year 2025, including both current and long-term assets.
What are CMS ENERGY CORP's capital expenditures?
CMS ENERGY CORP (CMS) invested $4K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does CMS ENERGY CORP have outstanding?
CMS ENERGY CORP (CMS) had 306M shares outstanding as of fiscal year 2025.
What is CMS ENERGY CORP's current ratio?
CMS ENERGY CORP (CMS) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is CMS ENERGY CORP's debt-to-equity ratio?
CMS ENERGY CORP (CMS) had a debt-to-equity ratio of 1.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is CMS ENERGY CORP's return on assets (ROA)?
CMS ENERGY CORP (CMS) had a return on assets of 2.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is CMS ENERGY CORP's Altman Z-Score?
CMS ENERGY CORP (CMS) has an Altman Z-Score of 458124.41, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is CMS ENERGY CORP's Piotroski F-Score?
CMS ENERGY CORP (CMS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CMS ENERGY CORP's earnings high quality?
CMS ENERGY CORP (CMS) has an earnings quality ratio of 2.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can CMS ENERGY CORP cover its interest payments?
CMS ENERGY CORP (CMS) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is CMS ENERGY CORP?
CMS ENERGY CORP (CMS) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.