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CMS Energy Corporation 5.6% JRSUB NT 78 logo

CMS Energy Corporation 5.6% JRSUB NT 78

CMSA

NYSEUtilitiesRegulated Electric

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Regular session

$20.28

+$0.11 · +0.55%

Aug 24, 1:44 PM ET

CMSA company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

87

Deep Value

Momentum

49

Neutral

Sentiment

70

Bullish

Risk resilience

79

Moderate Risk

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Company profile

Company website

CMS Energy Corporation is a utility company primarily engaged in delivering electricity and natural gas services. Its operations are structured into three distinct business divisions: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility division oversees the entire process of electricity, from its generation and procurement to its delivery and final sale. Concurrently, the Gas Utility segment manages the acquisition, transmission, storage, distribution, and retail of natural gas. NorthStar Clean Energy specializes in independent power generation within the domestic market, encompassing the development and management of renewable energy facilities, alongside the commercialization of independently produced power. The corporation, established in 1987, maintains its corporate headquarters in Jackson, Michigan.

Industry
Regulated Electric
Sector
Utilities
Headquarters
US
CEO
Garrick J. Rochow
Listed since
Mar 13, 2018
Employees
8,356

Market position

Day range

Current $20.28

52-week range

Current $20.28

Open
$20.27
Previous close
$20.17
Volume
10.66K
0.76× average
Average volume
13.98K
Average daily volume
Market cap
21.87B USD
Beta
0.46
Market reference 1
50-day average
$20.8713
-2.83% below average
200-day average
$21.8649
-7.25% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
39.34B USD
P/E (TTM)
20.29×
P/B (TTM)
2.11×
P/S (TTM)
2.44×
EV / EBITDA
12.34×
Earnings yield
5.10%
Free cash flow yield
-7.56%
Dividend yield
3.28%

Profitability & efficiency

Gross margin
69.67%
Operating margin
18.95%
Net margin
11.64%
Return on equity
11.71%
Return on assets
2.65%
Return on invested capital
3.67%

Financial health

Debt / equity
1.97×
Current ratio
0.98×
Altman Z-score
51.35
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends66%46%25%5%Gross margin, FY2021: 36.14%Gross margin, FY2022: 32.13%Gross margin, FY2023: 38.35%Gross margin, FY2024: 42.70%Gross margin, FY2025: 60.91%Operating margin, FY2021: 15.64%Operating margin, FY2022: 14.24%Operating margin, FY2023: 16.55%Operating margin, FY2024: 19.79%Operating margin, FY2025: 20.22%Net margin, FY2021: 18.46%Net margin, FY2022: 9.74%Net margin, FY2023: 11.89%Net margin, FY2024: 13.35%Net margin, FY2025: 12.54%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 36.14%. Gross margin FY2022 32.13%. Gross margin FY2023 38.35%. Gross margin FY2024 42.70%. Gross margin FY2025 60.91%. Operating margin FY2021 15.64%. Operating margin FY2022 14.24%. Operating margin FY2023 16.55%. Operating margin FY2024 19.79%. Operating margin FY2025 20.22%. Net margin FY2021 18.46%. Net margin FY2022 9.74%. Net margin FY2023 11.89%. Net margin FY2024 13.35%. Net margin FY2025 12.54%.

