CMS
NYSE · USDCMS Energy Corporation
Utilities · Regulated Electric
CEO Garrick J. Rochow
Employees 8,350
R&D / revenue 0.0%
Last price
$68.70+2.63%last session
Market cap
$21.5B
P/E (TTM)
20.3x
From 52w high
−14.5%
From 52w low
+10.3%
1-year return
−7.4%
RSI 14 · vs SMA200
70.4 · −5.2%
IS score
36.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
CMS SPY XLU (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe44Profitability
47Growth
54Value
76Momentum
15Risk (safety)
62Quality
24Balance sheet
83Earnings quality
Flags
Strengths
✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Weak, Intangible AssetsPiotroski 6 / 9Altman Z 0.9Beta 0.334 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
1
$0.01M bought
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+20
107 new holders, 82 closed
823 filers hold 105.6% · 338 added, 242 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+315
1,014 funds adding shares
699 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
58.4%
20-day avg 52.2%, 50-day avg 52.4%
Latest 6.2 pp over its 20-day average · a flow, not short interest
Key financials · FY2025
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$8.5B
Revenue growth YoY+13.6%
Gross margin60.9%
Operating income$1.7B
Operating margin20.2%
Net income$1.1B
Net margin12.5%
EPS (diluted)$3.53
Cash flow
Operating cash flow$2.2B
Capital expenditure$3.8B
Free cash flow−$1.6B
FCF conversion (FCF / OCF)-71.1%
Stock-based compensation$0
FCF less SBC−$1.6B
Buybacks$0
Dividends$663.0M
Balance sheet & returns
Cash & short-term investments$615.0M
Total debt$18.8B
Net debt$18.2B
Shareholders' equity$9.7B
Goodwill & intangibles$0
Debt / equity1.97
ROE (TTM)11.0%
ROIC (TTM)3.4%
Operating margin by fiscal year
Revenue $7.3B (FY2021) to $8.5B (FY2025), a 3.9% CAGR.
Valuation
P/E (TTM)20.3x
EV / EBITDA12.3x
Price / sales2.44x
Price / FCFn/m
FCF yield-8.87%
Buyback yield0.00%
SBC / revenue0.0%
Price / book2.11x
Forward P/E FY202617.7x
Forward P/E FY202716.5x
Forward P/E FY202815.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $78.10 across 10 analysts last quarter is theirs, not ours.
CMS vs industry median
139 companies in Regulated Electric
CMS (TTM)Industry median
Asset turnover 0.21 vs industry 0.24 · financial leverage 4.21
Earnings delivery
Next report 2026-10-27 · consensus EPS $1.2775%
beat rate, 9 of 12 quarters
+2.5%
median EPS surprise
5
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-28. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| CMS CMS Energy Corporation | $21.5B | 20.3x | 11.0% | 11.6% | +13.6% | −7.4% |
| EIX Edison International | $21.5B | 5.7x | 22.4% | 12.3% | +10.7% | −1.4% |
| DTY DTE Energy Company | $22.7B | 3.5x | 12.2% | 8.8% | +25.4% | — |
| EVRG Evergy, Inc. | $19.2B | 20.7x | 9.2% | 14.3% | +4.1% | +8.5% |
| ES Eversource Energy | $25.2B | 17.3x | 9.1% | 1.8% | +7.8% | −5.3% |
| LNT Alliant Energy Corporation | $17.7B | 21.6x | 11.1% | 17.5% | +6.8% | +1.8% |
| PPL PPL Corporation | $26.5B | 27.6x | 8.6% | 10.9% | +6.7% | — |
| CNP CenterPoint Energy, Inc. | $26.7B | 23.9x | 9.8% | 11.3% | +7.1% | — |
12-month window: SPY +15.9%, sector ETF XLU −8.1%. Past returns describe history only.
Recent 8-K filings
No 8-K filings on file.
