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CMS · NYSE · United States · Electric & Other Services Combined
In shortCMS ENERGY CORP is profitable, generates cash and carries heavy debt, with revenue growing (+13.6% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 20.2% | 84/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 12.5% | 70/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 12.3% | 62/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 5.0% | 33/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.98× | 15/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 2.05× | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 6.02× | 0/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 2.19× | 7/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 0.79 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 26.2% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 2.09× | 100/100 |
| Years with positive free cash flow (last 5) | 3 of 5 | 50/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 5 | 67/100 |
| Revenue growth volatility | 12.7% | 64/100 |
| Operating margin volatility | 2.6% | 85/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -0.2% | 15/100 |
|---|---|---|
| EPS growth, 3-year average | 7.4% | 62/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 7,329 | 8,596 | 7,462 | 7,515 | 8,539 |
| Operating income | 1,146 | 1,224 | 1,235 | 1,487 | 1,727 |
| Interest expense | 500 | 519 | 643 | 708 | 789 |
| Pre-tax income | 823 | 902 | 954 | 1,123 | 1,248 |
| Income tax | 95 | 93 | 147 | 176 | 246 |
| Net income | 1,353 | 837 | 887 | 1,003 | 1,071 |
| Diluted EPS | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
| Diluted shares (millions) | 290 | 290 | 292 | 298 | 301 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of CMS ENERGY CORP are included in the Investor plan. Try free for 7 days →
0.79 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Jul 28, 2026