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CMS Energy (CMS) stock

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NYSE: CMS NYSE Multi-Utilities Next results ~February 4, 2027

C Fundamentals grade

CMS Energy is an energy holding company based in Michigan. Its main subsidiary, Consumers, is an electric and gas utility that generates, buys, transmits, stores and distributes electricity and natural gas. A second subsidiary, NorthStar Clean Energy, develops and operates independent power projects, including renewable generation, and markets power produced domestically.

Consumers' customers are mainly residential, commercial and industrial users in Michigan, who pay regulated rates for electricity and gas delivered to their homes and businesses. NorthStar Clean Energy earns money through its power generation and marketing activities and equity investments in generation projects.

The group is organised into three reporting segments: electric utility, gas utility, and NorthStar Clean Energy's non-utility operations. Consumers itself reports two segments, electric and gas utility. Operations are concentrated in Michigan, where Consumers is regulated by the Michigan Public Service Commission. The company has retired coal-fuelled generating units and purchased the Covert Generating Station, a 1,200 MW facility, as part of its shift away from coal-fired power.

Based on CMS Energy's 10-K filed February 10, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 61% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 61% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

CMS Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter CMS Energy files

10-Q filed October 27: CMS Energy

Revenue for the twelve months to September 2026 reached $8.97bn, an increase of 8.2% on a year earlier. That pace cooled from the 9.9% growth recorded a quarter earlier. Free-cash-flow margin held steady at 10.2%. Operating margin tells a weaker story, narrowing to 13.8% from 20.7%. Adding to the pressure on existing holders, the diluted share count rose 3.3% over the year, diluting their stake. Against this backdrop, the fundamentals grade moves from C to D.

Our model value for CMS Energy is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where CMS Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.81bn, up 9.9% on a year earlier, slower than 13.3% a quarter earlier. Free-cash-flow margin fell to 24.4% from 26.5% a year earlier. The diluted share count is up 2.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 6 financial-health checks. At that price, our model says the market is pricing in about 1.9% a year of cash-flow growth for five years, close to the 3.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

CMS Energy's trailing-twelve-month revenue grew 8.2% year on year, with a free-cash-flow margin of 10.2%. Where it stands out: free-cash-flow margin of 10.2% ranks 3 of 17 multi-utilities companies we cover. Where it lags: operating margin of 13.8% ranks 15 of 16 multi-utilities companies we cover.

Our discounted-cash-flow model values the business at ~$50 per share in the base case (~$21–$87 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.3% while net income fell 16.7%: a 22pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 6.9 points on a year ago.
  • Share dilution. Diluted shares rose 3.3% in a year.
  • High debt. Long-term debt exceeds cash by $18.3bn, more than 1.5 times annual revenue.
  • Below peers: operating margin. Operating margin of 13.8% ranks 15 of 16 multi-utilities companies we cover (median 20.5%).
  • Below peers: net margin. Net margin of 9.7% ranks 15 of 17 multi-utilities companies we cover (median 11.8%).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$1.44 against an average estimate of $1.35: beat by 6.6%
Revenue
$2.18bn, up 8.0% on a year earlier
Share reaction
-2.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted earnings per share $3.83 to $3.9 (2026); adjusted earnings per share $4.08 to $4.17 (2027)
Next report
October 27, 2026; average EPS estimate $1.02

CMS Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.9%
  • 1 week+1.7%
  • 1 month+11.0%
  • This year+3.6%
  • 1 year-0.8%
  • 5 years+37.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9B
Operating margin
13.8%
Net margin
9.7%
EPS (TTM, diluted)
$2.82