Context
Shares outstanding313,577,000
Free float31.9%
Institutional ownership105.6%
Beta0.33
Dividend yield3.28%
Last dividend$0.57 on 2026-08-07
50 / 200-day average$67.10 / $72.63
Large-cap Utilities median P/E20.7x
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where CMS sits among 45 scored companies in Regulated Electric (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | CMS | Industry percentile |
|---|---|---|
| P/E (TTM) | 21.0x | 70th |
| PEG (P/E ÷ 3-yr EPS CAGR) | 2.01 | 55th |
| Price / sales | 2.4x | 52nd |
| Price / book | 2.2x | 80th |
| Price / tangible book | 2.4x | 73rd |
| Price / free cash flow | — | |
| Price / operating cash flow | 10.0x | 74th |
| Enterprise value | $40.6B | 43rd |
| EV / sales | 4.6x | 57th |
| EV / EBITDA | 13.0x | 77th |
| EV / EBIT | 20.9x | 66th |
| EV / free cash flow | — | |
| Earnings yield | 4.8% | 30th |
| FCF yield | -8.9% | 18th |
| Operating cash flow yield | 10.0% | 28th |
| Graham number (per share) | $49.98 | 36th |
Profitability (TTM)
| Measure | CMS | Industry percentile |
|---|---|---|
| Gross margin | 69.7% | 89th |
| EBITDA margin | 35.4% | 30th |
| Operating margin | 18.9% | 23rd |
| EBIT margin | 22.0% | 30th |
| Net margin | 11.6% | 32nd |
| NOPAT margin | 14.9% | 18th |
| FCF margin | -21.7% | 16th |
| Operating cash flow margin | 24.4% | 23rd |
| R&D / revenue | 0.0% | 0th |
| SG&A / revenue | 44.3% | 95th |
| Stock comp / revenue | 0.0% | 0th |
| Effective tax rate | 21.2% | 80th |
Returns on capital
| Measure | CMS | Industry percentile |
|---|---|---|
| ROE (on average equity) | 11.3% | 64th |
| ROA | 2.6% | 39th |
| ROIC | 4.6% | 7th |
| ROCE | 5.1% | 41st |
| Return on tangible assets | 4.9% | 52nd |
| Cash ROIC (OCF / invested capital) | 7.4% | 20th |
| Gross profitability (GP / assets) | 14.9% | 84th |
| ROIC, 3-yr average | 3.8% | 25th |
| ROIC, 5-yr average | 4.8% | 72nd |
| ROE, 5-yr average | 12.9% | 84th |
| Incremental ROIC | 19.3% | 39th |
Growth
| Measure | CMS | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 9.9% | 61st |
| Revenue growth (QoQ) | -33.0% | 18th |
| Revenue CAGR, 3 yr | 2.7% | 41st |
| Revenue CAGR, 5 yr | 5.1% | 31st |
| Gross profit CAGR, 3 yr | 32.1% | 86th |
| Operating income CAGR, 3 yr | 15.4% | 77th |
| Net income growth (TTM YoY) | 0.3% | 26th |
| Net income CAGR, 3 yr | 11.6% | 57th |
| EPS growth (TTM YoY) | -0.2% | 40th |
| EPS CAGR, 3 yr | 10.4% | 68th |
| EPS CAGR, 5 yr | 1.9% | 32nd |
| FCF growth (TTM YoY) | — | |
| FCF CAGR, 3 yr | — | |
| Operating cash flow CAGR, 3 yr | 12.7% | 40th |
| Book value CAGR, 3 yr | 9.9% | 93rd |
| Dividend CAGR, 3 yr | 1.3% | 74th |
| Sustainable growth rate | 3.7% | 43rd |
Margin history & stability
| Measure | CMS | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 51.0% | 80th |
| Operating margin, 3-yr average | 19.2% | 25th |
| Net margin, 3-yr average | 12.5% | 39th |
| FCF margin, 3-yr average | -14.1% | 25th |
| Revenue stability (0-1) | 0.69 | 34th |
| Earnings stability (0-1) | 0.00 | 5th |
| Margin stability (0-1) | 0.69 | 20th |
Liquidity (latest quarter)
| Measure | CMS | Industry percentile |
|---|---|---|
| Cash & short-term investments | $241.0M | 45th |
| Net cash (− = net debt) | −$19.1B | 64th |
