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CMS Energy (MEX:CMS1) Piotroski F-Score : 6 (As of Dec. 12, 2024)


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What is CMS Energy Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CMS Energy has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for CMS Energy's Piotroski F-Score or its related term are showing as below:

MEX:CMS1' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of CMS Energy was 7. The lowest was 4. And the median was 5.


CMS Energy Piotroski F-Score Historical Data

The historical data trend for CMS Energy's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

CMS Energy Piotroski F-Score Chart

CMS Energy Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 6.00 7.00 4.00 4.00

CMS Energy Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 6.00 7.00 6.00

Competitive Comparison of CMS Energy's Piotroski F-Score

For the Utilities - Regulated Electric subindustry, CMS Energy's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


CMS Energy's Piotroski F-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, CMS Energy's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where CMS Energy's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 5245.043 + 4763.125 + 3627.38 + 4981.646 = MXN18,617 Mil.
Cash Flow from Operations was 6874.57 + 16247.734 + 12530.95 + 5985.851 = MXN41,639 Mil.
Revenue was 33099.784 + 36113.451 + 29440.406 + 34320.193 = MXN132,974 Mil.
Gross Profit was 14139.549 + 15517.498 + 12054.628 + 14551.132 = MXN56,263 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(566340.598 + 568925.87 + 562629.641 + 629387.139 + 685557.176) / 5 = MXN602568.0848 Mil.
Total Assets at the begining of this year (Sep23) was MXN566,341 Mil.
Long-Term Debt & Capital Lease Obligation was MXN308,350 Mil.
Total Current Assets was MXN53,223 Mil.
Total Current Liabilities was MXN43,141 Mil.
Net Income was 3333.816 + 3677.1 + 3394.492 + 3065.726 = MXN13,471 Mil.

Revenue was 44411.888 + 41169.1 + 26658.765 + 29141.815 = MXN141,382 Mil.
Gross Profit was 13081.816 + 14582.225 + 10217.764 + 10869.392 = MXN48,751 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(610932.78 + 611258.088 + 565732.65 + 553147.934 + 566340.598) / 5 = MXN581482.41 Mil.
Total Assets at the begining of last year (Sep22) was MXN610,933 Mil.
Long-Term Debt & Capital Lease Obligation was MXN246,948 Mil.
Total Current Assets was MXN42,659 Mil.
Total Current Liabilities was MXN47,362 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

CMS Energy's current Net Income (TTM) was 18,617. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

CMS Energy's current Cash Flow from Operations (TTM) was 41,639. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=18617.194/566340.598
=0.03287279

ROA (Last Year)=Net Income/Total Assets (Sep22)
=13471.134/610932.78
=0.02205011

CMS Energy's return on assets of this year was 0.03287279. CMS Energy's return on assets of last year was 0.02205011. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

CMS Energy's current Net Income (TTM) was 18,617. CMS Energy's current Cash Flow from Operations (TTM) was 41,639. ==> 41,639 > 18,617 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=308350.098/602568.0848
=0.51172657

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=246947.703/581482.41
=0.42468645

CMS Energy's gearing of this year was 0.51172657. CMS Energy's gearing of last year was 0.42468645. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=53222.881/43141.447
=1.23368326

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=42658.879/47361.981
=0.90069879

CMS Energy's current ratio of this year was 1.23368326. CMS Energy's current ratio of last year was 0.90069879. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

CMS Energy's number of shares in issue this year was 298.8. CMS Energy's number of shares in issue last year was 291.4. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=56262.807/132973.834
=0.42311187

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=48751.197/141381.568
=0.34482003

CMS Energy's gross margin of this year was 0.42311187. CMS Energy's gross margin of last year was 0.34482003. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=132973.834/566340.598
=0.23479481

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=141381.568/610932.78
=0.23141919

CMS Energy's asset turnover of this year was 0.23479481. CMS Energy's asset turnover of last year was 0.23141919. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+1+0+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CMS Energy has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

CMS Energy  (MEX:CMS1) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


CMS Energy Piotroski F-Score Related Terms

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CMS Energy Business Description

Traded in Other Exchanges
Address
One Energy Plaza, Jackson, MI, USA, 49201
CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. CMS Enterprises is engaged in wholesale power generation, including contracted renewable energy. CMS sold EnerBank in October 2021.

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