CMS Energy Corporation CMS

63.07 0.30 0.48% as of 25 Sep
Market cap
$21.8B
P/E
18.8×
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years,
Insider Buys alert about insiders buying in the last 12 month

Insider Decisions

Total buys 0.17
Total sells 2.09
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — 1 — — — — 1 — —
Sell — 1 — — 2 1 — 1 — — — —
Insider Ownership 0.00%

Capital & Financial Ratios

Market Cap 21,760.00
Revenue 8,813.00
Net Income 887.00
Free Cash Flow (1,910.00)
Net Debt 18,956.00
Current Ratio 0.94
Debt/Equity 1.86
P/E ratio 18.85
P/S ratio 2.21
P/B ratio 1.91
Past 5Y EPS Growth 6.84%
This Y EPS Growth 7.23%
Next Y EPS Growth 7.41%
Next 5Y EPS Growth 7.50%
in millions of $

Dividends

Payout Ratio 0.76
Annual Dividend Rate 1.95
Annual Dividend Yield 3.68%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.28
0.57
0.57
0.57
2025 2.17
0.54
0.54
0.54
0.54
2024 2.06
0.52
0.52
0.52
0.52
2023 1.95
0.49
0.49
0.49
0.49
2022 2.29
0.46
0.46
0.46
0.45
0.46
2021 1.74
0.44
0.44
0.44
0.44
2020 1.63
0.41
0.41
0.41
0.41
2019 1.53
0.38
0.38
0.38
0.38
2018 1.43
0.36
0.36
0.36
0.36
2017 1.33
0.33
0.33
0.33
0.33
2016 1.24
0.31
0.31
0.31
0.31
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 248 178 615 345
Receivables 944 1,063 1,323 1,023
Inventory 938 769 791 824
Other 203 229 104 81
2,839 2,790 3,472 2,866
2023 2024 2025 Q'26
Payables 809 1,093 1,404 1,229
ST’ Debt 980 1,195 956 870
Other 205 320 270 283
2,895 3,521 3,548 3,063
in millions of $

Compound Annual Growth

10y 5y 3y
Sales 2.84% 5.88% (0.22%)
Cash Flow 3.14% 11.86% 37.75%
Earnings 7.33% 7.04% 8.66%
Book Value 9.34% 9.83% 8.54%

Revenue

Mar Jun Sep Dec Year
’26 2,730 1,829 — — —
’25 2,447 1,838 2,021 2,233 8,539
’24 2,176 1,607 1,743 1,989 7,515
’23 2,284 1,555 1,673 1,950 7,462
’22 2,374 1,920 2,024 2,278 8,596
’21 2,013 1,558 1,725 2,033 7,329
’20 1,864 1,382 1,507 1,665 6,418
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 705 622 — — —
’25 1,000 414 343 478 2,235
’24 956 707 304 403 2,370
’23 1,040 665 199 405 2,309
’22 707 352 (392) 188 855
’21 832 535 116 336 1,819
’20 201 595 348 132 1,276
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 (334) (345) — — —
’25 112 (470) (635) (596) (1,589)
’24 343 26 (502) (515) (648)
’23 423 95 (413) (203) (98)
’22 187 (216) (1,042) (448) (1,519)
’21 396 93 (448) (298) (257)
’20 (322) 174 (401) (486) (1,035)
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 1.10 0.37 — — —
’25 1.01 0.66 0.92 0.94 3.53
’24 0.96 0.65 0.84 0.87 3.33
’23 0.69 0.67 0.60 1.05 3.01
’22 1.21 0.50 0.56 0.58 2.85
’21 1.21 0.61 0.64 2.20 4.66
’20 0.85 0.48 0.76 0.55 2.64
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
34.96 41.12 40.48 47.97 46.03 53.19 52.41 49.87 55.10 63.97

Analyst estimates 2026–2028

Powerpack
Low Price
46.25 50.85 53.82 65.31 69.17 65.79 73.76 65.72 72.40 76.45
High Price
7,800 7,952 8,625 8,789 9,345 9,778 9,073 8,356 8,324 8,350
Employees
1 1 1 1 1 1 1 1 1 1
Revenue/Emp
6,399 6,583 6,873 6,624 6,418 7,329 8,596 7,462 7,515 8,539
Revenue
56.20% 56.80% 55.51% 57.23% 60.92% 58.11% 51.55% 60.96% 64.50% 61.75%
Gross Margin
826 886 774 764 809 823 902 954 1,123 1,248
EBT
12.91% 13.46% 11.26% 11.53% 12.61% 11.23% 10.49% 12.78% 14.94% 14.62%
EBT Margin
553 462 659 682 752 1,330 813 808 947 1,002
Net Income
811 881 933 989 1,043 1,114 1,126 1,180 1,240 1,306
Depreciation
23.03 23.51 24.36 23.41 22.52 25.36 29.69 25.63 25.25 28.43
Revenue/Sh
1.99 1.64 2.33 2.40 2.65 4.66 2.85 3.01 3.33 3.53
Earnings/Sh
5.86 6.09 6.03 6.33 4.48 6.29 2.95 7.93 7.96 7.44
Cash Flow/Sh
(6.02) (5.95) (7.35) (7.41) (8.11) (7.18) (8.20) (8.27) (10.14) (12.73)
Capex/Sh
(0.15) 0.14 (1.31) (1.08) (3.63) (0.89) (5.25) (0.34) (2.18) (5.29)
Free CF/Sh
15.44 15.99 16.98 17.86 21.32 24.87 26.23 27.90 29.40 32.33
Book Value/Sh
278 280 282 283 285 289 290 291 298 300
Shares
20.87 28.63 21.31 26.18 23.02 13.96 22.36 19.67 20.08 19.81
PE Ratio
1.80 2.00 2.04 2.68 2.71 2.57 2.15 2.31 2.64 2.46
PS Ratio
2.69 2.94 2.92 3.52 2.86 2.70 2.50 2.18 2.33 2.21
PB Ratio
3.27 3.53 3.71 4.65 4.63 4.20 3.79 4.36 4.81 4.60
EV/Sales
(486.59) 581.60 (68.78) (100.27) (28.72) (119.83) (21.43) (332.08) (55.80) (24.73)
EV/FCF
1,629 1,705 1,703 1,790 1,276 1,819 855 2,309 2,370 2,235
Op' Cash Flow
(1,672) (1,665) (2,074) (2,097) (2,311) (2,076) (2,374) (2,407) (3,018) (3,824)
Capex
(43) 40 (371) (307) (1,035) (257) (1,519) (98) (648) (1,589)
FCF
(375) (309) (156) (373) (670) 423 448 (56) (731) (76)
Working Cap'
9,636 10,317 11,680 13,157 12,391 12,474 14,289 15,550 16,501 18,898
Total Debt
9,382 10,118 11,506 13,000 12,342 11,998 14,107 15,302 16,323 18,283
Net Debt
4,290 4,478 4,792 5,055 6,077 7,188 7,595 8,125 8,748 9,711
Sh' Equity
2.63% 2.06% 2.76% 2.65% 2.67% 4.61% 2.75% 2.70% 2.86% 2.80%
ROA
5.74% 5.73% 4.46% 3.86% 4.17% 3.73% 3.53% 3.29% 3.71% 3.86%
ROIC
13.33% 10.49% 14.17% 13.81% 13.56% 20.67% 11.54% 11.49% 12.09% 11.78%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

CMS Energy Corporation (CMS) key facts

  • CMS Energy Corporation (CMS) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
  • CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024.
  • Net income was $1.0 billion, or $3.53 per share (basic), a net margin of 12.4%.
  • As of September 25, 2026, CMS traded at $63.07, a market capitalization of $21.8 billion.
  • At that price the stock trades at 18.8× trailing-twelve-month earnings and 2.2× sales.
  • CMS Energy Corporation pays an annual dividend of $1.95 per share, a yield of 3.68%, with a payout ratio of 75.8%.
  • Return on equity was 11.8% and debt-to-equity 1.86.