| Working capital | −$262.0M | 66th |
| Current ratio | 0.92 | 70th |
| Quick ratio | 0.68 | 55th |
| Cash ratio (cash + ST investments / current liabilities) | 0.07 | 52nd |
| Defensive interval (days) | 103 days | 7th |
Leverage & solvency (latest quarter)
| Measure | CMS | Industry percentile |
|---|---|---|
| Total debt | $19.3B | 34th |
| Debt / equity | 1.97 | 77th |
| Net debt / equity | 1.95 | 77th |
| Debt / assets | 47.0% | 66th |
| Debt / capital | 66.4% | 77th |
| Debt / EBITDA | 6.18 | 68th |
| Net debt / EBITDA | 6.10 | 75th |
| Interest coverage (EBIT / interest) | 2.4x | 48th |
| Cash interest coverage | 2.6x | 25th |
| Debt payback (years of OCF) | 9.0 yrs | 84th |
| Liabilities / assets | 74.7% | 64th |
| IS credit model rating | B | |
| Implied credit spread (bps) | 750 | 34th |
Efficiency
| Measure | CMS | Industry percentile |
|---|---|---|
| Asset turnover | 0.22 | 61st |
| Fixed asset turnover | 0.27 | 51st |
| Inventory turnover | 3.4 | 11th |
| Receivables turnover | 9.1 | 59th |
| Days sales outstanding | 40 days | 40th |
| Days inventory outstanding | 107 days | 86th |
| Days payables outstanding | 161 days | 91st |
| Cash conversion cycle (days) | −15 days | 16th |
| Capex / revenue | 46.0% | 69th |
| Capex / depreciation | 3.44 | 86th |
| Operating expense ratio | 48.7% | 75th |
Cash flow & earnings quality
| Measure | CMS | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 2.09 | 32nd |
| FCF / net income | −1.86 | 11th |
| FCF / operating cash flow | -88.9% | 10th |
| Capex / operating cash flow | 188.9% | 88th |
| Accruals ratio | -2.8% | 68th |
| Sloan accruals ratio | -3.7% | 57th |
| Earnings quality score (0-1) | 1.00 | 16th |
Scores & forensic checks
| Measure | CMS | Industry percentile |
|---|---|---|
| IS score | 37 | 27th |
| IS profitability | 44 | 39th |
| IS growth | 47 | 30th |
| IS value | 54 | 27th |
| IS momentum | 76 | 36th |
| IS risk (safety) | 15 | 0th |
| IS quality | 62 | 20th |
| IS balance sheet | 24 | 25th |
| IS earnings quality | 83 | 89th |
| IS cash flow | 35 | 20th |
| Piotroski F-score (0-9) | 6 | 32nd |
| Altman Z-score | 0.9 | 55th |
| Beneish M-score | −2.73 | 33rd |
| Ohlson O-score | −6.86 | 66th |
| IS credit score | 25 | 30th |
Size (TTM)
| Measure | CMS | Industry percentile |
|---|---|---|
| Market cap | $21.5B | 52nd |
| Revenue | $8.8B | 32nd |
| EBITDA | $3.1B | 32nd |
| Net income | $1.0B | 30th |
| Free cash flow | −$1.9B | 20th |
| Total assets | $41.1B | 34th |
| Shareholders' equity | $9.8B | 32nd |
| Employees | 8,350 | 34th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-07-31 | Maddipati Srikanth EVP/CFO |
Open-market buy | 200 | $72.45 | $14,491 | 34,895 |
| 2026-06-15 | Maddipati Srikanth EVP/CFO |
Award / grant | 10,184 | — | — | 34,695 |
| 2026-05-26 | Hofmeister Brandon J. Senior Vice President |
Open-market sale | 3,000 | $74.31 | $222,930 | 67,111 |
| 2026-05-08 | Wright Laura Director |
Award / grant | 2,411 | — | — | 43,623 |
| 2026-05-08 | Tanski Ronald J Director |
Award / grant | 2,411 | — | — | 20,903 |
| 2026-05-08 | Russell John G Director |
Award / grant | 2,411 | — | — | 134,068 |
| 2026-05-08 | Keyes Richard Patrick Director |
Award / grant | 2,411 | — | — | 3,180 |
