CMS CMS Energy Corporation Common Stock

NYSE · Utilities · View on SEC EDGAR ↗
$68.36
Price · Aug 24, 2026
Fundamentals as of Feb 10, 2026

About CMS Energy Corporation Common Stock Company overview from Wikipedia

CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.

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CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.

NorthStar Clean Energy's primary businesses are independent power production and natural gas transmission.

History

CMS Energy was formed in 1987 as a holding company with its principal subsidiaries as Consumers Energy and NorthStar Clean Energy. On October 23, 1987, CMS Energy became a publicly owned company and was listed at the New York Stock Exchange. The company's history dates back to 1886, when William Augustine Foote and Samuel Jarvis initially approached Jackson, Michigan officials and asked them to support efforts to illuminate Jackson's downtown with electric arc lights. They formed a company, Jackson Electric Light Works in 1888. In 1889, they built a hydro plant project at the Trowbridge Dam on the Kalamazoo River in Allegan. Foote, after seeing some early success, began consolidating his small power companies and formed Commonwealth Power Company.

In 1907, Foote and Jarvis built Croton Hydro project on the Muskegon River, the first project in the world that could transmit 110,000 volts of electricity. In 1920, Foote and Jarvis offered preferred shares of their company to the public to secure sufficient financing to enter other energy and power generation sectors. Over the next decades the company built several coal-fired, natural gas, nuclear and electric facilities. In 1946, the company formed a strategic partnership with Panhandle Company to convert former natural gas fields to underground natural gas storage areas. CMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock Point in Charlevoix, Michigan.

The company announced another nuclear plant, Palisades Nuclear Generating Station on Lake Michigan, which first produced electricity in December, 1971 to serve 400,000 people a day. CMS Energy owned the plant until 2006, when it was sold to Entergy. It then announced a gas reforming plant to furnish heat for Michigan homes in 1971. This plant was the first of its kind in North America to produce synthetic gas, converting impure liquid petroleum into pipeline-quality natural gas.

In 1987, CMS Energy, a holding company with its principal subsidiaries as Consumers Power and CMS Enterprises was formed. Consumers Power was rebranded Consumers Energy in 1997. The firm was one of the first companies to introduce an online billing system in the late 1990s.

In 2001, the firm entered into an exploration agreement with Eritrea for oil exploration in the Dismin Block of the Red Sea.

In 2002, CMS Energy founded EnerBank USA.

In 2003, the firm moved its headquarters to One Energy Plaza in Jackson, Michigan. In 2007, the company announced plans to invest $6 billion in Michigan's energy future to support new power plant technology and identify new energy sources. In 2014, Consumers Energy opened Cross Winds Energy Park in Michigan's Tuscola County and signed a contract with General Electric to supply 621.79-kilowatt wind turbine engines for the project which has a total generating capacity of 105 megawatts.

Oct 1, 2021, CMS Energy Completes Sale of EnerBank USA to Regions Bank.

On Nov 1st 2022, CMS Enterprises changes name to NorthStar Clean Energy as it begins to serve more corporate clients.

Sustainability and Environment

In 2015, 9 percent of CMS Energy's power comes from renewable energy sources. Primary CMS Energy subsidiary Consumers Energy joined the Wildlife Habitat Council as an active member. By 2007, all power facilities received the Clean Corporate Citizen award from the Michigan Department of Environmental Quality.

Awards

Consumers Energy, CMS Energy's primary subsidiary, was named Energy Star Partner of the Year in 2014 and 2015 for excellence in sustainable energy efficiency programs. In 2014, Consumers Energy was ranked among the top 15 most sustainable energy providers. Later that year, CMS Energy received Edison Electric Institute's Index Award for top cumulative shareholder return in the small cap category. The firm received the 2015 Emergency Recovery Award for its electricity restoration efforts during the December 2013 North American storm complex.

Criticism

In December 2011, the non-partisan organization Public Campaign criticized CMS Energy for spending $3.48 million on lobbying and not paying any taxes during 2008-2010, instead getting $29 million in tax rebates, despite making a profit of $415 million, and increasing executive pay by 79% to $900.4 million in 2010 for its top 5 executives.

Philanthropy

CMS Energy has helped establish and finance numerous research, educational and cultural institutes in the United States. Consumers Energy was given the William Booth Award in 2013 by The Salvation Army in recognition of its long history of philanthropic activities and leadership for the PeopleCare assistance program.

CMS Energy participates in internship and cooperative education programs to build career opportunities in Michigan. Consumers Energy has also worked on early childhood development and education in Michigan and has also received Wildlife Habitat Council (WHC) compliant certificates for its efforts to promote environmental education.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

CMS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$68.36
Market Cap
$20.95B
P/E (TTM)
19.4
EPS (TTM)
$3.53
Revenue (TTM)
$8.54B
Div Yield
ROE
12.3%
Debt/Equity
2.1
52W Range
$68 – $80

