CMSCMS Energy
Is it safe?
Forensics clean, with a caveat: insiders buying and steady price behavior, but heavy debt (BB).
Mixed, watch the balance sheet Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Insiders were net buyers (+$14K, 90 days to Oct 8, 2026). SEC Form 4 filings: officers and directors must report their own trades within two business days.
Moderately leveraged. A rule of thumb on leverage, not a credit rating.
Relatively steady, low volatility. Worst drawdown -30% · now 17% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can CMS take a bad year?
CMS Energy carries $18.8B of net debt at 6.22× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 6.22×
Net debt / EBITDA · 5.92× a year ago · the load is going up
- Altman Z-score
- 0.90
Altman Z-score · distress zone, below 1.8
- Cash runway
- 0.1 years
Cash runway · burning $487M a quarter at the current rate
Details›
- Total debtQ2 2026
- $19.0B
- Cash and short-term investments
- $241M
- Net debt
- $18.8B
- EBITDA, trailing twelve months
- $3.02B
- Operating profit, trailing twelve months
- $1.67B
- Debt / equity
- 1.95×
- Total debt / EBITDA
- 6.30×
- Annualised volatilitytwo years of daily moves
- 17%
- Worst drawdown on file
- −30%
- Below its 52-week high
- 17%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Utilities, Regulated Electric
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