greeksoup/ stock research
Stock research / United States / CMS · Electric & Other Services Combined · NYSE

CMS Energy Corp. (CMS)

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of Consumers, an electric and gas utility, and of NorthStar Clean Energy, primarily a domestic independent power producer and marketer. It operates in three business segments: electric utility, gas utility, and NorthStar Clean Energy. CMS Energy had 8,350 full-time and part-time employees at the end of 2025, 8,095 of them at Consumers, and unions represented 44 percent of them.

CMS Energy Corp.

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of Consumers, an electric and gas utility, and of NorthStar Clean Energy, primarily a domestic independent power producer and marketer. It operates in three business segments: electric utility, gas utility, and NorthStar Clean Energy. CMS Energy had 8,350 full-time and part-time employees at the end of 2025, 8,095 of them at Consumers, and unions represented 44 percent of them.

Consumers has served Michigan customers since 1886, was incorporated in Maine in 1910 and became a Michigan corporation in 1968. It owns and operates electric generation and distribution facilities and gas transmission, storage and distribution facilities, and provides electricity or natural gas to 6.8 million of Michigan's 10 million residents. In 2025 it served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula. Its rates and certain other aspects of its business fall under the Michigan utility regulator and the federal energy regulator.

The electric utility

Electric deliveries were 37 billion kWh in 2025, including 3 billion kWh delivered to customers who chose another supplier, leaving net bundled sales of 34 billion kWh. Summer peak demand was 8,500 MW and the 2024-2025 winter peak 5,755 MW.

Owned generation was 5,940 MW of capacity and produced 24,236 GWh. Gas combined cycle plants at Covert, Jackson and Zeeland account for 2,155 MW of that, the Ludington pumped-storage plant and 35 conventional hydro units for 1,194 MW, the oil and gas steam units at D.E. Karn for 1,189 MW, five wind farms for 832 MW, gas combustion turbines at Zeeland for 314 MW and solar for 255 MW. Purchased power under long-term agreements added 3,250 MW and 12,169 GWh, including 1,240 MW of gas generation from the MCV Facility.

The D.E. Karn coal units, 515 MW of nameplate capacity, were retired in 2023, and the regulator has approved retiring J.H. Campbell, 1,407 MW. Consumers had planned to retire the Campbell units in May 2025, but the retirement is subject to temporary extensions under emergency orders issued by the U.S. Secretary of Energy, and it has continued to run them for the benefit of MISO's North and Central regions. Of the 7,320 GWh those units generated during 2025, 3,608 GWh was supplied to MISO to comply with the orders. To keep controllable generation available, Consumers bought the Covert Generating Station, 1,200 MW of nameplate capacity, in 2023.

The distribution system is 82,854 miles of overhead distribution lines and 10,027 miles of underground lines, plus 4,619 miles of high-voltage overhead lines at 46 kV and 69 kV, 263 miles at 138 kV, and 1,102 substations with an aggregate transformer capacity of 29 million kVA. Consumers is interconnected to the interstate high-voltage transmission system owned by METC and operated by MISO, and to neighbouring utilities.

The gas utility

Deliveries through the pipeline and distribution network, including off-system transportation, totalled 396 Bcf in 2025, of which 31 Bcf went to customers buying their gas elsewhere. The system is 2,337 miles of transmission lines, 28,433 miles of distribution mains, 14 storage fields with total storage capacity of 300 Bcf and a working gas volume of 153 Bcf, and 8 compressor stations with 147,393 installed and available horsepower.

Gas consumption increases in the winter, so Consumers injects gas into storage during the summer months for use during the winter, and during 2025 46 percent of the gas supplied to all customers in the winter months came from storage. Electric consumption runs the other way, typically increasing in the summer months because of air conditioners and other cooling equipment.

Under a Methane Reduction Plan, Consumers has set a goal of net-zero methane emissions from its natural gas delivery system by 2030. The filing says it plans to reduce methane emissions from its system by about 80 percent from 2012 baseline levels by accelerating the replacement of aging pipe, rehabilitating or retiring outdated infrastructure, and adopting new technologies and practices, and that the remaining emissions will likely be offset through clean fuel alternatives or nature-based carbon removal pathways.

