CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) Stock Price & Analysis
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) — price $19.62 (-0.81%), as of the Oct 26, 2026 trading session; market cap $6.15B. Expected results Oct 27, 2026.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 25.52× (market value Oct 26, 2026; cash Jun 30, 2026) · expected results Oct 27, 2026
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 · CMSD · NYSE · Utilities · Regulated Electric
Research dated 2026-09-13: CMS Energy operates a regulated electric and natural gas monopoly across Michigan, and this specific security represents subordinated debt obligations with a long-dated maturity. The investment case hinges on whether the utility can secure favorable regulatory rate outcomes to cover its heavy infrastructure spending while continuing to service this junior tier of obligations.
Price as of Oct 26, 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 | $19.62 | |
| Change on the day | -0.81% | |
| 52-week range | $19.47–$24.76 | |
| Market capitalisation | $6.15B | |
| Price / earnings (trailing) | 20.59 | |
| Beta (volatility vs the S&P 500) | 0.5 | |
| Dividends per share (last 12 months) | $1.47 | |
| Dividend yield (last 12 months) | 7.49% |
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
Chronological order, not a duration scale. The provider's estimated date can change.
What to watch nextOther perspectives
Council score for CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD): 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 9, 2026 · older than the 27 hours refresh window; not a current reading
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 9, 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 9, 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 26, 2026, except a card that shows its own read date.
Watch the CMSD film — every key number, told as a short cinematic story
~2 min · open the film
What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD), and what does it report?
Short answer · as of
The business generates revenue by providing electricity and natural gas to residential, commercial, and industrial customers across its home state.
Research dated 2026-09-13.
The business generates revenue by providing electricity and natural gas to residential, commercial, and industrial customers across its home state. Because it operates as a regulated utility, the top line measures approved rates applied to regional power and heating demand, rather than competitive free-market sales.
The security trading under this ticker is not common equity, but a junior subordinated note. This means the reported financial strength of the parent utility dictates the safety of the interest payments, capping potential upside in exchange for steady income.
What do the latest results show for CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $1.83B.
Research dated 2026-09-13.
The most recent reporting period showed a sequential decline in revenue, reflecting seasonal shifts in energy consumption. Despite the softer top line compared to the prior period, earnings per share came in ahead of analyst projections.
The underlying mechanism involves managing substantial operating costs against fixed infrastructure expenses. Beating estimates often relies on controlling overhead when seasonal demand for heating or cooling ebbs, allowing more of the gross profit to flow down to the bottom line.
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 | $0.9300 | $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 5.875% Junior Subordinated Notes due 2079 (CMSD)?
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 2026-09-13.
The parent utility generates consistent operating cash flow, which is immediately consumed by massive capital expenditures required to maintain and upgrade the power grid. As a result, the balance sheet carries immense total debt compared to a minimal cash position, a standard structure for regulated utilities but one that leaves little financial buffer.
For holders of these specific subordinated notes, the primary risk is that in a severe liquidity event, their claims rank below senior debt holders. The high debt-to-equity ratio underscores the reliance on continuous capital market access to roll over existing obligations.
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 5.875% Junior Subordinated Notes due 2079 (CMSD)?
Short answer · as of
The next earnings report is expected on Oct 27, 2026.
Research dated 2026-09-13.
The upcoming earnings release will test whether the utility can maintain its streak of surpassing profitability estimates despite fluctuating seasonal revenues. Analysts project a robust top line recovery and higher earnings for the broader year, requiring management to demonstrate successful rate recoveries.
Any commentary on regulatory relations or approved rate hikes will signal how easily the parent company can carry its massive debt load. Investors will watch for shifts in the dividend policy or capital expenditure guidance, which directly impact the cash available to service subordinated notes.
How is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 scored?
Research dated 2026-09-13.
Unlike independent power producers that sell energy into wholesale markets at volatile prices, this utility relies on a regulated return on equity. The instrument itself also distinguishes the investment, offering a fixed dividend-style payout through interest on subordinated debt rather than a variable common stock dividend.
This structure trades potential capital appreciation for strict income generation. The payments are backed by a captive regional customer base rather than competitive market share, insulating the top line from broader economic shocks while capping maximum growth.
| Company | Price | Market value | Score |
|---|---|---|---|
| $57.95 Oct 23, 2026 | $29.6B | — 5-pillar · not comparable | |
| $67.46 Oct 23, 2026 | $25.4B | — 5-pillar · not comparable | |
| $57.35 Oct 23, 2026 | $22.1B | — 5-pillar · not comparable | |
| $25.46 Oct 23, 2026 | $18.7B | — 5-pillar · not comparable | |
| $82.10 Date unavailable | $172B | — Model unavailable | |
| $15.32 Date unavailable | $107B | — Model unavailable | |
| $124.98 Date unavailable | $97.5B | — Model unavailable | |
| $81.86 Date unavailable | $82.3B | — Model unavailable | |
| $129.69 Date unavailable | $70.6B | — Model unavailable | |
| $65.20 Date unavailable | $57.4B | — Model unavailable | |
| $107.34 Date unavailable | $51.3B | — Model unavailable | |
| $78.05 Date unavailable | $48.8B | — Model unavailable |
The comparison model is unavailable. 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
- Previous quarter · ownership
- 0.0% Prior to period end Jun 30, 2026
- Reporting holders
- 2 Period end Jun 30, 2026
- Previous quarter · holders
- 2 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| First Command Advisory Services, INC. | 734 |
| Pnc Financial Services Group, INC. | 170 |
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.
What Investors Ask About CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) — Utilities
Research dated 2026-09-13; the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.
How does the Michigan regulatory environment affect revenue for the utility?
State regulators determine the rates the company can charge its residential and commercial customers. Revenue growth depends heavily on securing approval for capital investments rather than simply increasing customer volume.
Why do capital expenditures consistently exceed operating cash flow?
Maintaining and modernizing a sprawling electric grid and gas pipeline network requires constant, heavy investment. The utility funds this gap by issuing debt, relying on future rate increases to recover the costs over long periods.
What distinguishes these junior subordinated notes from common equity?
These notes function as a debt instrument paying fixed interest, ranking above common equity but below senior debt in bankruptcy proceedings. Investors receive regular income payments rather than sharing in the earnings growth or voting rights of the parent corporation.
Which customer segment contributes the most to utility top line results?
Residential consumers generate the largest share of revenue, providing a stable baseline of demand for heating and electricity. Commercial and industrial users provide the balance, though their consumption can fluctuate more sharply with economic cycles.
What is the CMSD stock price today?
The last price recorded on this page for CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) is $19.62, as of the Oct 26, 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 CMSD pay a dividend?
Yes. CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) shows a trailing 12-month dividend yield of 7.49%, as of Oct 26, 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 2026-09-13. 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.
OFFICIAL — 1 fact from SEC filings and earnings calls
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
id.hq | SEC filing business address | ONE Energy Plaza, Jackson, MI, 49201 | OFFICIAL | SEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "One Energy Plaza, Jackson, MI, 49201, US". |
FMP — 60 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Oct 27, 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 | $19.62 | 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. | |
px.change | Change on the day | -0.81% | FMP | Financial Modeling Prep (FMP) quote | |
px.mcap | Market capitalization | $6.15B | FMP | Financial Modeling Prep (FMP) quote — Provider market cap uses the share class it prices; a company with more than one class may show a larger total elsewhere. Market cap record date: 2026-10-26. Source capture time was not supplied. 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 | −$0.16 | FMP | Financial Modeling Prep (FMP) quote | |
px.range52 | 52-week range | $19.47–$24.76 | FMP | Financial Modeling Prep (FMP) quote | |
px.pe | Price / earnings (trailing) | 20.59 | FMP | Financial Modeling Prep (FMP) · quote | |
px.beta | Beta | 0.5 | FMP | Financial Modeling Prep (FMP) company profile | |
id.ceo | Chief executive | Garrick J. Rochow | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.employees | Employees | 8,324 | 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 | $0.9300 | 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.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.ownership_pct_previous_quarter | Previous quarter · 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. Prior to period end Jun 30, 2026 | |
own.institutions.depth.holders | Reporting holders | 2 | 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 | 2 | 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 | 734 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_1.shares | Pnc Financial Services Group, INC. — shares in provider snapshot | 170 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 1 fact from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.history | Reported versus estimated, recent quarters | EPS beat 6 of 8 | UNRECORDED | Stored earnings-history observation — Captured 2026-10-22 · Expired observation |
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 | 25.52× | — | 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: 2026-10-26. 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) | $1.47 | 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 2026-10-26, 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 | 7.49% | 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 2026-09-13
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Business description | Operating primarily in Michigan, CMS Energy Corporation functions as an energy provider, structured into three principal divisions: Electric Utility, Gas Utility, and Enterprises. The Electric Utility segment manages the full spectrum of electricity services, from generating power using a varied portfolio including coal, wind, gas, renewable sources, oil, and nuclear, to its purchase, transmission, distribution, and ultimate sale. This division maintains a substantial infrastructure, featuring extensive overhead and underground distribution lines, numerous substations, and several battery facilities. Meanwhile, the Gas Utility segment focuses on the acquisition, transport, storage, distribution, and sale of natural gas, supported by a broad network of transmission lines, multiple gas storage fields, and compressor stations. The Enterprises segment is dedicated to independent power production and marketing, with a notable emphasis on the development and operation of renewable energy projects. Overall, CMS Energy caters to a significant clientele, providing electricity to 1.9 million customers and natural gas to 1.8 million, encompassing residential, commercial, and various industrial sectors. The company was founded in 1987 and is headquartered in Jackson, Michigan. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) company profile |
| Sector / industry (provider taxonomy) | Utilities / Regulated Electric The company's SEC filings classify it under SIC 4931 — Electric & Other Services Combined. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) company profile |
| Legal name | CMS ENERGY CORP Our market-data provider lists the name as "CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079"; the filer's own record is used here. | 2026-02-10 | OFFICIAL | SEC EDGAR — 10-K filed 2026-02-10 |
| Ticker / exchange | CMSD on NYSE | 2026-09-13 | OFFICIAL | SEC EDGAR filer record |
| 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 |
| 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: $19.12B; Liquidity basis: cash and short-term investments; Total liabilities: $30.25B; Cash and short-term investments: $47.00M; Cash and investments: $112.00M; Long-term investments: $65.00M; 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 |
| 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. | 2026-09-13 | 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. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) earnings calendar |
| Analyst revenue and earnings estimates (average) | Captured record · 4 entries
At most 1 analyst contributed — treat this as thin coverage, not a consensus. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) analyst estimates |
| 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. | 2026-08-17 | FMP | Financial Modeling Prep (FMP) dividend history |
| 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 |
Data provided for informational purposes only.