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CMS Energy Corporation 5.6% JRSUB NT 78

CMSA
46
Regulated Electric · Utilities
Price
$19.55
-0.11 (-0.56%)
Market Cap
$21.08B
Exchange
New York Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Good
Stability
Mixed
Valuation
Good
Dividends
Good
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Share count rising — dilution

+3.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 289.5M (2021) → 300.6M (2025)

§Winston Score History

The full picture

CMS Energy is a utility holding company based in Michigan. Through its main subsidiary, Consumers Energy, it delivers electricity and natural gas to roughly 6.8 million people across Michigan's Lower Peninsula. It is one of the largest combination electric and gas utilities in the United States.

The company earns revenue through regulated rates approved by the Michigan Public Service Commission, which provides predictable cash flows. With a market cap around $21 billion, CMS Energy benefits from its regulated monopoly status, meaning customers in its service territory have no alternative provider. The ticker CMSA represents a junior subordinated note paying 5.6%, which is a debt security rather than common stock. Key growth drivers include ongoing infrastructure modernization and Michigan's clean energy transition, while rising interest rates and the cost of capital expenditures remain notable risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-40.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

~3 months

$304M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

CMS Energy Corporation 5.6% JRSUB NT 78 has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
63.1%
Premium pricing power — 63.1% gross margin
Profit after running costs
Operating Margin
14.4%
Healthy — 14.4% operating margin
Return on the money invested
ROCE
5.8%
Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.9%
Steady sales growth (+9.9% YoY)
Profit growth
EPS YoY
-0.3%
Earnings shrinking (-0.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
209%
Turns 209% of profit into real cash
Spare cash per sale
FCF Margin
-21.7%
Burning cash (-21.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.95
Elevated debt (1.95)
Covers its interest
Interest Cover
2.05x
Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.3x
Growth-priced — P/E 20.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.3 → 15.4)

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Dividends

Dividend
Dividend Yield
7.19%
Healthy income — 7.19% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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