Cms Energy debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$19,036M

Cash & equivalents

USD millions

$241M

Net debt

USD millions

$18,795M

Debt / equity

1.83×

Debt / assets

46.54%

Net debt / EBITDA

× · TTM

6.22×

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

2.04×

Current ratio

0.94×

Diluted shares

Million shares

310.8M shares

Basic shares

Million shares

310.2M shares

Share count growth

3.92%

Share repurchases

USD millions

—

The reported inputs required for this metric are unavailable in the extracted statements for this period.

Quarterly data

Cms Energy capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	19,036	241	18,795	1.83×	46.54%	6.22×	—	2.04×	0.94×	310.8	310.2	3.92%	—
FY 2026 Q1	Mar 31, 2026	18,856	175	18,681	1.88×	46.81%	6.12×	—	2.14×	0.84×	307.1	306.4	2.75%	—
FY 2025 Q4	Dec 31, 2025	18,757	509	18,248	1.93×	46.96%	6.02×	—	2.19×	0.98×	305.75	305.15	2.43%	—
FY 2025 Q3	Sep 30, 2025	17,974	362	17,612	1.91×	47.29%	5.86×	—	2.24×	0.9×	300.4	299.7	0.57%	—
FY 2025 Q2	Jun 30, 2025	17,881	844	17,037	1.99×	47.43%	5.92×	—	2.16×	1×	299.1	298.5	0.2%	—
FY 2025 Q1	Mar 31, 2025	16,852	465	16,387	1.89×	46.43%	5.79×	—	2.19×	1.06×	299.1	298.2	0.57%	—
FY 2024 Q4	Dec 31, 2024	16,386	103	16,283	1.87×	45.62%	5.97×	—	2.1×	0.79×	298.6	297.9	1.99%	—
FY 2024 Q3	Sep 30, 2024	16,051	412	15,639	1.86×	46.1%	5.81×	—	2.1×	1.23×	298.8	298	2.41%	—
FY 2024 Q2	Jun 30, 2024	15,684	699	14,985	1.84×	45.65%	5.8×	—	2×	1.18×	298.5	297.9	2.41%	—
FY 2024 Q1	Mar 31, 2024	15,740	802	14,938	1.85×	46.43%	5.91×	—	1.98×	1.35×	297.2	296.5	2%	—
FY 2023 Q4	Dec 31, 2023	15,483	227	15,256	1.91×	46.19%	6.32×	—	1.92×	0.98×	292.89	292.09	0.89%	—
FY 2023 Q3	Sep 30, 2023	15,151	157	14,994	1.95×	46.6%	6.62×	—	1.8×	0.9×	291.4	291	0.48%	—
FY 2023 Q2	Jun 30, 2023	15,051	389	14,662	1.95×	46.65%	6.56×	—	1.89×	0.95×	291.3	290.9	0.48%	—
FY 2023 Q1	Mar 31, 2023	14,410	571	13,839	1.88×	45.91%	6.25×	—	2×	1.02×	291.2	290.7	0.48%	—
FY 2022 Q4	Dec 31, 2022	14,212	164	14,048	1.87×	45.33%	5.98×	—	2.36×	1.15×	290	289.5	0.07%	—
FY 2022 Q3	Sep 30, 2022	13,675	168	13,507	1.82×	45.03%	5.95×	—	2.29×	1.22×	290.1	289.6	0.17%	—
