Overview Dividends

(CMS) CMS Energy - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US1258961002

Electricity, Natural Gas, Renewable Generation

Multi-Utilities
Market Cap in USD: 21,433m

IPO / Inception: 1984-12-31
Return 12m vs S&P 500: -7.77%

EPS (Earnings per Share)

EPS CAGR: 19.96%
EPS Trend: 46.1%

Last SUE: 3.74
Qual. Beats: 2

Revenue

Rev. CAGR: -0.16%
Rev. Trend: -17.2%

Last SUE: 0.58
Qual. Beats: 0

Dividends

Dividend Yield	3.14%
Yield on Cost 5y	4.36%
Yield CAGR 5y	6.03%
Payout Consistency	84.7%
Payout Ratio	61.5%

Risk via 5d forecast
Volatility	18.0%
Value at Risk 5%th	30.6%
Relative Tail Risk	3.46%

Reward TTM
Sharpe Ratio	0.30
Alpha	1.04
CAGR/Max DD	0.30

Character TTM
Hurst Exponent	0.336
Beta	0.112
Beta Downside	0.112

Drawdowns 3y
Max DD	20.77%
Mean DD	5.50%
Median DD	5.38%

Description: CMS CMS Energy December 19, 2025

CMS Energy Corp. (NYSE:CMS) is a Michigan-based utility that serves roughly 1.9 million electric and 1.8 million natural-gas customers across residential, commercial, and industrial segments. The business is organized into three reporting units: Electric Utility, Gas Utility, and NorthStar Clean Energy.

The Electric Utility segment owns and operates a diversified generation fleet-including coal, natural-gas, wind, solar, oil, and nuclear assets-and manages an extensive distribution network of over 81,000 mi of overhead lines, nearly 10,000 mi of underground lines, and more than 1,100 substations. This mix positions the segment to meet Michigan’s modest electricity demand growth of about 1 % YoY while navigating state renewable-energy mandates.

The Gas Utility segment handles the purchase, transmission, storage, and distribution of natural gas via 2,342 mi of high-pressure transmission pipelines, 15 underground storage fields, and 28,368 mi of distribution mains. The NorthStar Clean Energy unit focuses on independent power production, primarily renewable projects, and contributes roughly 10 % of CMS’s total generation capacity.

In FY 2023 the company reported revenue of $9.1 billion, adjusted earnings per share of $5.00, and a dividend yield near 3.2 %, reflecting the stable cash-flow profile typical of regulated utilities. Key economic drivers include natural-gas price volatility, the cost of capital in a rising-rate environment, and the ongoing shift toward low-carbon generation. For a deeper quantitative assessment, see the detailed metrics on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (1.05b TTM) > 0 and > 6% of Revenue (6% = 497.7m TTM)

FCFTA -0.04 (>2.0%) and ΔFCFTA -3.00pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -3.70% (prev 6.85%; Δ -10.55pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.06 (>3.0%) and CFO 2.16b > Net Income 1.05b (YES >=105%, WARN >=100%)

Net Debt (17.71b) to EBITDA (3.33b) ratio: 5.32 <= 3.0 (WARN <= 3.5)

Current Ratio 0.90 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (300.4m) change vs 12m ago 0.54% (target <= -2.0% for YES)

Gross Margin 38.85% (prev 42.34%; Δ -3.48pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 22.78% (prev 21.47%; Δ 1.31pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 2.64 (EBITDA TTM 3.33b / Interest Expense TTM 769.0m) >= 6 (WARN >= 3)

Altman Z'' 0.60

(A) -0.01 = (Total Current Assets 2.75b - Total Current Liabilities 3.05b) / Total Assets 38.01b

(B) 0.06 = Retained Earnings (Balance) 2.32b / Total Assets 38.01b

(D) 0.08 = Book Value of Equity 2.29b / Total Liabilities 28.58b

Total Rating: 0.60 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 42.59

1. Piotroski 3.0pt

2. FCF Yield -3.85%

3. FCF Margin -18.18%

4. Debt/Equity 2.04

5. Debt/Ebitda 5.32

6. ROIC - WACC (= 2.46)%

7. RoE 12.38%

8. Rev. Trend -17.22%

9. EPS Trend 46.08%

What is the price of CMS shares?

