(CMS) CMS Energy - NYSE
Sector: Utilities | Industry: Utilities - Regulated Electric | Exchange: NYSE (USA) | Market Cap: 22.669m USD | Total Return: 8.8% in 12m
Avg Turnover: 241M
EPS Trend: 85.9%
Qual. Beats: 1
Rev. Trend: 63.5%
Qual. Beats: 2
Warnings
High Debt while negative Cash Flow
Altman Z'' 0.81 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
CMS Energy Corporation is a Michigan-based energy company that operates through three segments: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility segment generates, purchases, distributes, and sells electricity using a diversified generation mix that includes coal, wind, gas, renewable energy, oil, and nuclear sources, supported by an extensive high-voltage and distribution network. The Gas Utility segment handles the purchase, transmission, storage, distribution, and sale of natural gas through a sizable pipeline and storage infrastructure. The NorthStar Clean Energy segment focuses on independent power production and the development and operation of renewable generation assets. Collectively, the company serves approximately 1.9 million electric customers and 1.8 million gas customers across residential, commercial, and industrial markets. CMS Energy was incorporated in 1987 and is headquartered in Jackson, Michigan.
As a multi-utility operating in the regulated U.S. utilities sector, CMS Energy combines electric and gas distribution under a single corporate structure, a model that typically provides operational efficiencies and cross-selling opportunities within a defined service territory. The companys electric and gas rates are subject to oversight by the Michigan Public Service Commission, which is standard for investor-owned utilities and shapes the framework for cost recovery and capital investment.
- Michigan rate case orders boost allowed ROE and earnings
- Sustained capital spending lifts rate base growth through 2028
- NorthStar Clean Energy renewable projects expand generation portfolio
| Net Income: 1.11b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA -2.63 > 1.0 |
| NWC/Revenue: -6.43% < 20% (prev 1.99%; Δ -8.42% < -1%) |
| CFO/TA 0.05 > 3% & CFO 1.94b > Net Income 1.11b |
| Net Debt (19.1b) to EBITDA (3.23b): 5.90 < 3 |
| Current Ratio: 0.84 > 1.5 & < 3 |
| Outstanding Shares: last quarter (300.6m) vs 12m ago 0.49% < -2% |
| Gross Margin: 40.79% > 18% (prev 42.61%; Δ -1.82% > 0.5%) |
| Asset Turnover: 23.04% > 50% (prev 21.45%; Δ 1.59% > 0%) |
| Interest Coverage Ratio: 2.56 > 6 (EBIT TTM 2.06b / Interest Expense TTM 805.0m) |
| A: -0.01 (Total Current Assets 3.02b - Total Current Liabilities 3.59b) / Total Assets 40.3b |
| B: 0.06 (Retained Earnings 2.60b / Total Assets 40.3b) |
| C: 0.05 (EBIT TTM 2.06b / Avg Total Assets 38.3b) |
| D: 0.31 (Book Value of Equity 9.47b / Total Liabilities 30.2b) |
| Altman-Z'' = 0.81 = B |
| DSRI: 1.22 (Receivables 1.42b/1.03b, Revenue 8.82b/7.79b) |
| GMI: 1.04 (GM 42.61% / 40.79%) |
| AQI: 0.92 (AQ_t 0.14 / AQ_t-1 0.15) |
| SGI: 1.13 (Revenue 8.82b / 7.79b) |
| TATA: -0.02 (NI 1.11b - CFO 1.94b) / TA 40.3b) |
| Beneish M = -2.76 (Cap -4..+1) = A |
As of June 23, 2026, the stock is trading at USD 73.80 with a total of 2,309,460 shares traded. Over the past week, the price has changed by +0.31%, over one month by -0.98%, over three months by -0.33% and over the past year by +8.84%.
