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CMS Energy Corporation

CMS

NYSEUtilitiesRegulated Electric

Latest quote

$68.27

−$1.56 · -2.23%

Aug 21, 3:59 PM ET

CMS company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

81

Deep Value

Momentum

44

Neutral

Sentiment

64

Bullish

Risk resilience

83

Low Risk

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Company profile

Company website

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.

Industry
Regulated Electric
Sector
Utilities
Headquarters
US
CEO
Garrick J. Rochow
Listed since
Feb 21, 1973
Employees
8,350

Market position

Volume
2.38M
0.7× average
Average volume
3.42M
Average daily volume
Market cap
21.41B USD
Beta
0.34
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
39.34B USD
EV / EBITDA
12.34×
Earnings yield
5.10%
Free cash flow yield
-7.56%

Profitability & efficiency

Return on equity
11.71%
Return on assets
2.65%
Return on invested capital
3.67%

Financial health

Current ratio
0.98×
Altman Z-score
0.87
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends66%46%25%5%Gross margin, FY2021: 36.14%Gross margin, FY2022: 32.13%Gross margin, FY2023: 38.35%Gross margin, FY2024: 42.70%Gross margin, FY2025: 60.91%Operating margin, FY2021: 15.64%Operating margin, FY2022: 14.24%Operating margin, FY2023: 16.55%Operating margin, FY2024: 19.79%Operating margin, FY2025: 20.22%Net margin, FY2021: 18.46%Net margin, FY2022: 9.74%Net margin, FY2023: 11.89%Net margin, FY2024: 13.35%Net margin, FY2025: 12.54%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 36.14%. Gross margin FY2022 32.13%. Gross margin FY2023 38.35%. Gross margin FY2024 42.70%. Gross margin FY2025 60.91%. Operating margin FY2021 15.64%. Operating margin FY2022 14.24%. Operating margin FY2023 16.55%. Operating margin FY2024 19.79%. Operating margin FY2025 20.22%. Net margin FY2021 18.46%. Net margin FY2022 9.74%. Net margin FY2023 11.89%. Net margin FY2024 13.35%. Net margin FY2025 12.54%.

Income trends

Revenue

8.54B USD+13.63%

Operating income

1.73B USD+16.14%

Net income

1.07B USD+6.78%
Income trends across reported periods9.37B USD6.27B USD3.16B USD61.1M USDRevenue, FY2021: 7.33B USDRevenue, FY2022: 8.6B USDRevenue, FY2023: 7.46B USDRevenue, FY2024: 7.52B USDRevenue, FY2025: 8.54B USDOperating income, FY2021: 1.15B USDOperating income, FY2022: 1.22B USDOperating income, FY2023: 1.24B USDOperating income, FY2024: 1.49B USDOperating income, FY2025: 1.73B USDNet income, FY2021: 1.35B USDNet income, FY2022: 837M USDNet income, FY2023: 887M USDNet income, FY2024: 1B USDNet income, FY2025: 1.07B USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 7.33B USD. Revenue FY2022 8.6B USD. Revenue FY2023 7.46B USD. Revenue FY2024 7.52B USD. Revenue FY2025 8.54B USD. Operating income FY2021 1.15B USD. Operating income FY2022 1.22B USD. Operating income FY2023 1.24B USD. Operating income FY2024 1.49B USD. Operating income FY2025 1.73B USD. Net income FY2021 1.35B USD. Net income FY2022 837M USD. Net income FY2023 887M USD. Net income FY2024 1B USD. Net income FY2025 1.07B USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue8.54B USD7.52B USD7.46B USD8.6B USD7.33B USD
Cost of goods sold3.34B USD4.31B USD4.6B USD5.83B USD4.68B USD
Gross profit5.2B USD3.21B USD2.86B USD2.76B USD2.65B USD
Selling, general, and administrative3.47B USD
Operating expenses3.47B USD1.72B USD1.63B USD1.54B USD1.5B USD
Interest income3M USD
Interest expense789M USD708M USD643M USD519M USD500M USD
Depreciation and amortization1.15B USD1.24B USD1.18B USD1.13B USD1.11B USD
Operating income1.73B USD1.49B USD1.24B USD1.22B USD1.15B USD
Net income1.07B USD1B USD887M USD837M USD1.35B USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
82%
9 beats, 0 misses, 2 met estimates
Average EPS surprise
+3.35%
11 comparable reports
Latest EPS result
0.37
Estimate 0.36 · Beat by 3.12%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.190.90.60.3Q1 '25MetQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 0.87, estimate 0.87, surprise 0.00%, Met estimate. Q2 2025, reported Apr 24, 2025: actual 1.02, estimate 1.01, surprise +0.99%, Beat. Q3 2025, reported Jul 31, 2025: actual 0.71, estimate 0.68, surprise +4.41%, Beat. Q4 2025, reported Oct 30, 2025: actual 0.93, estimate 0.86, surprise +8.14%, Beat. Q1 2026, reported Feb 5, 2026: actual 0.95, estimate 0.933, surprise +1.82%, Beat. Q2 2026, reported Apr 28, 2026: actual 1.13, estimate 1.1, surprise +2.73%, Beat. Q3 2026, reported Jul 28, 2026: actual 0.37, estimate 0.359, surprise +3.12%, Beat. Q4 2026, reported Oct 29, 2026: actual —, estimate 1.12, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates2.84B2.44B2.03B1.63BQ1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 1.99B USD, estimate 2.17B USD, surprise -8.17%, Miss. Q2 2025, reported Apr 24, 2025: actual 2.45B USD, estimate 2.24B USD, surprise +9.34%, Beat. Q3 2025, reported Jul 31, 2025: actual 1.84B USD, estimate 1.74B USD, surprise +5.80%, Beat. Q4 2025, reported Oct 30, 2025: actual 2.02B USD, estimate 1.85B USD, surprise +9.51%, Beat. Q1 2026, reported Feb 5, 2026: actual 2.23B USD, estimate 1.88B USD, surprise +18.55%, Beat. Q2 2026, reported Apr 28, 2026: actual 2.73B USD, estimate 2.46B USD, surprise +11.05%, Beat. Q3 2026, reported Jul 28, 2026: actual 1.83B USD, estimate 1.87B USD, surprise -2.43%, Miss. Q4 2026, reported Oct 29, 2026: actual —, estimate 2.17B USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$81.50

19.38% upside
Past 12 months12-month forecast

Price history unavailable

High $86.00Average $81.50Low $78.00

Recent analyst actions

12 institutions

CMS news

ETFs holding CMS

Funds reporting this stock among their holdings, ordered by reported position size.

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