A Business at a Glance
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CMS ENERGY CORP
CMS
$22.5B
Mkt Cap
$74.70
+0.74%
CMS ENERGY CORP (CMS) has a current P/E ratio of 21.2, compared to its historical median P/E of 19.2. The stock is currently considered Fair based on its historical valuation range.
CMS ENERGY CORP (CMS) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
CMS ENERGY CORP (CMS) has a market capitalization of $23.1B. It is classified as a large-cap stock.
Yes, CMS ENERGY CORP (CMS) pays a dividend with a trailing twelve-month yield of 4.05%.
Based on historical P/E analysis, CMS ENERGY CORP (CMS) appears fair. The current P/E of 21.2 is 10% above its historical median of 19.2. The estimated fair value CAGR (P/E method) is 4.4%.
CMS ENERGY CORP (CMS) operates in the Electric & Other Services Combined industry, within the Utilities sector.
CMS ENERGY CORP (CMS) reported annual revenue of $8.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
CMS Energy is a Michigan-based energy holding company operating primarily through two main segments: Consumers, an electric and gas utility serving 6.8 million Michigan residents through 1.9 million electric and 1.8 million gas customers, and NorthStar Clean Energy, a domestic independent power producer and marketer engaged in renewable generation development and power marketing. Consumers' electric utility operations generated $5.6 billion in revenue in 2025 from a diversified customer base of residential, commercial, and industrial users, while its gas utility operations serve the same geographic footprint across Michigan's Lower Peninsula. The company's business model is regulated utility-based, with rates and operations subject to Michigan Public Service Commission and FERC jurisdiction, generating predictable cash flows through cost-of-service regulation and long-term power purchase agreements. Consumers owns and operates an integrated generation and distribution system comprising over 82,000 miles of electric distribution lines, 1,102 substations, and gas transmission and storage infrastructure, with generation sourced from a diversified portfolio including natural gas combined-cycle plants, renewable resources (wind, solar), hydroelectric facilities, and purchased power from long-term contracts and wholesale markets. The company's competitive moat derives from its regulated utility status, essential infrastructure assets, geographic monopoly in Michigan's Lower Peninsula, and long-term contractual relationships, while NorthStar provides growth through independent power production and renewable energy development with exposure to data center and industrial load opportunities.
【Infrastructure investment and load growth】 Management expects to execute a substantial five-year capital plan of approximately $24 billion focused on electric and gas system reliability, renewable energy deployment, and battery storage to support anticipated 2–3% annual weather-normalized load growth driven by large industrial and data center customers. The company anticipates constructive regulatory outcomes including improved electric utility returns and full gas decoupling, with management expecting an electric ROE of 9.9% or better, while continuing to self-fund a significant portion of rate-based growth through operational efficiency initiatives such as the CE Way cost reduction program and episodic productivity gains. NorthStar Clean Energy is expected to contribute incremental earnings from favorable capacity and energy pricing at Dearborn Industrial Generation, with select large multi-year economic development projects beginning to ramp in 2026 and material load increases anticipated in the 2028 timeframe. The company remains committed to maintaining solid investment-grade credit ratings while managing a disciplined financing plan, including approximately $700 million in annual equity issuances over the five-year period, and continues to target dividend growth with a payout ratio of approximately 55% over time.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $3.83–$3.90 | FY2026 |