FY 2022 Q2	Jun 30, 2022	12,332	77	12,255	1.65×	42.47%	5.38×	—	2.31×	1×	290.1	289.5	0.17%	—
FY 2022 Q1	Mar 31, 2022	12,418	446	11,972	1.68×	43.21%	5.22×	—	2.34×	1.36×	289.9	289.3	0.24%	—
FY 2021 Q4	Dec 31, 2021	12,419	452	11,967	1.73×	43.19%	5.3×	—	2.29×	1.19×	289.8	289.3	1.3%	—
FY 2021 Q3	Sep 30, 2021	12,599	102	12,497	1.89×	41.29%	5.07×	—	2.56×	0.76×	289.6	289.1	1.23%	—
FY 2021 Q2	Jun 30, 2021	12,300	153	12,147	1.93×	41.06%	4.76×	—	2.68×	0.75×	289.4	289	1.23%	—
FY 2021 Q1	Mar 31, 2021	15,061	496	14,565	2.39×	50.67%	5.71×	—	2.64×	0.87×	289.1	288.6	—	—
FY 2020 Q4	Dec 31, 2020	15,120	168	14,952	2.49×	50.97%	6.2×	—	2.43×	0.78×	286.3	285.6	—	—
FY 2020 Q3	Sep 30, 2020	15,075	519	14,556	2.56×	51.49%	6.19×	—	2.38×	0.83×	286.9	285.6	—	—
FY 2020 Q2	Jun 30, 2020	15,114	1,587	13,527	2.88×	52.88%	5.83×	—	2.39×	1.13×	286.5	285.5	—	—
FY 2020 Q1	Mar 31, 2020	14,245	834	13,411	2.73×	51.9%	5.94×	—	2.33×	0.96×	285.2	—	—	—
FY 2019 Q4	Dec 31, 2019	13,062	140	12,922	2.58×	48.67%	5.79×	—	2.39×	0.86×	284.6	—	—	—
FY 2019 Q3	Sep 30, 2019	13,114	403	12,711	2.63×	50.42%	5.91×	—	2.33×	1.06×	284.6	—	—	—
FY 2019 Q2	Jun 30, 2019	12,313	312	12,001	2.52×	48.68%	5.76×	—	2.3×	0.94×	284	—	—	—
FY 2019 Q1	Mar 31, 2019	11,947	234	11,713	2.44×	48.19%	5.55×	—	2.47×	1.13×	283.6	—	—	—
FY 2018 Q4	Dec 31, 2018	11,611	153	11,458	2.42×	47.34%	5.47×	—	2.54×	0.94×	283.2	—	—	—
FY 2018 Q3	Sep 30, 2018	10,840	323	10,517	2.26×	45.33%	4.76×	258.1×	2.89×	0.69×	283.2	—	—	—
FY 2018 Q2	Jun 30, 2018	10,488	477	10,011	2.23×	44.99%	4.49×	49.71×	2.99×	0.9×	282.6	—	—	—
FY 2018 Q1	Mar 31, 2018	10,282	195	10,087	2.22×	44.96%	4.56×	228.49×	2.97×	0.89×	282.2	—	—	—
FY 2017 Q4	Dec 31, 2017	10,226	182	10,044	2.28×	44.36%	4.53×	255.65×	3.05×	0.89×	281.39	—	—	—
FY 2017 Q3	Sep 30, 2017	10,004	142	9,862	2.19×	45.23%	4.66×	—	2.85×	0.94×	281.6	—	—	—
FY 2017 Q2	Jun 30, 2017	9,931	418	9,513	2.21×	45.42%	4.4×	215.89×	2.98×	1.05×	280.3	—	—	—
FY 2017 Q1	Mar 31, 2017	9,941	433	9,508	2.26×	45.97%	4.35×	764.69×	3.09×	1.15×	279.9	—	—	—
FY 2016 Q4	Dec 31, 2016	9,526	235	9,291	2.22×	44.06%	4.41×	—	2.98×	0.86×	279.2	—	—	—
FY 2016 Q3	Sep 30, 2016	9,727	339	9,388	2.26×	46.67%	4.61×	—	3.02×	1.06×	279.2	—	—	—
FY 2016 Q2	Jun 30, 2016	9,404	385	9,019	2.24×	45.96%	4.61×	—	2.91×	0.97×	279.3	—	—	—
