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Earnings transcript
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CMS
CMS Energy Corporation
$78.58
0.66
(0.85%)
| Exchange: | NYSE |
| Market Cap: | 24.079B |
| Shares Outstanding: | 88.145M |
About The Company
| Sector: | Utilities | |||||
| Industry: | Regulated Electric | |||||
| CEO: | Garrick J. Rochow | |||||
| Full Time Employees: | 8324 | |||||
| Address: |
| |||||
| Website: | https://www.cmsenergy.com |
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7,462,000 | 7,515,000 | 8,539,000 |
| Gross Profit | 2,862,000 | 3,209,000 | 5,201,120 |
| EBITDA | 2,777,000 | 3,071,000 | 3,187,000 |
| Operating Income | 1,235,000 | 1,487,000 | 1,727,000 |
| Net Income | 887,000 | 1,003,000 | 1,071,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 33,517,000 | 35,920,000 | 39,941,000 |
| Total Liabilities | 25,392,000 | 27,172,000 | 30,230,000 |
| Total Stockholders Equity | 7,544,000 | 8,230,000 | 8,920,000 |
| Total Debt | 15,669,000 | 16,590,000 | 18,898,000 |
| Cash and Cash Equivalents | 227,000 | 103,000 | 615,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 2,309,000 | 2,370,000 | 2,235,000 |
| Capital Expenditure | -2,574,000 | -3,178,000 | 0 |
| Free Cash Flow | -265,000 | -808,000 | 2,235,000 |
| Net Income | 808,000 | 947,000 | 1,071,000 |
| Net Change in Cash | 66,000 | -70,000 | 437,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 9,643,237.886 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 10,972,352.449 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 10,325,658.525 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 4,440,543.926 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 5,052,578.148 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 4,754,786.804 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 1,440,492.352 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 1,704,194.434 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 1,575,888.576 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 784,676.557 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 892,827.476 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 840,205.569 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 5.240 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 5.670 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 4.790 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 7 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: CMS Energy reported strong adjusted earnings per share (EPS) in the 2025 Q2 earnings call, reflecting robust operational efficiency. Key metrics such as revenue, net income, and operating cash flow from recent income and cash flow statements indicate consistent profitability, aligning with positive industry trends in the utility sector.
- Strategic Investments: The company is actively investing in infrastructure and clean energy initiatives, as highlighted in the Q2 2025 earnings call summary. These capital expenditures, evidenced by data from the cash flow statements under investments in property, plant, and equipment, position CMS for long-term growth and operational resilience.
- Favorable Regulatory Environment: The earnings call transcript notes a constructive regulatory backdrop, which supports CMS Energy’s ability to execute its strategic plans and maintain stable returns, enhancing investor confidence.
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At what price to buy it? -
Intrinsic Value Calculator
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about CMS valuation
Is CMS Energy Corporation (CMS) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for CMS Energy Corporation (CMS) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is CMS a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether CMS trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is CMS’s P/E ratio?
You can see CMS’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for CMS?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is CMS a good long-term investment?
Whether CMS fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
CMS
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Daily snapshot
0.85
Trading Metrics:
| Open: | 77.9 | Previous Close: | 77.92 | |
| Day Low: | 77.82 | Day High: | 78.87 | |
| Year Low: | 67.71 | Year High: | 78.88 | |
| Price Avg 50: | 75.34 | Price Avg 200: | 72.79 | |
| Volume: | 1.531M | Average Volume: | 3.093M |
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Welcome to MARKETSNAP’s SWOT analysis for CMS Energy! If you’re a long-term investor looking to build wealth through smart stock picks, you’re in the right place. Today, we’re diving deep into CMS Energy, a key player in the energy sector, to break down its strengths, weaknesses, opportunities, and threats. Let’s unpack what makes this company tick, look at recent developments, and figure out if it’s a solid addition to your portfolio. Grab a coffee, and let’s get started! Overview of…
