CMS Energy Corporation CMS NYSE

CMS Energy Corporation (CMS) generated $2.24B in operating cash flow for fiscal year 2025. After capital expenditures of $3.82B, free cash flow was $-1.59B.

Free cash flow margin was -18.6% of revenue. Cash conversion ratio was 2.09x, indicating earnings are backed by cash.

The company returned $663M in dividends to shareholders during the period.

Criteria supported by this page:

• HEALTH (0/100, Fail) — weak cash flow raises concerns about debt servicing
• MOAT (80/100, Pass) — $-1.59B (-18.6% FCF margin) supports a durable competitive advantage
• INCOME (55/100) — Cash conversion ratio was 2.09x confirms earnings are backed by real cash flow

Overall SharesGrow Score: 54/100 with 2/7 criteria passed.