CMS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $8.54B
7-point trend, +28.9%
2019-12-31 2025-12-31
EPS $3.53
7-point trend, +47.7%
2019-12-31 2025-12-31
Free Cash Flow
4-point trend, -383.8%
2019-12-31 2022-12-31
Margins 12.5%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CMS
Peer Median
P/E (TTM)
5-point trend, +41.9%
19.4
20.8
P/S (TTM)
5-point trend, -2.4%
2.5
2.7
P/B
5-point trend, -17.6%
2.3
1.6
EV / EBITDA
5-point trend, -4.1%
12.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CMS
Peer Median
Operating Margin
5-point trend, +29.3%
20.2%
Net Profit Margin
5-point trend, -32.1%
12.5%
12.4%
ROA
5-point trend, -39.1%
2.8%
2.7%
ROE
5-point trend, -44.7%
12.3%
9.5%
ROIC
5-point trend, -6.6%
5.0%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CMS
Peer Median
Debt / Equity
5-point trend, +9.5%
2.1
Current Ratio
5-point trend, -17.9%
1.0
0.8
Quick Ratio
5-point trend, -77.1%
0.1

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CMS
Peer Median
Revenue YoY
5-point trend, +16.5%
13.6%
Revenue CAGR 3Y
5-point trend, +16.5%
-0.22%
Revenue CAGR 5Y
5-point trend, +16.5%
5.9%
EPS YoY
5-point trend, -24.2%
6.0%
Net Income YoY
5-point trend, -20.8%
6.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CMS
Peer Median
EPS (Diluted)
5-point trend, -24.2%
$3.53

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CMS
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
5Y Div CAGR
Ex-dateAmount
Aug. 7, 2026$0.5700
May 8, 2026$0.5700
Feb. 17, 2026$0.5700
Nov. 7, 2025$0.5430
Aug. 8, 2025$0.5430
May 9, 2025$0.5430
Feb. 14, 2025$0.5430
Nov. 13, 2024$0.5150
Aug. 2, 2024$0.5150
May 14, 2024$0.5150
Feb. 9, 2024$0.5150
Nov. 2, 2023$0.4880
Aug. 3, 2023$0.4880
May 4, 2023$0.4880
Feb. 10, 2023$0.4880
Nov. 3, 2022$0.4600
Aug. 4, 2022$0.4600
May 5, 2022$0.4600
Feb. 10, 2022$0.4600
Nov. 4, 2021$0.4350

CMS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 22 analysts
  • Strong Buy 3 13.6%
  • Buy 9 40.9%
  • Hold 10 45.5%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

