CMS Stock Analysis: CMS Energy | NYSE
Utilities - Regulated Electric | NYSE, USA | Market Cap: 20.288m USD | 12M Return: -11.3% | US1258961002 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 213M
EPS Trend: 73.2%
Qual. Beats: 0
Rev. Trend: 87.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
CMS Energy Corporation is a Michigan-based energy company operating through three segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment generates, purchases, distributes, and sells electricity using a mix of coal, wind, gas, renewables, oil, and nuclear sources, supported by a large distribution network with numerous substations. The Gas Utility segment handles the purchase, transmission, storage, and distribution of natural gas across thousands of miles of pipeline infrastructure. The NorthStar Clean Energy segment focuses on independent power production, including the development and operation of renewable generation assets. The company serves roughly 1.9 million electric and 1.8 million gas customers across Michigan and is headquartered in Jackson, Michigan.
As a multi-utility operating primarily in a single U.S. state, CMS Energys electric and gas operations are largely regulated by Michigans public service commission, which sets rates and approves capital investments. Regulated utilities of this type typically earn a return on their rate base as authorized by state regulators, while the NorthStar Clean Energy segment provides exposure to unregulated renewable energy development and marketing.
- Michigan rate orders support ROE and infrastructure cost recovery
- Electric and gas customer additions drive volume and revenue growth
- NorthStar Clean Energy renewable investments expand earnings base
| Net Income: 1.03b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA -1.00 > 1.0 |
| NWC/Revenue: -2.97% < 20% (prev -0.04%; Δ -2.94% < -1%) |
| CFO/TA 0.05 > 3% & CFO 2.15b > Net Income 1.03b |
| Net Debt (19.3b) to EBITDA (3.12b): 6.19 < 3 |
| Current Ratio: 0.92 > 1.5 & < 3 |
| Outstanding Shares: last quarter (300.6m) vs 12m ago 0.49% < -2% |
| Gross Margin: 45.83% > 18% (prev 42.09%; Δ 3.74% > 0.5%) |
| Asset Turnover: 22.37% > 50% (prev 21.27%; Δ 1.10% > 0%) |
| Interest Coverage Ratio: 2.38 > 6 (EBIT TTM 1.94b / Interest Expense TTM 816.0m) |
| A: -0.01 (Total Current Assets 3.10b - Total Current Liabilities 3.36b) / Total Assets 41.1b |
| B: 0.06 (Retained Earnings 2.55b / Total Assets 41.1b) |
| C: 0.05 (EBIT TTM 1.94b / Avg Total Assets 39.4b) |
| D: 0.32 (Book Value of Equity 9.77b / Total Liabilities 30.7b) |
| Altman-Z'' = 0.83 = B |
| DSRI: 0.99 (Receivables 1.02b/936.0m, Revenue 8.81b/8.02b) |
| GMI: 0.92 (GM 42.09% / 45.83%) |
| AQI: 0.92 (AQ_t 0.14 / AQ_t-1 0.15) |
| SGI: 1.10 (Revenue 8.81b / 8.02b) |
| TATA: -0.03 (NI 1.03b - CFO 2.15b) / TA 41.1b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of September 29, 2026, the stock is trading at USD 62.60 with a total of 4,128,827 shares traded. Over the past week, the price has changed by -3.25%, over one month by -8.22%, over three months by -19.02% and over the past year by -11.29%.
Current recommended Stop Loss: 61.00 (which is 2.6% or 1.5 ATR below the current price).
CMS Energy has received a consensus analysts rating of 3.79. Therefore, it is recommended to hold CMS.
- StrongBuy: 6
- Buy: 4
- Hold: 8
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 78.7 | 25.7% |
P/E Trailing = 19.4294
P/E Forward = 15.7729
P/S = 2.2679
P/B = 2.1455
P/EG = 2.3556
Revenue TTM = 8.81b USD
EBIT TTM = 1.94b USD
EBITDA TTM = 3.12b USD
Long Term Debt = 18.2b USD (from longTermDebt, last quarter)
Short Term Debt = 870.0m USD (from shortTermDebt, last quarter)
Debt = 19.6b USD (from shortLongTermDebtTotal, last quarter) + Leases 259.0m
Net Debt = 19.3b USD (calculated: Debt 19.6b - CCE 241.0m)
Enterprise Value = 39.6b USD (20.3b + Debt 19.6b - CCE 241.0m)
Interest Coverage Ratio = 2.38 (Ebit TTM 1.94b / Interest Expense TTM 816.0m)
EV/FCF = -20.74x (Enterprise Value 39.6b / FCF TTM -1.91b)
FCF Yield = -4.82% (FCF TTM -1.91b / Enterprise Value 39.6b)
FCF Margin = -21.67% (FCF TTM -1.91b / Revenue TTM 8.81b)
Net Margin = 11.64% (Net Income TTM 1.03b / Revenue TTM 8.81b)
Gross Margin = 45.83% ((Revenue TTM 8.81b - Cost of Revenue TTM 4.77b) / Revenue TTM)
Gross Margin QoQ = 63.09% (prev 56.52%)
Tobins Q-Ratio = 0.96 (Enterprise Value 39.6b / Total Assets 41.1b)
Interest Expense / Debt = 4.17% (Interest Expense 816.0m / Debt 19.6b)
Taxrate = 21.23% (239.0m / 1.13b)
NOPAT = 1.53b (EBIT 1.94b * (1 - 21.23%))
Current Ratio = 0.92 (Total Current Assets 3.10b / Total Current Liabilities 3.36b)
Debt / Equity = 2.00 (Debt 19.6b / totalStockholderEquity, last quarter 9.77b)
Debt / EBITDA = 6.19 (Net Debt 19.3b / EBITDA 3.12b)
Debt / FCF = -10.11 (negative FCF - burning cash) (Net Debt 19.3b / FCF TTM -1.91b)
Total Stockholder Equity = 9.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.60% (Net Income 1.03b / Total Assets 41.1b)
RoE = 11.02% (Net Income TTM 1.03b / Total Stockholder Equity 9.31b)
RoCE = 7.07% (EBIT 1.94b / Capital Employed (Equity 9.31b + L.T.Debt 18.2b))
RoIC = 3.99% (NOPAT 1.53b / Invested Capital 38.4b)
WACC = 4.26% (E(20.3b)/V(39.8b) * Re(5.20%) + D(19.6b)/V(39.8b) * Rd(4.17%) * (1-Tc(0.21)))
Discount Rate = 5.20% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 94.32 | Cagr: 0.50%
[DCF] Fair Price = unknown (Cash Flow -1.91b)
EPS Correlation: 73.18 | EPS CAGR: 7.25% | SUE: 0.0 | # QB: 0
Revenue Correlation: 87.25 | Revenue CAGR: 6.83% | SUE: 0.52 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.12 | Chg30d=-1.14% | Revisions=+10% | Analysts=10
EPS current Year (2026-12-31): EPS=3.87 | Chg30d=-0.02% | Revisions=-67% | GrowthEPS=+7.2% | GrowthRev=+4.9%
EPS next Year (2027-12-31): EPS=4.16 | Chg30d=-0.03% | Revisions=-77% | GrowthEPS=+7.3% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: -58% (up=4, down=19)