Current recommended Stop Loss: 71.70 (which is 2.8% 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 | 79.8 | 8.1% |
P/E Trailing = 20.2707
P/E Forward = 18.9753
P/S = 2.5695
P/B = 2.4528
P/EG = 2.8337
Revenue TTM = 8.82b USD
EBIT TTM = 2.06b USD
EBITDA TTM = 3.23b USD
Long Term Debt = 17.5b USD (from longTermDebt, last quarter)
Short Term Debt = 1.36b USD (from shortTermDebt, last quarter)
Debt = 19.3b USD (from shortLongTermDebtTotal, last quarter) + Leases 262.0m
Net Debt = 19.1b USD (calculated: Debt 19.3b - CCE 263.0m)
Enterprise Value = 41.7b USD (22.7b + Debt 19.3b - CCE 263.0m)
Interest Coverage Ratio = 2.56 (Ebit TTM 2.06b / Interest Expense TTM 805.0m)
EV/FCF = -20.51x (Enterprise Value 41.7b / FCF TTM -2.04b)
FCF Yield = -4.87% (FCF TTM -2.04b / Enterprise Value 41.7b)
FCF Margin = -23.07% (FCF TTM -2.04b / Revenue TTM 8.82b)
Net Margin = 12.55% (Net Income TTM 1.11b / Revenue TTM 8.82b)
Gross Margin = 40.79% ((Revenue TTM 8.82b - Cost of Revenue TTM 5.22b) / Revenue TTM)
Gross Margin QoQ = 56.52% (prev 33.76%)
Tobins Q-Ratio = 1.04 (Enterprise Value 41.7b / Total Assets 40.3b)
Interest Expense / Debt = 4.16% (Interest Expense 805.0m / Debt 19.3b)
Taxrate = 21.41% (268.0m / 1.25b)
NOPAT = 1.62b (EBIT 2.06b * (1 - 21.41%))
Current Ratio = 0.84 (Total Current Assets 3.02b / Total Current Liabilities 3.59b)
Debt / Equity = 2.04 (Debt 19.3b / totalStockholderEquity, last quarter 9.47b)
Debt / EBITDA = 5.90 (Net Debt 19.1b / EBITDA 3.23b)
Debt / FCF = -9.37 (negative FCF - burning cash) (Net Debt 19.1b / FCF TTM -2.04b)
Total Stockholder Equity = 8.97b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.89% (Net Income 1.11b / Total Assets 40.3b)
RoE = 12.35% (Net Income TTM 1.11b / Total Stockholder Equity 8.97b)
RoCE = 7.78% (EBIT 2.06b / Capital Employed (Equity 8.97b + L.T.Debt 17.5b))
RoIC = 4.28% (NOPAT 1.62b / Invested Capital 37.8b)
WACC = 4.45% (E(22.7b)/V(42.0b) * Re(5.46%) + D(19.3b)/V(42.0b) * Rd(4.16%) * (1-Tc(0.21)))
Discount Rate = 5.46% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 93.21 | Cagr: 0.93%
[DCF] Fair Price = unknown (Cash Flow -2.04b)
EPS Correlation: 85.91 | EPS CAGR: 11.31% | SUE: 1.33 | # QB: 1
Revenue Correlation: 63.45 | Revenue CAGR: 4.34% | SUE: 0.94 | # QB: 2
EPS current Quarter (2026-06-30): EPS=0.78 | Chg30d=+0.94% | Revisions=+9% | Analysts=11
EPS next Quarter (2026-09-30): EPS=1.06 | Chg30d=+0.62% | Revisions=+20% | Analysts=11
EPS current Year (2026-12-31): EPS=3.88 | Chg30d=+0.01% | Revisions=+33% | GrowthEPS=+7.6% | GrowthRev=+4.5%
EPS next Year (2027-12-31): EPS=4.17 | Chg30d=-0.03% | Revisions=-40% | GrowthEPS=+7.4% | GrowthRev=+4.2%
[Analyst] Revisions Ratio: -40%