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CMS Energy CMS NorthStar Clean Energy — Assets under finance leases

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LKQNorth America Segment — Operating lease assets, net

$644M—

BBYProperty under finance leases

$80M-9.1%

MELILeased assets obtained in exchange for finance lease liabilities

$1M0.0%

RBCOperating Lease And Financing Lease Assets Net

$110.1M+6.0%

CCIFinance Leases, Net

$6M+20.0%

PARRLeased assets obtained in exchange for finance lease liabilities

$0-100%

Other financials

Income statement

Revenue$2.7B+11.6%

Operating income$490.0M-0.8%

Net income$340.0M+11.8%

EPS (diluted)$1.10+8.9%

Balance sheet

Cash & equivalents$263.0M-50.0%

Total debt$19.1B+12.7%

Total equity$9.5B+13.6%

Total assets$40.3B+11.0%

Cash flow

Operating cash flow$705.0M-29.5%

CapEx$1.0B+17.0%

Free cash flow-$334.0M-398%

Valuation

Market cap$23.63B+16.1%

Enterprise value$42.49B+13.5%

P/E21.4×+1.4×

P/S2.7×+0.1×

Profitability

Operating margin19.5%-0.6pp

Net margin12.5%-0.6pp

FCF margin12.8%-8.1pp

Returns & leverage

Return on equity12.4%-0.1pp

Debt / equity2×0.0×

Current ratio0.8×-0.2×

Where this comes from

Reported directly by CMS Energy in its filing.

Tagged under the XBRL concept us-gaap:FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization.

The official record: CMS Energy’s 10-K, filed February 10, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CMS Energy's northstar clean energy — assets under finance leases?: CMS Energy (CMS) reported northstar clean energy — assets under finance leases of $55M in Q4 2025.
How has CMS Energy's northstar clean energy — assets under finance leases changed year-over-year?: CMS Energy's northstar clean energy — assets under finance leases increased by 22.2% year-over-year, from $45M to $55M.
What does northstar clean energy — assets under finance leases mean?: The value of assets that the segment uses through finance lease agreements, where the segment effectively assumes the risks and rewards of ownership. These assets are capitalized on the balance sheet.