Cms Energy Corp

CMS Energy maintains a capital structure characterized by high leverage, with a debt-to-equity ratio of 1.99 and total debt of $18.86 billion against $9.47 billion in equity. The current ratio stands at 0.84, indicating that current liabilities exceed current assets, a common structural feature in regulated utilities where short-term payables often outpace receivables and cash. Liquidity risk is assessed as high due to this imbalance, though the company generates $705 million in operating cash flow. Free cash flow is negative at -$334 million, driven by capital expenditures of $1.04 billion, reflecting significant ongoing investment in infrastructure.

Profitability metrics show a return on equity of 11.31% and a return on assets of 2.66%. The company trades at a price-to-earnings ratio of 22.0 and an EV/EBITDA of 13.93. These valuation multiples reflect the stable, regulated nature of the business, though the P/E is elevated relative to historical utility averages, suggesting investors are pricing in steady growth or low risk. The net income of $340 million on revenue of $2.68 billion yields a net margin of approximately 12.7%, demonstrating efficient cost management within the regulated framework.

Cms Energy Corp (CMS) has entered the analysis scope for the first time, meaning there is no prior baseline to compute material changes in its operational or financial metrics. Consequently, the most significant recent activity centers on shifts in its shareholder base rather than fundamental business developments. The company currently maintains a structure with five officers and is included in one index, while being held by 36 top investors. Recent data reveals notable modifications in holdings by investor ID 587, whose position fluctuated significantly in the reporting period ending March 31, 2026. The investor’s share count was adjusted multiple times in the data feed, with recorded positions shifting between 763, 1,401, and 183 shares. These adjustments, detected between July 1 and July 5, 2026, reflect administrative or reporting corrections rather than a single directional trade, as the value associated with these small share counts remains negligible, ranging from approximately $0.004 million to $0.109 million. More substantively, two new notable holders were added to the registry for the same March 31, 2026 period. Investor ID 467 established a position of 17,036,000 shares, valued at approximately $19.49 million, representing a weight of roughly 0.00067% of the total. Additionally, investor ID 491 added a holding of 763,000 shares, valued at approximately $0.87 million. These additions were detected on June 28 and June 29, 2026, respectively, indicating fresh institutional interest or the initial reporting of existing stakes. These shareholder updates provide the first concrete data points for CMS’s ownership structure in this analysis cycle. With no analyst coverage currently recorded and no prior material changes to benchmark against, the emergence of these specific holders offers the initial insight into the company’s investor composition. The data underscores the importance of monitoring these new entries as the baseline for future delta computations in subsequent reporting periods.

CMS generated $1.07 billion in net income for FY2025, reflecting a 6.3% compound annual growth rate since FY2023.

Operating income reached $1.73 billion in FY2025, demonstrating strong top-line conversion to operational profitability.

CMS carries a high leverage band with a debt-to-equity ratio of 2.05, far exceeding the 0.76 cohort median.

The company faces high liquidity and credit risk flags, indicating potential financial stability concerns.

Long-term debt surged to $17.8 billion in FY2025, up from $14.5 billion in FY2023.

A net debt-to-EBITDA ratio of 6.02 suggests significant debt burden relative to earnings capacity.

Interest coverage is low at 2.16x, limiting financial flexibility compared to less leveraged peers.

Revenue $2.67B; Operating income $490.0M.

• ▍Revenue $2.67B
• ▍Operating income $490.0M
• ▍Net margin 12.7%

Revenue $6.17B; Operating income $1.29B.

• ▍Revenue $6.17B
• ▍Operating income $1.29B
• ▍Net margin 12.7%

Revenue $4.20B; Operating income $811.0M.

• ▍Revenue $4.20B
• ▍Operating income $811.0M
• ▍Net margin 12.0%

Revenue $8.30B; Operating income $1.73B.

• ▍Revenue $8.30B
• ▍Operating income $1.73B
• ▍Net margin 12.9%

Revenue $7.32B; Operating income $1.49B.

• ▍Revenue $7.32B
• ▍Operating income $1.49B
• ▍Net margin 13.7%

Revenue $7.32B; Operating income $1.49B.

• ▍Revenue $7.32B
• ▍Operating income $1.49B
• ▍Net margin 13.7%

Revenue $7.26B; Operating income $1.24B.

• ▍Revenue $7.26B
• ▍Operating income $1.24B
• ▍Net margin 12.2%

Revenue $7.26B; Operating income $1.24B.

• ▍Revenue $7.26B
• ▍Operating income $1.24B
• ▍Net margin 12.2%