CMS Energy management check
CMS · Utilities · Multi-Utilities · CEO Rochow
Filings as of
3 good · 1 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $131, against $166 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.71 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingLight activity: $14k bought, $223k sold in six months.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +1.6% a year over the last three fiscal years.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Rochow. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 24 | 53 | |
| Pay for performance | 85 | 81 | |
| CEO cost | — | — | 50 |
| Skin in the game | — | — | 45 |
| Dilution | 30 | 37 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Multi-Utilities, by management score. CMS Energy is 7th of 30 in its sector.
- 146NEENextEra Energy72
- 210CMSCMS Energy68
- 226AEEAmeren66
- 227SRESempra66
- 242NINiSource65
- 244CNPCenterPoint Energy65
- 245XELXcel Energy64
- 330DDominion Energy59
- 337PNWPinnacle West Capital59
- 361EDConsolidated Edison57
Pay versus performance
From the proxy statement filed March 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Rochow | $10.5m | $12.3m | $2.7m | $131 | $166 | — |
| 2024 | Rochow | $10.4m | $15.6m | $2.8m | $122 | $145 | — |
| 2023 | Rochow | $9.6m | $9.6m | $2.5m | $104 | $118 | — |
| 2022 | Rochow | $8.7m | $8.2m | $2.4m | $110 | $125 | — |
| 2021 | Rochow | $6.9m | $7.7m | $2.1m | $109 | $126 | — |
Its other key measures: Adjusted EPS, Relative EPS growth, Relative TSR, Stock price.
Insiders and the CEO's stake
Light activity: $14k bought, $223k sold in six months.
- BoughtSrikanth MaddipatiEVP/CFO$14kJul 31, 2026
- SoldBrandon J. HofmeisterSenior Vice President$223kMay 26, 2026
Leadership and governance on file
- Jun 3, 2026Leadership change8-K 5.02
- Feb 20, 2026Leadership change8-K 5.02
- Jun 6, 2025Leadership change8-K 5.02
- May 15, 2025Leadership change8-K 5.02
- May 15, 2023Leadership change8-K 5.02
- Feb 4, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 13, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $0 returned to owners in buybacks and dividends, 0% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.1bn | $8.3bn | $7.3bn | $7.3bn | $8.3bn |
| Net income | $1.4bn | $837.0m | $887.0m | $1.0bn | $1.1bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | — | — | — | — | — |
| Dividends | — | — | — | — | — |
| Diluted shares | 290m | 290m | 292m | 298m | 301m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.