CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) Stock Price & Analysis
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) — price $19.43 (+0.36%), as of the Oct 2, 2026 trading session; market cap $21.0B. Expected results Oct 22, 2026.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 87.14× (market value Oct 2, 2026; cash Jun 30, 2026) · expected results Oct 22, 2026
CMS Energy Corporation 5.6% JRSUB NT 78 · CMSA · NYSE · Unknown · Unknown
Research dated 2026-09-12: CMSA is a junior subordinated note issued by CMS Energy, whose operating businesses deliver electricity and natural gas and develop independent power generation. The quoted security is debt rather than common stock, while the reported revenue, profit and per-share earnings describe the issuer. Its case therefore rests on whether recurring utility cash generation can support heavy capital spending, substantial leverage and continued payments on the note.
Price as of Oct 2, 2026
Key Statistics
Not scored: this is a debt/preferred or other non-common instrument, or its reported market value does not match its share basis.
Price & valuation
| Measure | Value | As of |
|---|---|---|
| Latest provided price | $19.43 | |
| Change on the day | +0.36% | |
| 52-week range | $18.61 – $24.63 | |
| Market capitalisation | $21.0B | |
| Price / earnings (trailing) | 18.86 | |
| Shares traded on the day | 34.3K | |
| Dividends per share (last 12 months) | $1.41 | |
| Dividend yield (last 12 months) | 7.24% |
Price & events
Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file. Numbers key to the dated list. Point at or tab to any week for its close.
Events behind the price
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.
Upcoming events
The provider's estimated date can change.
What to watch nextOther perspectives
Council score for CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA): perspectives
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
9-Factor Breakdown
Legends Council
6 lenses, 0 current
AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Read on: Sep 11, 2026 · older than the 27 hours refresh window; not a current reading
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 10, 2026 · older than the 27 hours refresh window; not a current reading
How to read these bars and different assessments
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.
On Sep 10, 2026, the Munger lens read the price at that time as fairly valued against its own estimate of value.
Readings on this page are from Oct 5, 2026, except a card that shows its own read date.
Watch the CMSA film — every key number, told as a short cinematic story
~2 min · open the film
What is CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA), and what does it report?
Short answer · as of
CMS Energy generates and procures electricity for delivery and sale, while its gas operation acquires, transports, stores, distributes and retails natural gas.
Research dated 2026-09-12.
CMS Energy generates and procures electricity for delivery and sale, while its gas operation acquires, transports, stores, distributes and retails natural gas. NorthStar Clean Energy adds domestic independent generation, renewable development and power commercialization, so the issuer is not solely a regulated electric utility.
Reported segment revenue is concentrated in residential utility service, with commercial and industrial service contributing the remainder of the disclosed mix. These operating figures measure CMS Energy; CMSA itself is a financing security whose holder depends on the issuer meeting its obligations.
What do the latest results show for CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $1.83B.
Research dated 2026-09-12.
The latest reported period brought lower revenue, operating profit, net income and diluted earnings than the comparable prior period. Earnings still exceeded the prevailing estimate, but revenue fell short, breaking the recent run in which reported revenue had generally surpassed expectations.
That divergence matters because annual revenue and net income had been advancing before the latest period. The operating model ties results to electricity and gas delivery and sales, with additional exposure through NorthStar, but the available results do not establish which operation caused the latest weakening.
Where is operating spending going?
Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.
- Latest quarter · revenue
- $1.83B Jun 30, 2026
- Latest quarter · SG&A
- $0.00 Jun 30, 2026
- Latest quarter · FMP standardized operating result
- $264.00M Jun 30, 2026
| Period end | Revenue | R&D | SG&A | FMP standardized operating result |
|---|---|---|---|---|
| Jun 30, 2026 | $1.83B | Not available | $0.00 | $264.00M |
| Mar 31, 2026 | $2.73B | Not available | $432.00M | $490.00M |
| Dec 31, 2025 | $2.23B | Not available | $3.47B | $435.00M |
| Sep 30, 2025 | $2.02B | Not available | $0.00 | $481.00M |
USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.
Did results meet expectations?
Reported earnings and revenue alongside the estimates recorded by the provider.
