Is it safe?
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.
$18.8B
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
- −13%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Utilities - Regulated Electric
Ranks #11 of 37 by Smart Score