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CMS Energy

CMS Clue Score44
United States Fiscal year ends December CIK 0000811156
$65.49 +0.23% Close, 9 Oct 2026
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Price $65.49 +10.35% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue6.40Operating income1.26Net income0.55EPS, diluted1.98Fiscal year 2017Revenue6.58 +2.9%Operating income1.34Net income0.46 −16.5%EPS, diluted1.64 −17.2%Fiscal year 2018Revenue6.50 −1.2%Operating income1.16Net income0.66 +42.8%EPS, diluted2.32 +41.5%Fiscal year 2019Revenue6.40 −1.5%Operating income1.12Net income0.68 +3.5%EPS, diluted2.39 +3.0%Fiscal year 2020Revenue6.24 −2.6%Operating income1.23Net income0.76 +11.0%EPS, diluted2.64 +10.5%Fiscal year 2021Revenue7.08 +13.4%Operating income1.15Net income1.35 +79.2%EPS, diluted4.66 +76.5%Fiscal year 2022Revenue8.32 +17.6%Operating income1.22Net income0.84 −38.1%EPS, diluted2.85 −38.8%Fiscal year 2023Revenue7.26 −12.7%Operating income1.24Net income0.89 +6.0%EPS, diluted3.01 +5.6%Fiscal year 2024Revenue7.32 +0.8%Operating income1.49Net income1.00 +13.1%EPS, diluted3.33 +10.6%Fiscal year 2025Revenue8.31 +13.5%Operating income1.73Net income1.07 +6.8%EPS, diluted3.53 +6.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.40 6.58 6.50 6.40 6.24 7.08 8.32 7.26 7.32 8.31
Growth +2.9% −1.2% −1.5% −2.6% +13.4% +17.6% −12.7% +0.8% +13.5%
Operating income 1.26 1.34 1.16 1.12 1.23 1.15 1.22 1.24 1.49 1.73
Net income 0.55 0.46 0.66 0.68 0.76 1.35 0.84 0.89 1.00 1.07
Growth −16.5% +42.8% +3.5% +11.0% +79.2% −38.1% +6.0% +13.1% +6.8%
EPS, diluted 1.98 1.64 2.32 2.39 2.64 4.66 2.85 3.01 3.33 3.53
Growth −17.2% +41.5% +3.0% +10.5% +76.5% −38.8% +5.6% +10.6% +6.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin19.6%Net margin8.6%Free cash flow margin−0.7%Fiscal year 2017Operating margin20.3%Net margin7.0%Free cash flow margin0.6%Fiscal year 2018Operating margin17.9%Net margin10.1%Free cash flow margin−5.7%Fiscal year 2019Operating margin17.4%Net margin10.6%Free cash flow margin−4.8%Fiscal year 2020Operating margin19.7%Net margin12.1%Free cash flow margin−16.6%Fiscal year 2021Operating margin16.2%Net margin19.1%Free cash flow margin−3.6%Fiscal year 2022Operating margin14.7%Net margin10.1%Free cash flow margin−18.3%Fiscal year 2023Operating margin17.0%Net margin12.2%Fiscal year 2024Operating margin20.3%Net margin13.7%Fiscal year 2025Operating margin20.8%Net margin12.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 19.6% 20.3% 17.9% 17.4% 19.7% 16.2% 14.7% 17.0% 20.3% 20.8%
Net margin 8.6% 7.0% 10.1% 10.6% 12.1% 19.1% 10.1% 12.2% 13.7% 12.9%