12 analysts · 2026-08-24
Median target $80.00 +17.0%
Mean target $79.58 +16.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.02%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.37 $0.36 0.01%
March 31, 2026 $1.13 $1.11 0.02%
Dec. 31, 2025 $0.94 $0.95 -0.01%
Sept. 30, 2025 $0.93 $0.85 0.08%
June 30, 2025 $0.71 $0.70 0.01%
March 31, 2025 $1.02 $1.02 -0.00%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CMS $21.43B 19.8 13.6% 12.5% 12.3%
PEG $39.99B 19.0 18.2% 17.3% 12.6%
WEC $34.32B 21.9 14.0% 15.9% 11.2%
AEE $27.60B 18.7 15.4% 16.6% 11.5%
DTE
CNP $25.03B 24.0 8.3% 11.2% 9.5%
NI $19.98B 21.4 23.5% 14.2% 10.2%
BKH $5.24B 17.4 8.6% 12.6% 8.0%
NWE $3.96B 22.0 6.4% 11.2% 6.3%
AVA $3.17B 16.2 1.3% 9.8% 7.3%
NWE $3.96B 22.0 6.4% 11.2% 6.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13
Annual Income Statement data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +18.9% $8.54B $7.51B $7.46B $8.60B $7.33B $6.42B $6.62B $6.87B $6.58B $6.40B $6.46B $7.18B
Operating Expenses 12-point trend, +13.0% $6.81B $6.03B $6.23B $7.37B $6.18B $5.19B $5.51B $5.71B $5.25B $5.14B $5.28B $6.03B
Operating Income 12-point trend, +49.9% $1.73B $1.49B $1.24B $1.22B $1.15B $1.23B $1.11B $1.16B $1.34B $1.26B $1.18B $1.15B
Interest Expense 10-point trend, +58.0% · · $643M $519M $500M $505M $460M $458M $438M $435M $396M $407M
Other Non-op 12-point trend, +2037.5% $310M $344M $362M $197M $177M $84M $109M $70M $-14M $5M $14M $-16M
Pretax Income 12-point trend, +71.2% $1.25B $1.12B $954M $902M $823M $809M $764M $774M $886M $826M $796M $729M
Income Tax 12-point trend, -1.6% $246M $176M $147M $93M $95M $115M $131M $115M $424M $273M $271M $250M
Net Income 12-point trend, +124.5% $1.07B $1.00B $887M $837M $1.35B $755M $680M $657M $460M $551M $523M $477M
EPS (Basic) 12-point trend, +100.6% $3.53 $3.34 $3.01 $2.85 $4.66 $2.65 $2.40 $2.33 $1.64 $1.99 $1.90 $1.76
EPS (Diluted) 12-point trend, +102.9% $3.53 $3.33 $3.01 $2.85 $4.66 $2.64 $2.39 $2.32 $1.64 $1.98 $1.89 $1.74
Shares (Basic) 7-point trend, +6.1% 300,400,000 297,600,000 291,200,000 289,500,000 289,000,000 285,000,000 283,000,000 · · · · ·
Shares (Diluted) 12-point trend, +9.6% 301,000,000 298,300,000 291,700,000 290,000,000 289,500,000 286,300,000 284,300,000 282,900,000 280,800,000 278,900,000 276,500,000 274,600,000
EBITDA 12-point trend, +65.1% $3.03B $2.73B $2.42B $2.35B $2.26B $2.41B $2.23B $2.10B $2.22B $2.11B $1.91B $1.84B
Balance Sheet 22
Annual Balance Sheet data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +145.9% $509M $103M $227M $164M $452M $32M $140M $153M $182M $235M $266M $207M
Receivables 9-point trend, +77.5% · · · $1.56B $931M $853M $886M $964M $1.03B $821M $774M $881M
Other Current Assets 12-point trend, +122.2% $160M $103M $80M $113M $139M $104M $86M $101M $83M $81M $77M $72M
Current Assets 12-point trend, +33.7% $3.47B $2.79B $2.84B $3.43B $2.63B $2.40B $2.33B $2.47B $2.48B $2.28B $2.32B $2.60B
PP&E (Net) 12-point trend, +128.8% $30.68B $27.46B $25.07B $22.71B $22.35B $21.02B $18.93B $18.13B $16.76B $15.71B $14.71B $13.41B
Accum. Depreciation 12-point trend, +87.2% $10.13B $9.57B $9.01B $8.96B $8.50B $7.94B $7.36B $7.04B $6.51B $6.06B $5.75B $5.42B
Other Non-current Assets 12-point trend, +13.1% $398M $384M $357M $310M $264M $823M $739M $478M $799M $353M $343M $352M
Total Assets 12-point trend, +108.6% $39.94B $35.92B $33.52B $31.35B $28.75B $29.67B $26.84B $24.53B $23.05B $21.62B $20.30B $19.14B
Accounts Payable 9-point trend, +36.9% · · · $928M $875M $661M $622M $723M $725M $598M $633M $678M
Short-term Debt 12-point trend, -100.0% $0 $65M $93M $20M $0 $0 $90M $97M $170M $398M $249M $60M
Current Liabilities 12-point trend, +82.1% $3.55B $3.52B $2.90B $2.98B $2.20B $3.07B $2.70B $2.62B $2.78B $2.65B $2.30B $1.95B
Capital Leases 12-point trend, -84.6% $19M $21M $22M $27M $25M $25M $37M $40M $91M $110M $118M $123M