- Latest report · revenue
- $1.83B Jul 28, 2026
- Latest report · revenue estimate
- $1.87B Jul 28, 2026
- Latest report · revenue vs estimate
- Below estimate Jul 28, 2026
- Latest report · EPS vs estimate
- Above estimate Jul 28, 2026
| Report date | Revenue · reported | Revenue · estimate | EPS · reported | EPS · estimate |
|---|---|---|---|---|
| Jul 28, 2026 | $1.83B | $1.87B | $0.3700 | $0.3588 |
| Apr 28, 2026 | $2.73B | $2.46B | $1.1300 | $1.1000 |
| Feb 5, 2026 | $2.23B | $1.88B | $0.9500 | $0.9330 |
| Oct 30, 2025 | $2.02B | $1.85B | $0.9220 | $0.8600 |
Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.
Quarterly income statement — 4 quarters
| Period | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $1.83B | $120M | $0.39 (diluted) |
| Q1 FY2026 | $2.73B | $340M | $1.13 (diluted) |
| Q4 FY2025 | $2.23B | $289M | $0.94 (diluted) |
| Q3 FY2025 | $2.02B | $277M | $0.92 (diluted) |
What are the financial strengths and risks for CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA)?
Short answer
Cash and short-term investments were $241.00M at the Jun 30, 2026 balance-sheet date. Operating cash flow was $622.00M for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.
Research dated 2026-09-12.
CMS Energy remains profitable and has produced positive operating cash flow throughout the reported sequence. Yet capital spending has usually exceeded that internally generated cash, leaving financing capacity important to the issuer’s ability to invest and service obligations.
Debt and total liabilities tower over cash and investments, short-term liquidity ratios sit below parity, and the cash balance has declined across the reported window despite considerable volatility between periods. For CMSA holders, the specific pressure is a prolonged gap between operating cash generation and capital expenditure that increases dependence on debt markets or other funding.
How much cash does the business generate or use?
Quarterly operating cash flow shows cash generated or used by operations.
- Latest quarter · operating cash flow
- $622.00M Jun 30, 2026
- Previous quarter · operating cash flow
- $705.00M Mar 31, 2026
| Period end | Operating cash flow | Capital expenditure (reported) |
|---|---|---|
| Jun 30, 2026 | $622.00M | −$967.00M |
| Mar 31, 2026 | $705.00M | −$1.04B |
| Dec 31, 2025 | $478.00M | −$1.07B |
| Sep 30, 2025 | $343.00M | −$978.00M |
Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.
USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.
What should you watch next at CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA)?
Short answer · as of
The next earnings report is expected on Oct 22, 2026.
Research dated 2026-09-12.
The upcoming earnings release should be read for a recovery in revenue after the latest shortfall, alongside whether earnings continue to clear expectations. Segment movement matters most where residential utility service dominates the disclosed revenue mix, while NorthStar provides a separate source of operating exposure.
Cash conversion deserves equal attention: compare operating cash flow with capital spending, then check whether liquid resources stabilize relative to debt. Continued scheduled CMSA payments would preserve the recent pattern, but issuer cash generation and funding access remain the more durable tests.
How is CMS Energy Corporation 5.6% JRSUB NT 78 scored?
Research dated 2026-09-12.
CMS Energy combines regulated electric and gas utility operations with NorthStar’s independent generation and renewable activities. That gives the issuer a broader operating mix than a regulated electric utility focused only on customer delivery, although residential utility service remains the largest disclosed revenue category.
CMSA also differs from the common shares of comparable utilities: it is a junior subordinated note, so company revenue, earnings per share and equity valuation ratios are indicators of issuer health rather than direct measures of the security’s contractual return. Heavy capital expenditure and leverage therefore deserve more weight than a simple comparison of utility earnings multiples.
| Company | Price | Market value | Score |
|---|---|---|---|
| $26.41 Oct 2, 2026 | $19.4B | 59 5-pillar Oct 4, 2026 | |
| $99.94 Oct 2, 2026 | $27.7B | 54 5-pillar Oct 4, 2026 | |
| $53.89 Oct 2, 2026 | $20.7B | 52 5-pillar Oct 4, 2026 | |
| $64.33 Oct 2, 2026 | $16.6B | 52 5-pillar Oct 4, 2026 | |
| $64.50 Oct 2, 2026 | $24.3B | 51 5-pillar Oct 4, 2026 | |
| $32.80 Oct 2, 2026 | $24.7B | 50 5-pillar Oct 4, 2026 | |
| $43.34 Oct 2, 2026 | $25.1B | 47 5-pillar Oct 4, 2026 | |
| $63.74 Oct 2, 2026 | $20.0B | 46 5-pillar Oct 4, 2026 | |
| $37.79 Oct 2, 2026 | $24.9B | 45 5-pillar Oct 4, 2026 | |
| $124.45 Oct 2, 2026 | $25.9B | 44 5-pillar Oct 4, 2026 | |
| $79.17 Oct 2, 2026 | $18.3B | 44 5-pillar Oct 4, 2026 | |
| $52.87 Oct 2, 2026 | $26.9B | 43 5-pillar Oct 4, 2026 |
Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.
