CMS Energy runs Michigan's regulated electric and gas utilities, delivering power and natural gas to 3.7 million customers, plus a clean energy arm for renewables.
Money comes from regulated utility rates, with 2025 revenue of USD 8.54B and net income of USD 1.07B, yielding a 12.54% net margin. Recurring, stable cash flows from rate base.
Regulated monopoly in Michigan's utility market, protected by state franchise rights, makes displacement hard. However, regulatory pressure and competition from independent power producers like DTE Energy and NextEra Energy weaken pricing power.
Sell (sector percentile 29) — value C, growth C-, profitability B+, momentum C, revisions B-. Updated daily, sector-relative, identical for every user.
Key events, in time order
CMS Energy and its principal subsidiary Consumers Energy announced quarterly dividends on preferred stock, including the 4.200% Series C cumulative redeemable perpetual preferred stock.
Q2 results in line but down sharply YoY; exits NorthStar non-utility renewables to focus on regulated business.
Company issues 2027 adjusted earnings guidance below Wall Street estimates, reaffirms 2026 outlook.
Q1 stake cut 16.9%; no new facts beyond existing event
Board declares quarterly dividend on common stock, a routine corporate action for shareholder returns.
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