Deferred Tax 12-point trend, +86.0% $3.25B $2.92B $2.62B $2.41B $2.21B $1.86B $1.66B $1.49B $1.27B $2.29B $2.02B $1.75B
Other Non-current Liabilities 12-point trend, +31.1% $392M $407M $415M $397M $375M $394M $383M $294M $307M $290M $313M $299M
Long-term Debt 12-point trend, +119.8% $18.76B $16.39B $15.48B $14.21B $12.42B $12.31B $13.06B $11.59B $10.20B $9.50B $9.08B $8.54B
Total Debt 12-point trend, +118.2% $18.76B $16.45B $15.58B $14.23B $12.42B $15.12B $13.15B $11.69B $10.37B $9.90B $9.37B $8.60B
Common Stock Flat — no change across 12 periods $3M $3M $3M $3M $3M $3M $3M $3M $3M $3M $3M $3M
Retained Earnings 12-point trend, +330.9% $2.44B $2.04B $1.66B $1.35B $1.06B $214M $-25M $-271M $-531M $-616M $-855M $-1.06B
AOCI 12-point trend, +26.5% $-36M $-41M $-46M $-52M $-59M $-86M $-73M $-65M $-50M $-50M $-47M $-49M
Stockholders' Equity 12-point trend, +149.2% $9.14B $8.23B $7.54B $7.01B $6.63B $5.50B $5.02B $4.75B $4.44B $4.25B $3.94B $3.67B
Liabilities + Equity 12-point trend, +108.2% $39.94B $35.92B $33.52B $31.35B $28.75B $29.67B $26.84B $24.53B $23.05B $21.62B $20.30B $19.18B
Shares Outstanding 12-point trend, +11.3% 306,400,000 298,800,000 294,440,000 291,268,000 289,758,000 288,940,000 283,864,000 283,374,000 281,647,000 279,206,000 277,163,000 275,184,000
Cash Flow 16
Annual Cash Flow data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +90.7% $1.31B $1.24B $1.18B $1.13B $1.11B $1.04B $989M $933M $881M $811M $750M $685M
Deferred Tax 12-point trend, -9.6% $207M $146M $145M $69M $98M $157M $113M $170M $404M $247M $228M $229M
Amort. of Intangibles · · · · · · · · · · · $59M
Other Non-cash 12-point trend, -723.2% $-349M $-19M $97M $-1.18B $-746M $-702M $-11M $-57M $-40M $20M $139M $56M
Operating Cash Flow 12-point trend, +50.9% $2.23B $2.37B $2.31B $855M $1.82B $1.28B $1.79B $1.70B $1.71B $1.63B $1.64B $1.48B
CapEx 9-point trend, +50.5% · · · $2.37B $2.08B $2.31B $2.10B $2.07B $1.67B $1.67B $1.56B $1.58B
Investing Cash Flow 11-point trend, -95.6% $-4.04B $-3.05B $-3.39B $-2.48B $-1.23B $-2.87B $-2.82B $-2.61B $-1.87B $-1.92B $-2.06B ·
Debt Issued 12-point trend, +152.7% $3.61B $1.96B $3.55B $1.90B $335M $3.18B $2.15B $2.77B $1.63B $1.05B $599M $1.43B
Net Debt Issued 12-point trend, +262.7% $2.46B $1.01B $1.42B $1.79B $100M $1.17B $866M $897M $653M $321M $375M $678M
Stock Issued 12-point trend, +1120.9% $525M $286M $192M $69M $26M $253M $12M $41M $83M $72M $43M $43M
Net Stock Activity 12-point trend, +1120.9% $525M $286M $192M $69M $26M $253M $12M $41M $83M $72M $43M $43M
Financing Cash Flow 11-point trend, +383.8% $2.24B $614M $1.14B $1.33B $-295M $1.62B $1.01B $874M $110M $255M $463M ·
Net Change in Cash 11-point trend, +1148.6% $437M $-70M $66M $-294M $291M $28M $-18M $-29M $-53M · $59M $35M
Taxes Paid 12-point trend, -190.9% $-20M $-69M $15M $1M $16M $-58M $-58M $-123M $5M $32M $10M $22M
Free Cash Flow 9-point trend, -1068.5% · · · $-1.52B $-257M $-1.04B $-314M $-371M $40M $-43M $76M $-130M
Levered FCF 9-point trend, -399.3% · · · $-1.98B $-699M $-1.52B $-741M $-761M $-188M $-334M $-185M $-397M
Profitability 7
Annual Profitability data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, +26.0% 20.2% 19.8% 16.6% 14.2% 15.6% 20.4% 18.1% 16.9% 20.3% 20.3% 18.0% 16.1%
Net Margin 12-point trend, +88.9% 12.5% 13.4% 11.9% 9.7% 18.5% 11.3% 9.9% 9.6% 7.0% 8.6% 8.1% 6.6%
Pretax Margin 12-point trend, +44.0% 14.6% 14.9% 12.8% 10.5% 11.2% 13.2% 12.1% 11.3% 13.5% 12.9% 12.3% 10.2%
EBITDA Margin 12-point trend, +38.8% 35.5% 36.3% 32.4% 27.3% 30.8% 36.1% 32.6% 30.5% 33.7% 32.9% 29.6% 25.6%
ROA 12-point trend, +7.6% 2.8% 2.8% 2.7% 2.8% 4.6% 2.7% 2.6% 2.8% 2.1% 2.6% 2.6% 2.6%
ROE 12-point trend, -7.9% 12.3% 12.7% 12.2% 12.3% 22.3% 14.4% 13.9% 14.3% 10.6% 13.5% 13.8% 13.4%
