What is CMS Energy's earnings per share (EPS)?

CMS Energy (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.

CMS Energy (CMS) Financials

CMS

Trailing 12 months to June 30, 2026

Revenue $8.8B +9.9% YoY

Net Income $1.0B +0.3% YoY

EPS (Diluted) $3.33 -1.8% YoY

Operating Cash Flow $2.1B +1.3% YoY

Market Cap $21.1B as of Sep 11, 2026

Price / Sales 2.4x on $8.8B revenue, trailing 12 months to June 30, 2026

Price / Earnings 20.5x on $1.0B net income, trailing 12 months to June 30, 2026

Price / Book 2.2x on $9.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 28, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CMS SEC filings page.

CMS Energy (CMS) reported $8.8B in revenue over the twelve months to Jun 30, 2026, up 9.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI CMS FY2025 2026-08-29

CMS’s improving operating margin is increasingly absorbed by financing costs while asset growth relies on heavier balance-sheet funding.

Operating margin reached 20.2% in FY2025, extending the improvement from 16.6% in FY2023. Yet net margin fell to 12.5% while interest expense reached $798M, indicating that stronger operating performance was increasingly absorbed by financing and tax charges before reaching net income.

The balance sheet is becoming more demanding: total assets reached $39.9B in FY2025 while debt-to-equity was 1.9x. A current ratio of 1.0x means near-term obligations roughly matched current assets, leaving less working-capital flexibility alongside expansion.

In FY2025, operating cash flow was $2.2B versus investing cash outflows of $4.0B, leaving the reported investment burden larger than internally generated cash. Financing inflows of $2.2B supplied a material bridge, linking investment activity to external funding rather than accounting profit alone.

Financial Health Signals

Financial Health Score 43/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of CMS Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

CMS Energy has an operating margin of 20.2%, meaning the company retains $20 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is up from 19.8% the prior year.

Growth

CMS Energy's revenue grew 13.6% year-over-year to $8.5B, a solid pace of expansion. This earns a growth score of 66/100.

Leverage

CMS Energy has elevated debt relative to equity (D/E of 1.95), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 13/100, reflecting increased financial risk.

Liquidity

With a current ratio of 0.98, CMS Energy holds $0.98 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.

Cash Flow

Not available for CMS Energy, and counted as zero in the overall score.

Returns

CMS Energy's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 60/100. This is down from 12.2% the prior year.

Altman Z-Score Distress

0.85

CMS Energy scores 0.85, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

CMS Energy passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.09x

For every $1 of reported earnings, CMS Energy generates $2.09 in operating cash flow ($2.2B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.16x

CMS Energy earns $2.16 in operating income for every $1 of interest expense ($1.7B vs $798.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.8B

YoY-0.5%

QoQ-33.0%

5Y CAGR+3.3%

10Y CAGR+2.9%

CMS Energy generated $1.8B in revenue in Q2 2026. This represents a decrease of 0.5% from the same quarter a year earlier. Against the prior quarter it is down 33.0%.

EBITDA

$572.0M

YoY-5.5%

QoQ-36.6%

5Y CAGR+2.9%

10Y CAGR+2.4%

CMS Energy's EBITDA was $572.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.5% from the same quarter a year earlier. Against the prior quarter it is down 36.6%.

Net Income

$120.0M

YoY-40.3%

QoQ-64.7%

5Y CAGR-7.4%

10Y CAGR-0.3%

CMS Energy reported $120.0M in net income in Q2 2026. This represents a decrease of 40.3% from the same quarter a year earlier. Against the prior quarter it is down 64.7%.

EPS (Diluted)

$0.37

YoY-43.9%

QoQ-66.4%

5Y CAGR-9.5%

10Y CAGR-1.9%

CMS Energy earned $0.37 per diluted share (EPS) in Q2 2026. This represents a decrease of 43.9% from the same quarter a year earlier. Against the prior quarter it is down 66.4%.

Cash & Balance Sheet

Free Cash Flow

-$345.0M

YoY+26.6%

QoQ-3.3%

CMS Energy recorded an outflow of $345.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 26.6% from the same quarter a year earlier. Against the prior quarter it is down 3.3%.

