CMSA NYSE
CMS Energy Corporation 5.6% JRSUB NT 78
1W: -0.6%
1M: -2.2%
3M: -9.9%
YTD: -14.4%
1Y: -18.8%
3Y: -1.0%
5Y: -12.0%
$18.73
-0.00 (-0.00%)
After Hours: $18.42 (-0.31, -1.66%)
Weekly Expected Move ±2.0%
$18
$18
$19
$19
$20
Credit Risk of going bust: lower than 80% of companies Debt: 46.9% of company value Bonds: none of note held by US funds details ▾
Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.63 (down 97%), CMS Energy Corporation 5.6% JRSUB NT 78 would be worth roughly what it owes.
Total debt $19.30B against a stock market value of $21.82B.
Distance to default 9.63 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $9.96B (short-term plus half of long-term), stock volatility 17.6%; Altman Z'' 0.81. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
If the stock fell to about $0.63 (down 97%), CMS Energy Corporation 5.6% JRSUB NT 78 would be worth roughly what it owes.
Total debt $19.30B against a stock market value of $21.82B.
Distance to default 9.63 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $9.96B (short-term plus half of long-term), stock volatility 17.6%; Altman Z'' 0.81. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
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Income Statement
Cash Flow
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Cash Flow Trends
Operating Cash Flow
$2.2B
-5.7% ▼
5Y CAGR: +11.9%
Capital Expenditures
$3.8B
-26.7% ▼
5Y CAGR: +10.6%
Free Cash Flow
-$1.6B
-145.2% ▼
Dividends Paid
$663M
-5.9% ▼
Buybacks
$0
+0.0% ▲
Net Change in Cash
$437M
+724.3% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $751M | $833M | $886M | $1.0B | $1.1B |
| Depreciation & Amort. | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Stock-Based Comp. | $0 | $0 | $0 | $0 | $0 |
| Change in Working Capital | -$46M | -$1.1B | $416M | $262M | -$61M |
| Other Non-Cash Items | -$249M | -$80M | -$330M | -$277M | -$283M |
| Operating Cash Flow | $1.8B | $855M | $2.3B | $2.4B | $2.2B |
| — Investing Activities — | |||||
| Capital Expenditures | -$2.1B | -$2.4B | -$3.2B | -$3.0B | -$3.8B |
| Acquisitions (Net) | $1M | $2M | $6M | $129M | $4M |
| Investment Purchases | $0 | $0 | $0 | $0 | $0 |
| Investment Sales | $0 | $0 | $0 | $0 | $0 |
| Other Investing | $843M | -$102M | -$167M | -$160M | -$214M |
| Investing Cash Flow | -$1.2B | -$2.5B | -$3.4B | -$3.0B | -$4.0B |
| — Financing Activities — | |||||
| Net Debt Issuance | $100M | $1.8B | $1.5B | $982M | $2.4B |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$509M | -$546M | -$579M | -$626M | -$663M |
| Other Financing | -$137M | -$11M | $32M | -$33M | -$20M |
| Financing Cash Flow | -$296M | $1.3B | $1.1B | $609M | $2.2B |
| Net Change in Cash | $427M | -$294M | $66M | -$70M | $437M |
| Cash End of Period | $476M | $182M | $248M | $178M | $615M |
| Free Cash Flow | -$257M | -$1.5B | -$910M | -$648M | -$1.6B |