CMSD CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079

NYSE · Utilities · View on SEC EDGAR ↗
$21.13
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026

About CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 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 ↗

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

Price
$21.13
Market Cap
P/E (TTM)
EPS (TTM)
Revenue (TTM)
Div Yield
ROE
Debt/Equity
52W Range
$21 – $25

CMSD 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
EPS
Free Cash Flow
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Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

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CMSD
Peer Median

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

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Financial Health Debt, liquidity, solvency — balance sheet strength

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

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5Y trend
CMSD
Peer Median

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

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Peer Median

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
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Peer Median

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

Dividend Yield
Payout Ratio
5Y Div CAGR
Ex-dateAmount
May 15, 2026$0.3670
Feb. 13, 2026$0.3670
Nov. 14, 2025$0.3670
Aug. 15, 2025$0.3670
May 16, 2025$0.3670
Feb. 14, 2025$0.3670
Nov. 15, 2024$0.3670
Aug. 16, 2024$0.3670
May 16, 2024$0.3670
Feb. 14, 2024$0.3670
Nov. 15, 2023$0.3670
Aug. 16, 2023$0.3670
May 16, 2023$0.3670
Feb. 13, 2023$0.3670
Nov. 15, 2022$0.3670
Aug. 16, 2022$0.3670
May 16, 2022$0.3670
Feb. 11, 2022$0.3590
Nov. 15, 2021$0.3670
Aug. 16, 2021$0.3710

CMSD 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%

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
CMSD
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%
CMS $21.43B 19.8 13.6% 12.5% 12.3%
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%

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

Balance Sheet 17
Annual Balance Sheet data for CMSD
Metric Trend 2025
Cash & Equivalents $509M
Other Current Assets $160M
Current Assets $3.47B
PP&E (Net) $30.68B
Accum. Depreciation $10.13B
Other Non-current Assets $398M
Total Assets $39.94B
Current Liabilities $3.55B
Deferred Tax $3.25B
Other Non-current Liabilities $392M
Long-term Debt $18.76B
Common Stock $3M
Retained Earnings $2.44B
AOCI $-36M
Stockholders' Equity $9.14B
Liabilities + Equity $39.94B
Shares Outstanding 306,400,000

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

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Institutional owners (13F) 2 filers · $20K 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
0 (-1 vs prior Q) 0 (-1 vs prior Q) 1 (+1 vs prior Q) 1 (+1 vs prior Q) +478

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
First Command Advisory Services, Inc. $16,075 734 81.20% Shares
PNC Financial Services Group, Inc. $3,723 170 18.80% Shares

Company insiders 1 insider · 1 officers · 0 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Srikanth Maddipati EVP/CFO July 31, 2026 P 34,895 1 0 $14,492

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

ETF ownership Held by 5 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
FXED · Tidal Trust I 2.27% 39,510 NS May 31, 2026 N-PORT
PFFD · Global X Funds 0.50% 473,160 NS May 31, 2026 N-PORT
FPE · First Trust Exchange-Traded Fund III 0.22% 595,799 NS April 30, 2026 N-PORT
GPRF · Goldman Sachs ETF Trust 0.19% 7,252 NS May 31, 2026 N-PORT
FPFD · Fidelity Covington Trust 0.13% 4,700 NS May 31, 2026 N-PORT