What is the 13F Pro Quality Score for CMS?

13F Pro ranks CMS ENERGY CORP (CMS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View CMS's current score at https://13fpro.ai/company/CMS (free sign-up required for the full ranking).

Where does 13F Pro source CMS data?

All CMS ENERGY CORP fundamentals and ownership data come directly from SEC EDGAR. CMS ENERGY CORP files with the SEC under CIK 811156. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is CMS in?

CMS ENERGY CORP (CMS) is classified in the Utilities sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/utilities.

What drives CMS's revenue?

Per CMS ENERGY CORP's latest 10-Q filed with the SEC on 2026-07-28, the biggest revenue drivers are: Electric Utility ($1,338M, -2% YoY); Gas Utility ($388M, +1% YoY); NorthStar Clean Energy ($103M, +12% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/CMS.

What are CMS's largest expenses?

CMS ENERGY CORP's latest 10-Q reports these as the largest expense items: Maintenance and other operating expenses ($464M, +17% YoY); Depreciation and amortization ($308M, +7% YoY); Purchased and interchange power ($469M, +4% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is CMS research updated on 13F Pro?

CMS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

CMS ENERGY CORP(CMS)Stock Analysis

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SEC EDGAR: CIK 811156 CMS stock profile & AI dashboard →

13F Pro Quality Score

57.3/100

Rank #1,107 of 2,961 stocksTOP 50%

View Utilities peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

65.7/100

Profitability

64.7/100

Balance Sheet

57.1/100

Earnings Quality

40.4/100

Free Cash Flow

13.1/100

Institutional Flow

46.8/100

Revenue Scale

85.1/100

Dilution Risk

94.7/100

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Why CMS Scores 57/100

exact factor attribution · 2026-09-11

CMS's composite is driven by scale and revenue growth, held back by free cash flow. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Scale

+5.3 pts

85th pct

Revenue growth

+3.1 pts

66th pct

Shareholder dilution

+2.2 pts

95th pct

Profitability

+2.2 pts

65th pct

Capital efficiency

+0.7 pts

57th pct

Earnings growth

+0.4 pts

59th pct

Institutional flow

-0.2 pts

47th pct

Earnings quality

-1.0 pts

40th pct

Free cash flow

-5.5 pts

13th pct

Latest change (2026-07-28): 62 → 57 · ↓ Revenue growth 61→49; ↓ Earnings growth 61→43

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

CMS Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for CMS ENERGY CORP (CMS), a Utilities sector company. 13F Pro's AI-powered ranking engine scores CMS at 57.3/100 on a 32-signal composite quality model, placing it at rank #1,107 of 2,961 stocks — the top half of the AI-ranked universe. CMS scores in the top quartile across revenue scale (85.1). Areas of concern include free cash flow (13.1), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), CMS ENERGY CORP reports quarterly revenue of $1.8B, net income of $120.0M, free cash flow of $-345.0M. Top institutional holders of CMS by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. CMS trades on the NYSE exchange and files with the SEC under CIK 811156. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CMS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CMS ENERGY CORP directly from SEC EDGAR. CMS ENERGY CORP's 13F Pro composite quality score has ranged between 45 and 63 since 2021, currently 57.3 — an improving long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about CMS ENERGY CORP

Quirks, history, and lore behind CMS — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. regulated utility company · mid-cap · listed on the NYSE · headquartered in Michigan.
2
The Numbers
Annual revenue in the range of $7–8 billion, serving roughly 1.8 million electric customers and nearly as many natural gas customers across the state.
3
The History
Its roots go back to the early 20th century, and its primary subsidiary has been lighting up and heating Michigan homes for well over 100 years.
4
The Secret
It is one of the largest combination electric and gas utilities in the U.S. — meaning it delivers both watts and BTUs to essentially the same Michigan households.
5
The Lore
The company has committed to net-zero carbon emissions by 2040 and has been aggressively retiring coal plants ahead of schedule — remarkable for a state that once ran heavily on coal.
6
The Giveaway
Its main operating subsidiary is Consumers Energy — the name basically tells you who it serves — and the parent holding company shares those same three initials on the ticker.

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What's Driving CMS's Business? Latest 10-Q Breakdown

AI-extracted from CMS ENERGY CORP's 10-Q filed 2026-07-28 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

CMS Energy Q2 revenue of $1,808M down slightly YoY; net income $117M vs $198M prior year, pressured by service restoration costs and higher depreciation offsetting electric rate increases.

Biggest Revenue Drivers

Electric Utility$1,338M-2% YoY

Lower electric deliveries and weather-normalized sales offset by electric rate increase from 2025 and 2026 rate cases

Gas Utility$388M+1% YoY

Gas rate increase offset by lower weather-normalized gas deliveries

Biggest Revenue Drivers

Total revenue: $1,808M-1% YoY

Electric Utility$1,338M-2% YoY

Lower electric deliveries and weather-normalized sales offset by electric rate increase from 2025 and 2026 rate cases

Gas Utility$388M+1% YoY

Gas rate increase offset by lower weather-normalized gas deliveries

NorthStar Clean Energy$103M+12% YoY

Higher independent power production and energy commodity sales

Largest Expense Items

Maintenance and other operating expenses$464M+17% YoY

Higher service restoration costs of $40M, higher vegetation management costs, and higher IT expenses including early-phase ERP implementation costs

Depreciation and amortization$308M+7% YoY

Increased plant in service reflecting higher capital spending, particularly related to renewable energy projects