ROIC 12-point trend, -19.4% 5.0% 5.1% 4.5% 5.2% 5.3% 5.6% 5.6% 6.0% 4.7% 6.1% 5.8% 6.2%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -24.1% 1.0 0.8 1.0 1.2 1.2 0.8 0.9 0.9 0.9 0.9 1.0 1.3
Quick Ratio 12-point trend, -73.4% 0.1 0.0 0.1 0.6 0.6 0.3 0.4 0.4 0.4 0.4 0.5 0.5
Debt / Equity 12-point trend, -12.4% 2.1 2.0 2.1 2.0 1.9 2.8 2.6 2.5 2.3 2.3 2.4 2.3
LT Debt / Equity 12-point trend, -10.8% 1.9 1.8 1.9 1.9 1.8 2.5 2.4 2.2 2.1 2.0 2.1 2.2
Interest Coverage 10-point trend, -32.1% · · 1.9 2.4 2.3 2.4 2.4 2.5 3.1 3.0 2.9 2.8
Efficiency 2
Annual Efficiency data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -42.8% 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.4
Receivables Turnover 9-point trend, -13.9% · · · 6.9 8.2 7.6 7.4 6.9 7.1 8.0 7.8 8.0
Per Share 6
Annual Per Share data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +123.8% $29.84 $27.54 $25.62 $24.08 $22.88 $19.02 $17.68 $16.78 $15.77 $15.23 $14.21 $13.34
Revenue / Share 12-point trend, +8.5% $28.37 $25.19 $25.58 $29.64 $25.32 $23.33 $24.08 $24.29 $23.44 $22.94 $23.35 $26.14
Cash Flow / Share 12-point trend, +40.9% $7.43 $7.95 $7.92 $2.95 $6.28 $4.46 $6.30 $6.02 $6.07 $5.84 $5.93 $5.27
Cash / Share 12-point trend, +120.8% $1.66 $0.34 $0.77 $0.56 $1.56 $0.58 $0.49 $0.54 $0.65 $0.84 $0.96 $0.75
Dividend / Share 12-point trend, +100.9% $2 $2 $2 $2 $2 $2 $2 $1 $1 $1 $1 $1
EPS (TTM) 12-point trend, +102.9% $3.53 $3.33 $3.01 $2.85 $4.66 $2.64 $2.39 $2.32 $1.64 $1.98 $1.89 $1.74
Growth Rates 9
Annual Growth Rates data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -3.9% 13.6% 0.71% -13.2% 17.3% 14.2% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -104.3% -0.22% 0.84% 5.1% · · · · · · · · ·
Revenue CAGR 5Y 5.9% · · · · · · · · · · ·
EPS YoY 5-point trend, -92.1% 6.0% 10.6% 5.6% -38.8% 76.5% · · · · · · ·
EPS CAGR 3Y 3-point trend, +65.3% 7.4% -10.6% 4.5% · · · · · · · · ·
EPS CAGR 5Y 6.0% · · · · · · · · · · ·
Net Income YoY 5-point trend, -91.4% 6.8% 13.1% 6.0% -38.1% 79.2% · · · · · · ·
Net Income CAGR 3Y 3-point trend, +55.1% 8.6% -9.5% 5.5% · · · · · · · · ·
Net Income CAGR 5Y 7.2% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for CMS
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +18.9% $8.54B $7.51B $7.46B $8.60B $7.33B $6.42B $6.62B $6.87B $6.58B $6.40B $6.46B $7.18B
Net Income TTM 12-point trend, +124.5% $1.07B $1.00B $887M $837M $1.35B $755M $680M $657M $460M $551M $523M $477M
Market Cap 12-point trend, +124.1% $21.43B $19.92B $17.10B $18.45B $18.85B $17.63B $17.84B $14.07B $13.32B $11.62B $10.00B $9.56B
Enterprise Value 12-point trend, +121.0% $39.67B $36.26B $32.44B $32.52B $30.82B $32.58B $30.85B $25.60B $23.51B $21.29B $19.11B $17.95B
P/E 12-point trend, -0.8% 19.8 20.0 19.3 22.2 14.0 23.1 26.3 21.4 28.8 21.0 19.1 20.0
P/S 12-point trend, +88.4% 2.5 2.6 2.3 2.1 2.6 2.7 2.7 2.0 2.0 1.8 1.5 1.3
P/B 12-point trend, -10.1% 2.3 2.4 2.3 2.6 2.8 3.2 3.6 3.0 3.0 2.7 2.5 2.6
P / Tangible Book 6-point trend, -26.9% 2.3 2.4 2.3 2.6 2.8 3.2 · · · · · ·
P / Cash Flow 12-point trend, +45.1% 9.6 8.4 7.4 21.6 10.4 13.8 10.0 8.3 7.8 7.1 6.1 6.6
P / FCF 9-point trend, +83.5% · · · -12.1 -73.4 -16.9 -56.8 -37.9 333.0 -270.2 131.6 -73.6
EV / EBITDA 12-point trend, +33.9% 13.1 13.3 13.4 13.8 13.6 13.5 13.8 12.2 10.6 10.1 10.0 9.8
EV / FCF 9-point trend, +84.5% · · · -21.4 -119.9 -31.3 -98.3 -69.0 587.8 -495.1 251.4 -138.1
EV / Revenue 12-point trend, +85.8% 4.6 4.8 4.3 3.8 4.2 5.1 4.7 3.7 3.6 3.3 3.0 2.5
Earnings Yield 12-point trend, +0.8% 5.1% 5.0% 5.2% 4.5% 7.2% 4.3% 3.8% 4.7% 3.5% 4.8% 5.2% 5.0%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312024-09-302024-06-302024-03-31
Revenue $8.54B$7.51B
Operating Margin % 20.2%19.8%
Net Income $1.07B$1.00B
Diluted EPS $3.53$3.33
Balance Sheet
2025-12-312024-12-312024-09-302024-06-302024-03-31
Debt / Equity 2.12.0
Current Ratio 1.00.8
Quick Ratio 0.10.0

