CMS Energy Corporation

CMS Energy Corporation

CMSยทNYSE

$70.38

+0.23%
UtilitiesRegulated Electric

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.

At a Glance

Live Snapshot
Market Cap$21.74B
EPS3.5300
P/E Ratio19.94
Earnings Date07/30/2026
3Y+161.0%
5Y+75.0%
10Y+37.0%
3Y+63.0%
5Y+42.0%
10Y+111.0%
3Y+69.0%
5Y+41.0%
10Y+777.0%
CMS

CMS Energy Corporation Cash Conversion Engine

CMS ยท NYSE
Net Income1.07B
Depreciation & Amortization1.31B
Stock-Based Compensation0.00
Change in Working Capital-61.00M
Others-283.00M
Capital Expenditures-3.82B
Free Cash Flow-1.59B

Cash Flow Quality Analysis

FCF Conversion Rate

-148.4%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

171.1%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

-145.2%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

-$61.00M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.

CMS Energy Corporation Cash Flow Statement

CMS โ€ข NYSE

CMS Energy Corporation Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012Dec 2011Dec 2010Dec 2009Dec 2008Dec 2007Dec 2006
OPERATING ACTIVITIES
1.1B
1B
886M
833M
751M
697M
680M
657M
460M
551M
523M
477M
452M
375M
413M
363M
209M
300M
-126M
-85M
1.3B
1.2B
1.2B
1.1B
1.1B
1B
992M
933M
881M
811M
750M
685M
628M
598M
546M
576M
570M
589M
545M
576M
202M
142M
157M
89M
249M
170M
150M
182M
417M
264M
247M
227M
268M
227M
167M
227M
122M
129M
-221M
-271M
-283M
-277M
-330M
-80M
-249M
-609M
1M
-174M
121M
-4M
-102M
90M
75M
197M
-51M
-174M
-46M
-131M
357M
526M
(0.0)
(69M)
(15M)
(1M)
(16M)
(0.0)
(0.0)
-123M
(5M)
(32M)
(10M)
(22M)
(34M)
(19M)
-27M
(14M)
(17M)
(3M)
(14M)
(0.0)
-61M
262M
416M
-1.1B
-46M
-25M
-33M
105M
-174M
7M
222M
-32M
-2M
-156M
94M
-33M
-7M
-328M
-528M
-58M
2.2B
2.4B
2.3B
855M
1.8B
1.3B
1.8B
1.7B
1.7B
1.6B
1.6B
1.4B
1.4B
1.2B
1.2B
959M
848M
559M
27M
688M
INVESTING ACTIVITIES
-3.8B
-3B
-3.2B
-2.4B
-2.1B
-2.3B
-2.1B
-2.1B
-1.7B
-1.7B
-1.6B
-1.6B
-1.3B
-1.2B
-882M
-821M
-818M
-792M
-1.4B
-801M
(4M)
(129M)
(6M)
(2M)
(1M)
(89M)
(97M)
(0.0)
(0.0)
(0.0)
-154M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(7M)
(3M)
(1.7B)
(69M)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-131M
0.0
0.0
0.0
0.0
0.0
0.0
0.0
146M
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
254M
-214M
-160M
-167M
-102M
843M
-614M
-809M
-532M
-203M
-243M
-346M
-333M
-207M
-123M
-176M
-182M
-124M
-50M
-11M
-20M
-4B
-3B
-3.4B
-2.5B
-1.2B
-2.8B
-2.8B
-2.6B
-1.9B
-1.9B
-2.1B
-1.9B
-1.5B
-1.4B
-1.1B
-1B
-935M
-839M
(658M)
-751M
FINANCING ACTIVITIES
525M
286M
192M
69M
250M
253M
12M
41M
83M
72M
43M
43M
29M
30M
29M
-229M
5M
8M
-17M
8M
2.4B
982M
1.5B
1.8B
100M
1B
1.4B
1.2B
404M
530M
742M
750M
434M
263M
-17M
593M
85M
232M
-617M
-431M
-663M
-626M
-579M
-546M
-509M
-467M
-436M
-407M
-377M
-347M
-322M
-295M
-273M
-252M
-211M
-162M
-125M
-95M
-56M
-11M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-32M
(0.0)
-20M
-33M
32M
-11M
-137M
782M
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.2B
609M
1.1B
1.3B
-296M
1.6B
1B
874M
110M
255M
463M
498M
190M
41M
-199M
202M
-35M
145M
-690M
-434M
CASH FLOW SUMMARY
0.0
0.0
0.0
0.0
136M
-136M
1M
4M
-2M
0.0
2M
5M
3M
2M
6M
-10M
-4M
1M
-35M
-126M
437M
-70M
66M
-294M
427M
-108M
-17M
-25M
-55M
-31M
41M
40M
82M
-66M
-82M
148M
-126M
-134M
-40M
-623M
178M
248M
182M
476M
49M
157M
174M
199M
254M
285M
244M
204M
122M
188M
270M
122M
248M
382M
422M
1B
615M
178M
248M
182M
476M
49M
157M
174M
199M
254M
285M
244M
204M
122M
188M
270M
122M
248M
382M
422M
-1.6B
-648M
-910M
-1.5B
-257M
-1B
-314M
-371M
40M
-43M
76M
-130M
96M
14M
287M
138M
30M
-233M
-1.3B
18M

SEC Filings

CMS - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
8-K

8-K 2026

N/A

June 03, 2026
June 01, 2026
2026
8-K

8-K 2026

N/A

May 13, 2026
May 13, 2026
2026
8-K

8-K 2026

N/A

May 13, 2026
May 08, 2026
2026
10-Q

10-Q 2026 Q1

Q1

April 28, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

April 28, 2026
April 28, 2026
2026
DEF 14A

DEF 14A 2026

N/A

March 26, 2026
May 08, 2026
2026
8-K

8-K 2026

N/A

February 20, 2026
February 20, 2026
2026
8-K

8-K 2026

N/A

February 11, 2026
February 11, 2026
2026
10-K

10-K 2025 FY

FY

February 10, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

February 05, 2026
February 05, 2026
2026
Showing 1 to 10 of 11 filings