| 2026-05-08 | Sznewajs John G Director |
Award / grant | 2,411 | — | — | 37,594 |
| 2026-05-08 | Soto Myrna Director |
Award / grant | 2,411 | — | — | 41,023 |
| 2026-05-08 | Shank Suzanne F. Director |
Award / grant | 2,411 | — | — | 23,680 |
| 2026-05-08 | Izzo Ralph Director |
Award / grant | 2,411 | — | — | 10,779 |
| 2026-05-08 | Leopold Diane Director |
Award / grant | 2,411 | — | — | 5,180 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 11 | 34,294 | — |
| Open-market buy | Acquired | 1 | 200 | $14,491 |
| Open-market sale | Disposed | 1 | 3,000 | $222,930 |
| — | Disposed | 2 | 0 | — |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| None on file. | |||
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 19 trades (6 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-09-25 | Ro Khanna | House | Purchase | $1,001 - $15,000 | 2026-10-09 |
| 2026-01-29 | Ro Khanna | House | Sale | $1,001 - $15,000 | 2026-02-10 |
| 2025-12-18 | Julie Johnson | House | Sale | $1,001 - $15,000 | 2026-01-16 |
| 2025-12-18 | Julie Johnson | House | Sale (Full) | $1,001 - $15,000 | 2026-01-16 |
| 2022-06-01 | Shelley Moore Capito | Senate | Purchase | $1,001 - $15,000 | 2022-07-15 |
| 2022-06-01 | Shelley Moore Capito | Senate | Purchase | $1,001 - $15,000 | 2022-07-14 |
| 2022-06-01 | Shelley Moore Capito | Senate | Purchase | $1,001 - $15,000 | 2022-07-14 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| BlackRock, Inc. | 33,068,880 | $2.5B | 10.55% |
| VANGUARD CAPITAL MANAGEMENT LLC | 20,166,948 | $1.5B | 6.43% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 19,050,893 | $1.5B | 6.08% |
| STATE STREET CORP | 17,705,946 | $1.4B | 5.65% |
| JPMORGAN CHASE & CO | 15,243,283 | $1.2B | 4.86% |
| WELLINGTON MANAGEMENT GROUP LLP | 12,158,296 | $930.1M | 3.88% |
| GEODE CAPITAL MANAGEMENT, LLC | 8,740,533 | $666.1M | 2.79% |
| DEUTSCHE BANK AG\ | 8,076,731 | $617.9M | 2.58% |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | 7,882,550 | $603.0M | 2.51% |
| Invesco Ltd. | 7,616,465 | $582.7M | 2.43% |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 7,242,159 | $576.0M | 2.31% |
| VICTORY CAPITAL MANAGEMENT INC | 6,595,840 | $504.6M | 2.10% |
| AMERIPRISE FINANCIAL INC | 6,461,250 | $494.0M | 2.06% |
| Capital International Investors | 5,302,655 | $405.7M | 1.69% |
| WELLS FARGO & COMPANY/MN | 5,245,081 | $401.2M | 1.67% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 823 | 105.6% | 107 | 338 | 242 | 82 |
| 2026-03-31 | 803 | 99.0% | 105 | 311 | 248 | 94 |
| 2025-12-31 | 805 | 97.7% | 110 | 292 | 268 | 70 |
| 2025-09-30 | 778 | 96.3% | 101 | 298 | 247 | 62 |
| 2025-06-30 | 749 | 98.3% | 95 | 293 | 241 | 73 |
| 2025-03-31 | 736 | 95.5% | 95 | 290 | 238 | 64 |
| 2024-12-31 | 718 | 94.6% | 108 | 271 | 231 | 84 |
| 2024-09-30 | 710 | 94.8% | 93 | 272 | 231 | 60 |
| 2024-06-30 | 685 | 92.5% | 80 | 288 | 196 | 55 |
| 2024-03-31 | 666 | 93.1% | 77 | 234 | 232 | 42 |
| 2023-12-31 | 637 | 93.4% | 103 | 202 | 238 | 74 |
| 2023-09-30 | 618 | 91.9% | 66 | 207 | 242 | 68 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| None on file. | ||||
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VITSX | 0.03% | $623.7M |
| VTSAX | 0.03% | $623.7M |
