{ "ok": true, "cik": "811156", "ticker": "CMS", "name": "CMS ENERGY CORPORATION", "filings": [ { "form": "10-Q", "filed": "2026-07-28", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/811156/000081115626000028/0000811156-26-000028-index.htm" }, { "form": "8-K", "filed": "2026-07-28", "items": [ "2.02 Results of Operations and Financial Condition", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/811156/000110465926087288/0001104659-26-087288-index.htm" }, { "form": "8-K", "filed": "2026-06-03", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/811156/000110465926070037/0001104659-26-070037-index.htm" }, { "form": "8-K", "filed": "2026-05-13", "items": [ "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/811156/000110465926060321/0001104659-26-060321-index.htm" }, { "form": "8-K", "filed": "2026-05-13", "items": [ "5.03 Amendments to Articles or Bylaws; Change in Fiscal Year", "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/811156/000110465926060230/0001104659-26-060230-index.htm" }, { "form": "10-Q", "filed": "2026-04-28", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/811156/000081115626000024/0000811156-26-000024-index.htm" } ], "events12m": 13, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-06-03", "url": "https://www.sec.gov/Archives/edgar/data/811156/000110465926070037/0001104659-26-070037-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000811156.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=811156" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up CMS ENERGY CORPORATION ($CMS). Last filing: 10-Q, 2026-07-28. 13 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 8539000000, "revenueGrowth1y": 0.13626081170991355, "revenueGrowthPerYear": 0.038940252857534, "yearsOfData": 5, "operatingMargin": 0.2022485068509193, "operatingMarginPrior": 0.1978709248170326, "netMargin": 0.12542452277784283, "operatingCashFlow": 2235000000, "capitalSpending": null, "freeCashFlow": null, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 509000000, "longTermDebt": 18757000000, "longTermDebtChange": 0.1446966922983035, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 7329000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 8596000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 7462000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 7515000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 8539000000 } ], "totalEquity": 9144000000, "totalAssets": 39941000000, "equityRatio": 0.22893768308254675, "returnOnEquity": 0.1171259842519685, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": 2.17, "dividendYearsRising": 17, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 3.53, "sharesOutstanding": 301000000, "bookValuePerShare": 30.37873754152824, "revenuePerShare": 28.368770764119603, "range80": { "low": 7517839074.701747, "high": 10542312314.988823, "baseline": 9111307593.928165, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.13659255772171347, "classVolatility": 0.07701947805587882, "volatility": 0.11088175419102916 }, "ifPaceHeld": { "low": 7517839074.701747, "high": 10542312314.988823 } }, "edgarette": "🔖 Exposure: revenue $8.5B (FY2025), total debt $18.8B. Experience: revenue up 13.6% on the year, up 3.9% a year over 4 years; operating margin 20.2%, up from 19.8%. Soundness: equity 22.9% of assets, return on equity 11.7%, dividend per share up 17 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $7.5B and $10.5B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $6.6B to $11.9B. A statistical range, not company guidance. Against peers (18 filers, $50M+ revenue, electric & other services combined): operating margin 20.2% against a 20.2% median; growth 13.6% against 13.8%.", "peers": { "sic": 4931, "sicDescription": "Electric & Other Services Combined", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4931", "growth": [ 0.1379, 18 ], "opMargin": [ 0.2023, 18 ], "equityRatio": [ 0.2856, 15 ], "returnOnEquity": [ 0.0823, 13 ], "payoutRatio": [ 0.5996, 11 ] }, "summary": "Cms Energy (CMS) grew revenue 13.6% in FY2025 to $8.5 billion, operating margin 20.2%, in line with the 20.2% median for electric & other services combined, equity 22.9% of assets, and dividend per share up 17 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
CMS ENERGY CORPORATION against its own record and its peers
Operating marginPeer median 20.2%20.2%Revenue, on the yearPeer median 13.8%13.6%Equity of assetsPeer median 28.6%22.9%Return on equityPeer median 8.2%11.7%Gold tick: the median of 13–15 peers with $50M+ revenue in electric & other services combined
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profitHanded back per share$2.17up 17 years runningRevenue growth it managed13.6%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 14, "hits": 10, "rate": 0.7142857142857143, "method": "v4", "byYear": { "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 0, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:36:31.112Z", "hash": "394b261b2710e5ea", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Cms Energy (CMS) grew revenue 13.6% in FY2025 to $8.5 billion, operating margin 20.2%, in line with the 20.2% median for electric & other services combined, equity 22.9% of assets, and dividend per share up 17 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 8539000000, "totalDebt": 18757000000, "cash": 509000000 }, "experience": { "revenueGrowth1y": 0.13626081170991355, "revenueGrowthPerYear": 0.038940252857534, "operatingMargin": 0.2022485068509193, "operatingMarginPrior": 0.1978709248170326, "netMargin": 0.12542452277784283, "freeCashFlow": null }, "soundness": { "equityRatio": 0.22893768308254675, "returnOnEquity": 0.1171259842519685, "payoutRatio": null, "dividendPerShare": 2.17, "dividendYearsRising": 17, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 4931, "sicDescription": "Electric & Other Services Combined", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4931", "growth": [ 0.1379, 18 ], "opMargin": [ 0.2023, 18 ], "equityRatio": [ 0.2856, 15 ], "returnOnEquity": [ 0.0823, 13 ], "payoutRatio": [ 0.5996, 11 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-06-03", "url": "https://www.sec.gov/Archives/edgar/data/811156/000110465926070037/0001104659-26-070037-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 7517839074.701747, "high": 10542312314.988823, "baseline": 9111307593.928165, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.13659255772171347, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.11088175419102916, "k": 3 }, "stress": { "low": 6644538143.058324, "high": 11929325546.549006, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 14, "hits": 10, "rate": 0.7142857142857143, "method": "v4", "byYear": { "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 0, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:36:31.112Z", "hash": "394b261b2710e5ea", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000811156.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=811156" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2617, "growth3y": -0.0022, "volatility": 0.1366, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.2289, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 26.2% of revenue into operating cash; revenue shrinking 0.2% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 76th percentile for cash, 29th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 76, "growthPctInClass": 29, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 2235000000, "investing": -4038000000, "financing": 2240000000, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 1819000000, "free": -257000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 855000000, "free": -1519000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 2309000000, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": 2370000000, "free": null }, { "fiscalYearEnd": "2025-12-31", "operating": 2235000000, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 509000000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 39941000000, "ladder": null, "currentRatio": 0.98, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.2617, "growth3y": -0.0022, "volatility": 0.1366, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.2289, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 26.2% of revenue into operating cash; revenue shrinking 0.2% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 76th percentile for cash, 29th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 76, "growthPctInClass": 29, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 2235000000, "investing": -4038000000, "financing": 2240000000, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 1819000000, "free": -257000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 855000000, "free": -1519000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 2309000000, "free": null }, { "fiscalYearEnd": "2024-12-31", "operating": 2370000000, "free": null }, { "fiscalYearEnd": "2025-12-31", "operating": 2235000000, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 509000000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 39941000000, "ladder": null, "currentRatio": 0.98, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }