CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.

	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23
revenue	6.57B -	7.18B 9.34%	6.46B 10.07%	6.40B 0.88%	6.58B 2.88%	6.87B 4.41%	6.84B 0.41%	6.68B 2.41%	7.33B 9.72%	8.60B 17.29%	7.46B 13.19%
cost of revenue	4.56B -	5.09B 11.57%	4.28B 15.89%	4.01B 6.33%	4.08B 1.75%	4.47B 9.68%	4.28B 4.34%	3.91B 8.64%	4.68B 19.66%	5.83B 24.66%	4.60B 21.15%
gross profit	2.00B -	2.09B 4.24%	2.17B 4.12%	2.39B 9.84%	2.50B 4.77%	2.40B 4.19%	2.56B 6.92%	2.77B 8.00%	2.65B 4.33%	2.76B 4.27%	2.86B 3.62%
selling and marketing expenses
general and administrative expenses
selling general and administrative expenses							91M -	118M 29.67%	165M 39.83%	205M 24.24%
research and development expenses
other expenses	12M -	-16M 233.33%	29M 281.25%	-36M 224.14%	-14M 61.11%	70M 600%	5.61B 7,908.57%	5.32B 5.14%	6.18B 16.27%	7.37B 19.23%	362M 95.09%
cost and expenses	5.42B -	6.03B 11.12%	5.29B 12.18%	5.10B 3.61%	5.25B 2.80%	5.71B 8.88%	5.61B 1.84%	5.32B 5.14%	6.18B 16.27%	7.37B 19.23%	6.23B 15.53%
operating expenses	5.42B -	6.03B 11.12%	5.29B 12.18%	5.10B 3.61%	5.25B 2.80%	5.71B 8.88%	5.61B 1.84%	5.32B 5.14%	6.18B 16.27%	7.37B 19.23%	1.63B 77.93%
interest expense	398M -	407M 2.26%	396M 2.70%	435M 9.85%	438M 0.69%	458M 4.57%	519M 13.32%	561M 8.09%	500M 10.87%	519M 3.80%	643M 23.89%
ebitda	1.15B -	1.14B 1.56%	1.19B 4.93%	1.26B 5.79%	1.32B 5.00%	1.23B 6.95%	1.35B 9.42%	1.45B 7.27%	1.32B 8.51%	1.42B 7.41%	2.78B 95.43%
operating income	1.14B -	1.15B 0.88%	1.16B 0.95%	1.30B 11.52%	1.34B 3.16%	1.16B 13.15%	356M 69.36%	398M 11.80%	209M 47.49%	295M 41.15%	1.24B 318.64%
depreciation and amortization	628M -	685M 9.08%	750M 9.49%	811M 8.13%	881M 8.63%	933M 5.90%	992M 6.32%	1.05B 5.65%	1.11B 6.30%	1.13B 1.08%	1.18B 4.80%
total other income expenses net	12M -	-16M 233.33%	29M 281.25%	-36M 224.14%	-14M 61.11%	70M 600%	473M 575.71%	487M 2.96%	614M 26.08%	607M 1.14%	362M 40.36%
income before tax	756M -	729M 3.57%	796M 9.19%	826M 3.77%	886M 7.26%	774M 12.64%	829M 7.11%	885M 6.76%	823M 7.01%	902M 9.60%	954M 5.76%
income tax expense	302M -	250M 17.22%	271M 8.40%	273M 0.74%	424M 55.31%	115M 72.88%	147M 27.83%	133M 9.52%	95M 28.57%	93M 2.11%	147M 58.06%
net income	452M -	477M 5.53%	523M 9.64%	551M 5.35%	460M 16.52%	657M 42.83%	680M 3.50%	755M 11.03%	728M 3.58%	837M 14.97%	887M 5.97%
weighted average shs out	265M -	271M 2.26%	276M 1.85%	278M 0.72%	280M 0.72%	282.20M 0.79%	283M 0.28%	285M 0.71%	289M 1.40%	289.50M 0.17%	291.20M 0.59%
weighted average shs out dil	272M -	275M 1.10%	276M 0.36%	279M 1.09%	280.80M 0.65%	282.90M 0.75%	284.30M 0.49%	286.30M 0.70%	289.50M 1.12%	290M 0.17%	291.70M 0.59%
eps	1.71 -	1.76 2.92%	1.90 7.95%	1.99 4.74%	1.64 17.59%	2.33 42.07%	2.40 3.00%	2.65 10.42%	2.52 4.91%	2.86 13.49%	3.01 5.24%
epsdiluted	1.66 -	1.74 4.82%	1.89 8.62%	1.98 4.76%	1.64 17.17%	2.32 41.46%	2.39 3.02%	2.64 10.46%	2.51 4.92%	2.85 13.55%	3.01 5.61%

NYSE:CMS

CMS Energy Corporation

Last Close

70.29

24/09 20:02

Market Cap

17.68B

Beta: 0.35

Volume Today

2.16M

Avg: 2.05M

PE Ratio

22.07

PFCF: −11.86

Dividend Yield

3.43%

Payout:66.62%

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