| VSMPX | 0.03% | $623.7M |
| VTI | 0.03% | $623.7M |
| VFINX | 0.03% | $519.5M |
| VFIAX | 0.03% | $519.5M |
Share structure
Shares outstanding313,577,000
Float99,911,903
Free float31.9%
Income statement
Fiscal years, USD| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $7.3B | $8.6B | $7.5B | $7.5B | $8.5B |
| Cost of revenue | $4.7B | $5.8B | $4.6B | $4.3B | $3.3B |
| Gross profit | $2.6B | $2.8B | $2.9B | $3.2B | $5.2B |
| R&D | $0 | $0 | $0 | $0 | $0 |
| SG&A | $0 | $0 | $0 | $0 | $3.5B |
| Operating income | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B |
| EBITDA | $2.4B | $2.5B | $2.8B | $3.1B | $3.2B |
| Pretax income | $823.0M | $902.0M | $954.0M | $1.1B | $1.2B |
| Income tax | $95.0M | $93.0M | $147.0M | $176.0M | $246.0M |
| Net income | $1.4B | $837.0M | $887.0M | $1.0B | $1.1B |
| EPS, diluted | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
| Diluted shares | 289.5M | 290.0M | 291.7M | 298.3M | 300.6M |
Balance sheet
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $452.0M | $164.0M | $227.0M | $103.0M | $615.0M |
| Receivables | $943.0M | $1.6B | $944.0M | $1.1B | $1.3B |
| Inventory | $667.0M | $1.1B | $938.0M | $769.0M | $791.0M |
| Total current assets | $2.6B | $3.4B | $2.8B | $2.8B | $3.5B |
| PP&E, net | $22.4B | $22.7B | $25.1B | $27.5B | $30.7B |
| Goodwill & intangibles | $0 | $0 | $0 | $0 | $0 |
| Total assets | $28.8B | $31.4B | $33.5B | $35.9B | $40.4B |
| Accounts payable | $886.0M | $936.0M | $809.0M | $1.1B | $1.4B |
| Total current liabilities | $2.2B | $3.0B | $2.9B | $3.5B | $3.5B |
| Long-term debt | $12.0B | $13.1B | $14.5B | $15.2B | $17.8B |
| Total liabilities | $21.6B | $23.8B | $25.4B | $27.2B | $30.7B |
| Shareholders' equity | $7.2B | $7.6B | $8.1B | $8.7B | $9.7B |
Cash flow statement
Outflows are negative| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | $751.0M | $833.0M | $886.0M | $1.0B | $1.1B |
| Depreciation & amortization | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Stock-based compensation | $0 | $0 | $0 | $0 | $0 |
| Change in working capital | −$46.0M | −$1.1B | $416.0M | $262.0M | −$61.0M |
| Operating cash flow | $1.8B | $855.0M | $2.3B | $2.4B | $2.2B |
| Capital expenditure | −$2.1B | −$2.4B | −$3.2B | −$3.0B | −$3.8B |
| Free cash flow | −$257.0M | −$1.5B | −$910.0M | −$648.0M | −$1.6B |
| Investing cash flow | −$1.2B | −$2.5B | −$3.4B | −$3.0B | −$4.0B |
| Net debt issued / repaid | $100.0M | $1.8B | $1.5B | $982.0M | $2.4B |
| Buybacks | $0 | $0 | $0 | $0 | $0 |
| Dividends paid | −$509.0M | −$546.0M | −$579.0M | −$626.0M | −$663.0M |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross margin | 36.1% | 32.1% | 38.4% | 42.7% | 60.9% |
| Operating margin | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% |
| Net margin | 18.5% | 9.7% | 11.9% | 13.3% | 12.5% |
| FCF margin | -3.5% | -17.7% | -12.2% | -8.6% | -18.6% |
| ROE | 22.3% | 12.3% | 12.2% | 12.7% | 12.3% |
| ROIC | 5.4% | 5.2% | 4.5% | 5.1% | 5.0% |
| ROA | 4.6% | 2.8% | 2.7% | 2.9% | 2.8% |
| Debt / equity | 1.89 | 2.04 | 2.08 | 2.02 | 2.07 |
| Interest coverage | 2.6x | 2.7x | 2.5x | 2.6x | 2.6x |
| Current ratio | 1.19 | 1.15 | 0.98 | 0.79 | 0.98 |
| Revenue growth | +11.9% | +17.3% | −13.2% | +0.7% | +13.6% |