Growth

Revenue growth
+8.2%
Change in growth rate
−1.7 pts
Share count change
+3.3%

Cash

Free cash flow (TTM)
$916M
FCF margin
10.2%

Earnings

Last results
October 27, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Dividend
  5. Results
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Product
  12. Dividend
  13. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CMS Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 61% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value CMS Energy as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$57 ~$48–$72 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$65 ~$64–$80 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$62 ~$50–$83 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$52 ~$35–$80 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CMS Energy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.20$31.14$36.44$39.45$51.30$51.14$56.10$56.20$53.27$63.18$68.32$70.76
Market value$7.2bn$8.7bn$10.2bn$11.2bn$14.6bn$14.6bn$16.2bn$16.3bn$15.5bn$18.8bn$20.6bn$21.9bn
+ Net debt (− = net cash)$9.1bn$9.7bn$10.2bn$11.5bn$13.0bn$12.4bn$12.1bn$14.2bn$15.4bn$16.4bn$18.4bn$19.6bn
Enterprise value$16.3bn$18.4bn$20.4bn$22.7bn$27.6bn$27.1bn$28.4bn$30.5bn$31.0bn$35.3bn$39.0bn$41.5bn
Multiples
Price / sales 1.1x1.4x1.6x1.6x2.2x2.3x2.2x1.9x2.1x2.5x2.4x2.4x
Price / earnings 13.8x15.8x22.2x17.0x21.4x19.4x12.0x19.5x17.5x18.8x19.2x25.1x
Price / free cash flow 95.3x—n/m—————6.7x8.0x9.2x9.6x
EV / EBITDA 8.5x8.9x9.2x10.8x13.1x11.9x12.5x13.0x12.8x12.9x12.9x16.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

38 /100

Weak moat

How hard CMS Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.4% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.4%; its worst year was 13.8%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median -0.2% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 7.1% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.87 +7% $8.9bn +4%
Next $4.15 +7% $9.4bn +6%

Next year's EPS estimate has moved −0.3% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 1 analyst raised CMS Energy's forecast and 0 cut it.

Consensus EPS forecast CMS Energy, last 90 days
$3.80 $3.90 $4.00 $4.10 $4.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.87 Current fiscal year, 60 days ago: $3.87 Current fiscal year, 30 days ago: $3.87 Current fiscal year, 7 days ago: $3.87 Current fiscal year, Now: $3.87 $3.87 Next fiscal year, 90 days ago: $4.16 Next fiscal year, 60 days ago: $4.16 Next fiscal year, 30 days ago: $4.16 Next fiscal year, 7 days ago: $4.16 Next fiscal year, Now: $4.15 $4.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.87$4.16
60 days ago $3.87$4.16
30 days ago $3.87$4.16
7 days ago $3.87$4.16
Now $3.87$4.15

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.35 $1.44 +6.6%
Jun 2026 $0.36 $0.37 +3.1%
Mar 2026 $1.10 $1.13 +2.7%
Dec 2025 $0.94 $0.95 +1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • adjusted earnings per share 2026 $3.83 to $3.90 Non-GAAP Maintained
    “CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share*, (*See below for important information about non-GAAP measures) 2027 adjusted earnings guidance of $4.08 to $4.17, and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.” source
  • adjusted earnings per share 2027 $4.08 to $4.17 Non-GAAP Maintained
    “CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share*, (*See below for important information about non-GAAP measures) 2027 adjusted earnings guidance of $4.08 to $4.17, and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

16 analysts, Oct 2026
Buy744%
Hold956%
Sell00%

Monthly trend

  1. Oct 202634916
  2. Sep 202634815
  3. Aug 202634815
  4. Jul 202634816

Counts of recommendations published by analysts covering CMS Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.02
at average volume
Short interest, 1 month
−99%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
8,350
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −0.8%

$71.32 on October 31, 2025 to $70.76

ThenNowEffect
Revenue (last 12 months) $8.0bn $8.8bn +9.9%
Net margin 12.8% 11.6% −8.8%
P/E multiple 20.8x 21.1x +1.2%
Share count 299m 306m −2.3%

Biggest factor: revenue.

Last 3 years +38.4%

$51.14 on November 3, 2023 to $70.76

ThenNowEffect
Revenue (last 12 months) $8.1bn $8.8bn +8.3%
Net margin 9.1% 11.6% +28.4%
P/E multiple 20.1x 21.1x +4.8%
Share count 291m 306m −5.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CMS+10%+0%−5%+19%+8%+4%
Industry peers (median)+10%+3%−2%+14%+14%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CMS50%50%58%67%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CMS−11%−27%−21%−8%−9%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 30% from February 18, 2020 to March 23, 2020. Getting back needed a 42% gain, reached on March 3, 2022, 710 days after the low.