Cash & Debt

$241.0M

YoY-71.4%

QoQ+37.7%

5Y CAGR+9.5%

10Y CAGR-4.6%

CMS Energy held $241.0M in cash against $18.2B in long-term debt as of Q2 2026.

Dividends Per Share

$0.57

YoY+5.1%

QoQ0.0%

5Y CAGR+5.6%

10Y CAGR+6.3%

CMS Energy paid $0.57 per share in dividends in Q2 2026. This represents an increase of 5.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

314M

YoY+4.8%

QoQ+1.5%

5Y CAGR+1.6%

10Y CAGR+1.2%

CMS Energy had 314M shares outstanding in Q2 2026. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 1.5%.

Margins & Returns

Operating Margin

14.4%

YoY-2.8pp

QoQ-3.5pp

5Y change-1.7pp

10Y change-5.6pp

CMS Energy's operating margin was 14.4% in Q2 2026, reflecting core business profitability. This is down 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.5 percentage points.

Net Margin

6.6%

YoY-4.4pp

QoQ-5.9pp

5Y change-4.7pp

10Y change-2.5pp

CMS Energy's net profit margin was 6.6% in Q2 2026, showing the share of revenue converted to profit. This is down 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.9 percentage points.

Return on Equity

1.2%

YoY-1.2pp

QoQ-2.4pp

5Y change-1.8pp

10Y change-1.8pp

CMS Energy's ROE was 1.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$967.0M

YoY+9.4%

QoQ-6.9%

CMS Energy invested $967.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 9.4% from the same quarter a year earlier. Against the prior quarter it is down 6.9%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

