CMS Energy

Capital is directed primarily to regulated rate‑base projects with attractive, policy‑aligned returns: 20 billion planned for 2025‑2029, skewed to electric reliability, clean generation, and gas safety programs.

Dividend policy targets roughly a 60 percent payout and the board lifted the annual dividend to 2.17 in 2025 for the 19th consecutive increase. Share count rose to 304.3 million by Q3‑25 from 298.8 million at year‑end 2024, reflecting routine equity issuance and the infrastructure build.

The 2031 convertible notes were upsized, lowering immediate cash cost of capital but adding potential dilution at an initial conversion price near 90.6. M&A has been limited and disciplined. We view allocation as sound for a regulated compounding model, while monitoring equity needs and dilution versus growth.