As of December 21, 2025, the stock is trading at USD 69.17 with a total of 4,796,614 shares traded.
Over the past week, the price has changed by -0.96%, over one month by -5.18%, over three months by -0.61% and over the past year by +8.40%.

Is CMS a buy, sell or hold?

CMS Energy has received a consensus analysts rating of 3.79. Therefor, it is recommend to hold CMS.

Strong Buy: 6
Buy: 4
Hold: 8
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the CMS price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	78.6	13.7%
Analysts Target Price	78.6	13.7%
ValueRay Target Price	74.6	7.8%

CMS Fundamental Data Overview December 21, 2025

Market Cap USD = 21.43b (21.43b USD * 1.0 USD.USD)
P/E Trailing = 20.2968
P/E Forward = 18.315
P/S = 2.5839
P/B = 2.4839
P/EG = 2.6022
Beta = 0.471
Revenue TTM = 8.29b USD
EBIT TTM = 2.03b USD
EBITDA TTM = 3.33b USD
Long Term Debt = 16.77b USD (from longTermDebt, last quarter)
Short Term Debt = 1.16b USD (from shortTermDebt, last quarter)
Debt = 18.07b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 17.71b USD (from netDebt column, last quarter)
Enterprise Value = 39.14b USD (21.43b + Debt 18.07b - CCE 362.0m)
Interest Coverage Ratio = 2.64 (Ebit TTM 2.03b / Interest Expense TTM 769.0m)
FCF Yield = -3.85% (FCF TTM -1.51b / Enterprise Value 39.14b)
FCF Margin = -18.18% (FCF TTM -1.51b / Revenue TTM 8.29b)
Net Margin = 12.62% (Net Income TTM 1.05b / Revenue TTM 8.29b)
Gross Margin = 38.85% ((Revenue TTM 8.29b - Cost of Revenue TTM 5.07b) / Revenue TTM)
Gross Margin QoQ = 29.09% (prev 38.85%)
Tobins Q-Ratio = 1.03 (Enterprise Value 39.14b / Total Assets 38.01b)
Interest Expense / Debt = 1.12% (Interest Expense 203.0m / Debt 18.07b)
Taxrate = 20.0% (68.0m / 340.0m)
NOPAT = 1.62b (EBIT 2.03b * (1 - 20.00%))
Current Ratio = 0.90 (Total Current Assets 2.75b / Total Current Liabilities 3.05b)
Debt / Equity = 2.04 (Debt 18.07b / totalStockholderEquity, last quarter 8.86b)
Debt / EBITDA = 5.32 (Net Debt 17.71b / EBITDA 3.33b)
Debt / FCF = -11.74 (negative FCF - burning cash) (Net Debt 17.71b / FCF TTM -1.51b)
Total Stockholder Equity = 8.46b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.75% (Net Income 1.05b / Total Assets 38.01b)
RoE = 12.38% (Net Income TTM 1.05b / Total Stockholder Equity 8.46b)
RoCE = 8.04% (EBIT 2.03b / Capital Employed (Equity 8.46b + L.T.Debt 16.77b))
RoIC = 6.36% (NOPAT 1.62b / Invested Capital 25.52b)
WACC = 3.90% (E(21.43b)/V(39.51b) * Re(6.43%) + D(18.07b)/V(39.51b) * Rd(1.12%) * (1-Tc(0.20)))
Discount Rate = 6.43% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 100.0 | Cagr: 1.01%
Fair Price DCF = unknown (Cash Flow -1.51b)
EPS Correlation: 46.08 | EPS CAGR: 19.96% | SUE: 3.74 | # QB: 2
Revenue Correlation: -17.22 | Revenue CAGR: -0.16% | SUE: 0.58 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.03 | Chg30d=-0.031 | Revisions Net=-3 | Analysts=5
EPS next Year (2026-12-31): EPS=3.85 | Chg30d=-0.001 | Revisions Net=-1 | Growth EPS=+7.3% | Growth Revenue=+4.2%

Additional Sources for CMS Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle