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CMS Energy CMS NorthStar Clean Energy — CapEx

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$54.12M-42.7%

Other financials

Income statement

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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

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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

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Operating cash flow$705.0M-29.5%
CapEx$1.0B+17.0%
Free cash flow-$334.0M-398%

Valuation

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Market cap$23.63B+16.1%
Enterprise value$42.49B+13.5%
P/E21.4×+1.4×
P/S2.7×+0.1×

Profitability

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Operating margin19.5%-0.6pp
Net margin12.5%-0.6pp
FCF margin12.8%-8.1pp

Returns & leverage

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Return on equity12.4%-0.1pp
Debt / equity0.0×
Current ratio0.8×-0.2×

Where this comes from

Reported directly by CMS Energy in its filing.

Tagged under the XBRL concept us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

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 — capex?
CMS Energy (CMS) reported northstar clean energy — capex of $124.5M in Q4 2025.
How has CMS Energy's northstar clean energy — capex changed year-over-year?
CMS Energy's northstar clean energy — capex increased by 72.9% year-over-year, from $72M to $124.5M.
What is the long-term trend for CMS Energy's northstar clean energy — capex?
Over 4 years (2021 to 2025), CMS Energy's northstar clean energy — capex has grown at a 132.6% compound annual growth rate (CAGR), from $17M to $498M.
What does northstar clean energy — capex mean?
Represents the cash outflows used by the business segment to acquire, upgrade, or maintain physical assets such as renewable energy generation facilities and infrastructure. This metric reflects the company's investment strategy in expanding its clean energy footprint and long-term asset base. High levels of expenditure indicate active growth or significant modernization efforts within the segment.