Latest revenue
$2.73B
as of 2026-03-31
Latest net income
$340.0M
as of 2026-03-31
Net margin
12.5%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $23.02B
- Enterprise value
- $40.30B
- P/E (trailing)
- 21.5×
- Forward P/E
- —
- P/B
- 2.43×
- Dividend yield
- 3.0%
- 52-wk high
- $80.36
- 52-wk low
- $68.37
- Beta
- —
- Shares out
- 308.9M
5-year trend
What this company does
CMS Energy is a Michigan-based utility holding company whose Consumers Energy subsidiary delivers regulated electricity and natural gas to roughly 6.8 million residents across the state. Revenue comes almost entirely from regulated rates charged for electric generation and gas distribution, with the gas segment driving the recent quarter's $283 million revenue jump. The company is in a heavy capital-investment phase, spending over $1 billion on plant in the quarter to fund grid upgrades and a coal-to-renewables generation transition, financed through rising long-term debt and equity issuance.
Generated from CMS's filing dated 2026-02-10
Key risks
- Heavy capex outpacing operating cash flow: Q1 capex $1.04B vs operating cash flow $705M (down from $1.0B), pressuring external financing needs.
- High leverage: long-term debt $17.5B plus $1.36B current maturities against $9.2B common equity; Q1 interest expense rose to $209M from $187M.
- Noncontrolling interest losses widened sharply to $63M (vs $9M prior year) from VIE/tax-equity structures, signaling underperformance in those renewable ventures.
Generated from CMS's filing dated 2026-02-10
Profitability
Operating margin
20.2%
2.2%Net margin
12.5%
6.0%Return on equity
11.7%
3.9%Return on assets
2.7%
4.0%Leverage
Debt / equity
3.37×
0.1%Long-term debt / equity
1.95×
5.5%Debt / assets
77.1%
0.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.73B | +11.6% | $340.0M | +11.8% | 12.5% |
Q4 2025 2025-12-31 | $2.23B | +12.3% | $289.0M | +9.1% | 12.9% |
Q3 2025 2025-09-30 | $2.02B | +15.9% | $277.0M | +9.5% | 13.7% |
Q2 2025 2025-06-30 | $1.84B | +14.4% | $201.0M | +1.5% | 10.9% |
Q1 2025 2025-03-31 | $2.45B | +12.5% | $304.0M | +5.9% | 12.4% |
Q4 2024 2024-12-31 | $1.99B | — | $265.0M | — | 13.3% |
Q3 2024 2024-09-30 | $1.74B | +4.2% | $253.0M | +43.8% | 14.5% |
Q2 2024 2024-06-30 | $1.61B | +3.3% | $198.0M | 0.0% | 12.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Electric & Other Services Combined · SIC 4931
Your notes
Keep private notes on CMS — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$153.4K
Insider selling
$2.2M
Net activity
−$2.0M
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CMS
Institutional value
$13.45B
Total shares held
178.1M
Distinct holders
556
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 33.6M | $2.60B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 19.9M | $1.54B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 18.8M | $1.46B | — | New |
| 4 | JPMORGAN CHASE & CO | 15.8M | $1.22B | — | New |
| 5 | DEUTSCHE BANK AG\ | 7.7M | $600.9M | — | New |
| 6 | Invesco Ltd. | 7.6M | $593.1M | — | New |
| 7 | WELLS FARGO & COMPANY/MN | 5.4M | $420.6M | — | New |
| 8 | GQG Partners LLC | 4.4M | $342.3M | — | New |
| 9 | Pictet Asset Management Holding SA | 4.2M | $323.3M | — | New |
| 10 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 3.1M | $241.2M | — | New |
| 11 | Legal & General Group Plc | 2.6M | $200.5M | — | New |
| 12 | Bank of New York Mellon Corp | 2.5M | $196.6M | — | New |
| 13 | REAVES W H & CO INC | 2.1M | $164.0M | — | New |
| 14 | Magellan Asset Management Ltd | 2.0M | $156.7M | — | New |
| 15 | PARNASSUS INVESTMENTS, LLC | 2.0M | $151.5M | — | New |
| 16 | UBS Group AG | 1.9M | $146.3M | — | New |
| 17 | FRANKLIN RESOURCES INC | 1.8M | $136.5M | — | New |
| 18 | VANGUARD FIDUCIARY TRUST CO | 1.7M | $133.7M | — | New |
| 19 | JENNISON ASSOCIATES LLC | 1.6M | $123.2M | — | New |
| 20 | DIMENSIONAL FUND ADVISORS LP | 1.6M | $122.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating cash flow fell to $705M from $1.0B while capex rose to $1.04B—how do you fund the $335M gap without further equity dilution beyond the $166M issued?
- 2
NCI losses widened to $63M from $9M; what's deteriorating at the tax-equity VIEs and should investors expect this drag to persist?
- 3
Parent-level operating income declined to $490M despite 12% revenue growth—why are non-utility segments destroying margin and when does NorthStar Clean Energy turn?
Refreshed when CMS files a new report · last from 2026-02-10