企業概要
CMS Energy Corporation is a prominent utility enterprise headquartered in the United States, with its primary operational footprint located in the state of Michigan. The corporation generates, purchases, distributes, and sells electricity through its Electric Utility segment, while also managing operations within the Gas Utility and NorthStar Clean Energy segments to provide regulated electric and gas services. This utility entity operates within the Utilities sector, specifically classified under the industry of Regulated Electric, which implies a business model characterized by stable, regulated returns on assets under government supervision. With a market capitalization of $24.62 billion and annual revenue reaching $8.54 billion, the company supports a workforce of 8,350 employees. These valuation figures and revenue scales indicate that CMS Energy maintains a significant position as a large-cap entity within the utility landscape, reflecting substantial asset base and widespread service coverage essential for regional energy infrastructure.
財務健全性
The company reported a total revenue of $8.54 billion over the trailing twelve months, generating net income of $1.06 billion and an EBITDA of $3.02 billion. The substantial gap between the $8.54 billion revenue and the $1.06 billion net income reveals a cost structure typical of capital-intensive utility operations, where high fixed costs and depreciation significantly impact bottom-line profitability relative to gross sales. However, the EBITDA figure of $3.02 billion highlights the operational cash earnings before interest, taxes, depreciation, and amortization, providing a clearer view of operational performance before financing and accounting decisions. Despite positive operating earnings, the free cash flow stands at -$1.74 billion, indicating a significant cash outflow that suggests the company is investing heavily in capital expenditures or facing working capital pressures that limit immediate financial flexibility for external growth or acquisitions. The balance sheet presents a leveraged profile with total debt of $18.92 billion against cash holdings of $509.00 million, resulting in a debt-to-equity ratio of 194.86%, which underscores the capital structure heavily weighted toward borrowed funds typical for utility financing. The current ratio of 0.98 indicates that current assets fall slightly short of covering current liabilities, suggesting a tight liquidity position that requires careful management of short-term obligations. Return on equity stands at 10.9%, while return on assets is 3.2%, metrics that reveal the management's effectiveness in generating profits from shareholders' equity versus the total asset base utilized in operations.
バリュエーション評価
The stock trades with a trailing P/E ratio of 22.65 and a forward P/E of 19.15, where the difference between these figures implies that the market expects earnings growth that would compress the multiple over time. The price-to-book ratio is recorded at 2.75, indicating that the market values the company at a significant premium above its book value, likely reflecting the intangible value of regulated franchises and asset quality. Additional valuation metrics include a price-to-sales ratio of 2.88 and an EV/EBITDA of 14.47, which suggest the company is valued on a scale consistent with established utility peers when adjusted for enterprise value and earnings power. The 52-week price range spans from a low of $67.71 to a high of $80.36, providing a historical context for current trading levels relative to recent volatility extremes. The beta coefficient is 0.42, which signifies that the stock exhibits low price volatility relative to the broader market, behaving as a defensive holding that moves less aggressively than the overall equity index during market fluctuations.
Growth & Income
Revenue growth year-over-year is recorded at 12.3%, while earnings growth year-over-year is 6.6%, indicating that earnings are growing at a slower pace than revenue, which may reflect margin compression or the impact of higher input costs on profitability. As a consistent dividend payer, CMS Energy offers a dividend yield of 2.9% with a payout ratio of 61.6%, suggesting a sustainable dividend policy supported by the company's earnings generation and capital structure. The payout ratio of 61.6% indicates that the company distributes a majority of its earnings to shareholders while retaining sufficient profits to cover capital needs and maintain operations without relying solely on new debt issuance. Overall, the company presents a profile characterized by moderate earnings expansion alongside a reliable income stream, balancing growth metrics with a commitment to shareholder returns in a regulated utility environment.