CMS Energy Corporation
- Open
- 68.31
- Day high
- 68.47
- Day low
- 68.13
- Prev close
- 68.06
- Volume
- 102K
- Mkt cap
- $21.4B
- P/E (TTM)
- 20.2
- EPS (TTM)
- $3.38
- P/B
- 2.2
- P/S
- 2.4
- Yield
- 3.30%
- Per share
- $2.25
- ▲Insiders net buying $14K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
CMS Energy Corporation (CMS) is a Utilities company listed on NYSE. The stock is down 5% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering CMS.
CMS Energy Corporation (CMS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CMS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.37 | $0.37 | +0.8% | $1.8B | -3.0% |
| Apr 28, 2026 | $1.11 | $1.13 | +1.8% | $2.7B | +10.3% |
| Feb 5, 2026 | $0.94 | $0.95 | +1.2% | $2.2B | -11.0% |
| Oct 30, 2025 | $0.86 | $0.93 | +8.1% | $2.0B | +9.4% |
| Jul 31, 2025 | $0.68 | $0.71 | +4.4% | $1.8B | +5.9% |
| Apr 24, 2025 | $1.01 | $1.02 | +0.9% | $2.4B | +9.5% |
| Feb 6, 2025 | $0.88 | $0.87 | -1.1% | $2.0B | -7.5% |
| Oct 31, 2024 | $0.78 | $0.84 | +7.7% | $1.7B | -6.4% |
| Jul 25, 2024 | $0.64 | $0.66 | +3.3% | $1.6B | -5.9% |
| Apr 25, 2024 | $0.94 | $0.97 | +3.6% | $2.2B | -5.6% |
| Feb 1, 2024 | $1.04 | $1.05 | +0.9% | $1.9B | -28.2% |
| Oct 26, 2023 | $0.61 | $0.61 | +0.3% | $1.7B | -21.6% |
CMS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 3, 2026 | MADDIPATI SRIKANTHofficer: EVP/CFO | Buy | 200 | $72.45 |
| Jun 16, 2026 | MADDIPATI SRIKANTHofficer: EVP/CFO | Grant | 10,184 | — |
| May 27, 2026 | Hofmeister Brandon J.officer: Senior Vice President | Sell | 3,000 | $74.31 |
| May 11, 2026 | Butler Deborah Hdirector | Grant | 2,411 | — |
| May 11, 2026 | RUSSELL JOHN Gdirector | Grant | 2,411 | — |
| May 11, 2026 | IZZO RALPHdirector | Grant | 2,411 | — |
| May 11, 2026 | Leopold Dianedirector | Grant | 2,411 | — |
| May 11, 2026 | Wright Lauradirector | Grant | 2,411 | — |
| May 11, 2026 | Keyes Richard Patrickdirector | Grant | 2,411 | — |
| May 11, 2026 | Soto Myrnadirector | Grant | 2,411 | — |
| May 11, 2026 | Sznewajs John Gdirector | Grant | 2,411 | — |
| May 11, 2026 | SHANK SUZANNE F.director | Grant | 2,411 | — |
| May 11, 2026 | TANSKI RONALD Jdirector | Grant | 2,411 | — |
| Mar 30, 2026 | Snyder Lauren Yofficer: Senior Vice President | Grant | 674 | — |
| Mar 30, 2026 | Hofmeister Brandon J.officer: Senior Vice President | Grant | 2,863 | — |
Source: CMS SEC Form 4 filings, latest Aug 3, 2026. For informational purposes only — not investment advice.
See the full CMS insider & 13F page →CMS Energy Corporation company profile
Overview
CMS Energy Corporation (NYSE:CMS) is a Michigan-based energy holding company that has been publicly traded since 1987. The company operates primarily as a regulated utility serving approximately 1.9 million electric customers and 1.8 million natural gas customers throughout Michigan. CMS Energy has evolved from a traditional coal-dependent utility into a company actively pursuing clean energy transformation, with ambitious goals to achieve 60% renewable energy by 2035 and net-zero carbon emissions for its natural gas operations by 2050. The company is headquartered in Jackson, Michigan, and has established itself as a key player in the state's energy infrastructure and economic development initiatives.
