CMSCMS ENERGY CORP
Electric & Other Services Combined
- Revenue
- $8.3B
- 13% YoY
- Operating margin
- 20.8%
- 2.4% YoY
- EBITDA
- $3.0B
- 11% YoY
- Market cap
- $22.0B
- Employees
- —
- Net debt / EBITDA
- 2.5×
- $7.7B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo209% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo11% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 21st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$22.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7.1B | $8.3B | $7.3B | $7.3B | $8.3B | 13% |
| Operating income | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B | 16% |
| Net income | $1.4B | $837M | $887M | $1.0B | $1.1B | 6.8% |
| Operating cash flow | $1.8B | $855M | $2.3B | $2.4B | $2.2B | 5.7% |
| Capex | $2.1B | $2.4B | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $168K · 2
- Open-market sells, 12 mo
- $2M · 6
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.