CMS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CMS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$8.8B	$8.5B+13.6%	$7.5B+0.7%	$7.5B-13.2%	$8.6B+17.3%	$7.3B+14.2%	$6.4B-3.1%	$6.6B-3.6%	$6.9B+4.4%	$6.6B+2.9%	$6.4B-0.9%	$6.5B-10.1%	$7.2B+9.3%	$6.6B+5.0%	$6.3B-3.8%	$6.5B
Operating Income	$1.7B	$1.7B+16.1%	$1.5B+20.4%	$1.2B+0.9%	$1.2B+6.8%	$1.1B-6.8%	$1.2B+10.3%	$1.1B-4.0%	$1.2B-13.2%	$1.3B+6.5%	$1.3B+6.6%	$1.2B+2.3%	$1.2B+0.9%	$1.1B+13.9%	$1.0B0.0%	$1.0B
EBITDA	N/A	$3.0B+11.2%	$2.7B+12.9%	$2.4B+2.8%	$2.4B+4.0%	$2.3B-0.6%	$2.3B+8.0%	$2.1B+0.4%	$2.1B-5.6%	$2.2B+7.4%	$2.1B+7.2%	$1.9B+5.0%	$1.8B+3.8%	$1.8B+10.6%	$1.6B+3.4%	$1.5B
Interest Expense	$832.0M	$798.0M+14.0%	$700.0M+8.9%	$643.0M+23.9%	$519.0M+3.8%	$500.0M-1.0%	$505.0M+9.8%	$460.0M+0.4%	$458.0M+4.6%	$438.0M+0.7%	$435.0M+9.8%	$396.0M-2.7%	$407.0M+2.3%	$398.0M+2.3%	$389.0M-6.3%	$415.0M
Income Tax	$239.0M	$246.0M+39.8%	$176.0M+19.7%	$147.0M+58.1%	$93.0M-2.1%	$95.0M-17.4%	$115.0M-12.2%	$131.0M+13.9%	$115.0M-72.9%	$424.0M+55.3%	$273.0M+0.7%	$271.0M+8.4%	$250.0M-17.2%	$302.0M+23.3%	$245.0M+28.3%	$191.0M
Net Income	$1.0B	$1.1B+6.8%	$1.0B+13.1%	$887.0M+6.0%	$837.0M-38.1%	$1.4B+79.2%	$755.0M+11.0%	$680.0M+3.5%	$657.0M+42.8%	$460.0M-16.5%	$551.0M+5.4%	$523.0M+9.6%	$477.0M+5.5%	$452.0M+18.3%	$382.0M-8.0%	$415.0M
EPS (Basic)	N/A	$3.53+5.7%	$3.34+11.0%	$3.01+5.6%	$2.85-38.8%	$4.66+75.8%	$2.65+10.4%	$2.40+3.0%	$2.33+42.1%	$1.64-17.6%	$1.99+4.7%	$1.90+8.0%	$1.76+2.9%	$1.71+17.1%	$1.46-12.0%	$1.66
EPS (Diluted)	$3.33	$3.53+6.0%	$3.33+10.6%	$3.01+5.6%	$2.85-38.8%	$4.66+76.5%	$2.64+10.5%	$2.39+3.0%	$2.32+41.5%	$1.64-17.2%	$1.98+4.8%	$1.89+8.6%	$1.74+4.8%	$1.66+16.9%	$1.42-10.1%	$1.58
Diluted Shares (Avg)	N/A	301M+0.9%	298M+2.3%	292M+0.6%	290M+0.2%	290M+1.1%	286M+0.7%	284M+0.5%	283M+0.7%	281M+0.7%	279M+0.9%	277M+0.7%	275M+1.0%	272M+1.2%	269M+2.0%	263M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.8B-0.5%	$2.7B+11.6%	$2.2B+12.3%	$2.0B+15.9%	$1.8B+14.4%	$2.4B+12.5%	$2.0B+2.0%	$1.7B+4.2%
Operating Income	$264.0M-16.7%	$490.0M-0.8%	$435.0M+2.4%	$481.0M+31.1%	$317.0M+12.0%	$494.0M+19.9%	$425.0M+4.7%	$367.0M+35.4%
EBITDA	$572.0M-5.5%	$902.0M+2.3%	$777.0M+3.5%	$769.0M+20.2%	$605.0M+8.8%	$882.0M+13.1%	$751.0M+4.9%	$640.0M+20.1%
Interest Expense	$211.0M+6.0%	$209.0M+11.8%	$208.0M+18.2%	$204.0M+15.9%	$199.0M+16.4%	$187.0M+5.6%	$176.0M+2.3%	$176.0M+7.3%
Income Tax	$33.0M-46.8%	$85.0M+34.9%	$53.0M+3.9%	$68.0M+161.5%	$62.0M+51.2%	$63.0M+8.6%	$51.0M-22.7%	$26.0M+136.4%
Net Income	$120.0M-40.3%	$340.0M+11.8%	$289.0M+9.1%	$277.0M+9.5%	$201.0M+1.5%	$304.0M+5.9%	$265.0M-14.2%	$253.0M+43.8%
EPS (Basic)	$0.38-43.3%	$1.10+8.9%	$0.94+5.6%	$0.92+9.5%	$0.67+3.1%	$1.01+5.2%	$0.89-15.2%	$0.84+40.0%
EPS (Diluted)	$0.37-43.9%	$1.10+8.9%	$0.94+6.8%	$0.92+9.5%	$0.66+1.5%	$1.01+5.2%	$0.88-16.2%	$0.84+40.0%
Diluted Shares (Avg)	311M+3.9%	307M+2.7%	N/A	300M+0.5%	299M+0.2%	299M+0.6%	N/A	299M+2.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.