NorthStar Clean Energy

Domestic independent power production, including developing and operating renewable generation, and the marketing of that production. At the end of 2025 CMS Energy held interests in independent power plants with gross capacity of 2,085 MW, which generated 7,485 GWh; the share attributable to its own ownership interest was 1,665 MW of capacity and 6,018 GWh. They include a wholly owned 770 MW natural gas plant in Dearborn, Michigan and a 51 percent interest in a 525 MW wind plant in Coke County, Texas, alongside solar in Arkansas, Michigan and Ohio, wood waste plants in Michigan and North Carolina, and a half share in a coal plant at Filer City, Michigan. The group's energy marketing arm sold 2 Bcf of natural gas and 7,625 GWh of electricity in 2025.

From CMS Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in CMS Energy became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 27 October 2026
Revenue
$2.2 billion
+8.0% on the year · +19.4% on the quarter
Q4 FY2024Q3 FY2026
Net income
$123 million
-55.6% on the year · +2.5% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.39
-57.6% on the year · +5.4% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 10 February 2026
Revenue
$8.5 billion
+13.6% on the year
FY2018FY2025
Net income
$1.1 billion
+6.8% on the year
FY2018FY2025
Diluted EPS
$3.53
+6.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsCMS Energy (CMS) reported revenue of $8.5 billion for fiscal 2025, the year ended 31 December 2025, up 13.6% on the year before. Net income was $1.1 billion and diluted earnings per share $3.53. Revenue was $7.5 billion in fiscal 2024, $7.5 billion in fiscal 2023, $8.6 billion in fiscal 2022 and $7.3 billion in fiscal 2021. Net income in the same years was $1.0 billion, $887 million, $837 million and $1.4 billion. Over the twelve months to 30 September 2026, CMS Energy reported revenue of $9.0 billion and net income of $872 million. Revenue grew 5.9% a year, compounded, over the five years to fiscal 2025. CMS Energy declared $2.25 a share in dividends over the last four quarters and had 314 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of CMS Energy was $21.7 billion, 24.7 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE9.0%
ROCE4.2%
Operating margin13.8%
Net margin9.7%
FCF marginn/a
Interest cover1.5x
Debt to equity2.06x
Cash conversion2.61x
Share count, last 12 months3.1%
Sales CAGR, 3 years-0.2%
Profit CAGR, 3 years8.6%
EPS, TTM$2.80

