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CMSCMS Energy Corporation
$77.02$23.8B
Overview & Verdict
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CMS logoCMS Energy Corporation(CMS)Earnings, Financials & Key Ratios

CMS•NYSE•Utilities
$77.02
21.8× P/E·Price updated Jul 7, 2026
SectorUtilitiesIndustryElectric UtilitiesSub-IndustryElectric and gas combination utilities
AboutCMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.Show more
  • Revenue$8.54B+13.6%
  • EBITDA$2.88B+5.5%
  • Net Income$1.07B+6.8%
  • Free Cash Flow-$1.59B-145.2%
  • EBITDA Margin33.69%-7.2%
  • Net Margin12.54%-6.0%
  • ROE11.6%-2.4%
  • Interest Coverage2.58-0.2%
  • Debt/Equity1.95+2.8%

CMS Price & Volume

CMS Energy Corporation (CMS) stock price & volume — 10-year historical chart

Loading chart...

Regulated Rate Base Expansion Drives Earnings Growth

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Expanding
Profitability:Stable
Financial:Adequate
Cash Flow:Burning
Primary Risk:Regulatory concentration in Michigan

Key Thesis Takeaways

  • CMS Energy continues to leverage its Michigan-based regulated utility model to drive consistent revenue growth, evidenced by an 11.6% year-over-year increase in 2026Q1.
  • While the company's aggressive $1.0 billion quarterly capital expenditure program supports long-term rate base expansion, it necessitates ongoing external financing and equity issuance to manage liquidity.
  • Investors should monitor the regulatory environment closely, as the company's reliance on MPSC rate recovery mechanisms remains the primary determinant of future ROE stability and dividend sustainability.

Verdict Logic

while the 4.0x OCF-to-dividend coverage ratio suggests dividend safety, the current 22.33 P/E TTM valuation warrants caution given the ongoing reliance on external capital to fund infrastructure.

CMS Growth Metrics

CMS Energy Corporation (CMS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.84%
5 Years5.88%
3 Years-0.22%
TTM13.31%

Profit CAGR

10 Years7.43%
5 Years7.24%
3 Years8.56%
TTM8.53%

EPS CAGR

10 Years6.45%
5 Years5.98%
3 Years7.39%
TTM7.99%

Return on Capital

10 Years5.15%
5 Years4.53%
3 Years4.63%
Last Year4.99%

CMS Recent Earnings

CMS Energy Corporation (CMS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 28, 2026
Metric
Actual
Est
EPS
$1.13+2.7%
$1.10
Rev
$2.7B+11.1%
$2.5B
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.95+1.8%
$0.93
Rev
$2.2B+18.6%
$1.9B
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.93+8.1%
$0.86
Rev
$2.0B+9.5%
$1.8B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$0.71+4.4%
$0.68
Rev
$1.8B+5.8%
$1.7B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$1.13vs $1.10+2.7%
$2.7Bvs $2.5B+11.1%
Q1 2026Feb 5, 2026
$0.95vs $0.93+1.8%
$2.2Bvs $1.9B+18.6%
Q4 2025Oct 30, 2025
$0.93vs $0.86+8.1%
$2.0Bvs $1.8B+9.5%
Q3 2025Jul 31, 2025
$0.71vs $0.68+4.4%
$1.8Bvs $1.7B+5.8%
Based on last 12 quarters of dataView full earnings history →

Latest CMS News

Recent stock market news and headlines for CMS Energy Corporation (CMS)

PRNewsWire·10h ago
CMS Energy to Announce 2026 Second Quarter Results on July 28

JACKSON, Mich., July 7, 2026 /PRNewswire/ -- CMS Energy announced today it will provide 2026 second quarter results along with a business and financial outlook at 10:00 a.m.

PRNewsWire·6 days ago
CMS Energy Announces Polly Harris as Vice President of Human Resources

/PRNewswire/ -- CMS Energy announced today that Polly Harris has been named vice president of human resources, effective July 20. Harris was previously with

Zacks Investment Research·Jun 30, 2026
PPL vs. CMS: Which Regulated Utility Stock is the Smarter Investment?

CMS edges PPL on ROE, capital investment plans and six-month share gains, while both utilities invest in grid upgrades and clean energy.

GuruFocus·Jun 24, 2026
CMS Energy Announces Chris Shellberg as Vice President of Low-Voltage Electric Distribution

CMS Energy Announces Chris Shellberg as Vice President of Low-Voltage Electric Distribution PR Newswire JACKSON,

PRNewsWire·Jun 24, 2026
CMS Energy Announces Chris Shellberg as Vice President of Low-Voltage Electric Distribution

JACKSON, Mich., June 24, 2026 /PRNewswire/ -- CMS Energy announced today that Chris Shellberg has been named vice president of low-voltage electric distribution, effective July 1.

Peers Comparison

Key metrics vs top competitors for CMS Energy Corporation (CMS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CMS logoCMSCMS Energy CorporationCurrent
$77.02$23.79B21.8213.63%12.54%11.6%2.86%
WEC logoWECWEC Energy Group, Inc.
$117.68$38.33B24.3613.96%16.25%11.64%—
EVRG logoEVRGEvergy, Inc.
$87.12$20.08B23.801.65%14.71%8.65%—
NWE logoNWENorthwestern Energy Group Inc
$70.75$4.35B24.066.38%10.21%5.8%—
OTTR logoOTTROtter Tail Corporation
$90.85$3.81B13.87-1.99%21.34%15.21%—
AVA logoAVAAvista Corporation
$41.24$3.41B17.331.34%10.75%7.65%—

Compare CMS vs Peers

CMS Energy Corporation (CMS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WEC

Most directly comparable listed peer for CMS.

Scale Benchmark

vs GE

Larger-name benchmark to compare CMS against a more recognizable public peer.

Peer Set

Compare Top 5

vs WEC, EVRG, NWE, OTTR

CMS SEC Filings & Documents

CMS Energy Corporation (CMS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 28, 2026·SEC

Material company update

Feb 20, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 8, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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CMS Frequently Asked Questions

CMS Energy Corporation (CMS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is CMS Energy Corporation's revenue?

CMS Energy Corporation (CMS) reported $8.82B in revenue for fiscal year 2025. This represents a 104% increase from $4.32B in 1996.

How fast is CMS Energy Corporation growing?

CMS Energy Corporation (CMS) grew revenue by 13.6% over the past year. This is steady growth.

Is CMS profitable?

Yes, CMS Energy Corporation (CMS) is profitable, generating $1.11B in net income for fiscal year 2025 (12.5% net margin).

Dividend & Returns
Does CMS pay dividends?

Yes, CMS Energy Corporation (CMS) pays a dividend with a yield of 2.86%. This makes it attractive for income-focused investors.

What is CMS's return on equity?

CMS Energy Corporation (CMS) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

What is CMS Energy Corporation's free cash flow?

CMS Energy Corporation (CMS) had negative free cash flow of $2.04B in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics
Is CMS's dividend sustainable?

CMS Energy Corporation (CMS) has a dividend payout ratio of 62%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in CMS back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →