CMS Energy

Balance sheet is typical for a capex‑heavy utility. As of 9/30/25, consolidated debt was ~18.07 billion with unrestricted cash ~0.36 billion; TTM non‑GAAP EBITDA was ~3.33 billion, implying net debt/EBITDA roughly 5.3x and EBITDA interest coverage about 4.3x on reported net interest of ~0.77 billion.

Consumers’ regulated common equity ratio hovers around 41 percent, supporting ratings. Parent and subsidiary maintain investment‑grade profiles; November 2025 investor materials show CMS at BBB/Baa2/BBB and Consumers Energy senior secured at A/A1/A+ with stable outlooks.

The November 2025 issuance of 850 million 3.125 percent convertible notes partially refinances maturities but introduces modest potential dilution. Overall liquidity and regulatory support are adequate to fund the 20 billion plan.