At the close of 6 November 2026

Price$69.19
Market cap$21.7 billion
Stock P/E24.7x
Price to book2.2x
EV / EBITDA15.9x
Dividend yield3.3%
Market cap / sales2.4x
52-week high$79.94
52-week low$62.61
Price, 1 year-4.4%
Price CAGR, 3 years7.8%
Price CAGR, 5 years2.7%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as CMS Energy Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
CMSgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 †Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue2,0332,3741,9202,0242,2782,2841,5551,6731,9502,1761,6071,7431,9892,4471,8382,0212,2332,7301,8292,183
Operating income20445623925827131424427140641228336742549431748143549026447.0
Operating margin10%19%12%13%12%14%16%16%21%19%18%21%21%20%17%24%19%18%14%2%
Interest expense126124126130139147160164172177173178180186199203201203210214
Pre-tax income119380156182184223230184317321223273306358255340295362129-113
Tax rate4%10%9%10%11%13%18%6%21%18%18%10%17%18%24%20%18%23%26%n/a
Net income639353148165171204198176309287198253265304201277289340120123
Net margin31%15%8%8%8%9%13%11%16%13%12%15%13%12%11%14%13%12%7%6%
Diluted EPS$2.20$1.21$0.50$0.56$0.58$0.69$0.67$0.60$1.05$0.96$0.65$0.84$0.87$1.01$0.66$0.92$0.94$1.10$0.37$0.39
Operating cash flow336707352-3921881,0406651994059567073044031,000414343478705622471
Capital expenditure634520568650636617n/an/an/a613681806n/a888884978n/a1,039967939
Free cash flow-298187-216-1,042-448423n/an/an/a34326.0-502n/a112-470-635n/a-334-345-468
Dividends paid129136137137136145145145n/an/an/an/an/an/an/an/an/an/an/an/a
Shares outstanding290m290m290m290m291m292m292m292m294m299m299m299m299m299m299m304m306m309m314m314m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2008FY2009FY2010 †FY2011FY2012FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Revenue6,8076,2056,4326,5036,2536,5667,1796,4566,3996,5836,8736,6246,4187,3298,5967,4627,5158,5398,975
Operating income7946989781,0031,0031,1421,1521,1781,2561,3381,1621,1151,2301,1461,2241,2351,4871,7271,236
Operating margin11.7%11.2%15.2%15.4%16.0%17.4%16.0%18.2%19.6%20.3%16.9%16.8%19.2%15.6%14.2%16.6%19.8%20.2%13.8%
Interest expense400435431415389398407396435438458460505500519643708789828
Pre-tax incomen/an/an/an/a6227567297968268867747648098239029541,1231,248673
Income tax13911522419124530225027127342411513111595.093.0147176246149
Effective tax raten/an/an/an/a39.4%39.9%34.3%34.0%33.1%47.9%14.9%17.1%14.2%11.5%10.3%15.4%15.7%19.7%22.1%
Net income2952293404153824524775235514606576807551,3538378871,0031,071872
Net margin4.3%3.7%5.3%6.4%6.1%6.9%6.6%8.1%8.6%7.0%9.6%10.3%11.8%18.5%9.7%11.9%13.3%12.5%9.7%
Diluted EPS$1.20$0.91$1.28$1.58$1.42$1.66$1.74$1.89$1.98$1.64$2.32$2.39$2.64$4.66$2.85$3.01$3.33$3.53$2.80
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2016 to FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Electric Utility4,3794,4484,5614,4394,3724,9585,4194,7455,0615,63866.0%
Gas Utility1,6851,7741,9031,9371,8172,0632,7322,4202,1382,49329.2%
NorthStar Clean Energyn/an/an/an/a2293084452973164084.8%
EnerBankn/a132157n/an/an/an/an/an/an/an/a
Enterprises215229252248n/an/an/an/an/an/an/a
Not assigned to a part in the filing120n/an/an/an/an/an/an/an/an/an/a
Electric UtilityGas UtilityNorthStar Clean Energy FY2020 to FY2025Enterprises FY2016 to FY2019EnerBank FY2017 to FY2018
6,583FY20176,624FY20197,329FY20217,462FY20238,539FY2025

$ million; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Not assigned to a part in the filing is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2022 to FY2025

The operating profit each segment reports. Costs CMS Energy does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2022FY2023FY2024FY2025Margin
FY2025
Electric Utility7897729821,09919.5%
Gas Utility44649853467126.9%
NorthStar Clean Energy2-19-10-28-6.9%
Electric UtilityGas UtilityNorthStar Clean Energy
1,237FY20221,251FY20231,506FY20241,742FY2025

$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Electric Utility66%62%
Gas Utility29%38%
NorthStar Clean Energy5%a loss

