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CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 logo

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079

CMSD

NYSEUtilitiesRegulated Electric

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Previous close

$20.98

−$0.14 · -0.66%

Aug 21, 4:00 PM ET

CMSD 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

72

Undervalued

Momentum

39

Weakening

Sentiment

72

Bullish

Risk resilience

85

Low Risk

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Company profile

Company website

Operating primarily in Michigan, CMS Energy Corporation functions as an energy provider, structured into three principal divisions: Electric Utility, Gas Utility, and Enterprises. The Electric Utility segment manages the full spectrum of electricity services, from generating power using a varied portfolio including coal, wind, gas, renewable sources, oil, and nuclear, to its purchase, transmission, distribution, and ultimate sale. This division maintains a substantial infrastructure, featuring extensive overhead and underground distribution lines, numerous substations, and several battery facilities. Meanwhile, the Gas Utility segment focuses on the acquisition, transport, storage, distribution, and sale of natural gas, supported by a broad network of transmission lines, multiple gas storage fields, and compressor stations. The Enterprises segment is dedicated to independent power production and marketing, with a notable emphasis on the development and operation of renewable energy projects. Overall, CMS Energy caters to a significant clientele, providing electricity to 1.9 million customers and natural gas to 1.8 million, encompassing residential, commercial, and various industrial sectors. The company was founded in 1987 and is headquartered in Jackson, Michigan.

Industry
Regulated Electric
Sector
Utilities
Headquarters
US
CEO
Garrick J. Rochow
Listed since
Feb 21, 2019
Employees
8,324

Market position

Day range

Current $20.98

52-week range

Current $20.98

Open
$21.05
Previous close
$21.12
Volume
28.81K
0.58× average
Average volume
49.85K
Average daily volume
Market cap
6.43B USD
Beta
0.46
Market reference 1
50-day average
$21.9817
-4.56% below average
200-day average
$22.9867
-8.73% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
25.22B USD
P/E (TTM)
20.2×
P/B (TTM)
2.1×
P/S (TTM)
2.43×
EV / EBITDA
8.35×
Earnings yield
15.50%
Free cash flow yield
-22.99%
Dividend yield
3.30%

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×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends28%21%15%8%Gross margin, FY2021: 20.94%Gross margin, FY2022: 19.03%Gross margin, FY2023: 22.54%Gross margin, FY2024: 26.20%Gross margin, FY2025: 26.23%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 20.94%. Gross margin FY2022 19.03%. Gross margin FY2023 22.54%. Gross margin FY2024 26.20%. Gross margin FY2025 26.23%. 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 sold6.3B USD5.55B USD5.78B USD6.96B USD5.79B USD
Gross profit2.24B USD1.97B USD1.68B USD1.64B USD1.54B USD
Operating expenses513M USD482M USD447M USD412M USD389M USD
Interest income38M USD50M USD37M USD5M USD3M USD
Interest expense789M USD708M USD643M USD519M USD500M USD
Depreciation and amortization1.11B 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, 0 misses, 1 met estimate
Average EPS surprise
+3.83%
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 '25MetQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 0.87, estimate 0.87, surprise 0.00%, Met estimate. Q2 2025, reported Apr 24, 2025: actual 1.02, estimate 1.01, surprise +0.99%, Beat. Q3 2025, reported Jul 31, 2025: actual 0.71, estimate 0.68, surprise +4.41%, Beat. Q4 2025, reported Oct 30, 2025: actual 0.93, estimate 0.86, surprise +8.14%, 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 6, 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.

$1.4688

2025 complete year-0.5% since 2021

2026 partial: $1.1016

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Aug 17, 2026

$0.3672

Quarterly

Record Aug 17, 2026 · Payment Sep 1, 2026

Dividend

Ex-dividend May 15, 2026

$0.3672

Quarterly

Record May 15, 2026 · Payment Jun 1, 2026

Dividend

Ex-dividend Feb 13, 2026

$0.3672

Quarterly

Record Feb 14, 2026 · Payment Mar 2, 2026

Dividend

Ex-dividend Nov 14, 2025

$0.3672

Quarterly

Record Nov 14, 2025 · Payment Dec 1, 2025

Dividend

Ex-dividend Aug 15, 2025

$0.3672

Quarterly

Record Aug 17, 2025 · Payment Sep 2, 2025

Dividend

Ex-dividend May 16, 2025

$0.3672

Quarterly

Record May 17, 2025 · Payment Jun 2, 2025

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ETFs holding CMSD

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
32.9M
Weight
0.25%
AUM
13.06B USD
Expense ratio
0.45%
Price / 1D
$30.46+0.03%
Invesco Preferred ETF logoInvesco Preferred ETFPGX
Market value
19.28M
Weight
0.52%
AUM
3.76B USD
Expense ratio
0.50%
Price / 1D
$10.60-0.28%
First Trust Preferred Securities and Income ETF logoFirst Trust Preferred Securities and Income ETFFPE
Market value
15.54M
Weight
0.25%
AUM
6.28B USD
Expense ratio
0.83%
Price / 1D
$17.66-0.45%
VanEck Preferred Securities ex Financials ETF logoVanEck Preferred Securities ex Financials ETFPFXF
Market value
13.15M
Weight
0.55%
AUM
2.4B USD
Expense ratio
0.40%
Price / 1D
$17.97+0.45%
JPMorgan Preferred and Income Securities ETF logoJPMorgan Preferred and Income Securities ETFJPRF
Market value
8.73M
Weight
0.39%
AUM
2.28B USD
Expense ratio
0.55%
Price / 1D
$49.7498+0.02%
State Street SPDR ICE Preferred Securities ETF logoState Street SPDR ICE Preferred Securities ETFPSK
Market value
5.14M
Weight
0.76%
AUM
678.06M USD
Expense ratio
0.45%
Price / 1D
$29.59-0.44%
John Hancock Investments - Preferred Income ETF logoJohn Hancock Investments - Preferred Income ETFJHPI
Market value
536.05K
Weight
0.26%
AUM
217.46M USD
Expense ratio
0.54%
Price / 1D
$22.48-0.11%
Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF logoGoldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETFGPRF
Market value
155.83K
Weight
0.11%
AUM
145.77M USD
Expense ratio
0.45%
Price / 1D
$49.345+0.03%

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