Purchased and interchange power$469M+4% YoY

Higher purchased power costs

General taxes$118M+8% YoY

Higher property taxes reflecting higher capital spending

Watch Items from the Filing

J.H. Campbell emergency orders: Net financial impact of $259M (after $239M MISO revenues) through June 2026; recovery through FERC remains pending with uncertain ultimate impact and ongoing litigation from third parties challenging orders.
Service restoration costs: Catastrophic March 2026 storms generated estimated $57M in deferred costs pending MPSC approval for recovery; final amounts and timing uncertain.
NorthStar Clean Energy divestment: July 2026 board approval to divest non-Michigan renewable projects could result in material impairment charge in Q3 2026 if fair value is below carrying value.
State income tax claim: Michigan Tax Tribunal and Court of Appeals ruled against CMS Energy on MISO sales apportionment; Supreme Court review pending; $19M reserve increase in 2026; potential material impact if unsuccessful.
Capital intensity: Planned $24.1B spending through 2030 on generation, distribution, and gas infrastructure; rate base growth >10% annually; regulatory recovery uncertain.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$1.8B

Net Income

Q2 2026

$120.0M

Free Cash Flow

Q2 2026

$-345.0M

ROIC

Q2 2026

3.7%

D/E Ratio

Q2 2026

1.95

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+13.6% YoY

$8.54BFY 2025

FY22 $8.60BFY23 $7.46BFY24 $7.51BFY25 $8.54B

Net Income

+6.8% YoY

$1.07BFY 2025

FY22 $837.0MFY23 $887.0MFY24 $1.00BFY25 $1.07B

Operating Income

+16.1% YoY

$1.73BFY 2025

FY22 $1.22BFY23 $1.24BFY24 $1.49BFY25 $1.73B

EPS (Diluted)

+6.0% YoY

$3.53FY 2025

FY22 $2.85FY23 $3.01FY24 $3.33FY25 $3.53

Total Assets

+11.2% YoY

$39.94BFY 2025

FY22 $31.35BFY23 $33.52BFY24 $35.92BFY25 $39.94B

Total Debt

+14.5% YoY

$18.76BFY 2025

FY22 $14.21BFY23 $15.48BFY24 $16.39BFY25 $18.76B

Op. Cash Flow

-5.7% YoY

$2.23BFY 2025

FY22 $855.0MFY23 $2.31BFY24 $2.37BFY25 $2.23B

Free Cash Flow

—FY 2025

FY22 $-1.52BFY23 —FY24 —FY25 —

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$8.54B +13.6%	$7.51B +0.7%	$7.46B -13.2%	$8.60B +17.3%	$7.33B +14.2%	$6.42B
Net Income	$1.07B +6.8%	$1.00B +13.1%	$887.0M +6.0%	$837.0M -38.1%	$1.35B +79.2%	$755.0M
Operating Income	$1.73B +16.1%	$1.49B +20.4%	$1.24B +0.9%	$1.22B +6.8%	$1.15B -6.8%	$1.23B
EPS (Diluted)	$3.53 +6.0%	$3.33 +10.6%	$3.01 +5.6%	$2.85 -38.8%	$4.66 +76.5%	$2.64
Total Assets	$39.94B +11.2%	$35.92B +7.2%	$33.52B +6.9%	$31.35B +9.0%	$28.75B -3.1%	$29.67B
Total Debt	$18.76B +14.5%	$16.39B +5.8%	$15.48B +8.9%	$14.21B +14.4%	$12.42B +0.8%	$12.31B
Operating Cash Flow	$2.23B -5.7%	$2.37B +2.6%	$2.31B +170.1%	$855.0M -53.0%	$1.82B +42.6%	$1.28B
Free Cash Flow	—	—	—	$-1.52B -491.1%	$-257.0M +75.2%	$-1.03B

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Available Research

13F Pro tracks comprehensive data for CMS ENERGY CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of CMS

BlackRock, Inc.
$2.5B33,068,880 sh
VANGUARD CAPITAL MANAGEMENT LLC
$1.5B20,166,948 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$1.5B19,050,893 sh
STATE STREET CORP
$1.4B17,705,946 sh
JPMORGAN CHASE & CO
$1.3B16,409,389 sh
WELLINGTON MANAGEMENT GROUP LLP
$930.1M12,158,296 sh
GEODE CAPITAL MANAGEMENT, LLC
$666.1M8,740,533 sh
DEUTSCHE BANK AG\
$618.3M8,082,021 sh
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt
$603.0M7,882,550 sh
Invesco Ltd.
$582.7M7,616,465 sh

Fund	Value	Shares
BlackRock, Inc.	$2.5B	33,068,880
VANGUARD CAPITAL MANAGEMENT LLC	$1.5B	20,166,948
VANGUARD PORTFOLIO MANAGEMENT LLC	$1.5B	19,050,893
STATE STREET CORP	$1.4B	17,705,946
JPMORGAN CHASE & CO	$1.3B	16,409,389
WELLINGTON MANAGEMENT GROUP LLP	$930.1M	12,158,296
GEODE CAPITAL MANAGEMENT, LLC	$666.1M	8,740,533
DEUTSCHE BANK AG\	$618.3M	8,082,021
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt	$603.0M	7,882,550
Invesco Ltd.	$582.7M	7,616,465

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Is CMS a good stock to buy?

13F Pro's AI-powered analysis of CMS ENERGY CORP (CMS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Utilities sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for CMS are available on the CMS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. CMS is classified as a large company.

Which hedge funds own CMS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling CMS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of CMS ENERGY CORP's investment landscape.