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Cash flow

FY2008FY2009FY2010 †FY2011FY2012FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Operating cash flow5578489591,1691,2411,421n/a1,6401,6291,7051,7031,7901,2761,8198552,3092,3702,2352,276
Capital expenditure7928188218821,2271,3251,5771,5641,6721,6652,0742,0972,3112,0762,374n/an/an/an/a
Free cash flow-23530.013828714.096.0n/a76.0-43.040.0-371-307-1,035-257-1,519n/an/an/an/a
Free cash flow margin-3.5%0.5%2.1%4.4%0.2%1.5%n/a1.2%-0.7%0.6%-5.4%-4.6%-16.1%-3.5%-17.7%n/an/an/an/a
Cash from investing-839-935-1,003-1,058-1,350-1,532n/a-2,064-1,915-1,868-2,606-2,816-2,867-1,233-2,476-3,386-3,054-4,038-4,223
Cash from financing147-35.0202-19941.0190n/a4632551108741,0081,619-2951,3271,1436142,2402,094
Depreciation and amortisation5895705765465986286857508118819339891,0431,1141,1261,1801,2401,3061,360
Dividends paid82.0114162211252273295322347377407436467509546n/an/an/an/a
Dividend per share$0.36$0.50$0.66$0.84$0.96$1.02$1.08$1.16$1.24$1.33$1.43$1.53$1.63$1.74$1.84$1.95$2.06$2.17n/a
Diluted shares, weightedn/a238m253m263m269m272m275m276m279m281m283m284m286m290m290m292m298m301m313m
Shares outstanding at period endn/a228m250m254m264m266m275m277m279m282m283m284m289m290m291m294m299m306m314m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2008FY2009FY2010 †FY2011FY2012FY2013 †FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity2,8152,6022,7933,0283,1943,4543,6703,9384,2534,4414,7555,0185,4966,6317,0157,5448,2309,1449,726
Non-controlling interestn/a97.044.044.044.037.037.037.037.037.037.037.0581557580581518567569
Debtn/a5,8957,1747,0737,3617,8338,6169,3559,92410,39611,70813,17112,31512,41914,21215,58116,38618,75720,043
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a37.025.025.027.022.021.019.0n/a
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a60.053.046.068.062.0112135206
Other liabilitiesn/a6,6625,6056,3076,5325,9666,8206,9697,4088,1768,0298,51411,1969,0759,4519,72710,65311,31911,139
Total liabilities and equityn/a15,25615,61616,45217,13117,29019,14320,29921,62223,05024,52926,83729,66628,75331,35333,51735,92039,94141,683
Owned
Fixed assetsn/an/an/an/an/a12,24613,41214,70515,71516,76118,12618,92621,03922,35222,71325,07227,46130,68031,940
Securities held for sale or to maturityn/an/a5.07.09.010.011.011.013.016.022.026.0n/an/an/an/an/an/an/a
Cash and equivalents20790.024716193.017220726623518215314032.0452164227103509451
Receivablesn/a9489818698559148817748211,0329648868539311,564n/an/an/an/a
Other assetsn/a14,21814,38315,41516,1743,9484,6324,5434,8385,0595,2646,8597,7425,0186,9128,2188,3568,7529,292
Total assetsn/a15,25615,61616,45217,13117,29019,14320,29921,62223,05024,52926,83729,66628,75331,35333,51735,92039,94141,683
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded2.8%5.9%-0.2%8.2%
Profit growth, compounded7.4%7.2%8.6%-16.7%
Return on equity, average13.2%13.6%11.9%11.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was CMS Energy's revenue in fiscal 2025?

CMS Energy (CMS) reported revenue of $8.5 billion for fiscal 2025, the year ended 31 December 2025, up 13.6% on the year before.

How much did CMS Energy earn in fiscal 2025?

Net income was $1.1 billion for fiscal 2025, and diluted earnings per share $3.53.

What is CMS Energy's P/E ratio?

At the close of 6 November 2026, CMS Energy traded at 24.7 times its earnings over the twelve months to 30 September 2026.

What is CMS Energy's market cap?

The market cap of CMS Energy was $21.7 billion at the close of 6 November 2026.

Does CMS Energy pay a dividend?