| Adjusted EPS growth rate | 6%–8% | Long-term (multi-year) |
| Weather-normalized load growth | 2%–3% | FY2026 and outer years |
| Equity issuances | ~$700 million | FY2026 |
| Five-year capital plan | ~$24 billion | Five-year plan (2026–2030) |
| Electric ROE | 9.9% or better | Pending electric rate case outcome |
Adjusted EPS (FY2026): “For 2026, we are raising our annual guidance by $0.03, to $3.83-$3.90, which represents 6%-8% growth off of 2025 actual results”
Adjusted EPS growth rate (Long-term (multi-year)): “we continue to guide toward the high end of our adjusted EPS growth range of 6%-8%”
Weather-normalized load growth (FY2026 and outer years): “yielding approximately 3% weather-normalized load growth for the year, with run rate assumptions of 2%-3% in the outer years of our plan”
Equity issuances (FY2026): “we intend to continue our at-the-market, or ATM, equity issuance program in the amount of approximately $700 million in 2026”
Five-year capital plan (Five-year plan (2026–2030)): “given a substantial increase in our five-year customer investment plan”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.8B | 8.5B | 7.5B | 7.5B | 8.6B | 7.3B |
| Net Income | 1.1B | 1.1B | 993M | 877M | 827M | 1.3B |
| EPS | $3.59 | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 |
| Free Cash Flow | 1.1B | 1.6B | 1.9B | 2.0B | -1.5B | -257M |
| ROIC | 4.9% | 5.3% | 5.3% | 4.8% | 5.5% | 5.6% |
| Gross Margin | - | 39.3% | 40.8% | 37.2% | 29.6% | 33.3% |
| Debt/Equity | 1.99 | 2.05 | 1.99 | 2.06 | 2.03 | 1.88 |
| Dividends/Share | $3.03 | $2.17 | $2.06 | $1.95 | $1.84 | $1.74 |
| Operating Income | 1.7B | 1.7B | 1.5B | 1.2B | 1.2B | 1.1B |
| Operating Margin | 19.5% | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% |
| ROE | 11.6% | 12.2% | 12.6% | 12.0% | 12.1% | 22.2% |
| Shares Outstanding | 309M | 301M | 298M | 291M | 290M | 289M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.2B | 6.5B | 6.4B | 6.6B | 6.9B | 6.6B | 6.4B | 7.3B | 8.6B | 7.5B | 7.5B | 8.5B | 8.8B |
| Gross Margin | 25.4% | 30.1% | 32.4% | 33.5% | 31.5% | 33.4% | 36.7% | 33.3% | 29.6% | 37.2% | 40.8% | 39.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 5.4B | 4.7B | 4.6B | 4.7B | 5.2B | 5.0B | 4.8B | 5.6B | 6.5B | 5.7B | 5.4B | 6.2B | 6.2B |
| EBIT | 1.2B | 1.2B | 1.3B | 1.3B | 1.2B | 1.1B | 1.2B | 1.1B | 1.2B | 1.2B | 1.5B | 1.7B | 1.7B |
| Op. Margin | 16.0% | 18.2% | 19.6% | 20.3% | 16.9% | 16.8% | 19.2% | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% | 19.5% |
| Net Income | 477M | 523M | 551M | 460M | 657M | 680M | 755M | 1.3B | 827M | 877M | 993M | 1.1B | 1.1B |
| Net Margin | 6.6% | 8.1% | 8.6% | 7.0% | 9.6% | 10.3% | 11.8% | 18.4% | 9.6% | 11.8% | 13.2% | 12.4% | 12.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.6% | 6.3% | 6.3% | 5.8% | 6.5% | 5.4% | 5.9% | 5.6% | 5.5% | 4.8% | 5.3% | 5.3% | 4.9% |
| ROE | 13.4% | 13.7% | 13.5% | 10.6% | 14.3% | 13.9% | 14.4% | 22.2% | 12.1% | 12.0% | 12.6% | 12.2% | 11.6% |
| ROA | 2.6% | 2.7% | 2.6% | 2.1% | 2.8% | 2.6% | 2.7% | 4.6% | 2.8% | 2.7% | 2.9% | 2.8% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.6B | 1.6B | 1.7B | 1.7B | 1.8B | 1.3B | 1.8B | 855M | 2.3B | 2.4B | 2.2B | 1.9B |
| Free Cash Flow | -96M | 76M | -43M | 40M | -371M | -307M | -1.0B | -257M | -1.5B | 2.0B | 1.9B | 1.6B | 1.1B |
