Cms Energy Corp (CMS)
Utilities · Multi-Utilities · US stock · S&P 500 component
$68.70
▲ +1.76 (2.63%)
Fair valueFair
$56 −19.0% to fair value
$28fair band $39–$72$83
Day's range
$66.96 – $68.99
52-week range
$62.29 – $79.10
About Cms Energy Corp
CMS Energy is a Michigan energy company whose main subsidiary, Consumers Energy, provides electricity and natural gas to customers across much of the state. It generates and distributes electricity from a mix of sources including gas, wind, solar and coal, and runs natural gas pipelines and storage. A smaller non-utility arm, NorthStar Clean Energy, invests in independent power and related energy businesses. Customers are residential, commercial and industrial users.
Revenue comes mostly from regulated rates charged to customers and approved by Michigan regulators. It totals $8.8 billion over the last twelve months, with revenue growth over three years of -0.2% a year. The operating margin is 18.9%, and the business earns a profit of 5% on the capital invested in it. CMS carries net debt of 6.2 times EBITDA, and the dividend yield is 3.3%. On the site's X-Ray Score it receives 38 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $62.29 – $79.10Volume 7,614,800Daily, split-adjusted
Vitals
Market cap$21.4B
52-week range$62.29 – $79.10
Volume (last day)7,614,800
P/E (TTM)20.4
EBIT / EV yield4.1%
Free-cash-flow yield–
Dividend yield3.3%
Revenue (TTM)$8.8B
Net income (TTM)$1.0B
Operating margin18.9%
Return on capital4.6%
Debt incl. leases$19.0B
Cash & securities$241M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$56model spread $55 – $68
Fair
−19.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $69
Undervalued < $39Fair $39 – $72Overvalued > $72
10-year DCF (market-scaled)
$32
Peer multiples
$65
Earnings power floor (not blended)
$1
Fundamentals-adjusted multiple
$71
Growth the price implies
11.9%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Valuation
Weak
33/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.1%
Fair value vs price0.8×
Growth
Fair
50/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)-0.2%
EPS growth (3y)7.4%
Growth consistency80%
Profitability
Weak
33/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital4.6%
Operating margin18.9%
Financial health
Weak
45/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA6.2×
Interest cover2.0×
Dividends
Weak
29/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.3%
Quarterly results: last 6 quarters
+12.5%
Mar '25
+14.4%
Jun '25
+15.9%
Sep '25
+12.3%
Dec '25
+11.6%
Mar '26
-0.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $0.37.
Compare with peers
ED Consolidated Edison In...69 AEE Ameren Corp58 NI Nisource Inc.55 DTB Dte Energy Co55Other Multi-Utilities companies by X-Ray Score.
Fundamentals checklist
● 0 Good · ● 8 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 35/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $7.3B | $8.6B | $7.5B | $7.5B | $8.5B |
| Operating income | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B |
| Net income | $1.4B | $837M | $887M | $1.0B | $1.1B |
| Operating cash flow | $1.8B | $855M | $2.3B | $2.4B | $2.2B |
| Operating margin | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% |
| Free cash flow | −$257M | −$1.5B | – | – | – |
| Diluted EPS | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
8 bullish · 0 neutral · 8 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 65.96 | Bullish |
| EMA 10 | 66.26 | Bullish |
| SMA 20 | 64.70 | Bullish |
| EMA 20 | 65.82 | Bullish |
| SMA 50 | 67.05 | Bullish |
| EMA 50 | 67.12 | Bullish |
| SMA 100 | 70.20 | Bearish |
| EMA 100 | 69.07 | Bearish |
| SMA 200 | 71.85 | Bearish |
| EMA 200 | 70.31 | Bearish |
Oscillators (daily)
| RSI (14) | 70.52 | Bearish |
| MACD (12, 26) | 0.11 | Bullish |
| Momentum (12) | 8.91 | Bullish |
| Stochastic %K (14) | 95.67 | Bearish |
| Williams %R (14) | -4.33 | Bearish |
| CCI (20) | 197.1 | Bearish |
Pivot points (classic, last session)
S3 65.41 | S2 66.19 | S1 67.44 | Pivot 68.22 | R1 69.47 | R2 70.25 | R3 71.50 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.25 USD
Yield on today's price
3.28%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 7 Aug 2026 | 0.5700 |
| 8 May 2026 | 0.5700 |
| 17 Feb 2026 | 0.5700 |
| 7 Nov 2025 | 0.5425 |
| 8 Aug 2025 | 0.5425 |
| 9 May 2025 | 0.5425 |
| 14 Feb 2025 | 0.5425 |
| 13 Nov 2024 | 0.5150 |
| 2 Aug 2024 | 0.5150 |
| 14 May 2024 | 0.5150 |
| 9 Feb 2024 | 0.5150 |
| 2 Nov 2023 | 0.4875 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
CMS SEC filings
28 Jul 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
28 Jul 2026
10-QSEC EDGAR
Quarterly report
3 Jun 2026
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
13 May 2026
8-KSEC EDGAR
Other events
13 May 2026
424B5SEC EDGAR
424B5
13 May 2026
8-KSEC EDGAR
Shareholder vote results
28 Apr 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
28 Apr 2026
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.