Yes. CMS Energy declared $2.25 a share in dividends over the four quarters to 30 September 2026.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Duke Energy Corp. DUK$99.7 billion18.719.7%28.5%6.8%1.683.3%
Xcel Energy Inc. XEL$50.6 billion18.5710.5%21.7%4.5%1.592.9%
Exelon Corp. EXC$47.2 billion17.708.8%19.8%6.7%1.773.6%
Consolidated Edison Inc. ED$44.0 billion18.988.7%18.7%9.0%1.05n/a
WEC Energy Group, Inc. WEC$38.1 billion21.0412.1%23.5%8.1%1.523.2%
Public Service Enterprise Group Inc. PEG$36.2 billion20.5110.2%21.6%5.3%1.483.6%
Ameren Corp. AEE$31.2 billion19.6211.3%25.2%-0.3%1.552.6%
Pg&E Corp. PCG$28.6 billion9.618.6%20.2%4.1%1.88n/a
CMS Energy Corp. CMS$21.7 billion24.719.0%13.8%8.2%2.063.3%
Nisource Inc. NI$21.2 billion22.649.8%27.4%10.0%1.912.7%
Evergy, Inc. EVRG$20.5 billion19.499.7%27.4%8.5%1.473.2%
Alliant Energy Corp. LNT$18.9 billion20.2512.0%22.6%5.4%1.612.9%
All 96 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
NextEra Energy Inc. NEE$182.3 billion15.6718.9%30.0%9.6%1.852.8%
Southern Co. SO$107.5 billion21.1311.1%24.7%7.9%1.653.2%
Duke Energy Corp. DUK$99.7 billion18.719.7%28.5%6.8%1.683.3%
Constellation Energy Corp. CEG$88.7 billion24.3410.8%14.7%26.0%0.770.7%
National Grid plc NGG *$86.4 billion19.038.2%30.7%-3.8%1.192.5%
Williams Companies, Inc. WMB$80.1 billion25.2319.9%37.5%8.8%2.023.2%
Enterprise Products Partners L.P. EPD$79.8 billion12.26n/a12.7%21.5%n/an/a
American Electric Power Co. Inc. AEP$68.9 billion20.6710.2%23.4%11.1%1.603.0%
Kinder Morgan, Inc. KMI$66.7 billion18.4911.4%29.0%11.7%1.053.9%
TC Energy Corporation TRP *$64.5 billion26.4412.9%52.7%10.7%2.203.9%
Dominion Energy, Inc. D$60.4 billion22.799.1%22.5%21.5%1.663.9%
Cheniere Energy, Inc. LNG$56.8 billion19.4046.3%28.1%22.5%3.680.8%
Targa Resources Corp. TRGP$56.7 billion23.4164.1%22.5%4.7%5.201.7%
ONEOK Inc. OKE$53.7 billion13.2317.4%14.2%36.8%1.225.0%
Entergy Corp. ETR$52.8 billion25.4110.3%24.6%10.3%1.752.3%
Sempra SRE$51.1 billion16.759.2%n/a-0.9%1.123.3%
Xcel Energy Inc. XEL$50.6 billion18.5710.5%21.7%4.5%1.592.9%
Exelon Corp. EXC$47.2 billion17.708.8%19.8%6.7%1.773.6%
Consolidated Edison Inc. ED$44.0 billion18.988.7%18.7%9.0%1.05n/a
Vistra Corp. VST$41.9 billion21.0440.5%18.5%3.8%3.570.7%
WEC Energy Group, Inc. WEC$38.1 billion21.0412.1%23.5%8.1%1.523.2%
Public Service Enterprise Group Inc. PEG$36.2 billion20.5110.2%21.6%5.3%1.483.6%
Ameren Corp. AEE$31.2 billion19.6211.3%25.2%-0.3%1.552.6%
American Water Works Company, Inc. AWK$29.9 billion26.059.5%37.0%5.4%1.372.3%
Atmos Energy Corp. ATO$29.3 billion20.679.2%37.0%6.5%0.682.0%
Venture Global, Inc. VG$28.8 billion9.0838.9%37.6%100.7%4.880.3%
Pg&E Corp. PCG$28.6 billion9.618.6%20.2%4.1%1.88n/a
DTE Energy Co. DTE$28.2 billion20.5810.8%13.1%12.4%2.253.3%
Cheniere Energy Partners, L.P. CQP$27.8 billionn/an/a34.2%13.2%n/an/a