| Owner Earnings | 795M | 889M | 811M | 818M | 769M | 800M | 232M | 704M | -272M | 1.1B | 1.1B | 928M | 609M |
| CapEx | 1.6B | 1.6B | 1.7B | 1.7B | 2.1B | 2.1B | 2.3B | 2.1B | 2.4B | 265M | 517M | 662M | 813M |
| Maint. CapEx | 685M | 750M | 811M | 881M | 933M | 989M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.3B |
| Growth CapEx | 892M | 814M | 861M | 784M | 1.1B | 1.1B | 1.3B | 962M | 1.2B | 0 | 0 | 0 | 0 |
| D&A | 685M | 750M | 811M | 881M | 933M | 989M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.3B |
| CapEx/OCF | 109.0% | 95.4% | 102.6% | 97.7% | 121.8% | 117.5% | 181.1% | 114.1% | 26.7% | 11.5% | 21.8% | 29.6% | 41.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 295M | 322M | 347M | 377M | 407M | 436M | 467M | 509M | 546M | 695M | 795M | 898M | 935M |
| Dividend Yield | 5.1% | 4.6% | 4.0% | 3.8% | 3.8% | 3.2% | 3.2% | 3.3% | 3.3% | 4.4% | 4.4% | 4.3% | 4.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.0M | 1.0M | 7.0M | 6.0M | 655K | 503K | 527K | 561K | 549K | 521K | 633K | 542K | 542K |
| Debt Repayment | 750M | 224M | 728M | 980M | 1.9B | 1.3B | 2.0B | 235M | 106M | 2.1B | 952M | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 8.2B | 9.0B | 9.4B | 9.8B | 11.4B | 13.0B | 12.3B | 12.0B | 14.1B | 15.3B | 16.3B | 18.3B | 18.7B |
| Cash & Equiv. | 207M | 266M | 235M | 182M | 153M | 140M | 32M | 452M | 164M | 227M | 103M | 509M | 175M |
| Long-Term Debt | 8.0B | 8.4B | 8.6B | 9.1B | 10.6B | 12.0B | 11.7B | 12.0B | 13.1B | 14.5B | 15.2B | 17.8B | 17.5B |
| Debt/Equity | 2.30 | 2.35 | 2.27 | 2.25 | 2.44 | 2.61 | 2.25 | 1.88 | 2.03 | 2.06 | 1.99 | 2.05 | 1.99 |
| Interest Coverage | 2.8 | 3.0 | 2.9 | 3.1 | 2.5 | 2.4 | 2.4 | 2.3 | 2.4 | 1.9 | 2.1 | 2.2 | 43.1 |
| Equity | 3.7B | 3.9B | 4.3B | 4.4B | 4.8B | 5.0B | 5.5B | 6.6B | 7.0B | 7.5B | 8.2B | 9.1B | 9.5B |
| Total Assets | 19.1B | 20.3B | 21.6B | 23.1B | 24.5B | 26.8B | 29.7B | 28.8B | 31.4B | 33.5B | 35.9B | 39.9B | 40.3B |
| Total Liabilities | 2.5B | 2.8B | 3.2B | 18.6B | 19.7B | 21.8B | 23.6B | 2.9B | 3.1B | 3.4B | 27.2B | 3.7B | -137M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -1.1B | -855M | -616M | -531M | -271M | -25M | 214M | 1.1B | 1.4B | 1.7B | 2.0B | 2.4B | 2.6B |
| Working Capital | 649M | 18M | -375M | -309M | -156M | -373M | -670M | 423M | 448M | -56M | -731M | -76M | -567M |
| Current Assets | 2.6B | 2.3B | 2.3B | 2.5B | 2.5B | 2.3B | 2.4B | 2.6B | 3.4B | 2.8B | 2.8B | 3.5B | 3.0B |
| Current Liabilities | 1.9B | 2.3B | 2.7B | 2.8B | 2.6B | 2.7B | 3.1B | 2.2B | 3.0B | 2.9B | 3.5B | 3.5B | 3.6B |
| Per Share Data | |||||||||||||
| EPS | 1.74 | 1.89 | 1.98 | 1.64 | 2.32 | 2.39 | 2.64 | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 | 3.59 |
| Owner EPS | 2.90 | 3.21 | 2.91 | 2.92 | 2.72 | 2.81 | 0.81 | 2.44 | -0.94 | 3.87 | 3.79 | 3.09 | 1.97 |
| Book Value | 13.39 | 14.23 | 15.28 | 15.83 | 16.79 | 17.64 | 19.22 | 22.92 | 24.18 | 25.89 | 27.60 | 30.42 | 30.64 |
| Cash Flow/Share | 5.40 | 5.93 | 5.85 | 6.08 | 6.01 | 6.29 | 4.46 | 6.29 | 2.95 | 7.92 | 7.95 | 7.44 | 7.86 |
| Dividends/Share | 1.08 | 1.16 | 1.24 | 1.33 | 1.43 | 1.53 | 1.63 | 1.74 | 1.84 | 1.95 | 2.06 | 2.17 | 3.03 |
| Shares Out. | 274.1M | 276.7M | 278.3M | 280.5M | 283.2M | 284.5M | 286.0M | 289.3M | 290.2M | 291.4M | 298.2M | 300.6M | 308.9M |
| Valuation | |||||||||||||
| P/E Ratio | 14.8 | 14.2 | 15.9 | 22.6 | 17.2 | 21.7 | 19.0 | 12.1 | 20.1 | 18.0 | 19.4 | 19.7 | 20.8 |
| P/FCF | N/A | 97.8 | N/A | 260.1 | N/A | N/A | N/A | N/A | N/A | 7.7 | 10.4 | 13.3 | 20.5 |
| EV/EBIT | 13.2 | 14.0 | 14.5 | 15.3 | 19.5 | 22.3 | 21.6 | 24.0 | 24.1 | 24.3 | 23.1 | 21.8 | 24.2 |
| Price/Book | 1.9 | 1.9 | 2.1 | 2.3 | 2.4 | 2.9 | 2.6 | 2.5 | 2.4 | 2.1 | 2.3 | 2.3 | 2.4 |