CMS Balance Sheet

CMS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$39.9B+11.2%	$35.9B+7.2%	$33.5B+6.9%	$31.4B+9.0%	$28.8B-3.1%	$29.7B+10.5%	$26.8B+9.4%	$24.5B+6.4%	$23.1B+6.6%	$21.6B+6.5%	$20.3B+6.0%	$19.1B+10.7%	$17.3B+0.9%	$17.1B+4.1%	$16.5B
Current Assets	$3.5B+24.4%	$2.8B-1.7%	$2.8B-17.3%	$3.4B+30.7%	$2.6B+9.3%	$2.4B+3.1%	$2.3B-5.6%	$2.5B-0.3%	$2.5B+8.6%	$2.3B-1.7%	$2.3B-10.7%	$2.6B+2.8%	$2.5B+4.3%	$2.4B-5.6%	$2.6B
Cash & Equivalents	$509.0M+394.2%	$103.0M-54.6%	$227.0M+38.4%	$164.0M-63.7%	$452.0M+1312.5%	$32.0M-77.1%	$140.0M-8.5%	$153.0M-15.9%	$182.0M-22.6%	$235.0M-11.7%	$266.0M+28.5%	$207.0M+20.3%	$172.0M+84.9%	$93.0M-42.2%	$161.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	$1.6B+68.0%	$931.0M+9.1%	$853.0M-3.7%	$886.0M-8.1%	$964.0M-6.6%	$1.0B+25.7%	$821.0M+6.1%	$774.0M-12.1%	$881.0M-3.6%	$914.0M+6.9%	$855.0M-1.6%	$869.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$30.8B+11.2%	$27.7B+6.6%	$26.0B+6.7%	$24.3B+10.0%	$22.1B-8.5%	$24.2B+10.8%	$21.8B+10.3%	$19.8B+6.3%	$18.6B+7.1%	$17.4B+6.2%	$16.4B+5.7%	$15.5B+11.8%	$13.8B-0.7%	$13.9B+3.8%	$13.4B
Current Liabilities	$3.5B+0.8%	$3.5B+21.6%	$2.9B-3.0%	$3.0B+35.4%	$2.2B-28.3%	$3.1B+13.7%	$2.7B+3.0%	$2.6B-5.7%	$2.8B+4.9%	$2.7B+15.3%	$2.3B+18.2%	$1.9B+0.2%	$1.9B+8.2%	$1.8B-23.1%	$2.3B
Non-Current Liabilities	$26.7B+12.8%	$23.7B+5.1%	$22.5B+8.3%	$20.8B+7.3%	$19.4B-5.6%	$20.5B+7.5%	$19.1B+11.5%	$17.1B+8.4%	$15.8B+7.6%	$14.7B+4.7%	$14.0B+3.6%	$13.5B+12.9%	$12.0B-1.0%	$12.1B+9.5%	$11.0B
Long-Term Debt	$17.8B+17.2%	$15.2B+4.7%	$14.5B+10.6%	$13.1B+8.9%	$12.0B+2.6%	$11.7B-1.7%	$12.0B+12.6%	$10.6B+16.4%	$9.1B+5.6%	$8.6B+2.9%	$8.4B+4.8%	$8.0B+12.9%	$7.1B+5.8%	$6.7B+11.1%	$6.0B
Total Equity	$9.1B+11.1%	$8.2B+9.1%	$7.5B+7.5%	$7.0B+5.8%	$6.6B+20.7%	$5.5B+9.5%	$5.0B+5.5%	$4.8B+7.1%	$4.4B+4.4%	$4.3B+8.0%	$3.9B+7.3%	$3.7B+6.3%	$3.5B+8.1%	$3.2B+5.5%	$3.0B
Retained Earnings	$2.4B+20.0%	$2.0B+22.7%	$1.7B+22.8%	$1.4B+27.7%	$1.1B+393.9%	$214.0M+956.0%	-$25.0M+90.8%	-$271.0M+49.0%	-$531.0M+13.8%	-$616.0M+28.0%	-$855.0M+19.2%	-$1.1B+14.8%	-$1.2B+12.7%	-$1.4B+8.4%	-$1.6B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$40.9B+8.5%	$40.3B+11.0%	$39.9B+11.2%	$38.0B+9.2%	$37.7B+9.7%	$36.3B+7.1%	$35.9B+7.2%	$34.8B+7.1%
Current Assets	$2.9B-10.2%	$3.0B+8.7%	$3.5B+24.4%	$2.7B+1.6%	$3.2B+7.0%	$2.8B-10.0%	$2.8B-1.7%	$2.7B+10.4%
Cash & Equivalents	$241.0M-71.4%	$175.0M-62.4%	$509.0M+394.2%	$362.0M-12.1%	$844.0M+20.7%	$465.0M-42.0%	$103.0M-54.6%	$412.0M+162.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$31.1B+6.2%	$30.8B+10.2%	$30.8B+11.2%	$29.1B+9.1%	$29.3B+11.2%	$28.0B+7.7%	$27.7B+6.6%	$26.7B+5.4%
Current Liabilities	$3.1B-4.2%	$3.6B+36.7%	$3.5B+0.8%	$3.1B+39.3%	$3.2B+26.4%	$2.6B+14.5%	$3.5B+21.6%	$2.2B-19.4%
Non-Current Liabilities	$27.4B+7.5%	$26.6B+7.7%	$26.7B+12.8%	$25.5B+6.4%	$25.5B+9.6%	$24.7B+7.1%	$23.7B+5.1%	$24.0B+8.8%
Long-Term Debt	$18.2B+8.3%	$17.5B+8.1%	$17.8B+17.2%	$16.8B+7.9%	$16.8B+12.5%	$16.1B+7.8%	$15.2B+4.7%	$15.5B+10.2%
Total Equity	$9.8B+16.4%	$9.5B+13.6%	$9.1B+11.1%	$8.9B+9.3%	$8.4B+4.9%	$8.3B+4.9%	$8.2B+9.1%	$8.1B+12.9%
Retained Earnings	$2.5B+15.2%	$2.6B+19.8%	$2.4B+20.0%	$2.3B+20.5%	$2.2B+20.8%	$2.2B+21.5%	$2.0B+22.7%	$1.9B+29.0%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

