Utilities · Multi-Utilities · US stock · price as of 16 Oct 2026
Key indicators
Price
$68.70
52-week range
$62.29 – $79.10
Market cap
$21.4B
P/E (trailing)
20.4×
EV / EBITDA
13.3×
Free-cash-flow yield
10.1%
Dividend yield
3.3%
Revenue (last 12 months)
$8.8B
Revenue growth (3y a year)
−0.2%
Operating margin
18.9%
Return on invested capital
4.6%
Net debt / EBITDA
6.2×
Fair value
Blended fair value$55.66 range $55 – $68
Versus priceFair−19% to fair value
Peer multiples
$64.64
Fundamentals-adjusted multiple
$70.84
10-year DCF (market-scaled)
$31.51
Earnings power value (floor, not blended)
$1.45
Model uncertainty
Medium
X-Ray Score
38/ 100 · Medium confidence · ahead of 23% of sector peers
Valuation33
Growth50
Profitability33
Financial health45
Dividends29
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Cms Energy Corp an X-Ray Score of 38 out of 100 (medium confidence), ahead of 23% of the S&P 500 stocks in its sector. Its strongest lens is growth (50) and its weakest is dividends (29).
Our fair value blend is $55.66 (range $55.04 to $67.74). At $68.70 the stock trades 23% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Cms Energy Corp (CMS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$56.11
$56.21
$53.28
$63.19
$68.32
$68.70
Market cap
$16.2B
$16.3B
$15.5B
$18.8B
$20.6B
$21.4B
P/E
12.0×
19.7×
17.7×
19.0×
19.4×
20.4×
EV / revenue
3.9×
3.6×
4.2×
4.8×
4.6×
4.6×
EV / EBITDA
12.7×
13.2×
13.0×
13.1×
13.0×
13.5×
Price / free cash flow
–
–
6.7×
8.0×
9.2×
9.9×
Free-cash-flow yield
−1.6%
−9.3%
14.9%
12.6%
10.9%
10.1%
Price / book
2.4×
2.3×
2.1×
2.3×
2.2×
2.2×
Dividend yield
3.10%
3.27%
3.66%
3.26%
3.18%
3.28%
Fundamentals checklist ● 0 Good · ● 8 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.7%Average
Risk models
Altman Z score0.8×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)7.4%Average
Revenue growth (3y)−0.2%Bad
Growth consistency80%Average
Balance sheet
Current ratio0.9×Average
Net debt / EBITDA6.2×Average
Interest cover2.0×Bad
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield4.1%Average
Profitability
Return on invested capital4.6%Bad
Operating margin18.9%Bad
XStocksXray
Cms Energy Corp (CMS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,329
8,596
7,462
7,515
8,539
8,813
Gross profit
–
–
–
–
–
–
Operating income
1,146
1,224
1,235
1,487
1,727
1,670
Net income
1,353
837
887
1,003
1,071
1,026
Diluted EPS ($)
4.66
2.85
3.01
3.33
3.53
3.37
Free cash flow
-257
-1,519
2,309
2,370
2,235
2,148
Gross margin
–
–
–
–
–
–
Operating margin
15.6%
14.2%
16.6%
19.8%
20.2%
18.9%
Net margin
18.5%
9.7%
11.9%
13.3%
12.5%
11.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
28,753
31,353
33,517
35,920
39,941
40,905
Cash
452
164
227
103
509
241
Total debt
12,419
14,232
15,576
16,451
18,757
19,036
Equity
6,631
7,015
7,544
8,230
9,144
9,774
Dividend per share ($)
1.74
1.84
1.95
2.06
2.17
2.23
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.