Free cash flow margin −0.7% 0.6% −5.7% −4.8% −16.6% −3.6% −18.3% n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.63Capital expenditure−1.67Free cash flow−0.04Fiscal year 2017Operating cash flow1.71Capital expenditure−1.67Free cash flow0.04Fiscal year 2018Operating cash flow1.70Capital expenditure−2.07Free cash flow−0.37 −1,027.5%Fiscal year 2019Operating cash flow1.79Capital expenditure−2.10Free cash flow−0.31Fiscal year 2020Operating cash flow1.28Capital expenditure−2.31Free cash flow−1.04Fiscal year 2021Operating cash flow1.82Capital expenditure−2.08Free cash flow−0.26Fiscal year 2022Operating cash flow0.86Capital expenditure−2.37Free cash flow−1.52Fiscal year 2023Operating cash flow2.31Fiscal year 2024Operating cash flow2.37Fiscal year 2025Operating cash flow2.24
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.63 1.71 1.70 1.79 1.28 1.82 0.86 2.31 2.37 2.24
Capital expenditure −1.67 −1.67 −2.07 −2.10 −2.31 −2.08 −2.37 n/a n/a n/a
Free cash flow −0.04 0.04 −0.37 −0.31 −1.04 −0.26 −1.52 n/a n/a n/a
Growth −1,027.5%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.24Total debt9.50Net cash (debt)−9.27Shareholders’ equity4.25Debt to equity2.23Fiscal year 2017Cash0.18Total debt10.20Net cash (debt)−10.02Shareholders’ equity4.44Debt to equity2.30Fiscal year 2018Cash0.15Total debt11.59Net cash (debt)−11.44Shareholders’ equity4.76Debt to equity2.44Fiscal year 2019Cash0.14Total debt13.06Net cash (debt)−12.92Shareholders’ equity5.02Debt to equity2.60Fiscal year 2020Cash0.03Total debt12.32Net cash (debt)−12.28Shareholders’ equity5.50Debt to equity2.24Fiscal year 2021Cash0.45Total debt12.42Net cash (debt)−11.97Shareholders’ equity6.63Debt to equity1.87Fiscal year 2022Cash0.16Total debt14.21Net cash (debt)−14.05Shareholders’ equity7.02Debt to equity2.03Fiscal year 2023Cash0.23Total debt15.48Net cash (debt)−15.26Shareholders’ equity7.54Debt to equity2.05Fiscal year 2024Cash0.10Total debt16.39Net cash (debt)−16.28Shareholders’ equity8.23Debt to equity1.99Fiscal year 2025Cash0.51Total debt18.76Net cash (debt)−18.25Shareholders’ equity9.14Debt to equity2.05
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.24 0.18 0.15 0.14 0.03 0.45 0.16 0.23 0.10 0.51
Total debt 9.50 10.20 11.59 13.06 12.32 12.42 14.21 15.48 16.39 18.76
Net cash (debt) −9.27 −10.02 −11.44 −12.92 −12.28 −11.97 −14.05 −15.26 −16.28 −18.25
Shareholders’ equity 4.25 4.44 4.76 5.02 5.50 6.63 7.02 7.54 8.23 9.14
Debt to equity 2.23 2.30 2.44 2.60 2.24 1.87 2.03 2.05 1.99 2.05

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
19.6% 20.3% 17.9% 17.4% 19.7% 16.2% 14.7% 17.0% 20.3% 20.8%
12.9% 13.5% 11.9% 11.9% 13.0% 11.6% 10.8% 13.1% 15.3% 15.0%
8.6% 7.0% 10.1% 10.6% 12.1% 19.1% 10.1% 12.2% 13.7% 12.9%
−0.7% 0.6% −5.7% −4.8% −16.6% −3.6% −18.3% n/a n/a n/a
Spending
26.1% 25.3% 31.9% 32.8% 37.0% 29.3% 28.5% n/a n/a n/a
33.1% 47.9% 14.9% 17.1% 14.2% 11.5% 10.3% 15.4% 15.7% 19.7%
Returns
13.0% 10.4% 13.8% 13.6% 13.7% 20.4% 11.9% 11.8% 12.2% 11.7%
2.5% 2.0% 2.7% 2.5% 2.5% 4.7% 2.7% 2.6% 2.8% 2.7%
Balance and payout
2.23 2.30 2.44 2.60 2.24 1.87 2.03 2.05 1.99 2.05