| EPS growth | +77.5% | −38.5% | +4.9% | +11.4% | +6.1% |
| P/E at year end | 12.3x | 20.0x | 18.1x | 19.3x | 19.6x |
| EV / EBITDA at year end | 11.8x | 12.1x | 11.3x | 11.6x | 12.3x |
| FCF yield at year end | -1.54% | -9.06% | -5.67% | -3.35% | -7.56% |
| Dividend payout | 37.6% | 65.2% | 65.3% | 62.4% | 61.9% |
Revenue by segment
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Residential Utility Services | $3.8B | $4.4B | $3.9B | $3.7B | $4.4B |
| Commercial Utility Service | $2.0B | $2.3B | $2.0B | $2.1B | $2.4B |
| Industrial Utility Service | $678.0M | $867.0M | $720.0M | $720.0M | $824.0M |
| Other Utility Service | — | — | $466.0M | — | — |
Street estimates by fiscal year
Next report 2026-10-27 · consensus EPS $1.27 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $9.0B | $8.5B – $9.4B | $3.87 | $3.84 – $3.89 | 9 | 17.7x |
| 2027 | $9.4B | $8.8B – $9.8B | $4.16 | $4.13 – $4.19 | 9 | 16.5x |
| 2028 | $9.8B | $9.3B – $10.4B | $4.48 | $4.45 – $4.52 | 4 | 15.3x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-04-28 | $1.11 | $1.13 | +1.8% | $2.5B | $2.7B | +11.1% |
| 2026-02-05 | $0.93 | $0.95 | +1.8% | $1.9B | $2.2B | +18.6% |
| 2025-10-30 | $0.86 | $0.93 | +8.1% | $1.8B | $2.0B | +9.5% |
| 2025-07-31 | $0.68 | $0.71 | +4.4% | $1.7B | $1.8B | +5.8% |
| 2025-04-24 | $1.01 | $1.02 | +1.0% | $2.2B | $2.4B | +9.3% |
| 2025-02-06 | $0.87 | $0.87 | 0.0% | $2.2B | $2.0B | −8.2% |
| 2024-10-31 | $0.78 | $0.84 | +7.7% | $1.9B | $1.7B | −7.3% |
| 2024-07-25 | $0.63 | $0.66 | +4.8% | $1.7B | $1.6B | −6.9% |
| 2024-04-25 | $0.94 | $0.97 | +3.2% | $2.3B | $2.2B | −6.3% |
| 2024-02-01 | $1.05 | $1.05 | 0.0% | $2.7B | $1.9B | −29.0% |
| 2023-10-26 | $0.61 | $0.61 | 0.0% | $2.1B | $1.7B | −21.7% |
| 2023-07-27 | $0.70 | $0.75 | +7.1% | $2.0B | $1.6B | −23.8% |
| 2023-04-27 | $0.76 | $0.70 | −7.9% | $2.2B | $2.3B | +2.5% |
| 2023-02-02 | $0.39 | $0.60 | +53.8% | $1.9B | $2.3B | +20.3% |
| 2022-10-27 | $0.55 | $0.56 | +1.8% | $1.7B | $2.0B | +15.9% |
| 2022-07-28 | $0.50 | $0.53 | +6.0% | $1.6B | $1.9B | +20.0% |
| 2022-05-03 | $1.12 | $1.20 | +7.1% | $2.1B | $2.4B | +12.0% |
| 2022-02-03 | $0.47 | $0.47 | 0.0% | $1.7B | $2.0B | +16.9% |
| 2021-10-28 | $0.54 | $0.54 | 0.0% | $1.6B | $1.7B | +9.1% |
| 2021-07-29 | $0.46 | $0.62 | +34.8% | $1.5B | $1.6B | +3.9% |
| 2021-04-29 | $1.14 | $1.21 | +6.1% | $2.0B | $2.1B | +3.2% |
| 2021-02-04 | $0.55 | $0.56 | +1.8% | $1.8B | $1.8B | +0.1% |
| 2020-10-29 | $0.72 | $0.77 | +6.9% | $1.5B | $1.6B | +7.5% |
| 2020-08-03 | $0.42 | $0.49 | +16.7% | $1.2B | $1.4B | +16.7% |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $215.2M | 3,154,901 | 70,203 |
| 2026-08-24 | $196.4M | 2,865,172 | 62,314 |
| 2026-08-17 | $268.5M | 3,802,096 | 74,289 |
| 2026-08-10 | $391.8M | 5,602,359 | 86,417 |
| 2026-08-03 | $238.3M | 3,339,863 | 73,304 |
| 2026-07-27 | $375.6M | 5,066,836 | 94,359 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 58.4% | 1,170,932 | 2,004,855 |
| 2026-10-14 | 50.9% | 724,951 | 1,425,299 |
| 2026-10-13 | 55.9% | 711,000 | 1,271,361 |
| 2026-10-12 | 78.9% | 822,992 | 1,043,209 |
| 2026-10-09 | 61.1% | 473,195 | 774,478 |
| 2026-10-08 | 64.7% | 558,989 | 864,510 |
| 2026-10-07 | 45.4% | 614,708 | 1,353,436 |