Price behaviour

52-week range
$62.60 – $78.69
From 52-week high
−10.1%
vs 50-day average
+5.9%
vs 200-day average
−1.6%
Volatility (1 year)
18%
Beta vs S&P 500
-0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±1.7%
After a week
6 up, 5 down
typical move ±2.9%
After a month
6 up, 5 down
typical move ±4.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −2.0% +0.9% — —
July 28, 2026 +0.1% −1.3% −3.4% −6.0%
April 28, 2026 −1.7% −0.5% −1.5% −3.0%
February 5, 2026 +1.7% +0.6% +4.4% +8.7%
October 30, 2025 +1.7% −0.8% +0.1% +2.0%
July 31, 2025 +2.6% −2.0% +3.3% −0.1%
April 24, 2025 −1.8% +2.8% −0.7% −4.5%
February 6, 2025 +2.4% −0.6% +4.0% +11.1%
October 31, 2024 −2.6% −1.5% −5.3% −1.7%
July 25, 2024 +0.8% +0.6% +6.2% +8.3%
April 25, 2024 −1.6% +0.6% +1.6% +2.7%
February 1, 2024 +1.1% +2.4% −1.6% +4.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

CMS Energy in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CMS Energy
$7B $7.5B $8B $8.5B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $7.5B Revenue (TTM), FY24 Q1: $7.4B Revenue (TTM), FY24 Q2: $7.4B Revenue (TTM), FY24 Q3: $7.5B Revenue (TTM), FY24 Q4: $7.5B Revenue (TTM), FY25 Q1: $7.8B Revenue (TTM), FY25 Q2: $8B Revenue (TTM), FY25 Q3: $8.3B Revenue (TTM), FY25 Q4: $8.5B Revenue (TTM), FY26 Q1: $8.8B Revenue (TTM), FY26 Q2: $8.8B Revenue (TTM), FY26 Q3: $9B $9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $7.5B
FY24 Q1 $7.4B
FY24 Q2 $7.4B
FY24 Q3 $7.5B
FY24 Q4 $7.5B
FY25 Q1 $7.8B
FY25 Q2 $8B
FY25 Q3 $8.3B
FY25 Q4 $8.5B
FY26 Q1 $8.8B
FY26 Q2 $8.8B
FY26 Q3 $9B
Revenue growth, TTM YoY CMS Energy
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -13.2% Revenue growth, TTM YoY, FY24 Q1: -13.5% Revenue growth, TTM YoY, FY24 Q2: -9.0% Revenue growth, TTM YoY, FY24 Q3: -4.0% Revenue growth, TTM YoY, FY24 Q4: 0.7% Revenue growth, TTM YoY, FY25 Q1: 5.9% Revenue growth, TTM YoY, FY25 Q2: 8.3% Revenue growth, TTM YoY, FY25 Q3: 11.0% Revenue growth, TTM YoY, FY25 Q4: 13.6% Revenue growth, TTM YoY, FY26 Q1: 13.3% Revenue growth, TTM YoY, FY26 Q2: 9.9% Revenue growth, TTM YoY, FY26 Q3: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -13.2%
FY24 Q1 -13.5%
FY24 Q2 -9.0%
FY24 Q3 -4.0%
FY24 Q4 0.7%
FY25 Q1 5.9%
FY25 Q2 8.3%
FY25 Q3 11.0%
FY25 Q4 13.6%
FY26 Q1 13.3%
FY26 Q2 9.9%
FY26 Q3 8.2%
Operating margin (TTM) CMS Energy
12% 14% 16% 18% 20% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.6% Operating margin (TTM), FY24 Q1: 18.1% Operating margin (TTM), FY24 Q2: 18.5% Operating margin (TTM), FY24 Q3: 19.6% Operating margin (TTM), FY24 Q4: 19.8% Operating margin (TTM), FY25 Q1: 20.2% Operating margin (TTM), FY25 Q2: 20.0% Operating margin (TTM), FY25 Q3: 20.7% Operating margin (TTM), FY25 Q4: 20.2% Operating margin (TTM), FY26 Q1: 19.5% Operating margin (TTM), FY26 Q2: 18.9% Operating margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.6%
FY24 Q1 18.1%
FY24 Q2 18.5%
FY24 Q3 19.6%
FY24 Q4 19.8%
FY25 Q1 20.2%
FY25 Q2 20.0%
FY25 Q3 20.7%
FY25 Q4 20.2%
FY26 Q1 19.5%
FY26 Q2 18.9%
FY26 Q3 13.8%
FCF margin (TTM) CMS Energy
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 15.1% FCF margin (TTM), FY24 Q1: 14.0% FCF margin (TTM), FY24 Q2: 14.2% FCF margin (TTM), FY24 Q3: 15.4% FCF margin (TTM), FY24 Q4: 15.0% FCF margin (TTM), FY25 Q1: 14.8% FCF margin (TTM), FY25 Q2: 10.6% FCF margin (TTM), FY25 Q3: 10.5% FCF margin (TTM), FY25 Q4: 10.9% FCF margin (TTM), FY26 Q1: 6.9% FCF margin (TTM), FY26 Q2: 9.1% FCF margin (TTM), FY26 Q3: 10.2% 10.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 15.1%
FY24 Q1 14.0%
FY24 Q2 14.2%
FY24 Q3 15.4%
FY24 Q4 15.0%
FY25 Q1 14.8%
FY25 Q2 10.6%
FY25 Q3 10.5%
FY25 Q4 10.9%
FY26 Q1 6.9%
FY26 Q2 9.1%
FY26 Q3 10.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar CMS Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.5B
  2. Other operating costs $6.8B · 79.8%
  3. Operating income $1.7B · 20.2%
  4. Income tax $246M · 2.9%
  5. Interest and other $410M · 4.8%
  6. Net income $1.1B · 12.5%