CMS Cash Flow Statement

CMS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.1B	$2.2B-5.7%	$2.4B+2.6%	$2.3B+170.1%	$855.0M-53.0%	$1.8B+42.6%	$1.3B-28.7%	$1.8B+5.1%	$1.7B-0.1%	$1.7B+4.7%	$1.6B-0.7%	$1.6B+10.7%	$1.5B+4.2%	$1.4B+14.5%	$1.2B+6.2%	$1.2B
Depreciation & Amortization	N/A	$1.3B+5.3%	$1.2B+5.1%	$1.2B+4.8%	$1.1B+1.1%	$1.1B+6.8%	$1.0B+5.5%	$989.0M+6.0%	$933.0M+5.9%	$881.0M+8.6%	$811.0M+8.1%	$750.0M+9.5%	$685.0M+9.1%	$628.0M+5.0%	$598.0M+9.5%	$546.0M
Capital Expenditures	N/A	N/A	N/A	N/A	$2.4B+14.4%	$2.1B-10.2%	$2.3B+10.2%	$2.1B+1.1%	$2.1B+24.6%	$1.7B-0.4%	$1.7B+6.9%	$1.6B-0.8%	$1.6B+19.0%	$1.3B+8.0%	$1.2B+39.1%	$882.0M
Free Cash Flow	N/A	N/A	N/A	N/A	-$1.5B-491.1%	-$257.0M+75.2%	-$1.0B-237.1%	-$307.0M+17.3%	-$371.0M-1027.5%	$40.0M+193.0%	-$43.0M-156.6%	$76.0M+179.2%	-$96.0M-200.0%	$96.0M+585.7%	$14.0M-95.1%	$287.0M
Investing Cash Flow	-$4.3B	-$4.0B-32.2%	-$3.1B+9.8%	-$3.4B-36.8%	-$2.5B-100.8%	-$1.2B+57.0%	-$2.9B-1.8%	-$2.8B-8.1%	-$2.6B-39.5%	-$1.9B+2.5%	-$1.9B+7.2%	-$2.1B	N/A	-$1.5B-13.5%	-$1.4B-27.6%	-$1.1B
Financing Cash Flow	$1.5B	$2.2B+264.8%	$614.0M-46.3%	$1.1B-13.9%	$1.3B+549.8%	-$295.0M-118.2%	$1.6B+60.6%	$1.0B+15.3%	$874.0M+694.5%	$110.0M-56.9%	$255.0M-44.9%	$463.0M	N/A	$190.0M+363.4%	$41.0M+120.6%	-$199.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$252.0M+19.4%	$211.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$622.0M+50.2%	$705.0M-29.5%	$478.0M+18.6%	$343.0M+12.8%	$414.0M-41.4%	$1.0B+4.6%	$403.0M-0.5%	$304.0M+52.8%
Depreciation & Amortization	$308.0M+6.9%	$412.0M+6.2%	$342.0M+4.9%	$288.0M+5.5%	$288.0M+5.5%	$388.0M+5.4%	$326.0M+5.2%	$273.0M+4.2%
Capital Expenditures	$967.0M+9.4%	$1.0B+17.0%	N/A	$978.0M+21.3%	$884.0M+29.8%	$888.0M+44.9%	N/A	$806.0M
Free Cash Flow	-$345.0M+26.6%	-$334.0M-398.2%	N/A	-$635.0M-26.5%	-$470.0M-1907.7%	$112.0M-67.3%	N/A	-$502.0M
Investing Cash Flow	-$1.0B-6.0%	-$1.1B-16.9%	-$1.1B-16.7%	-$1.0B-22.3%	-$962.0M-58.0%	-$918.0M-44.1%	-$953.0M-46.8%	-$855.0M-29.9%
Financing Cash Flow	$480.0M-49.3%	$16.0M-94.0%	$817.0M+213.0%	$210.0M-8.3%	$947.0M+657.1%	$266.0M-9.5%	$261.0M-15.3%	$229.0M-3.4%