The records behind this page
Insider activity
Form 4 records via FMP · Of the newest 60 records, those within the last 180 days, newest dated Jul 31, 2026
- Transactions
- 13
- Identified insiders
- 12
- Purchases
- 1
- Sales
- 1
- Other transactions
- 11
Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
Who holds the shares?
Institutional ownership reported through 13F filings.
- Institutional ownership
- 0.0% Period end Jun 30, 2026
- Reporting holders
- 1 Period end Jun 30, 2026
- Previous quarter · holders
- 1 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| First Command Advisory Services, INC. | 384 |
Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.
Common Questions About CMSA (Unknown)
Research dated 2026-09-12; the answers below are from that research, and the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.
What does CMSA represent within CMS Energy?
CMSA represents a junior subordinated note of CMS Energy, not an ownership interest in its utility operations. The issuer’s financial performance matters because it supports the company’s capacity to meet obligations on the security.
How does NorthStar Clean Energy affect CMSA issuer exposure?
NorthStar adds independent power generation, renewable facility development and power commercialization alongside CMS Energy’s regulated electric and gas operations. CMSA holders therefore depend on an issuer with utility and independent-generation activities.
Why does residential utility service matter to CMS Energy?
Residential utility service is the largest disclosed revenue category, ahead of commercial and industrial utility service. Changes in that customer base can therefore carry disproportionate weight in the issuer’s reported revenue mix.
Are CMSA cash payments changing?
Recent payments and the scheduled payment have remained closely aligned, indicating a stable pattern across the disclosed history. The more consequential durability test is whether issuer cash generation keeps pace with capital demands and leverage.
What is the CMSA stock price today?
The last price recorded on this page for CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) is $19.43, as of the Oct 2, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.
Does CMSA pay a dividend?
Yes. CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) shows a trailing 12-month dividend yield of 7.24%, as of Oct 2, 2026, in the data on this page. Payout ratio and cash-flow coverage decide whether it can last, and past dividends do not guarantee future payments.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Research written by Codex (gpt-5.6-sol) on 2026-09-12. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.
Sources — records for every figure on this page (67 figures)
The 67 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.
"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.
FMP — 59 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Oct 22, 2026 | FMP | Financial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it. | |
px.last | Latest provided price | $19.43 | FMP | Financial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-04T19:24:41.808Z. | |
px.change | Change on the day | +0.36% | FMP | Financial Modeling Prep (FMP) · quote | |
px.mcap | Market capitalisation | $21.0B | FMP | Financial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-02. FMP quote timestamp: 2026-10-02T20:00:02.000Z. Captured from FMP at 2026-10-04T19:24:40.734Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares. | |
px.change_abs | Change on the day, in dollars | +$0.07 | FMP | Financial Modeling Prep (FMP) · quote | |
px.pe | Price / earnings (trailing) | 18.86 | FMP | Financial Modeling Prep (FMP) · quote | |
px.volume | Shares traded on the day | 34.3K | FMP | Financial Modeling Prep (FMP) · quote | |
id.employees | Employees | 8,350 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing | |
fin.q_revenue | Revenue, Q2 FY2026 | $1.83B | FMP | Financial Modeling Prep (FMP) · income statement (quarterly) | |
fin.annual | Revenue and net result by fiscal year | 5 fiscal years, FY2021 through FY2025: FY2021 revenue $7.33B, net result $1.35B; FY2022 revenue $8.60B, net result $837.00M; FY2023 revenue $7.46B, net result $887.00M; FY2024 revenue $7.51B, net result $1.00B; FY2025 revenue $8.54B, net result $1.07B | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements | |
fin.rev_mix | Reported revenue segments | Commercial Utility Service $2.43B · Industrial Utility Service $824.00M · Residential Utility Services $4.36B | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K | |