Shares of revenue. Source: CMS Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 6.2 6.4 6.5 6.3 6.6 7.2 6.5 6.4 6.6 6.9 6.6 6.4 7.3 8.6 7.5 7.5 8.5 9.0
EBITDA 1.3 1.6 1.5 1.6 1.8 1.8 1.9 2.1 2.2 2.1 2.1 2.3 2.3 2.4 2.4 2.7 3.0 2.6
Operating income 0.7 1.0 1.0 1.0 1.1 1.2 1.2 1.3 1.3 1.2 1.1 1.2 1.1 1.2 1.2 1.5 1.7 1.2
Net income 0.2 0.3 0.4 0.4 0.5 0.5 0.5 0.6 0.5 0.7 0.7 0.8 1.4 0.8 0.9 1.0 1.1 0.9
Diluted EPS $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 $1.64 $2.32 $2.39 $2.64 $4.66 $2.85 $3.01 $3.33 $3.53 $2.82
Growth (year on year)
Revenue −8.8% +3.7% +1.1% −3.8% +5.0% +9.3% −10.1% −0.9% +2.9% +4.4% −3.6% −3.1% +14.2% +17.3% −13.2% +0.7% +13.6% +8.2%
EBITDA −8.3% +22.6% −0.3% +3.4% +10.6% +3.8% +5.0% +7.2% +7.4% −5.6% +0.4% +8.0% −0.6% +4.0% +2.8% +12.9% +11.2% −13.7%
Operating income −12.1% +40.1% +2.6% 0.0% +13.9% +0.9% +2.3% +6.6% +6.5% −13.2% −4.0% +10.3% −6.8% +6.8% +0.9% +20.4% +16.1% −28.0%
Net income −22.4% +48.5% +22.1% −8.0% +18.3% +5.5% +9.6% +5.4% −16.5% +42.8% +3.5% +11.0% +79.2% −38.1% +6.0% +13.1% +6.8% −16.7%
Diluted EPS −24.2% +40.7% +23.4% −10.1% +16.9% +4.8% +8.6% +4.8% −17.2% +41.5% +3.0% +10.5% +76.5% −38.8% +5.6% +10.6% +6.0% −19.4%
Margins
EBITDA margin 20.4% 24.2% 23.8% 25.6% 27.0% 25.6% 29.9% 32.3% 33.7% 30.5% 31.8% 35.4% 30.8% 27.3% 32.4% 36.3% 35.5% 28.9%
Operating margin 11.2% 15.2% 15.4% 16.0% 17.4% 16.0% 18.2% 19.6% 20.3% 16.9% 16.8% 19.2% 15.6% 14.2% 16.6% 19.8% 20.2% 13.8%
Net margin 3.7% 5.3% 6.4% 6.1% 6.9% 6.6% 8.1% 8.6% 7.0% 9.6% 10.3% 11.8% 18.5% 9.7% 11.9% 13.3% 12.5% 9.7%
Free-cash-flow margin 0.5% 2.1% 4.4% 0.2% 1.5% −1.3% 1.2% −0.7% 0.6% −5.4% −4.6% −16.1% −3.5% −17.7% 30.9% 31.5% 26.2% 25.4%
Cash flow
Cash from operations 0.8 1.0 1.2 1.2 1.4 1.5 1.6 1.6 1.7 1.7 1.8 1.3 1.8 0.9 2.3 2.4 2.2 2.3
Capital spending 0.8 0.8 0.9 1.2 1.3 1.6 1.6 1.7 1.7 2.1 2.1 2.3 2.1 2.4 0.0 0.0 0.0 0.0
Free cash flow 0.0 0.1 0.3 0.0 0.1 −0.1 0.1 −0.0 0.0 −0.4 −0.3 −1.0 −0.3 −1.5 2.3 2.4 2.2 2.3
Balance sheet
Cash 0.1 0.2 0.2 0.1 0.2 0.2 0.3 0.2 0.2 0.2 0.1 0.0 0.5 0.2 0.2 0.1 0.5 0.5
Total debt 6.6 7.2 7.1 7.3 7.8 8.6 9.3 9.9 10.4 11.7 13.2 12.5 12.6 14.4 15.6 16.5 18.9 20.0
Net debt (negative = net cash) 6.5 7.0 6.9 7.2 7.6 8.4 9.1 9.7 10.2 11.5 13.0 12.4 12.1 14.2 15.4 16.4 18.4 19.6
Diluted shares 238m 253m 263m 269m 272m 275m 277m 279m 281m 283m 284m 286m 290m 290m 292m 298m 301m 309m
Returned to shareholders
Dividends 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.5 — — — —
Total returned 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.5 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · September 30, 2026
What it owns · $41.7bn
Short-term assets $3.2bnLonger-term assets $38.5bn
What it owes, and who funded it · $13.1bn
Short-term liabilities $3.4bnShareholders' equity $9.7bn
  • Short-term assets cover short-term liabilities $3.2bn of assets due within a year against $3.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $451m of cash against $20.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 206% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 176% to 206% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.3bn of operating cash flow against $20.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $828m of interest.