| Price/Sales | 0.8 | 1.1 | 1.3 | 1.5 | 1.5 | 2.0 | 2.3 | 2.1 | 2.0 | 2.1 | 2.4 | 2.5 | 2.6 |
| FCF Yield | -1.4% | 1.0% | -0.5% | 0.4% | -3.3% | -2.1% | -7.2% | -1.6% | -9.1% | 13.0% | 9.6% | 7.5% | 4.9% |
| Market Cap | 7.1B | 7.4B | 8.7B | 10.4B | 11.3B | 14.8B | 14.3B | 16.4B | 16.6B | 15.8B | 19.3B | 20.9B | 23.1B |
| Avg. Price | 21.03 | 25.12 | 31.04 | 35.73 | 37.48 | 47.50 | 51.64 | 52.59 | 57.84 | 54.03 | 60.03 | 69.87 | 74.70 |
| Year-End Price | 25.76 | 26.86 | 31.39 | 37.09 | 39.85 | 51.86 | 50.08 | 56.55 | 57.37 | 54.06 | 64.58 | 69.44 | 74.70 |
CMS ENERGY CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
CMS ENERGY CORP trades at 21.2x trailing earnings, compared to its 15-year median P/E of 19.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.6x vs a median of 10.4x. The company's 5-year average ROIC is 5.3% with a gross margin of 36.0%. Total shareholder yield (dividends) is 4.1%. At current prices, the estimated annualized return to fair value is +89.3%.
CMS ENERGY CORP (CMS) has a net profit margin of 12.4%. This is a healthy margin.
CMS ENERGY CORP (CMS) generated $1.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CMS ENERGY CORP (CMS) has a debt-to-equity ratio of 2.05. This indicates higher leverage, which may increase financial risk.
CMS ENERGY CORP (CMS) reported earnings per share (EPS) of $3.53 in its most recent fiscal year.
CMS ENERGY CORP (CMS) has a return on equity (ROE) of 12.2%. This indicates moderate shareholder returns.
CMS ENERGY CORP (CMS) has a 5-year average gross margin of 36.0%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for CMS ENERGY CORP (CMS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CMS ENERGY CORP (CMS) has a book value per share of $30.42, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to execute a substantial five-year capital plan of approximately $24 billion focused on electric and gas system reliability, renewable energy deployment, and battery storage to support anticipated 2–3% annual weather-normalized load growth driven by large industrial and data center customers. The company anticipates constructive regulatory outcomes including improved electric utility returns and full gas decoupling, with management expecting an electric ROE of 9.9% or better, while continuing to self-fund a significant portion of rate-based growth through operational efficiency initiatives such as the CE Way cost reduction program and episodic productivity gains. NorthStar Clean Energy is expected to contribute incremental earnings from favorable capacity and energy pricing at Dearborn Industrial Generation, with select large multi-year economic development projects beginning to ramp in 2026 and material load increases anticipated in the 2028 timeframe. The company remains committed to maintaining solid investment-grade credit ratings while managing a disciplined financing plan, including approximately $700 million in annual equity issuances over the five-year period, and continues to target dividend growth with a payout ratio of approximately 55% over time.
Based on recent SEC filings and earnings calls, CMS ENERGY CORP (CMS) has provided the following forward guidance: Adjusted EPS: $3.83–$3.90 (FY2026); Adjusted EPS growth rate: 6%–8% (Long-term (multi-year)); Weather-normalized load growth: 2%–3% (FY2026 and outer years); Equity issuances: ~$700 million (FY2026); Five-year capital plan: ~$24 billion (Five-year plan (2026–2030)), plus 1 additional metric.
Electric ROE (Pending electric rate case outcome): “I expect a constructive outcome for our customers and investors. I also expect the ROE to be 9.9% or better.”
No recent press releases.