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Institutional owners (13F) 866 filers · $14.1B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
99 (-19 vs prior Q) 75 (-14 vs prior Q) 316 (+25 vs prior Q) 243 (0 vs prior Q) +23.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $1,542,771,522 20,166,948 10.94% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,457,393,315 19,050,893 10.34% Shares
STATE STREET CORP $1,354,504,869 17,705,946 9.61% Shares
WELLINGTON MANAGEMENT GROUP LLP $783,437,495 10,241,013 5.56% Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main $603,015,075 7,882,550 4.28% Shares
GEODE CAPITAL MANAGEMENT, LLC $587,758,028 7,715,853 4.17% Shares
VICTORY CAPITAL MANAGEMENT INC $482,788,795 6,310,965 3.42% Shares
Capital International Investors $405,653,268 5,302,655 2.88% Shares
NORGES BANK $370,039,910 4,837,123 2.62% Shares
GQG Partners LLC $363,387,746 4,750,161 2.58% Shares
Pictet Asset Management Holding SA $326,542,851 4,268,534 2.32% Shares
AMERIPRISE FINANCIAL INC $269,797,402 3,526,722 1.91% Shares
FIL Ltd $194,457,569 2,541,929 1.38% Shares
Magellan Asset Management Ltd $194,237,325 2,539,050 1.38% Shares
PARNASSUS INVESTMENTS, LLC $169,809,728 2,219,735 1.20% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $161,440,934 2,110,339 1.15% Shares
BARCLAYS PLC $157,565,446 2,059,679 1.12% Shares
VANGUARD FIDUCIARY TRUST CO $132,715,490 1,734,843 0.94% Shares
JENNISON ASSOCIATES LLC $116,091,275 1,517,533 0.82% Shares
DUFF & PHELPS INVESTMENT MANAGEMENT CO $111,205,526 1,453,667 0.79% Shares
Balyasny Asset Management L.P. $109,163,664 1,426,976 0.77% Shares
GOLDMAN SACHS GROUP INC $100,450,547 1,313,079 0.71% Shares
DIMENSIONAL FUND ADVISORS LP $100,344,857 1,311,698 0.71% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $99,930,000 1,306,273 0.71% Shares
REAVES W H & CO INC $95,674,419 1,250,646 0.68% Shares
PFA Pension, Forsikringsaktieselskab $94,979,073 1,241,557 0.67% Shares
Bahl & Gaynor LLC $81,726,633 1,068,322 0.58% Shares
Soroban Capital Partners LP $80,996,747 1,058,781 0.57% Shares
SOROS FUND MANAGEMENT LLC $74,232,693 970,362 0.53% Shares
AVIVA PLC $72,057,263 941,925 0.51% Shares
BlackRock, Inc. $69,105,893 903,345 0.49% Shares
UniSuper Management Pty Ltd $69,049,053 902,602 0.49% Shares
HSBC HOLDINGS PLC $68,180,243 891,245 0.48% Shares
Swiss National Bank $66,509,100 869,400 0.47% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $58,830,413 769,025 0.42% Shares
Sumitomo Mitsui Trust Group, Inc. $54,728,559 715,406 0.39% Shares
Quantinno Capital Management LP $54,438,061 711,608 0.39% Shares
BNP PARIBAS FINANCIAL MARKETS $52,610,044 687,713 0.37% Shares
RAYMOND JAMES FINANCIAL INC $51,708,784 675,932 0.37% Shares
VANGUARD ASSET MANAGEMENT, Ltd $51,580,584 674,256 0.37% Shares
Legal & General Group Plc $51,232,360 669,704 0.36% Shares
Vanguard Global Advisers, LLC $50,893,997 665,281 0.36% Shares
RHUMBLINE ADVISERS $50,139,038 655,413 0.36% Shares
BANK OF NOVA SCOTIA $49,276,098 644,132 0.35% Shares
TD Asset Management Inc $46,673,109 610,106 0.33% Shares
ING GROEP NV $44,383,923 580,182 0.31% Shares
MILLER HOWARD INVESTMENTS INC /NY $43,693,685 571,159 0.31% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $43,626,191 570,277 0.31% Shares
1832 Asset Management L.P. $43,079,063 563,125 0.31% Shares
California Public Employees Retirement System $42,922,008 561,072 0.30% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $42,259,671 552,414 0.30% Shares
BANK OF AMERICA CORP /DE/ $41,165,032 538,105 0.29% Shares
Energy Income Partners, LLC $40,469,571 529,014 0.29% Shares
Assenagon Asset Management S.A. $39,645,131 518,237 0.28% Shares
Qube Research & Technologies Ltd $39,584,543 517,445 0.28% Shares
Thiel Macro LLC $39,559,986 517,124 0.28% Shares
LPL Financial LLC $38,572,917 504,221 0.27% Shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS $37,450,575 489,550 0.27% Shares
Retirement Systems of Alabama $37,132,718 485,395 0.26% Shares
Partners Group Holding AG $37,008,405 483,770 0.26% Shares
Rockefeller Capital Management L.P. $36,820,238 481,310 0.26% Shares
Tredje AP-fonden $35,606,619 465,446 0.25% Shares
Nuveen Asset Management, LLC $33,971,105 509,694 0.24% Shares
ENVESTNET ASSET MANAGEMENT INC $33,743,139 441,087 0.24% Shares
RWC Asset Management LLP $33,115,626 432,884 0.23% Shares
Fisher Funds Management LTD $32,833,265 429,193 0.23% Shares
STRS OHIO $31,981,131 418,054 0.23% Shares
CIDEL ASSET MANAGEMENT INC $31,032,680 405,656 0.22% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $30,582,338 399,769 0.22% Shares
NEUBERGER BERMAN GROUP LLC $30,356,479 396,817 0.22% Shares
CIBC Bancorp USA Inc. $28,536,183 373,037 0.20% Shares
CANADA PENSION PLAN INVESTMENT BOARD $28,228,653 369,002 0.20% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $27,320,806 352,163 0.19% Shares
BANK OF MONTREAL /CAN/ $26,706,839 349,109 0.19% Shares
ALLIANCEBERNSTEIN L.P. $26,576,348 342,567 0.19% Shares
Vanguard Investments Australia, Ltd. $23,855,148 311,832 0.17% Shares
Covea Finance $22,731,975 297,150 0.16% Shares
CITADEL ADVISORS LLC $22,567,500 295,000 0.16% Call option
Avalon Trust Co $22,397,211 292,774 0.16% Shares
TRUIST FINANCIAL CORP $21,713,225 283,833 0.15% Shares
US BANCORP \DE\ $21,141,847 276,364 0.15% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $21,065,117 275,361 0.15% Shares
APG Asset Management N.V. $20,476,881 306,029 0.15% Shares
CIBC Asset Management Inc $20,242,293 264,948 0.14% Shares
CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC $20,237,386 264,541 0.14% Shares
Ensign Peak Advisors, Inc $20,183,990 263,843 0.14% Shares
VANGUARD GROUP INC $19,624,106 280,625 0.14% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $19,575,529 252,327 0.14% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $19,376,073 253,282 0.14% Shares
TRILLIUM ASSET MANAGEMENT, LLC $17,343,492 226,709 0.12% Shares
JANUS HENDERSON GROUP PLC $17,297,809 222,953 0.12% Shares
MACQUARIE GROUP LTD $16,269,102 212,668 0.12% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $15,612,120 204,080 0.11% Shares
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. $15,405,111 201,374 0.11% Shares
Mitsubishi UFJ Trust & Banking Corp $15,214,703 198,885 0.11% Shares
GABELLI FUNDS LLC $14,492,313 189,442 0.10% Shares
KEYBANK NATIONAL ASSOCIATION/OH $14,413,047 188,404 0.10% Shares
JANE STREET GROUP, LLC $14,198,400 185,600 0.10% Call option
Artemis Investment Management LLP $14,121,441 184,594 0.10% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $13,889,187 181,558 0.10% Shares

