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CMS Energy Corporation 5.6% JRSUB NT 78(CMSA)Earnings, Financials & Key Ratios
CMSA•NYSE•Utilities
$21.10
6.0× P/E·Price updated Jul 7, 2026
AboutCMS Energy Corp. engages in the provision of electric and natural gas activities. It operates through the following business segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment focuses on generation, purchase, distribution, and sale of electricity. The Gas Utility segment includes purchase, transmission, storage, distribution, and sale of natural gas. The NorthStar Clean Energy segment is involved in domestic independent power production including the development and operation of renewable generation and the marketing of independent power production. The company was founded in 1987 and is headquartered in Jackson, MI.Show more
- Revenue$8.54B+13.6%
- EBITDA$2.88B+5.5%
- Net Income$1.07B+6.8%
- Free Cash Flow-$1.59B-145.2%
- EBITDA Margin33.69%-7.2%
- Net Margin12.54%-6.0%
- ROE11.6%-2.4%
- Interest Coverage2.58-0.2%
- Debt/Equity1.95+2.8%
CMSA Price & Volume
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) stock price & volume — 10-year historical chart
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Aggressive Capital Deployment Drives Rate Base Expansion
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Accelerating
Profitability:Stable
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Regulatory capital recovery lag
Key Thesis Takeaways
- CMS Energy is executing an aggressive capital expenditure strategy, evidenced by $1.0 billion in quarterly investment, which is successfully driving top-line growth of 11.6% through authorized rate base expansion.
- While the company maintains a stable 17.9% operating margin, investors should monitor the potential for liquidity constraints given the current ratio of 0.84 and the reliance on equity issuance to fund infrastructure projects.
- The long-term outlook remains tied to the successful regulatory recovery of grid modernization costs, which may be obscured by the mounting expenses associated with the transition away from legacy coal assets.
Verdict Logic
while the 10.6% dividend yield is attractive, the company's reliance on equity markets to bridge a $334.0 million free cash flow deficit warrants caution regarding long-term dilution risks.
CMSA Growth Metrics
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years2.84%
5 Years5.88%
3 Years-0.22%
TTM13.31%
Profit CAGR
10 Years7.43%
5 Years7.24%
3 Years8.56%
TTM8.53%
EPS CAGR
10 Years6.45%
5 Years5.98%
3 Years7.39%
TTM7.99%
Return on Capital
10 Years5.15%
5 Years4.53%
3 Years4.63%
Last Year4.99%
CMSA Recent Earnings
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 23, 2026Metric
Actual
Est
EPS
$1.14+4.6%
$1.09
Rev
$2.7B+8.2%
$2.5B
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.95+1.8%
$0.93
Rev
$2.2B+18.6%
$1.9B
Q4 2025
Oct 30, 2025Metric
Actual
Est
EPS
$0.92+7.2%
$0.86
Rev
$2.0B+9.5%
$1.8B
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$0.67-1.2%
$0.68
Rev
$1.8B+5.8%
$1.7B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 23, 2026 | $1.14vs $1.09+4.6% | $2.7Bvs $2.5B+8.2% |
| Q1 2026 | Feb 5, 2026 | $0.95vs $0.93+1.8% | $2.2Bvs $1.9B+18.6% |
| Q4 2025 | Oct 30, 2025 | $0.92vs $0.86+7.2% | $2.0Bvs $1.8B+9.5% |
| Q3 2025 | Jul 31, 2025 | $0.67vs $0.68-1.2% | $1.8Bvs $1.7B+5.8% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $21.10 | $6.34B | 5.98 | 13.63% | 12.54% | 11.6% | 10.45% | |
| $25.49 | $18.71B | 169.90 | -14.03% | -57.66% | -24.04% | — | |
| $87.12 | $20.08B | 23.80 | 1.65% | 14.71% | 8.65% | — | |
| $77.02 | $23.79B | 21.82 | 13.63% | 12.55% | 11.6% | — | |
| $44.48 | $29.04B | 27.80 | 8.26% | 11.38% | 9.59% | — | |
| $47.49 | $22.77B | 24.35 | 21.76% | 14.1% | 8.4% | — |
Compare CMSA vs Peers
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CMSA SEC Filings & Documents
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) SEC filings — annual & quarterly reports (10-K, 10-Q)
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CMSA Frequently Asked Questions
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is CMS Energy Corporation 5.6% JRSUB NT 78's revenue?
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) reported $8.82B in revenue for fiscal year 2025. This represents a 104% increase from $4.32B in 1996.
How fast is CMS Energy Corporation 5.6% JRSUB NT 78 growing?
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) grew revenue by 13.6% over the past year. This is steady growth.
Is CMSA profitable?
Yes, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) is profitable, generating $1.11B in net income for fiscal year 2025 (12.5% net margin).
Dividend & Returns
Does CMSA pay dividends?
Yes, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) pays a dividend with a yield of 10.45%. This makes it attractive for income-focused investors.
What is CMSA's return on equity?
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.
What is CMS Energy Corporation 5.6% JRSUB NT 78's free cash flow?
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) had negative free cash flow of $2.04B in fiscal year 2025, likely due to heavy capital investments.
Industry Metrics
Is CMSA's dividend sustainable?
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) has a dividend payout ratio of 62%. This suggests the dividend is well-covered and sustainable.