CMSD CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079
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 ↗
CMSD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| 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
- 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
| 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
| 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 |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Revenue | $1.83B | $2.73B | $2.45B | |
| Operating Expenses | $1.56B | $2.24B | $1.95B | |
| Operating Income | $264M | $490M | $494M | |
| Other Non-op | $75M | $75M | $50M | |
| Pretax Income | $129M | $362M | $358M | |
| Income Tax | $33M | $85M | $63M | |
| Net Income | $120M | $340M | $304M | |
| EPS (Basic) | $0.38 | $1.10 | $1.01 | |
| EPS (Diluted) | $0.37 | $1.10 | $1.01 | |
| Shares (Basic) | 310,200,000 | 306,400,000 | 298,200,000 | |
| Shares (Diluted) | 310,800,000 | 307,100,000 | 299,100,000 | |
| EBITDA | $572M | $902M | · |
Balance Sheet 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $241M | $175M | · | |
| Other Current Assets | $243M | $225M | · | |
| Current Assets | $2.87B | $3.02B | · | |
| PP&E (Net) | $32.33B | $31.53B | · | |
| Accum. Depreciation | $10.50B | $10.38B | · | |
| Other Non-current Assets | $302M | $341M | · | |
| Total Assets | $40.91B | $40.28B | · | |
| Current Liabilities | $3.06B | $3.59B | · | |
| Deferred Tax | $3.40B | $3.35B | · | |
| Other Non-current Liabilities | $444M | $417M | · | |
| Long-term Debt | $19.04B | $18.86B | · | |
| Total Debt | $19.04B | $18.86B | · | |
| Common Stock | $3M | $3M | · | |
| Retained Earnings | $2.55B | $2.60B | · | |
| AOCI | $-35M | $-35M | · | |
| Stockholders' Equity | $9.77B | $9.47B | · | |
| Liabilities + Equity | $40.91B | $40.28B | · | |
| Shares Outstanding | 313,600,000 | 308,900,000 | · |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| D&A | $308M | $412M | $388M | |
| Other Non-cash | · | $-47M | · | |
| Operating Cash Flow | $622M | $705M | $1.00B | |
| CapEx | $967M | $1.04B | $888M | |
| Investing Cash Flow | $-1.02B | $-1.07B | $-918M | |
| Debt Issued | $909M | $258M | $1.20B | |
| Net Debt Issued | · | $54M | · | |
| Stock Issued | $362M | $166M | $3M | |
| Net Stock Activity | · | $166M | · | |
| Financing Cash Flow | $480M | $16M | $266M | |
| Net Change in Cash | $82M | $-352M | $348M | |
| Free Cash Flow | · | $-334M | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Operating Margin | 14.4% | 17.9% | · | |
| Net Margin | 6.6% | 12.4% | · | |
| Pretax Margin | 7.0% | 13.3% | · | |
| EBITDA Margin | 31.3% | 33.0% | · | |
| ROA | 0.31% | 0.89% | · | |
| ROE | 1.3% | 3.8% | · | |
| ROIC | 0.68% | 1.3% | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Current Ratio | 0.9 | 0.8 | · | |
| Quick Ratio | 0.1 | 0.0 | · | |
| Debt / Equity | 1.9 | 2.0 | · | |
| LT Debt / Equity | 1.9 | 1.8 | · |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Revenue TTM | $8.42B | $9.04B | · | |
| Net Income TTM | $938M | $1.12B | · | |
| Market Cap | $6.87B | $6.83B | · | |
| Enterprise Value | $25.66B | $25.51B | · | |
| P/E | 7.2 | 6.0 | · | |
| P/S | 0.8 | 0.8 | · | |
| P/B | 0.7 | 0.7 | · | |
| P / Tangible Book | 0.7 | 0.7 | · | |
| P / Cash Flow | · | 9.7 | · | |
| P / FCF | · | -20.4 | · | |
| EV / EBITDA | 44.9 | 28.3 | · | |
| EV / FCF | · | -76.4 | · | |
| EV / Revenue | 3.0 | 2.8 | · | |
| Earnings Yield | 13.9% | 16.7% | · |
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.
| 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 |