Business
CMS Energy operates in the regulated utility sector, providing essential energy services through three main business segments. The Electric Utility segment represents the company's largest operation, generating approximately 85-90% of total revenues. This division handles the complete electricity value chain from generation through retail distribution, operating a diverse generation portfolio that includes coal, natural gas, wind, solar, nuclear, and oil-fired power plants. The company's electric infrastructure encompasses over 82,000 miles of distribution lines, more than 1,000 substations, and various transmission facilities serving residential, commercial, and industrial customers across Michigan. The Gas Utility segment contributes roughly 10-15% of revenues and manages the purchase, transmission, storage, and distribution of natural gas. This operation includes an extensive network of 2,392 miles of transmission lines, 15 underground storage fields, over 28,000 miles of distribution mains, and 8 compressor stations. The gas utility serves both heating and industrial process needs for customers throughout the state. The Enterprises segment, operating under the NorthStar Clean Energy brand, represents a smaller but growing portion of the business, typically contributing $0.16-$0.22 per share in earnings. This division focuses on independent power production, renewable energy development, and energy marketing activities. A key asset within this segment is the Dearborn Industrial Generation (DIG) facility, which provides steam and electricity services to industrial customers. The utility industry operates under a regulated monopoly model where companies provide essential services within defined geographic territories under oversight from state public service commissions. CMS Energy's service territory covers a significant portion of Michigan, giving it natural monopoly characteristics in its coverage areas. The company is currently undergoing a major transformation from fossil fuel dependence toward renewable energy sources, driven by both regulatory requirements and economic factors.
Revenue model
CMS Energy generates revenue primarily through regulated utility rate structures approved by the Michigan Public Service Commission. The company earns returns on its invested capital through rate base mechanisms, where regulators allow the utility to recover its costs plus earn a reasonable return on equity (typically 9-10%) on prudent investments in infrastructure and generation assets. Revenue comes from monthly customer bills that include both energy charges (based on consumption) and fixed delivery charges. The company's business model benefits from predictable cash flows due to the essential nature of electricity and natural gas services. Customers pay monthly regardless of economic conditions, providing stable revenue streams. Rate cases, typically filed every few years, allow the company to recover increased costs and earn returns on new capital investments, creating a built-in mechanism for revenue growth as the company expands its infrastructure. Several factors influence CMS Energy's profitability margins. Constructive regulatory treatment is crucial, as favorable rate case outcomes directly impact allowed returns and cost recovery mechanisms. The company has generally experienced supportive regulatory environments in Michigan, with recent rate cases providing adequate cost recovery and reasonable returns. Weather patterns significantly affect both electric and gas demand, with extreme temperatures driving higher usage and revenues. Economic development in Michigan, particularly data center and manufacturing growth, creates new demand that can improve capacity utilization and spread fixed costs across a larger customer base. Cost management initiatives through the company's "CE Way" lean operating system help maintain margins by reducing operational expenses. However, inflation in labor, materials, and equipment costs can pressure margins until recovered through rate adjustments. Storm restoration expenses can create significant cost spikes, though the company seeks regulatory mechanisms to defer and recover these extraordinary expenses. The transition to renewable energy presents both opportunities and challenges, as new investments can grow the rate base but may require substantial capital expenditures that temporarily pressure returns until fully incorporated into rates.
