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CMS Energy Corporation

CMS
55
Regulated Electric · Utilities
Also trades as: 0HR4.L GBP 0.69 (-0.89%)
Price
$69.58
-0.72 (-1.02%)
Market Cap
$21.82B
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
16/30
Growth
Good
10/20
Cash Flow
Good
6/10
Stability
Mixed
4/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

55 of 100 counted points = Winston Score 55.

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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 company based in Michigan. Its main subsidiary, Consumers Energy, delivers electricity and natural gas to about 6.8 million people across Michigan — including homes, businesses, and factories. It is one of the largest combined electric and gas utilities in the United States.

CMS makes most of its money by charging customers for electricity and natural gas delivery under rates approved by Michigan regulators. Because it operates as a regulated utility, the government sets how much profit it can earn, which creates steady and predictable revenue. The company operates almost entirely within Michigan, which limits geographic risk but also limits growth. Its main growth driver is a long-term plan to invest billions in upgrading its power grid and expanding renewable energy, which regulators typically allow it to recover through rate increases. The main risk is that rising interest rates increase borrowing costs, since utilities like CMS carry significant debt to fund infrastructure projects.

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14 trades / 12mo

4 Congressional buys and 10 sells on CMS in the last 12 months.

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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

Reported EPS Growth

-40.9% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.66

30 Jun 2026: $0.39

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

68.1%ownership

→ Flat

Insider ownership roughly steady over the past year

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 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
5.7%
Weak — 5.7% 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
1.97
Elevated debt (1.97)
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)
20.6x
Growth-priced — P/E 20.6

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

Cheaper or dearer next year
P/E vs Forward
+5.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.6 → 15.5)

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Dividends

Dividend
Dividend Yield
3.32%
Moderate income — 3.32% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+5.1%
Dividend growing modestly (5.1% YoY)
Payout Ratio
67%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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