Source: company filings (standardised) and stockrow calculations.

CMS Energy Corporation (CMS) Latest News

News by impact score

Fine-tune

22 Sep

4

Consumers Energy reports its customer-centered storm response delivered faster restorations in 2026. Investments in tree trimming, stronger poles and equipment, grid technology, weather forecasting, and crew positioning helped shorten outages. In March 2026, 80% of 340,000 affected customers were restored within 24 hours - 16% better than March 2025 and 26% better than February 2023. In June 2026, 91% of 238,000 affected by tornadoes and winds were restored within 24 hours, a 35% improvement over May 2025 and August 2023 storms. During July heat events, 71% were restored in 24 hours and 87% in 48 hours, with September 3-4 yielding 90% in 8 hours and 97% in 12 hours. The company, serving 6.8 million of Michigan's 10 million residents, cites a continuing Reliability Roadmap. Faster restoration metrics and ongoing reliability investments signal meaningful improvements likely to influence future performance.

3 Sep

3

Consumers Energy launches a plan to deliver reliable and affordable energy across Michigan for future generations. Plan targets long-term energy reliability and affordability that may stabilize operations without immediate major market shifts.

30 Jul

4

CMS Energy Corporation is exiting renewables and pivoting to regulated operations, potentially shifting its investment narrative. CMS Energy's exit from renewables and pivot to regulated operations marks a major strategic shift that could significantly alter its trajectory and investor sentiment.

29 Jul

4

CMS Energy exits renewable development operations. The strategic shift raises questions about whether the stock remains undervalued. Exit from renewable development marks a major strategic pivot likely to reshape CMS Energy's business focus and investor sentiment.

4

CMS Energy plans to sell renewable assets to focus on regulated utilities. Strategic divestiture of renewables to prioritize regulated utilities represents a major shift likely to reshape CMS Energy's operational focus and investor outlook.

3 transcript

CMS Energy Corporation held its Q2 2026 earnings call covering financial results, operations and outlook. Quarterly earnings updates provide financial details that moderately influence stock sentiment and near-term valuation.

28 Jul

4

CMS Energy Corp outlined strategic shifts and robust growth plans during its Q2 2026 earnings call. Strategic shifts and growth plans represent major moves likely to significantly alter CMS Energy trajectory.

3

CMS Energy Q2 earnings call highlighted financial results, operational updates and forward guidance for the utility company. Quarterly earnings details supply performance metrics that can shift near-term investor sentiment without altering long-term strategy.

3

CMS Energy reported second quarter results, announced a strategic decision on NorthStar Clean Energy Services, and introduced 2027 guidance. Quarterly results plus one strategic decision and 2027 guidance create moderate influence on operations and market view.

10 Jul

3

CMS Energy faces storm damage and rate regulatory questions, with analysis questioning whether its 6% undervaluation sufficiently accounts for these risks to future performance. Storm and rate uncertainties may pressure CMS Energy financial results and valuation sentiment but are unlikely to fundamentally shift long-term trajectory.

8 Jun

4

CMS Energy Corporation is advancing grid upgrades and renewable energy expansion to drive growth. Grid upgrades and renewable expansion represent major strategic moves that can significantly alter CMS Energy's trajectory and investor sentiment.

7 Jun

3

CMS Energy appoints new CFO team and executes leadership shuffle, altering the company's investment narrative and strategic outlook. Leadership and CFO changes at CMS Energy may shift internal strategy and investor sentiment without fundamentally transforming operations or market position.

4 Jun

3

Jefferies downgraded CMS Energy to hold and cut its price target after the surprise CFO exit, citing ongoing operational woes. CFO departure and resulting analyst downgrade may pressure short-term investor sentiment without changing core operations.