| 2026-10-06 | 68.0% | 878,175 | 1,291,094 |
| 2026-10-05 | 56.8% | 1,012,258 | 1,781,194 |
| 2026-10-02 | 59.6% | 894,992 | 1,501,933 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | +1.9% | 55% | 20 |
| Feb | −0.1% | 50% | 20 |
| Mar | +2.8% | 81% | 21 |
| Apr | +1.8% | 80% | 20 |
| May | −0.3% | 50% | 20 |
| Jun | −0.4% | 50% | 20 |
| Jul | +1.9% | 70% | 20 |
| Aug | +0.8% | 60% | 20 |
| Sep | −1.0% | 55% | 20 |
| Oct | +1.5% | 80% | 20 |
| Nov | +2.2% | 60% | 20 |
| Dec | +1.7% | 65% | 20 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1470.4
MFI82.7
ADX27.7
Stochastic %K / %D91.5 / 93.7
Williams %R-4.3
CCI197
TSI / signal2.4 / -22.0
Chaikin money flow0.09
ATR$1.14
Bollinger width9.9%
Volume vs 20-day avg1.48x
SupertrendUp
Moving averages and bands
level (price vs level)SMA 20$64.70 (+6.2%)
SMA 50$67.05 (+2.5%)
SMA 200$72.49 (−5.2%)
EMA 21$65.83 (+4.4%)
EMA 50$67.18 (+2.3%)
EMA 200$70.87 (−3.1%)
Bollinger upper$67.90 (+1.2%)
Bollinger lower$61.50 (+11.7%)
Parabolic SAR$65.36 (+5.1%)
Open the live chart, 110+ indicatorsAbout CMS Energy Corporation
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.
https://www.cmsenergy.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Garrick J. Rochow | President, Chief Executive Officer & Director | $3.8M | 1975 |
| Shaun Johnson | EVice President of Business Transformation & Chief Legal & Administrative Officer | $1.6M | 1979 |
| LeeRoy Wells Jr. | SVP and President of Gas Delivery of Consumers Energy Company | $1.3M | 1979 |
| Brandon J. Hofmeister | Senior Vice President of Strategy, Sustainability & External Affairs | $1.3M | 1977 |
| Tonya L. Berry | Executive Vice President & Chief Operating Officer | $1.2M | 1973 |
| Jason Shore | Treasurer & Vice President of Investor Relations | — | 1977 |
| Jim G. Beechey | Vice President of IT & Security and Chief Information Officer | — | — |
| Kelly Hall | SVP of Regulatory & Legal Affairs & Deputy General Counsel | — | — |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| John G. Russell President and CEO, CMS and Consumers | 2013 | $1.1M | $3.1M | $1.5M | $6.8M |
| Thomas J. Webb Executive Vice President and CFO, CMS & Consumers | 2013 | $685,000 | $854,024 | $554,850 | $2.1M |
| James E. Brunner Senior Vice President, CMS & Consumers | 2013 | $433,000 | $668,147 | $350,730 | $1.5M |
| John M. Butler Senior Vice President, CMS & Consumers | 2013 | $420,000 | $552,602 | $340,200 | $1.4M |
| Daniel J. Malone Senior Vice President, Consumers | 2013 | $395,000 | $602,869 | $319,950 | $1.4M |
| David G. Mengebier Senior Vice President, CMS & Consumers | 2013 | $365,000 | $351,663 | $271,013 | $1.0M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| 2026-08-07 | $0.57 | 2026-09-01 |
| 2026-05-08 | $0.57 | 2026-05-29 |
| 2026-02-17 | $0.57 | 2026-02-27 |
| 2025-11-07 | $0.5425 | 2025-11-26 |
| 2025-08-08 | $0.5425 | 2025-08-29 |
| 2025-05-09 | $0.5425 | 2025-05-30 |
| 2025-02-14 | $0.5425 | 2025-02-28 |
| 2024-11-13 | $0.515 | 2024-11-27 |
Moat model
Weak · Intangible Assets · 2026-06-30Cost advantage28
Intangibles61
Switching costs41
Network effect38
Efficient scale34
Our component scores (0-100) and overall 41.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17