fin.gross_margin | Gross margin (trailing twelve months) | 69.7% | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.q_table.depth.2026-06-30.revenue_k | Revenue — period end 2026-06-30 | $1.83B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.sga_k | SG&A — period end 2026-06-30 | $0.00 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.operating_result_k | FMP standardized operating result — period end 2026-06-30 | $264.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.revenue_k | Revenue — period end 2026-03-31 | $2.73B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.sga_k | SG&A — period end 2026-03-31 | $432.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.operating_result_k | FMP standardized operating result — period end 2026-03-31 | $490.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.revenue_k | Revenue — period end 2025-12-31 | $2.23B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.sga_k | SG&A — period end 2025-12-31 | $3.47B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.operating_result_k | FMP standardized operating result — period end 2025-12-31 | $435.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.revenue_k | Revenue — period end 2025-09-30 | $2.02B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.sga_k | SG&A — period end 2025-09-30 | $0.00 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.operating_result_k | FMP standardized operating result — period end 2025-09-30 | $481.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
earn.history.depth.2026-07-28.revenue_actual | Revenue · reported — report date 2026-07-28 | $1.83B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-07-28.revenue_estimated | Revenue · estimate — report date 2026-07-28 | $1.87B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-07-28.eps_actual | EPS · reported — report date 2026-07-28 | $0.3700 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-07-28.eps_estimated | EPS · estimate — report date 2026-07-28 | $0.3588 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-04-28.revenue_actual | Revenue · reported — report date 2026-04-28 | $2.73B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-04-28.revenue_estimated | Revenue · estimate — report date 2026-04-28 | $2.46B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-04-28.eps_actual | EPS · reported — report date 2026-04-28 | $1.1300 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-04-28.eps_estimated | EPS · estimate — report date 2026-04-28 | $1.1000 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.revenue_actual | Revenue · reported — report date 2026-02-05 | $2.23B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.revenue_estimated | Revenue · estimate — report date 2026-02-05 | $1.88B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.eps_actual | EPS · reported — report date 2026-02-05 | $0.9500 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-05.eps_estimated | EPS · estimate — report date 2026-02-05 | $0.9330 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-10-30.revenue_actual | Revenue · reported — report date 2025-10-30 | $2.02B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-10-30.revenue_estimated | Revenue · estimate — report date 2025-10-30 | $1.85B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-10-30.eps_actual | EPS · reported — report date 2025-10-30 | $0.9220 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-10-30.eps_estimated | EPS · estimate — report date 2025-10-30 | $0.8600 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
fin.q_table | Quarterly income statement | 4 quarters through Q2 FY2026 | FMP | Financial Modeling Prep (FMP) · income statement (quarterly), as filed | |
fin.cash_investments | Cash and short-term investments | $241.00M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. | |
fin.opcf_latest | Latest-quarter operating cash flow | $622.00M | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate. | |
fin.long_term_investments | Long-term investments (classification unverified) | $63.00M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.total_debt | Total debt | $19.30B | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.price_to_book | Price to book value | 1.96× | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.opcf.depth.2026-06-30.operating_cash_flow_m | Operating cash flow — period end 2026-06-30 | $622.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.operating_cash_flow_m | Operating cash flow — period end 2026-03-31 | $705.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-06-30.capex_m | Capital expenditure (reported) — period end 2026-06-30 | −$967.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.capex_m | Capital expenditure (reported) — period end 2026-03-31 | −$1.04B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.operating_cash_flow_m | Operating cash flow — period end 2025-12-31 | $478.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.capex_m | Capital expenditure (reported) — period end 2025-12-31 | −$1.07B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.operating_cash_flow_m | Operating cash flow — period end 2025-09-30 | $343.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.capex_m | Capital expenditure (reported) — period end 2025-09-30 | −$978.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
own.insiders | Insider transactions via FMP | 13 transactions · 1 purchases, 1 sales, 11 other transactions · 12 identified insiders · of the newest 60 records, those within the last 180 days, newest dated Jul 31, 2026 | FMP | Financial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent. | |
own.institutions.depth.ownership_pct | Institutional ownership | 0.0% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders | Reporting holders | 1 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders_previous_quarter | Previous quarter · holders | 1 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.top_holders.depth.holder_0.shares | First Command Advisory Services, INC. — shares in provider snapshot | 384 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 3 facts from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
px.range52 | 52-week range | $18.61 – $24.63 | UNRECORDED | Stored company-profile observation — Captured 2026-10-04 | |
earn.history | Reported versus estimated, recent quarters | EPS beat 6 of 8 | UNRECORDED | Stored earnings-history observation — Captured 2026-09-16 · Expired observation | |
id.ceo | Chief executive | Garrick J. Rochow | UNRECORDED | Stored company-profile observation — Captured 2026-10-04 |
COMPUTED — 5 facts from our arithmetic, formula restated
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
fin.mcap_to_cash | Market value per dollar of cash and short-term investments | 87.14× | — | COMPUTED | Computed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $241.00M at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-02. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio. |
div.ttm_per_share | Dividends per share, last 12 months (split-adjusted) | $1.41 | COMPUTED | Financial Modeling Prep (FMP) split-adjusted dividend history — Sum of 4 split-adjusted declared dividends with an ex-date in the 365 days to 2026-10-04, per current share. Ex-dates are not payment dates; special dividends are included. Not a declared annual rate. | |
div.ttm_yield | Dividend yield, last 12 months | 7.24% | COMPUTED | Financial Modeling Prep (FMP) split-adjusted dividend history and quote — Split-adjusted dividends with ex-dates in the trailing 365-day window divided by the packet price, on the same current-share basis. Price date follows the quote, latest price bar or packet-build day when unstamped. Not a forecast or declared annual rate. | |
earn.history.depth.2026-07-28.revenue_actual.comparison | Latest report · revenue vs estimate | Below estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($1.83B) with the recorded estimate ($1.87B) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
earn.history.depth.2026-07-28.eps_actual.comparison | Latest report · EPS vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($0.3700) with the recorded estimate ($0.3588) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
Fact-family notes
- Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs:
fin.q_table.depth.2026-06-30.revenue_k,fin.q_table.depth.2026-06-30.sga_k,fin.q_table.depth.2026-06-30.operating_result_k,fin.q_table.depth.2026-03-31.revenue_k,fin.q_table.depth.2026-03-31.sga_k,fin.q_table.depth.2026-03-31.operating_result_k,fin.q_table.depth.2025-12-31.revenue_k,fin.q_table.depth.2025-12-31.sga_k,fin.q_table.depth.2025-12-31.operating_result_k,fin.q_table.depth.2025-09-30.revenue_k,fin.q_table.depth.2025-09-30.sga_k,fin.q_table.depth.2025-09-30.operating_result_k. - Earnings-history note. Source series as of 2026-07-28. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs:
earn.history.depth.2026-07-28.revenue_actual,earn.history.depth.2026-07-28.revenue_estimated,earn.history.depth.2026-07-28.revenue_actual.comparison,earn.history.depth.2026-07-28.eps_actual.comparison,earn.history.depth.2026-07-28.eps_actual,earn.history.depth.2026-07-28.eps_estimated,earn.history.depth.2026-04-28.revenue_actual,earn.history.depth.2026-04-28.revenue_estimated,earn.history.depth.2026-04-28.eps_actual,earn.history.depth.2026-04-28.eps_estimated,earn.history.depth.2026-02-05.revenue_actual,earn.history.depth.2026-02-05.revenue_estimated,earn.history.depth.2026-02-05.eps_actual,earn.history.depth.2026-02-05.eps_estimated,earn.history.depth.2025-10-30.revenue_actual,earn.history.depth.2025-10-30.revenue_estimated,earn.history.depth.2025-10-30.eps_actual,earn.history.depth.2025-10-30.eps_estimated. - Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs:
fin.opcf.depth.2026-06-30.operating_cash_flow_m,fin.opcf.depth.2026-03-31.operating_cash_flow_m,fin.opcf.depth.2026-06-30.capex_m,fin.opcf.depth.2026-03-31.capex_m,fin.opcf.depth.2025-12-31.operating_cash_flow_m,fin.opcf.depth.2025-12-31.capex_m,fin.opcf.depth.2025-09-30.operating_cash_flow_m,fin.opcf.depth.2025-09-30.capex_m.
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Sources used for research written 2026-09-12
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Legal name | CMS ENERGY CORP Our market-data provider lists the name as "CMS Energy Corporation 5.6% JRSUB NT 78"; the filer's own record is used here. | 2026-02-10 | OFFICIAL | SEC EDGAR — 10-K filed 2026-02-10 |
| Ticker / exchange | CMSA on NYSE | 2026-09-12 | OFFICIAL | SEC EDGAR filer record |
| Business description | CMS Energy Corporation is a utility company primarily engaged in delivering electricity and natural gas services. Its operations are structured into three distinct business divisions: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility division oversees the entire process of electricity, from its generation and procurement to its delivery and final sale. Concurrently, the Gas Utility segment manages the acquisition, transmission, storage, distribution, and retail of natural gas. NorthStar Clean Energy specializes in independent power generation within the domestic market, encompassing the development and management of renewable energy facilities, alongside the commercialization of independently produced power. The corporation, established in 1987, maintains its corporate headquarters in Jackson, Michigan. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) company profile |
| Operating cash flow by quarter (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements |
| Cash, investments and debt | Total debt: $19.30B; Liquidity basis: cash and short-term investments; Total liabilities: $30.71B; Cash and short-term investments: $241.00M; Cash and investments: $304.00M; Long-term investments: $63.00M; Long-term investments classification: unclassified Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet |
| Sector / industry (provider taxonomy) | Utilities / Regulated Electric The company's SEC filings classify it under SIC 4931 — Electric & Other Services Combined. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) company profile |
| Revenue by segment | Commercial Utility Service: $2.43B; Industrial Utility Service: $824.00M; Residential Utility Services: $4.36B | 2025-12-31 | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K |
| Quarterly income statement (USD thousands) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements |
| Reported versus estimated, last 8 quarters | Captured record · 8 entries
| 2026-07-28 | FMP | Financial Modeling Prep (FMP) earnings |
| Annual revenue and net result (USD millions) | Captured record · 5 entries
| 2025-12-31 | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements |
| Most recent periodic reports | 2026-07-28 | OFFICIAL | SEC EDGAR filer submissions | |
| Cash and investment components | Total basis: cash short and long-term investments; Total: $304.00M; Cash and short-term investments: $241.00M; Long-term investments: $63.00M; Long-term investments classification: unclassified Sums the balance sheet's cash and short-term investments with its long-term investments.; The long-term investment field does not establish marketability; the sum is not a measure of available liquidity.; These provider fields do not establish investment access restrictions or explain differences from third-party cash figures. | 2026-06-30 | COMPUTED | Computed from the balance sheet |
| Cash and short-term investments over time (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's quarterly balance sheets |
| Cash decline over the reported window | To: 2026-06-30; From: 2024-09-30; Periods: 7; Cash basis: cash and short-term investments; Closing balance: $241.00M; Decline: $171.00M; Opening balance: $412.00M; Average change per period: $24.40M Change in cash, cash equivalents and short-term investments between the 2024-09-30 and 2026-06-30 balance sheets.; This is a balance change, not operating burn: financing and investing move it too.; Averaged over 7 reporting periods of unequal length. | 2026-06-30 | COMPUTED | Computed from reported balances |
| Cash against market value | As of: 2026-06-30; Cash basis: cash and short-term investments; Net cash: -$19.06B; Total debt: $19.30B; Cash and investments: $241.00M Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. Cash is the latest reported cash and short-term investment balance; long-term investments are excluded. Market capitalization is the latest provider value.; The reported balance does not establish unrestricted availability or liquidation value.; The two are measured on different dates — the balance sheet is a quarter-end, the market cap is a recent close.; Debt is total debt as reported, including operating lease liabilities where the filer includes them. | 2026-06-30 | COMPUTED | Computed from the balance sheet and the latest market capitalization |
| Trailing twelve-month ratio set | Quick ratio: 0.68; Current ratio: 0.92; Debt to equity: 1.97; Net margin: 11.6%; Gross margin: 69.7%; Operating margin: 18.9%; Return on assets: 2.5%; Return on equity: 11% Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm |
| Next earnings report | Date: 2026-10-22; EPS estimate: $1.12 per share; Revenue estimate: $2.17B The date is our provider's estimate until the company confirms it. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) earnings calendar |
| Next scheduled dividend | Ex date: 2026-08-31; Record date: 2026-08-31; Payment date: 2026-09-15; Amount per share: $0.35 Amount is per share as declared, before any withholding. Owning the share before the ex-date is what carries entitlement. | 2026-08-31 | FMP | Financial Modeling Prep (FMP) dividend calendar |
| Recent dividends paid | Captured record · 4 entries
Declared amounts per share on their ex-dates. A single payment does not establish an annual rate, and a special dividend is not separated here. | 2026-08-31 | FMP | Financial Modeling Prep (FMP) dividend history |
Data provided for informational purposes only.