FY 2016 Q1	Mar 31, 2016	9,120	177	8,943	2.2×	45.52%	4.79×	—	2.75×	0.92×	277.9	—	—	—
FY 2015 Q4	Dec 31, 2015	9,147	266	8,881	2.3×	44.97%	4.64×	120.36×	2.94×	1.01×	277.09	—	—	—
FY 2015 Q3	Sep 30, 2015	8,644	150	8,494	2.19×	44.44%	4.39×	24.63×	2.91×	1.19×	276.9	—	—	—
FY 2015 Q2	Jun 30, 2015	8,559	477	8,082	2.22×	44.49%	4.4×	46.77×	2.71×	1.4×	276.2	—	—	—
FY 2015 Q1	Mar 31, 2015	8,686	522	8,164	2.26×	45.24%	4.42×	—	2.8×	1.56×	275.7	—	—	—
FY 2014 Q4	Dec 31, 2014	8,556	207	8,349	2.31×	44.6%	4.54×	—	2.83×	1.29×	275.79	—	—	—
FY 2014 Q3	Sep 30, 2014	8,732	493	8,239	2.36×	47.51%	4.55×	—	2.84×	1.66×	274.7	—	—	—
FY 2014 Q2	Jun 30, 2014	7,974	358	7,616	2.17×	45%	4.04×	—	3.06×	1.58×	274.6	—	—	—
FY 2014 Q1	Mar 31, 2014	8,202	758	7,444	2.24×	45.76%	3.99×	—	3.04×	1.65×	273	—	—	—
FY 2013 Q4	Dec 31, 2013	7,663	172	7,491	2.2×	44%	4.23×	79.82×	2.87×	1.3×	272.79	—	—	—
FY 2013 Q3	Sep 30, 2013	7,621	260	7,361	2.22×	44.87%	4.3×	47.93×	2.76×	1.64×	272	—	—	—
FY 2013 Q2	Jun 30, 2013	7,453	537	6,916	2.22×	42.76%	4×	46.29×	2.85×	1.38×	272.2	—	—	—
FY 2013 Q1	Mar 31, 2013	7,473	586	6,887	2.23×	43.27%	3.93×	60.27×	2.95×	1.54×	270.9	—	—	—
FY 2012 Q4	Dec 31, 2012	7,251	93	7,158	2.24×	42.33%	4.47×	517.93×	2.58×	1.35×	270.09	—	—	—
FY 2012 Q3	Sep 30, 2012	7,221	128	7,093	2.23×	43.48%	—	—	—	1.59×	269	—	—	—
FY 2012 Q2	Jun 30, 2012	6,874	187	6,687	2.18×	42.19%	—	—	—	1.22×	268.2	—	—	—
FY 2012 Q1	Mar 31, 2012	7,030	358	6,672	2.27×	43.5%	—	—	—	1.25×	266.8	—	—	—
FY 2011 Q4	Dec 31, 2011	7,097	161	6,936	2.31×	43.14%	4.48×	24.73×	2.42×	1.1×	—	—	—	—
FY 2011 Q3	Sep 30, 2011	7,177	623	6,554	2.32×	44.97%	—	—	2.35×	1.29×	263.9	—	—	—
FY 2011 Q2	Jun 30, 2011	7,307	994	6,313	2.43×	45.83%	—	—	2.37×	1.32×	261.9	—	—	—
FY 2011 Q1	Mar 31, 2011	7,201	801	6,400	2.46×	46.04%	3.97×	22.43×	2.42×	1.2×	261.7	—	—	—
FY 2010 Q4	Dec 31, 2010	7,198	247	6,951	2.54×	46.09%	4.47×	52.16×	2.27×	1.37×	—	—	—	—
FY 2010 Q3	Sep 30, 2010	7,044	696	6,348	2.46×	45.24%	—	—	—	1.34×	254.7	—	—	—
FY 2010 Q2	Jun 30, 2010	6,536	536	6,000	2.18×	43.43%	—	—	—	1.51×	247.6	—	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · CMS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.