Companies / Utilities
CMS
CMS Energy
Multi-Utilities
Multi-UtilitiesAnalysis in progress
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Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Operating health54
Growth48
Profitability63
Cash generation100
Balance sheet9
Dilution control51
Key ratios and five-year financials
Latest quarter revenue YoY (2026-06-30)0.6%Revenue growth (FY)13.5%Revenue CAGR (3y)-0.1%Gross margin—Operating margin20.8%Net margin12.9%Free cash flow margin26.9%R&D / revenue—Stock comp / revenue—Net debt / operating cash flow8.16xCurrent ratio0.98Diluted share count change0.9%
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $7.1B | $8.3B | $7.3B | $7.3B | $8.3B |
| Operating income | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B |
| Net income | $1.4B | $837M | $887M | $1.0B | $1.1B |
| Operating cash flow | $1.8B | $855M | $2.3B | $2.4B | $2.2B |
| Capital expenditure | $2.1B | $2.4B | — | — | — |
| Free cash flow | -$257M | -$1.5B | $2.3B | $2.4B | $2.2B |
| Cash | $452M | $164M | $227M | $103M | $509M |
| Total debt | $12.4B | $14.2B | $15.5B | $16.4B | $18.8B |
| Equity | $6.6B | $7.0B | $7.5B | $8.2B | $9.1B |
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