Centerpoint Energy Inc. CNP$27.0 billion23.259.8%24.4%7.8%2.122.3%
PPL Corp. PPL$27.0 billion20.478.6%24.5%7.5%1.333.1%
Firstenergy Corp. FE$26.9 billion22.339.3%14.9%12.2%2.323.8%
Eversource Energy ES$26.3 billion18.438.7%21.5%4.6%1.764.5%
Edison International EIX$22.8 billion6.3220.3%31.8%2.6%2.335.9%
CMS Energy Corp. CMS$21.7 billion24.719.0%13.8%8.2%2.063.3%
Nisource Inc. NI$21.2 billion22.649.8%27.4%10.0%1.912.7%
Evergy, Inc. EVRG$20.5 billion19.499.7%27.4%8.5%1.473.2%
Alliant Energy Corp. LNT$18.9 billion20.2512.0%22.6%5.4%1.612.9%
NRG Energy, Inc. NRG$18.6 billion22.9217.5%6.1%12.8%4.822.1%
Western Midstream Partners, LP WES$16.5 billion12.91n/a38.5%22.3%n/an/a
Talen Energy Corp. TLN$16.0 billionn/a-16.1%2.0%71.9%6.06n/a
Essential Utilities, Inc. WTRG$13.0 billion22.847.9%72.4%9.2%1.223.2%
Pinnacle West Capital Corp. PNW$12.6 billion19.598.8%20.7%7.5%1.533.5%
DT Midstream, Inc. DTM$11.6 billion24.759.8%49.4%13.4%0.683.0%
OGE Energy Corp. OGE$10.5 billion19.0310.6%25.8%2.4%1.123.4%
Antero Midstream Corp. AM$9.0 billion13.3730.5%81.3%7.3%1.424.7%
Entergy Arkansas, LLC EAI$8.7 billion4.1910.3%24.6%n/a1.7513.4%
Idacorp Inc. IDA$8.6 billion22.519.2%23.5%4.5%0.952.4%
UGI Corp. UGI$7.9 billion12.3912.9%16.2%-0.5%1.354.0%
Kinetik Holdings Inc. KNTK$7.9 billion16.31n/a12.2%15.8%n/a6.6%
Clearway Energy, Inc. CWEN$7.0 billion44.271.7%13.4%9.9%1.665.4%
National Fuel Gas Co. NFG$7.0 billion10.2117.2%40.3%15.1%0.912.9%
Southwest Gas Holdings, Inc. SWX$6.6 billionn/an/an/an/a0.862.8%
Black Hills Corp. BKH$6.5 billion20.418.0%24.3%2.8%1.133.3%
Txnm Energy Inc. TXNM$6.4 billion28.076.3%24.4%10.0%1.652.9%
Ormat Technologies, Inc. ORA$5.7 billion42.745.1%16.7%28.6%0.600.5%
New Jersey Resources Corp. NJR$5.5 billion15.0113.9%24.8%6.4%1.403.5%
Portland General Electric Co. POR$5.5 billion19.736.3%14.4%1.2%1.164.6%
Spire Inc. SR$5.2 billion9.9015.3%19.7%4.1%2.033.7%
NorthWestern Energy Group, Inc. NWE$5.1 billion31.225.7%18.1%10.1%1.273.2%
One Gas, Inc. OGS$5.1 billion17.258.3%21.1%-1.9%1.003.3%
Archrock, Inc. AROC$4.8 billion14.2021.4%n/a3.7%1.473.2%
Kodiak Gas Services, Inc. KGS$4.2 billion49.563.7%27.4%8.2%1.264.6%
MDU Resources Group Inc. MDU$4.0 billion20.026.5%17.1%-0.7%0.873.0%
American States Water Co. AWR$3.6 billion24.6512.6%32.2%11.1%0.792.3%
Chesapeake Utilities Corp. CPK$3.4 billion22.129.0%27.2%13.9%1.042.0%
Avista Corp. AVA$3.4 billion13.498.7%18.9%-1.4%1.194.9%
Otter Tail Corp. OTTR$3.3 billion18.719.2%15.2%0.0%0.652.9%
California Water Service Group CWT$3.2 billion22.797.2%19.4%4.8%0.862.6%
H2O America HTO$3.0 billion24.704.8%20.7%4.2%0.952.8%
MGE Energy Inc. MGEE$3.0 billion18.5510.9%22.5%8.0%0.632.3%
Fervo Energy Co. FRVO$2.7 billionn/an/an/an/a0.08n/a
Northwest Natural Holding Co. NWN$2.2 billion17.138.3%22.9%3.2%1.843.8%
Centuri Holdings, Inc. CTRI$2.1 billion36.326.0%3.1%31.5%0.90n/a
