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)
CMS Energy Corporation primarily operates within the electric and natural gas industries. Its core business is structured across three distinct segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment handles the complete cycle of electricity, from its generation and purchase to its distribution and ultimate sale. Meanwhile, the Gas Utility segment manages the acquisition, transmission, storage, distribution, and retail of natural gas. The NorthStar Clean Energy division is dedicated to domestic independent power production, encompassing the development and operation of renewable energy sources, alongside the marketing of independently generated power. Established in 1987, the company's corporate headquarters are located in Jackson, Michigan.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-0.5% YoY
YoY Growth Rate
Revenue declining
-39.4% YoY
YoY Growth Rate
Earnings declining
$0/ year
0.0% of revenue
Below sector average (1%)
Research and development spending
~3 months
$304M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
CMS Energy Corporation 5.875% J 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.
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Single-digit earnings growth — steady but not exciting.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E under 10. The price tag is small relative to last year's profit.
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Yield above 6% — often a flag the market is pricing in a cut.
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