Inside the research
CMS Energy Corporation
CMS Research profile · latest available data
Price overview
$62.95
▲ +0.18 (+0.3%)
| 52w hi | $78.69 |
|---|---|
| 52w lo | $62.77 |
| Vol | 3.85M |
| As of | 25 Sep 2026 |
The Verdict
Our score -0.64
| Short | -0.21 |
|---|---|
| Medium | -0.92 |
| Long | -0.94 |
computed 2026-09-27
Key fundamentals
CMS Energy Corporation
Utilities · Utilities - Regulated Electric
| Market cap | $19.74B |
|---|---|
| Enterprise value | $39.65B |
| Trailing P/E | 18.96x |
| Forward P/E | 15.15x |
| EV / EBITDA | 13.14x |
| P / S (ttm) | 2.21x |
| Profit margin | 11.6% |
| Return on equity | 9.2% |
| Revenue growth | -0.5% |
| Earnings growth | -43.9% |
| Debt / equity | 185.60 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.04 | |
| Sector | -0.10 | |
| Technical | -0.48 | |
| Earnings | +0.00 | |
| Sentiment | +0.28 |
macro × 1.00 · 2026-09-27
Business overview
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company 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.
Risk Metrics
| Beta vs SPX | 0.03 |
|---|---|
| Corr SPX | 0.03 |
| Annual vol | 17.1% |
| Annual ret | -3.7% |
| Sharpe | -0.22 |
| Max DD | -21.5% |
Window: 504 trading days (504 obs)
Analyst Coverage
| Mean PT | $81.86 |
|---|---|
| High / Low | $88.00 / $66.00 |
| Median | $83.00 |
| Analysts | 14 |
| Strong Buy | 3 | |
|---|---|---|
| Buy | 6 | |
| Hold | 6 | |
| Sell | 0 | |
| Strong Sell | 1 |
Recent rating actions
| 2026-04-29 | Barclays | → Overweight |
| 2026-04-21 | Truist Securities | → Buy |
| 2026-04-21 | B of A Securities | → Buy |
| 2026-04-17 | BMO Capital | → Outperform |
| 2026-04-13 | BMO Capital | → Outperform |
| 2026-04-08 | Barclays | → Overweight |
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-07-28 | Earnings Release, Reg FD Disclosure… | read |
| 2026-06-03 | Officer / Director Change, Reg FD Disclosure… | read |
| 2026-05-13 | Other Material Event, Exhibits | read |
| 2026-05-13 | Bylaws Amendment, Shareholder Vote… | read |
| 2026-04-28 | Earnings Release, Reg FD Disclosure… | read |
| 2026-02-20 | Officer / Director Change, Exhibits | read |
| 2026-02-11 | Other Material Event, Exhibits | read |
| 2026-02-05 | Earnings Release, Reg FD Disclosure… | read |
| 2025-11-21 | Material Agreement, Termination of Agreement… | read |
| 2025-11-06 | Material Obligation, Securities Issuance… | read |
| 2025-11-04 | Other Material Event, Exhibits | read |
| 2025-11-03 | Other Material Event, Exhibits | read |
Insider Trades
| Date | Insider | Role | Action | Shares | Value |
|---|---|---|---|---|---|
| 2026-07-31 | MADDIPATI SRIKANTH | EVP/CFO | Buy | 200 | $14.49K |
| 2026-06-15 | MADDIPATI SRIKANTH | EVP/CFO | Grant | 10.18K | — |
| 2026-05-26 | Hofmeister Brandon J. | Senior Vice President | Sell | 3.00K | $222.93K |
| 2026-05-08 | Wright Laura | Grant | 2.41K | — | |
| 2026-05-08 | TANSKI RONALD J | Grant | 2.41K | — | |
| 2026-05-08 | RUSSELL JOHN G | Grant | 2.41K | — | |
| 2026-05-08 | Keyes Richard Patrick | Grant | 2.41K | — | |
| 2026-05-08 | Sznewajs John G | Grant | 2.41K | — | |
| 2026-05-08 | Soto Myrna | Grant | 2.41K | — | |
| 2026-05-08 | SHANK SUZANNE F. | Grant | 2.41K | — |
Flow & Concentration
| Insider 180d net | -$208.44K |
|---|---|
| Insider buys / sells | 1 / 1 |
| Insider bias | Neutral |
| 13F holders | 7 |
| Top-5 share | 99.9% |
| HHI | 3,852 (concentrated) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| AQR Capital Management | $142.14M | 1.86M |
| Fidelity / FMR LLC | $50.59M | 661.36K |
| Citadel Advisors | $32.76M | 428.23K |
| State Street Corp | $24.09M | 21.44M |
| Millennium Management | $2.06M | 26.91K |
| T. Rowe Price Group | $129.15K | 1.69M |
| Capital Research / Capital World | $13.39K | 12.00K |
As of 2026-06-30
Dividends
| Yield (TTM) | 2.67% |
|---|---|
| $ / share (TTM) | $1.68 |
| 5y CAGR | +5.9% |
Annual dividend per share
| 2021 | $1.74 |
|---|---|
| 2022 | $1.84 |
| 2023 | $1.95 |
| 2024 | $2.06 |
| 2025 | $2.17 |
| 2026 | $1.14 |
SEC Filings
The Long Run
FY 2010–2025 · 16 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $7.26B | +0.8% | |
| Operating income | $1.49B | +2.8% | |
| Net income | $1.07B | +9.6% | |
| Cash from ops | $2.31B | +12.6% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $62.72 | $63.15 | $62.38 | $62.95 | 3.85M |
| Sep 24 | $63.33 | $63.50 | $62.76 | $62.77 | 5.03M |
| Sep 23 | $64.04 | $64.04 | $62.93 | $63.15 | 4.02M |
| Sep 22 | $64.66 | $65.01 | $64.19 | $64.27 | 4.45M |
| Sep 21 | $65.38 | $65.41 | $64.42 | $64.70 | 2.81M |
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