From CMS Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.3%
year over year

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated CMS AEE CNP NI SRE PNW Median
Revenue, last 12 months $9.0bn $8.7bn $9.8bn $6.8bn $13.6bn $5.6bn $9.0bn
Revenue growth, last 12 months 8.2% 3.8% 7.8% 12.3% 1.6% 5.7% 7.8%
Revenue growth, 3-year average 4.8% 2.3% 2.1% 6.2% −7.2% 6.9% 2.3%
Revenue growth, latest quarter 8.0% −5.8% 10.2% 4.7% −0.1% 7.1% 6.6%
Gross margin — — 100.0% 100.0% — 70.5% 100.0%
Operating margin 13.8% 24.9% 24.4% 28.0% — 20.5% 20.4%
Operating margin, 3-year average 18.0% 22.2% 22.8% 28.0% — 19.8% 20.4%
Net margin 9.7% 17.9% 11.8% 13.8% 16.8% 11.5% 11.8%
Cash from operations / revenue 25.4% 37.2% 28.8% 35.0% 40.0% 31.9% 28.8%
Free-cash-flow margin 10.2% −16.0% −28.8% −23.0% −38.7% −15.8% −13.3%
Free-cash-flow margin, 3-year average 12.0% −16.9% −25.8% −16.8% −31.1% −14.9% −7.6%
Stock pay / revenue — 0.3% — 0.7% 0.7% 0.5% 0.5%
Change in share count 3.3% 2.2% 1.3% 1.8% 1.3% 3.9% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 8.2% 7.8% 8 of 17
Change in growth rate Growth -1.7pp -0.2pp 14 of 17
Operating margin Profitability 13.8% 20.5% 15 of 16
Net margin Profitability 9.7% 11.8% 15 of 17
Free-cash-flow margin Cash generation 10.2% -13.3% 3 of 17
Long-term debt as % of assets Balance sheet 45.0% 39.5% 14 of 16
Change in share count Balance sheet 3.3% 2.2% 12 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Electric Utility $5.6B ▲ 11.7%
Gas Utility $2.5B ▲ 16.7%
North Star Clean Energy $259M ▲ 22.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From CMS Energy's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$24.2B
Institutions reporting
816
Shares held vs prior quarter
▲ 6.2%
Positions opened / closed
93 / 81

Top buyers and sellers, Q2 2026: 428 institutions bought and 321 sold ; the biggest buyer was Wellington Management Group LLP (+5.5M shares) and the biggest seller Price T Rowe Associates Inc (−908K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.5B 33.1M 10.4% ▼ 1.5%
Vanguard Capital Management LLC $1.5B 20.2M 6.4% ▲ 1.5%
Vanguard Portfolio Management LLC $1.5B 19.1M 6.0% ▲ 1.4%
State Street Corp $1.4B 17.7M 5.6% ▼ 2.2%
Jpmorgan Chase & Co $1.3B 16.4M 5.3% ▲ 3.6%
Wellington Management Group LLP $930M 12.2M 3.8% ▲ 82.7%
Geode Capital Management, LLC $666M 8.7M 2.8% ▲ 2.5%
Deutsche Bank Ag\ $618M 8.1M 2.6% ▲ 4.3%
DZ Bank AG Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main $603M 7.9M 2.5% ▼ 3.1%
Invesco Ltd. $583M 7.6M 2.4% ▼ 0.4%
Massachusetts Financial Services Co $576M 7.2M 2.4% ▼ 5.1%
Victory Capital Management Inc $505M 6.6M 2.1% ▼ 3.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CMS Energy's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $167,889 2 trades by 2 insiders, last 12 months Insider sales History → $2.1M 6 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.9M net selling
Insider Date Trade Shares Price Value
Maddipati Srikanth EVP/CFO July 31, 2026 Buy 200 $72.45 $14,491
Hofmeister Brandon J. Senior Vice President May 26, 2026 Sell 3,000 $74.31 $222,930
Mcintosh Scott B VP, Controller, CAO March 2, 2026 Sell 1,750 $78.20 $136,859
Hofmeister Brandon J. Senior Vice President February 27, 2026 Sell 4,000 $78.23 $312,940
Leopold Diane Director February 25, 2026 Buy 2,000 $76.70 $153,398
Russell John G Director February 20, 2026 Sell 14,914 $75.75 $1.1M
Hofmeister Brandon J. Senior Vice President November 3, 2025 Sell 223 $72.48 $16,163
Hofmeister Brandon J. Senior Vice President November 3, 2025 Sell 3,777 $72.47 $273,719

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 4 sales of CMS Energy shares.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 9, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded December 8, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on CMS Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CMS Energy in brief

What does CMS Energy do?
CMS Energy is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is CMS Energy's stock ticker?
CMS Energy trades under the ticker CMS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CMS Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CMS Energy reported revenue of $9B, 8.2% higher than a year earlier, according to its SEC filings.
What is CMS Energy's free cash flow?
CMS Energy's free-cash-flow margin is 10.2% of revenue over the trailing twelve months, ranking 3 of the 17 multi-utilities companies we cover.
Who are CMS Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is CMS Energy's market cap?
On November 2, 2026, CMS Energy's market capitalisation was about $21.9B, with a price-to-earnings ratio of 25.1 and net debt of $19.6B. Market figures come from third-party market data and may be delayed.
How much debt does CMS Energy have?
CMS Energy's debt-to-equity ratio is 206.1%, from its latest balance sheet (175.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are CMS Energy's competitors?
In our Multi-Utilities peer group, the companies closest to CMS Energy are Ameren, CenterPoint Energy, NiSource, Sempra and Pinnacle West Capital. The side-by-side comparison below sets their revenue, margins and growth against CMS Energy's.
Are insiders buying or selling CMS Energy stock?
Over the last 12 months, CMS Energy's directors and officers reported 2 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is CMS Energy's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CMS Energy announces its own schedule.