CMS Energy Corporation CMS NYSE

CMS Energy Corporation (CMS) generated $478M in operating cash flow for quarter ending 2025-12-31. After capital expenditures of $1.07B, free cash flow was $-596M.

Free cash flow margin was -26.7% of revenue. Cash conversion ratio was 1.98x, indicating earnings are backed by cash.

The company returned $167M in dividends to shareholders during the quarter.

Criteria supported by this page:

• HEALTH (0/100, Fail) — weak cash flow raises concerns about debt servicing
• MOAT (80/100, Pass) — $-596M (-26.7% margin) supports a durable competitive advantage
• INCOME (55/100) — Cash conversion ratio was 1.98x confirms earnings are backed by real cash flow

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