Company insiders 52 insiders · 12 officers · 12 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Garrick J Rochow President and CEO Jan. 30, 2025 A 538,114 0 0 $0
Rejji P Hayes EVP/CFO Jan. 30, 2025 A 242,278 0 0 $0
Brandon J. Hofmeister Senior Vice President May 6, 2025 S 69,571 0 0 $0
Scott B Mcintosh VP, Controller, CAO Feb. 13, 2025 S 21,643 0 0 $0
Tonya L Berry Senior Vice President Jan. 30, 2025 A 51,653 0 0 $0
Leeroy Wells Jr Senior Vice President Jan. 30, 2025 A 83,895 0 0 $0
Shaun M Johnson SVP and General Counsel Jan. 30, 2025 A 93,712 0 0 $0
Catherine A Hendrian Senior Vice President Jan. 29, 2025 F 55,811 0 0 $0
Dhenuvakonda Rao Venkat Senior Vice President March 22, 2024 F 42,818 0 0 $0
Brian F Rich Senior Vice President March 22, 2024 F 99,682 0 0 $0
Jean-Francois Brossoit Senior Vice President Jan. 27, 2022 A 65,528 0 0 $0
BARBA GLENN P Vice President, CAO Aug. 9, 2021 S 27,104 0 0 $0
Deborah H Butler Director May 8, 2026 A 39,850 0 0 $0
Ronald J Tanski Director May 8, 2026 A 20,903 0 0 $0
John G Russell Director May 8, 2026 A 134,068 0 1 $-1,129,885
Suzanne F. Shank Director May 2, 2025 A 20,701 0 0 $0
Myrna Soto Director May 2, 2025 A 37,560 0 0 $0
Kurt L Darrow Director May 2, 2025 A 42,098 0 0 $0
Jon E Barfield Director June 7, 2024 S 14,556 0 0 $0
William D Harvey Director May 5, 2023 A 48,100 0 0 $0
Kathleen R Flaherty Director May 28, 2004 A 11,985 0 0 $0
James J Duderstadt Director May 28, 2004 A 10,405 0 0 $0
PARFET WILLIAM U / Director May 28, 2004 A 19,281 0 0 $0
John G Sznewajs May 8, 2026 A 37,594 0 0 $0
Laura Wright May 8, 2026 A 43,623 0 0 $0
Ralph Izzo May 8, 2026 A 10,779 0 0 $0
Patricia K Poppe March 20, 2020 F 456,320 0 0 $0
Catherine M Reynolds May 8, 2019 S 121,211 0 0 $0
Stephen E Ewing May 3, 2019 A 44,394 0 0 $0
David G Mengebier Nov. 20, 2017 S 117,523 0 0 $0
Daniel J Malone May 30, 2017 S 148,622 0 0 $0
Thomas J Webb May 25, 2017 S 187,773 0 0 $0
Philip R Lochner May 5, 2017 A 53,973 0 0 $0
John M Butler March 21, 2017 F 121,532 0 0 $0
Richard Marcel Gabrys May 6, 2016 A 49,607 0 0 $0
David W Joos May 1, 2015 A 353,243 0 0 $0
John B Yasinsky Feb. 25, 2015 S 27,008 0 0 $0
Ronn J Rasmussen Jan. 26, 2015 F 72,990 0 0 $0
James E Brunner July 1, 2014 D 102,241 0 0 $0
Kenneth L Way May 16, 2014 A 52,321 0 0 $0
Michael T Monahan May 17, 2013 A 44,975 0 0 $0
Merribel S Ayres March 19, 2013 S 29,741 0 0 $0
Joseph Farnand Paquette JR Aug. 13, 2010 S 10,472 0 0 $0
PIERRE PERCY A Aug. 11, 2010 S 0 0 0 $0
Kenneth Whipple May 22, 2009 A 17,530 0 0 $0
Thomas W Elward June 1, 2008 F 121,745 0 0 $0
Earl D Holton April 1, 2006 J 16,450 0 0 $0
John F Drake Aug. 22, 2005 F 44,643 0 0 $0
Kinnie S Smith JR Aug. 22, 2005 F 228,263 0 0 $0
Joseph F Paquette May 20, 2005 A 14,780 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 182 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
UTES · ETFis Series Trust I 3.51% 727,808 NS April 30, 2026 N-PORT
RSPU · Invesco Exchange-Traded Fund Trust 3.10% 235,644 SH Aug. 21, 2026 Daily
PUI · Invesco Exchange-Traded Fund Trust 2.78% 21,410 SH Aug. 21, 2026 Daily
PJFM · PGIM ETF Trust 2.68% 6,148 NS May 29, 2026 N-PORT
PRVS · Parnassus Funds II 2.29% 7,566 NS June 30, 2026 N-PORT
