CMS
CMS Energy Corp.
Is CMS Halal?
Gas and electric utility — permissible but high leverage.
What You Should Know
CMS Energy's March 31, 2026 filing reports debt/assets of 46.81%, liquidity/assets of 0.43% and receivables plus cash/assets of 3.99%. CMS provides gas and electricity in Michigan and owns NorthStar Clean Energy; the debt screen fails and gross interest income is not separately disclosed.
⚠️ Concerns
- •Debt screen fails at 46.81% of assets
- •NorthStar independent power and energy-commodity activities
- •Restricted cash excluded from liquidity
- •Gross interest income unavailable
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
18,857 / 40,285
175 / 40,285
1,609 / 40,285
- Financial
- Fails
- Overall
- Fails
Debt is 46.81% of total assets, above the examined 33.333% limit; liquidity is 0.43% and receivables plus cash are 3.99%, while gross interest income is unavailable.
- Financial
- Fails
- Overall
- Fails
Debt is 46.81% of total assets, above the examined 33.33% limit; liquidity and receivables-plus-cash are below their examined limits. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 46.81% of total assets, above the examined 33% limit; identifiable liquidity is below 33%. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
CMS Energy provides electric and gas utility service and owns NorthStar Clean Energy activities, generally permissible in principle. Financing income, independent power production, commodity sales and regulated structures require qualitative review, and the filing does not provide a reproducible prohibited-activity numerator.
Limitation: The filing does not quantify a scholar-specific prohibited-revenue numerator or gross interest income; financing income is disclosed but not classified here as interest without stronger evidence.
Purification
Gross interest income is not separately disclosed and financing income is not automatically classified as interest; no fixed purification amount is prescribed.
Inputs, assumptions and primary sources
- Interest-bearing debt combines 1,360 of current long-term debt and finance leases, 17,456 of noncurrent long-term debt and 41 of noncurrent finance leases.
- Cash and cash equivalents are 175; restricted cash of 88 is excluded. The 65 investment balance is not separately identified as unrestricted interest-bearing securities.
- Receivables combine 1,402 of accounts receivable and accrued revenue, 14 of related-party receivables and 18 of noncurrent accounts receivable; quarterly consolidated operating revenue is 2,730.
- Gross interest income is not separately disclosed. Financing income of 4 is not automatically treated as interest income without a reproducible classification.
- CMS includes electric and gas utilities and NorthStar Clean Energy; no school-specific prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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