Income trends

Revenue

8.54B USD+13.63%

Operating income

1.73B USD+16.14%

Net income

1.07B USD+6.78%
Income trends across reported periods9.37B USD6.27B USD3.16B USD61.1M USDRevenue, FY2021: 7.33B USDRevenue, FY2022: 8.6B USDRevenue, FY2023: 7.46B USDRevenue, FY2024: 7.52B USDRevenue, FY2025: 8.54B USDOperating income, FY2021: 1.15B USDOperating income, FY2022: 1.22B USDOperating income, FY2023: 1.24B USDOperating income, FY2024: 1.49B USDOperating income, FY2025: 1.73B USDNet income, FY2021: 1.35B USDNet income, FY2022: 837M USDNet income, FY2023: 887M USDNet income, FY2024: 1B USDNet income, FY2025: 1.07B USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 7.33B USD. Revenue FY2022 8.6B USD. Revenue FY2023 7.46B USD. Revenue FY2024 7.52B USD. Revenue FY2025 8.54B USD. Operating income FY2021 1.15B USD. Operating income FY2022 1.22B USD. Operating income FY2023 1.24B USD. Operating income FY2024 1.49B USD. Operating income FY2025 1.73B USD. Net income FY2021 1.35B USD. Net income FY2022 837M USD. Net income FY2023 887M USD. Net income FY2024 1B USD. Net income FY2025 1.07B USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue8.54B USD7.52B USD7.46B USD8.6B USD7.33B USD
Cost of goods sold3.34B USD4.31B USD4.6B USD5.83B USD4.68B USD
Gross profit5.2B USD3.21B USD2.86B USD2.76B USD2.65B USD
Selling, general, and administrative3.47B USD————
Operating expenses3.47B USD1.72B USD1.63B USD1.54B USD1.5B USD
Interest income————3M USD
Interest expense789M USD708M USD643M USD519M USD500M USD
Depreciation and amortization1.15B USD1.24B USD1.18B USD1.13B USD1.11B USD
Operating income1.73B USD1.49B USD1.24B USD1.22B USD1.15B USD
Net income1.07B USD1B USD887M USD837M USD1.35B USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
91%
10 beats, 1 miss, 0 met estimates
Average EPS surprise
+3.52%
11 comparable reports
Latest EPS result
0.37
Estimate 0.36 · Beat by 3.12%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.190.90.60.3Q1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 11, 2025: actual 0.888, estimate 0.87, surprise +2.07%, Beat. Q2 2025, reported Apr 24, 2025: actual 1.02, estimate 1.01, surprise +0.99%, Beat. Q3 2025, reported Jul 31, 2025: actual 0.672, estimate 0.68, surprise -1.18%, Miss. Q4 2025, reported Oct 30, 2025: actual 0.922, estimate 0.86, surprise +7.21%, Beat. Q1 2026, reported Feb 5, 2026: actual 0.95, estimate 0.933, surprise +1.82%, Beat. Q2 2026, reported Apr 28, 2026: actual 1.13, estimate 1.1, surprise +2.73%, Beat. Q3 2026, reported Jul 28, 2026: actual 0.37, estimate 0.359, surprise +3.12%, Beat. Q4 2026, reported Oct 22, 2026: actual —, estimate 1.12, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates2.84B2.44B2.03B1.63BQ1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 11, 2025: actual 1.99B USD, estimate 2.17B USD, surprise -8.17%, Miss. Q2 2025, reported Apr 24, 2025: actual 2.45B USD, estimate 2.24B USD, surprise +9.34%, Beat. Q3 2025, reported Jul 31, 2025: actual 1.84B USD, estimate 1.74B USD, surprise +5.80%, Beat. Q4 2025, reported Oct 30, 2025: actual 2.02B USD, estimate 1.85B USD, surprise +9.51%, Beat. Q1 2026, reported Feb 5, 2026: actual 2.23B USD, estimate 1.88B USD, surprise +18.55%, Beat. Q2 2026, reported Apr 28, 2026: actual 2.73B USD, estimate 2.46B USD, surprise +11.05%, Beat. Q3 2026, reported Jul 28, 2026: actual 1.83B USD, estimate 1.87B USD, surprise -2.43%, Miss. Q4 2026, reported Oct 22, 2026: actual —, estimate 2.16B USD, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$1.4067

2025 complete year-0.1% since 2021

2026 partial: $0.7031

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Aug 31, 2026

$0.3516

Quarterly

Record Aug 31, 2026 · Payment Sep 15, 2026

Dividend

Ex-dividend May 29, 2026

$0.3516

Quarterly

Record May 29, 2026 · Payment Jun 15, 2026

Dividend

Ex-dividend Feb 27, 2026

$0.3516

Quarterly

Record Feb 27, 2026 · Payment Mar 16, 2026

Dividend

Ex-dividend Nov 28, 2025

$0.352

Quarterly

Record Nov 28, 2025 · Payment Dec 15, 2025

Dividend

Ex-dividend Aug 29, 2025

$0.3516

Quarterly

Record Aug 29, 2025 · Payment Sep 15, 2025

Dividend

Ex-dividend May 30, 2025

$0.3516

Quarterly

Record May 31, 2025 · Payment Jun 16, 2025

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DUK

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ETFs holding CMSA

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Preferred and Income Securities ETF logoiShares Preferred and Income Securities ETFPFF
Market value
9.96M
Weight
0.08%
AUM
13.06B USD
Expense ratio
0.45%
Price / 1D
$30.4737+0.04%
Invesco Preferred ETF logoInvesco Preferred ETFPGX
Market value
5.9M
Weight
0.16%
AUM
3.76B USD
Expense ratio
0.50%
Price / 1D
$10.565-0.28%
Cohen & Steers Preferred and Income Opportunities Active ETF logoCohen & Steers Preferred and Income Opportunities Active ETFCSPF
Market value
239.52K
Weight
0.08%
AUM
65.77M USD
Expense ratio
0.59%
Price / 1D
$25.95-0.12%
John Hancock Investments - Preferred Income ETF logoJohn Hancock Investments - Preferred Income ETFJHPI
Market value
182.98K
Weight
0.09%
AUM
217.46M USD
Expense ratio
0.54%
Price / 1D
$22.525+0.20%
Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF logoGoldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETFGPRF
Market value
59.52K
Weight
0.04%
AUM
145.77M USD
Expense ratio
0.45%
Price / 1D
$49.50+0.30%
iShares Morningstar Multi-Asset Income ETF logoiShares Morningstar Multi-Asset Income ETFIYLD
Market value
14.18K
Weight
0.01%
AUM
125.77M USD
Expense ratio
0.50%
Price / 1D
$22.23-0.27%

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