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

CMS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CMS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	20.2%+0.4pp	19.8%+3.2pp	16.6%+2.3pp	14.2%-1.4pp	15.6%-3.5pp	19.2%+2.3pp	16.8%-0.1pp	16.9%-3.4pp	20.3%+0.7pp	19.6%+1.4pp	18.3%+2.2pp	16.1%-1.3pp	17.4%+1.4pp	16.0%+0.6pp	15.4%
Net Margin	12.5%-0.8pp	13.4%+1.5pp	11.9%+2.2pp	9.7%-8.7pp	18.5%+6.7pp	11.8%+1.5pp	10.3%+0.7pp	9.6%+2.6pp	7.0%-1.6pp	8.6%+0.5pp	8.1%+1.5pp	6.6%-0.2pp	6.9%+0.8pp	6.1%-0.3pp	6.4%
Return on Equity	11.7%-0.5pp	12.2%+0.4pp	11.8%-0.2pp	11.9%-8.5pp	20.4%+6.7pp	13.7%+0.2pp	13.6%-0.3pp	13.8%+3.5pp	10.4%-2.6pp	13.0%-0.3pp	13.3%+0.3pp	13.0%-0.1pp	13.1%+1.1pp	12.0%-1.8pp	13.7%
Return on Assets	2.7%-0.1pp	2.8%+0.1pp	2.6%0.0pp	2.7%-2.0pp	4.7%+2.2pp	2.5%0.0pp	2.5%-0.2pp	2.7%+0.7pp	2.0%-0.5pp	2.5%0.0pp	2.6%+0.1pp	2.5%-0.1pp	2.6%+0.4pp	2.2%-0.3pp	2.5%
Current Ratio	0.98+0.2x	0.79-0.2x	0.98-0.2x	1.150.0x	1.19+0.4x	0.78-0.1x	0.86-0.1x	0.94+0.1x	0.890.0x	0.86-0.1x	1.01-0.3x	1.330.0x	1.300.0x	1.35+0.3x	1.10
Debt-to-Equity	1.95+0.1x	1.85-0.1x	1.92+0.1x	1.87+0.1x	1.82-0.3x	2.14-0.2x	2.38+0.1x	2.23+0.2x	2.050.0x	2.03-0.1x	2.13-0.1x	2.18+0.1x	2.060.0x	2.10+0.1x	1.99
Asset Turnover	0.210.0x	0.210.0x	0.22-0.1x	0.270.0x	0.250.0x	0.220.0x	0.250.0x	0.280.0x	0.290.0x	0.300.0x	0.32-0.1x	0.380.0x	0.380.0x	0.360.0x	0.40
FCF Margin	N/A	N/A	N/A	-17.7%-14.2pp	-3.5%+12.6pp	-16.1%-11.5pp	-4.6%+0.8pp	-5.4%-6.0pp	0.6%+1.3pp	-0.7%-1.8pp	1.2%+2.5pp	-1.3%-2.8pp	1.5%+1.2pp	0.2%-4.2pp	4.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	14.4%-2.8pp	17.9%-2.2pp	19.5%-1.9pp	23.8%+2.7pp	17.3%-0.4pp	20.2%+1.3pp	21.4%+0.6pp	21.1%+4.9pp
Net Margin	6.6%-4.4pp	12.4%0.0pp	12.9%-0.4pp	13.7%-0.8pp	10.9%-1.4pp	12.4%-0.8pp	13.3%-2.5pp	14.5%+4.0pp
Return on Equity	1.2%-1.2pp	3.6%-0.1pp	3.2%-0.1pp	3.1%0.0pp	2.4%-0.1pp	3.6%0.0pp	3.2%-0.9pp	3.1%+0.7pp
Return on Assets	0.3%-0.2pp	0.8%0.0pp	0.7%0.0pp	0.7%0.0pp	0.5%0.0pp	0.8%0.0pp	0.7%-0.2pp	0.7%+0.2pp
Current Ratio	0.94-0.1x	0.84-0.2x	0.98+0.2x	0.90-0.3x	1.00-0.2x	1.06-0.3x	0.79-0.2x	1.23+0.3x
Debt-to-Equity	1.86-0.1x	1.84-0.1x	1.95+0.1x	1.890.0x	2.00+0.1x	1.94+0.1x	1.85-0.1x	1.920.0x
Asset Turnover	0.040.0x	0.070.0x	0.060.0x	0.050.0x	0.050.0x	0.070.0x	0.060.0x	0.050.0x
FCF Margin	-18.9%+6.7pp	-12.2%-16.8pp	N/A	-31.4%-2.6pp	-25.6%-27.2pp	4.6%-11.2pp	N/A	-28.8%