27 May

3

Consumers Energy prepares 2027 Reliability Action Plan targeting fewer and shorter power outages. Reliability plan signals operational upgrades likely to moderately improve performance and sentiment.

19 May

3

CAMS selected to deliver integrated services for Aviator Wind, one of the largest single-site wind projects in the United States. Services contract for major wind project boosts CMS renewables revenue and positioning.

9 May

4

CMS Energy Corporation achieved strong Q1 execution, positioning the company for full-year growth. Strong Q1 results signal major positive shift in financial performance and investor outlook for CMS Energy.

5 May

3

American Electric's Q1 earnings beat estimates, with revenues increasing year-over-year. Q1 earnings beat and Y/Y revenue growth positively affect financial performance and investor sentiment without fundamentally altering long-term trajectory.

29 Apr

3

CMS Energy Corp (CMS) reported strong EPS in Q1 2026 earnings call, overcoming storm-related challenges. Strong EPS despite storms positively influences financial performance with moderate long-term effects.

28 Apr

4

CMS Energy Corporation released Q1 2026 earnings call summary detailing financial results, operational performance, and forward-looking guidance. Quarterly earnings summaries provide critical financial metrics and strategic guidance that significantly influence CMS Energy's market performance and investor sentiment.

4 transcript

CMS Energy Corporation released the full transcript of its Q1 2026 earnings conference call. Q1 earnings results, operational updates, and future guidance significantly shape CMS Energy's market performance and investor sentiment.

4

CMS Energy's growth story centers on surging data center power demands and Michigan regulatory changes enabling faster grid expansions and cost recovery. Data center boom and supportive Michigan regulations position CMS Energy for major revenue growth and strategic advantages in utility operations.

4

CMS Energy Corporation's Q1 earnings beat analyst estimates, with revenues increasing year-over-year. Q1 earnings surpassing estimates and revenue growth year-over-year boost financial performance and investor sentiment significantly.

4

CMS Energy Corporation beat first-quarter earnings and revenue estimates, driven by solid performance at its electric and gas utilities. Surpassing Q1 earnings and revenue estimates enhances financial outlook and investor sentiment, potentially driving significant stock gains.

3

CMS Energy Corporation released Q1 earnings call highlights covering financial results, operational performance, customer growth, regulatory updates, and reaffirmed full-year guidance. Q1 earnings highlights reveal quarterly financials and guidance with moderate influence on investor sentiment and stock trajectory.

3

CMS Energy Corporation announced first-quarter 2026 results and reaffirmed its full-year 2026 adjusted EPS guidance. Q1 results announcement with reaffirmed EPS guidance signals stable financial performance but lacks major strategic shifts.

21 Apr

3

CMS Energy (CMS) reports earnings next week, with Wall Street expecting growth. Upcoming earnings report with expected growth may moderately affect financial performance and investor sentiment.

3

Consumers Energy deploys new weather stations to restore power faster after storms, enhance safety, and reduce associated costs. Weather stations improve storm response efficiency, safety, and cost savings for Consumers Energy, a key CMS subsidiary.

8 Apr

4

Consumers Energy argues to Michigan state commission that selling its 13 hydroelectric dams is the best option for the state. Sale of 13 hydroelectric dams constitutes a major strategic divestiture impacting CMS's asset base and future operations.

1 Apr

3

CMS Energy Corporation's quarterly earnings preview outlines key expectations, analyst forecasts, potential challenges, and factors influencing upcoming results. Quarterly earnings previews offer insights into expected financial performance that moderately influence investor sentiment and stock price ahead of actual results.

27 Mar

4

Consumers Energy unveils Reliability Action Plan, investing substantial funds to strengthen Michigan's electric grid and enhance reliability amid growing energy demands. Grid reliability investments represent a major strategic initiative boosting CMS's operational resilience and investor confidence.

stockrow.com/CMS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com