CMS Energy Corporation

This synthesis is limited by what is on file. No forensic scores are in the data, so this section does not assign a Beneish M-Score, Piotroski F-Score, Altman Z-Score or Fog Index value, and no score direction can be stated. The Beneish M-Score is a screening model that estimates manipulation risk from financial statement ratios. The Piotroski F-Score counts a set of profitability, leverage and efficiency checks. The Altman Z-Score estimates financial distress risk. The Fog Index measures how hard text is to read. None of these can be read for CMS from the data provided, so readers may want to pull the latest filing and check each one directly. What the numbers do show is a multi-year record. Revenue went from $6.24 billion in 2020 to $8.32 billion in 2022, dipped to $7.26 billion in 2023, and then rose to $8.3 billion in 2025. Operating income has risen in most recent years, from $1.22 billion in 2022 to $1.73 billion in 2025. Net income moved less steadily, from $837 million in 2022 to $1.07 billion in 2025. Its share of operating income fell from about 67.1% in 2024 to about 61.8% in 2025, which is the gap most worth tracing in the income statement alongside the 2021 pattern noted above. Because the MD&A, risk factors and news are absent, this analysis cannot compare management's narrative against the numbers. Readers who want that comparison may want to look at the company's MD&A section, the debt and regulatory disclosures in the notes, and the risk factors in the latest annual report.

Catalyst.The filings in this data set show a clear step up in 2025. Revenue rose to $8.3 billion from $7.32 billion in 2024, a gain of about 13.4%, while operating income climbed to $1.73 billion from $1.49 billion, about 16.1% higher. Operating margin, calculated as operating income divided by revenue, widened to roughly 20.8% from 20.4% in 2024 and 17.1% in 2023. Net income reached $1.07 billion, up from $1 billion. Management's MD&A explanation of what drove this growth is not on file, so the cause cannot be confirmed here.

Hidden risk.The most notable tension is in 2021. Net income was $1.35 billion, above operating income of $1.15 billion, which is unusual because operating income normally sits above net income after interest and taxes. Net income then fell to $837 million in 2022, a year when revenue of $8.32 billion was the highest in this data set. Without the 2021 income statement detail or the notes on file, the reason for this gap cannot be determined here. Readers may want to look at the non-operating lines and any one-time items in that year's filing.