NGL Energy Partners LP NGL$1.9 billionn/an/a1.9%18.0%n/an/a
NextDecade Corp. NEXT$1.6 billionn/a-83.8%n/an/a107.19n/a
Hawaiian Electric Industries Inc. HE$1.5 billion6.3912.8%10.5%13.6%1.28n/a
New Fortress Energy Inc. NFE$1.3 billionn/an/a-84.3%-36.9%n/an/a
Excelerate Energy, Inc. EE$1.2 billion25.252.1%23.8%16.2%0.460.9%
Middlesex Water Co. MSEX$1.1 billion21.639.5%30.5%8.9%0.802.4%
Unitil Corp. UTL$1.0 billion18.318.6%18.6%21.1%1.543.3%
Xplr Infrastructure, LP XIFR$689 million4.601.4%6.4%-1.1%0.57n/a
York Water Co. YORW$530 million19.678.5%37.9%13.7%0.652.8%
Hallador Energy Co. HNRG$476 million505.00-0.5%3.7%6.5%0.23n/a
Genie Energy Ltd. GNE$462 million16.1810.9%5.2%1.7%0.031.7%
Consolidated Water Co. Ltd. CWCO$436 million27.527.2%12.3%-1.2%0.002.1%
Clean Energy Fuels Corp. CLNE$421 millionn/a-13.6%-4.0%6.3%0.39n/a
Montauk Renewables, Inc. MNTK$388 million54.203.0%0.6%4.3%0.57n/a
Artesian Resources Corp. ARTNA$354 million15.049.2%25.0%5.9%0.723.7%
Cadiz Inc. CDZI$300 millionn/a-789.7%-236.1%-21.3%18.65n/a
Summit Midstream Corp. SMC$288 millionn/a-0.6%14.6%20.9%2.07n/a
Pure Cycle Corp. PCYO$262 million17.859.7%37.7%22.9%0.09n/a
RGC Resources Inc. RGCO$241 million17.2911.4%17.3%13.8%1.213.7%
Global Water Resources, Inc. GWRS$219 million81.112.6%12.6%9.8%1.414.1%
Stabilis Solutions, Inc. SLNG$67 millionn/a-15.0%-19.4%-30.3%0.14n/a
Ocean Power Technologies, Inc. OPTT$4 millionn/an/a-1,088.8%-25.8%1.17n/a
15 companies share its SEC industry code (Electric & Other Services Combined); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on CMS

Dividends$2.2525 a share over the four quarters to 30 September 2026, a 3.26% yield
Filings22 in twelve months: 11 current reports (8-K), about 5 regulation FD disclosure; 4 other events; 4 results of operations; 2 officer or director change; 1 charter or bylaw amendment, or fiscal year change
Planned insider sales3 Form 144 notices in twelve months, $1.6 million; latest 2 March 2026
Options tapeput/call 0.26 by open interest at the 6 November 2026 close; the straddle prices a 3.6% move to 20 November 2026
13F holders824 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading4 sales and 2 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest18.3 million shares short, 4.43 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202627 October 2026EDGAR
10-Q30 June 202628 July 2026EDGAR
10-Q31 March 202628 April 2026EDGAR
10-K31 December 202510 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 202524 April 2025EDGAR
10-K31 December 202411 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202425 July 2024EDGAR

Reading about a stock somewhere else? Our free Chrome extension, GreekSoup Stock Ticker Lookup: Earnings, Insider Trades, 13F Holders, shows the latest quarter against a year ago, insider trades and 13F holders when you hover a $ticker such as $AAPL.