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CMS EnergyCMS

Multi-Utilities · Jackson, Michigan · In the S&P 500
Solid business
$70.10+0.83%After hours: $70.29 (+0.27%)At the close, 30 Oct · Prices from CNBC, may be delayed
▼ 3.0% over 1 year
CMS Energy over 1 yearDaily close, $, to 30 Oct 2026
$65$75$80Nov2026MarMayJulSep$70.10$80NovMarJul$70.10
Source: Nasdaq daily closes
Market value$21.98B
Price to earnings25.1x
Forward P/E16.9x
Dividend yield3.25%
Year to date+0.2%
One year−3.0%
Next earningsNot scheduled
SectorUtilities
52-week range (closes)
$62.60$79.94

Quality and valuation

How CMS Energy compares with other utilities stocks. A description, not a recommendation.

CMS Energy and 7 multi-utilities peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: about averageValuation: in line with its sector

An average business among utilities companies, priced about in line with them.

CMS Energy trades at 16.9 times the next 12 months of expected earnings, against a median of 18.6x for the 33 utilities stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew faster than the sector median: +9.9% vs +8.3%
  • Less profitable (operating margin): 18.9% vs 23.0%
CMS trades at 16.9x forward earnings, below the sector medianForward p/e, Multi-Utilities peers
PCG7.8xSRE16.6xCMS16.9xD17.5xED18.4xXEL18.7xAEE19.9xNEE20.8xSector median 18.6xPCG7.8xSRE16.6xCMS16.9xD17.5xED18.4xXEL18.7xAEE19.9xNEE20.8xSector median 18.6x
Source: CNBC quotes; Mostly Markets
At 21.1x earnings, CMS is pricier than its average since Jul 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
20x22xAverage 20.8x2025202621.1x20x22xAverage 20.8x2025202621.1x
Source: Nasdaq prices; SEC filings

Financials

From CMS Energy's SEC filings, through the quarter ending 30 Jun 2026. Hover or tap a bar for its value.

Revenue fell 0.5% from a year earlierQuarterly revenue, $bn, latest Q2 ’26
$0bn$1bn$2bnQ3 ’24Q1 ’25Q3 ’25$1.8bnQ2 ’26$0bn$1bn$2bnQ3 ’24Q1 ’25Q3 ’25$1.8bnQ2 ’26
Source: SEC filings
Growth slowed to −0.5% last quarterRevenue growth, year on year, %
0%5%10%15%Q3 ’24Q1 ’25Q3 ’25−0.5%Q2 ’260%10%Q3 ’24Q1 ’25Q3 ’25−0.5%Q2 ’26
Source: SEC filings
Operating margin was 14.4% last quarterOperating income as a share of revenue, %
0%10%20%Q3 ’24Q1 ’25Q3 ’2514.4%Q2 ’260%10%20%Q3 ’24Q1 ’25Q3 ’2514.4%Q2 ’26
Source: SEC filings
Free cash flow by quarterQuarterly free cash flow (operating cash flow minus capex), $m
−$600m−$400m−$200m$0mQ3 ’24Q1 ’25Q3 ’25−$345mQ2 ’26−$500m−$250m$0mQ3 ’24Q1 ’25Q3 ’25−$345mQ2 ’26
Source: SEC filings
Last 12 monthsCMSSector median
Revenue growth+9.9%+8.3%
Operating margin18.9%23.0%
Price to earnings25.1x21.1x

Stories on CMS Energy

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Similar companies

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CompanyPriceTodayYTDValue
NEENextEra Energy$83.71+1.91%+4.3%$176B
DDominion Energy$66.62+2.30%+13.7%$58.59B
SRESempra$86.06+0.20%−2.5%$56.27B
XELXcel Energy$79.82+0.99%+8.1%$49.86B
EDConsolidated Edison$116.64+1.00%+17.4%$43.14B
AEEAmeren$110.54+0.30%+10.7%$30.60B
PCGPG&E$13.18−0.38%−18.0%$29.03B
DTEDTE Energy$135.49+0.72%+5.0%$28.19B