Competitive moat
CMS Energy possesses a strong economic moat derived from its regulated monopoly status within its Michigan service territory. The company operates under natural monopoly characteristics where the high fixed costs and extensive infrastructure requirements create substantial barriers to entry. Duplicate electric and gas distribution systems would be economically inefficient, effectively preventing competitive threats in the company's core markets. This regulatory protection, combined with the essential nature of utility services, provides predictable cash flows and stable customer relationships. The company's moat is further strengthened by its extensive physical infrastructure, including over 82,000 miles of electric distribution lines, thousands of miles of gas pipelines, generation facilities, and storage assets. This infrastructure represents billions of dollars in sunk costs that would be extremely difficult and expensive for potential competitors to replicate. Additionally, CMS Energy has developed strong relationships with Michigan regulators and has demonstrated ability to obtain constructive rate treatment, which is crucial for utility profitability. However, the moat faces some potential challenges. Distributed energy resources such as rooftop solar, battery storage, and energy efficiency improvements could reduce customer demand over time, though regulatory mechanisms like fixed charges help mitigate this risk. Regulatory risk remains a constant concern, as changes in political climate or regulatory philosophy could impact allowed returns or cost recovery mechanisms. The company's ongoing transition to renewable energy, while necessary for long-term sustainability, requires substantial capital investments and regulatory approval for cost recovery. The emergence of large industrial customers seeking direct power purchase agreements or on-site generation could potentially bypass the utility system, though Michigan's regulatory framework generally requires such customers to maintain grid connections and pay appropriate costs. Overall, CMS Energy's moat remains robust due to the fundamental economics of utility infrastructure and the essential nature of its services, though ongoing attention to regulatory relationships and system modernization is required to maintain this competitive position.
Risks & safety
CMS Energy demonstrates a moderate margin of safety with stable cash generation but elevated debt levels typical of capital-intensive utilities. **Liquidity and Solvency:** - Current ratio of 1.06 indicates tight but adequate short-term liquidity - Debt-to-equity ratio of 2.04 reflects high leverage typical for regulated utilities - Strong operating cash flow of $2.37 billion in 2024 provides substantial cash generation - Access to capital markets and credit facilities support liquidity needs **Valuation Metrics:** - Price-to-earnings ratio of 18.4x appears reasonable for a utility with 6-8% growth prospects - EV/EBITDA of 10.5x is within normal utility valuation ranges - Price-to-book ratio of 2.69x reflects premium to asset value but typical for quality utilities - Graham number suggests fair valuation relative to earnings and book value **Other Considerations:** - Regulated utility model provides predictable cash flows and rate recovery mechanisms - Substantial capital investment requirements ($20 billion over five years) will require continued access to capital markets - Storm-related expenses and infrastructure investments create periodic cash flow volatility - Strong regulatory relationships in Michigan support long-term financial stability
Recent development
CMS Energy has undergone significant strategic transformation over the past few years, focusing on clean energy transition and grid modernization. The company has aggressively moved away from coal-fired generation, retiring over 500 megawatts of coal capacity while simultaneously investing in renewable energy infrastructure. In 2023, the company brought online the 201-megawatt Heartland wind farm and acquired the 1.2-gigawatt Covert natural gas generating station to provide reliable backup power during the renewable transition. The company filed a comprehensive 20-year renewable energy plan in November 2024, outlining investments in 9 gigawatts of solar and 4 gigawatts of wind generation over two decades. This plan supports the company's goal of achieving 60% renewable energy by 2035 and represents approximately $20 billion in additional investment opportunities beyond the current five-year capital plan. The renewable strategy includes substantial battery storage investments to address intermittency challenges. Economic development initiatives have become a major focus, with CMS Energy actively courting data center and manufacturing investments in Michigan. The company has developed a pipeline of approximately 9 gigawatts of potential new load, with 65% attributed to data center opportunities. A 230-megawatt data center project is already contracted for 2026, representing the company's first major hyperscale facility. This load growth supports the business case for expanded renewable investments and infrastructure improvements. The company has also prioritized electric reliability improvements through a $7 billion reliability roadmap that includes extensive tree trimming, underground wire installations, and grid hardening measures. Recent storm response improvements have achieved 95% customer restoration within 24 hours, significantly better than historical performance. These reliability investments are designed to reduce long-term restoration costs while improving customer satisfaction and regulatory relationships. Operational efficiency initiatives through the "CE Way" lean operating system have generated substantial cost savings, helping offset inflationary pressures and storm-related expenses. The company has also strengthened its regulatory position through constructive rate case outcomes and proactive engagement with Michigan regulators on renewable energy policies and economic development initiatives.
CMS company profile · for informational purposes only — not investment advice.
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