CMS Energy Corporation Preferre (CMS-PB) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

CMS Energy Corporation Preferre

NYSE•Utilities•Utilities - Regulated Electric

$71.70-0.30(<0.01%)Pre-market

Market Cap

$22.53B

P/E

25.8x

P/S

2.6x

P/B

2.3x

Consumers Energy Company operates as an electric and gas utility in Michigan. The company is involved in the generation, purchase, transmission, distribution, and sale of electricity through coal, wind, gas, renewable energy, oil, and nuclear sources, as well as natural gas. It serves residential, commercial, and diversified industrial customers. Consumers Energy Company was formerly known as Consumers Power Company and changed its name to Consumers Energy Company in March 1997. The company was founded in 1886 and is based in Jackson, Michigan. Consumers Energy Company operates as a subsidiary of CMS Energy Corporation.

How this company scores

WeakMetricSide Score: 33/100

Grade capped at D — Interest coverage below 1× (0.2x) — earnings cannot cover interest. Strongest: Growth (11/25); weakest: Cash & Earnings Quality (3/25).

Profitability10/25

Growth11/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality3/25

Strengths

Consistent growth

Grade capped at D

Interest coverage below 1× (0.2x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 25.8x5y range 19.8x – 38.0x

Currently near its 20-quarter median.

P/S · 2.6x5y range 2.6x – 4.5x

Currently near its 20-quarter median.

P/B · 2.3x5y range 2.3x – 4.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 34.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $22.53B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $8.79B
Q. Revenue: $2.17B
TTM EBITDA: $2.60B
TTM Op. Income: $1.24B
Q. Op. Income: $47.00M
TTM Net Income: $872.00M
Q. Net Income: $123.00M
EPS: $0.39
Shares Out.: $312.90M

$8.79B in TTM revenue grew 9.0% YoY, reaching $2.17B last quarter. TTM EBITDA of $2.60B and TTM operating income of $1.24B show growth is flowing through to the bottom line. TTM net income of $872.00M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 15.9%
Op. Margin: 2.2%
Net Margin: 5.7%

Op. margin of 2.2% is down 22.2% YoY — costs are rising relative to revenue. Net margin at 5.7% Across the last 8 quarters, operating margin has fallen for 4 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 25.8x
P/S Ratio: 2.6x
P/B Ratio: 2.3x

At 25.8x P/E, the stock trades within typical market levels. P/S of 2.6x and P/B of 2.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $41.68B
Cash: $451.00M
Long-Term Debt: $18.74B
Book Value: $9.73B
D/E Ratio: 1.9
Debt/EBITDA: 54.3

With $41.68B in assets and $18.74B in long-term debt, D/E is 1.9and book value is $9.73B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $471.00M
TTM Free Cash Flow: $-669.00M
FCF Margin: -7.6%
FCF / Net Income: -0.8

TTM FCF of $-669.00M on $471.00M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.