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
CMS Energy CMS	FY2025	$8.5B	$1.1B	12.5%	$21.1B	43/100
CenterPoint Energy, Inc. CNP	FY2025	$9.4B	$1.1B	11.2%	$25.8B	45/100
Edison International EIX	FY2025	$19.3B	$4.5B	23.1%	$21.8B	63/100
DTE Energy Company DTE	FY2025	N/A	$1.5B	N/A	$28.0B	—
PPL Corporation PPL	FY2025	$9.0B	$1.2B	13.1%	$25.7B	51/100
FirstEnergy Corp. FE	FY2025	$15.1B	$1.0B	6.8%	$26.8B	43/100

Where CMS Energy Ranks

Frequently Asked Questions

What is CMS Energy's annual revenue?

CMS Energy (CMS) reported $8.5B in total revenue for fiscal year 2025. This represents a 13.6% 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's revenue growing?

CMS Energy (CMS) revenue grew by 13.6% year-over-year, from $7.5B to $8.5B in fiscal year 2025.

Is CMS Energy profitable?

Yes, CMS Energy (CMS) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 12.5%.

What is CMS Energy's EBITDA?

CMS Energy (CMS) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CMS Energy have?

As of fiscal year 2025, CMS Energy (CMS) had $509.0M in cash and equivalents against $17.8B in long-term debt.

What is CMS Energy's operating margin?

CMS Energy (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's net profit margin?

CMS Energy (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 pay dividends?

Yes, CMS Energy (CMS) paid $2.17 per share in dividends during fiscal year 2025.

What is CMS Energy's return on equity (ROE)?

CMS Energy (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's operating cash flow?

CMS Energy (CMS) generated $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CMS Energy's total assets?

CMS Energy (CMS) had $39.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does CMS Energy have outstanding?

CMS Energy (CMS) had 306M shares outstanding as of fiscal year 2025.

What is CMS Energy's current ratio?

CMS Energy (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's debt-to-equity ratio?

CMS Energy (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's return on assets (ROA)?

CMS Energy (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's P/E ratio?

CMS Energy (CMS) trades at 20.5x earnings, its market capitalization divided by net income of $1.0B net income, trailing 12 months to June 30, 2026. The market capitalization is $21.1B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is CMS Energy's price-to-sales ratio?

CMS Energy (CMS) trades at 2.4x sales, its market capitalization divided by revenue of $8.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $21.1B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is CMS Energy's Altman Z-Score?

CMS Energy (CMS) has an Altman Z-Score of 0.85, placing it in the Distress Zone (elevated 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's Piotroski F-Score?

CMS Energy (CMS) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CMS Energy's earnings high quality?

CMS Energy (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 cover its interest payments?

CMS Energy (CMS) has an interest coverage ratio of 2.16x, 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?

CMS Energy (CMS) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.