CMS ENERGY CORP (CMS) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Utilities · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 61.5% | The basis that applies. A regulated utility earns an allowed return on its rate base, and the dividend is set against that. |
| Operating cash flow | 29.2% | Closer to meaningful than free cash flow, but still before the capital programme the regulator expects the company to run. |
| Free cash flow | negative | Operating cash flow was $1,735m short of capital spending, so no ratio exists. Normal for a regulated utility funding its rate base. |
Spread between highest and lowest: 32 percentage points. Same filings, different denominators.
Coverage rating 59 / 100 — Tight. ? Peer standing 25/50Direction 18/30Stability 16/20
GAAP earnings payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 61.5% |
| 2024-12-31 | 61.9% |
| 2023-12-31 | 64.8% |
| 2022-12-31 | 64.6% |
| 2021-12-31 | 37.3% |
| 2020-12-31 | 61.7% |
Among the 57 utilities companies here, 49% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $2.17 ÷ diluted EPS $3.53
- Operating cash flow — dividends paid $653.2m ÷ operating cash flow $2,235.0m
- Free cash flow — dividends paid $653.2m ÷ (operating cash flow $2,235.0m − capex $3,970.0m)
Where the figures came from
- 10-K filed 2026-02-10 · accession
0000811156-26-000004
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- dividends paid derived as $2.17 x 301m shares = $653m; no total was filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.