FPWR · First Trust Exchange-Traded Fund IV 2.18% 7,617 NS April 30, 2026 N-PORT
FXU · First Trust Exchange-Traded AlphaDE… 1.64% 192,160 NS April 30, 2026 N-PORT
VPU · VANGUARD WORLD FUND 1.50% 2,108,524 SH Aug. 19, 2026 Daily
FUTY · FIDELITY COVINGTON TRUST 1.46% 466,259 NS April 30, 2026 N-PORT
IDU · iShares Trust 1.34% 256,839 SH Aug. 21, 2026 Daily
ALTL · Pacer Funds Trust 1.28% 16,094 NS April 30, 2026 N-PORT
SMCO · Tidal Trust II 1.28% 21,551 NS April 30, 2026 N-PORT
UPW · ProShares Trust 1.20% 3,186 NS May 31, 2026 N-PORT
SPLV · Invesco Exchange-Traded Fund Trust … 1.11% 1,117,889 SH Aug. 21, 2026 Daily
RGEF · Tidal Trust III 1.11% 114,762 NS April 30, 2026 N-PORT
PGX · Invesco Exchange-Traded Fund Trust … 1.06% 1,941,469 Aug. 21, 2026 Daily
VRAI · ETFis Series Trust I 1.05% 2,523 NS April 30, 2026 N-PORT
MFSV · MFS Active Exchange Traded Funds Tr… 1.04% 67,954 NS May 31, 2026 N-PORT
UTSL · Direxion Shares ETF Trust 1.00% 5,686 NS April 30, 2026 N-PORT
JXI · iShares Trust 0.97% 42,500 SH Aug. 21, 2026 Daily
HUSV · First Trust Exchange-Traded Fund III 0.94% 8,862 NS April 30, 2026 N-PORT
EMLP · First Trust Exchange-Traded Fund IV 0.92% 485,916 NS April 30, 2026 N-PORT
RBLD · First Trust Exchange-Traded Fund II 0.91% 4,813 NS June 30, 2026 N-PORT
DVY · iShares Trust 0.88% 3,002,428 SH Aug. 21, 2026 Daily
POWR · iShares, Inc. 0.84% 55,737 SH Aug. 21, 2026 Daily
LSEQ · Harbor ETF Trust 0.76% 1,533 NS April 30, 2026 N-PORT
EIPI · First Trust Exchange-Traded Fund VI… 0.75% 108,274 NS May 31, 2026 N-PORT
SPVM · Invesco Exchange-Traded Fund Trust 0.66% 12,920 SH Aug. 21, 2026 Daily
VRP · Invesco Exchange-Traded Fund Trust … 0.65% 19,687,000 Aug. 21, 2026 Daily
ESMV · iShares Trust 0.56% 637 SH Aug. 21, 2026 Daily
JOYT · J.P. Morgan Exchange-Traded Fund Tr… 0.56% 6,269 NS April 30, 2026 N-PORT
PFF · iShares Trust 0.51% 3,313,270 SH Aug. 21, 2026 Daily
SMLL · Harbor ETF Trust 0.51% 912 NS April 30, 2026 N-PORT
BTAL · AGF Investments Trust 0.44% 16,192 NS June 30, 2026 N-PORT
VOE · VANGUARD INDEX FUNDS 0.41% 1,984,402 SH Aug. 19, 2026 Daily
SIXL · EXCHANGE TRADED CONCEPTS TRUST 0.41% 10,567 NS May 31, 2026 N-PORT
FVD · First Trust Exchange-Traded Fund 0.40% 424,701 NS June 30, 2026 N-PORT
FTA · First Trust Exchange-Traded AlphaDE… 0.34% 58,177 NS April 30, 2026 N-PORT
HDV · iShares Trust 0.30% 659,958 SH Aug. 21, 2026 Daily
VFMV · VANGUARD WELLINGTON FUND 0.30% 16,676 SH Aug. 19, 2026 Daily
IQRA · New York Life Investments Active ET… 0.29% 258 NS April 30, 2026 N-PORT
PHEQ · Morgan Stanley ETF Trust 0.27% 5,028 NS June 30, 2026 N-PORT
BSCT · Invesco Exchange-Traded Self-Indexe… 0.26% 7,733,000 Aug. 21, 2026 Daily
PEPS · Morgan Stanley ETF Trust 0.25% 950 NS June 30, 2026 N-PORT
FEX · First Trust Exchange-Traded AlphaDE… 0.24% 47,506 NS April 30, 2026 N-PORT
CVMC · Morgan Stanley ETF Trust 0.24% 3,199 NS June 30, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.23% 6,694,484 SH Aug. 19, 2026 Daily
DFVE · DoubleLine ETF Trust 0.22% 915 NS June 30, 2026 N-PORT
EIPX · First Trust Exchange-Traded Fund IV 0.21% 14,642 NS April 30, 2026 N-PORT
IWS · iShares Trust 0.20% 461,240 SH Aug. 21, 2026 Daily