CMS Chart
About

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.

Fundamentals
Scroll to Statements
Sector Utilities Industry Utilities - Regulated El Market Cap 23.67B
Enterprise Value 42.87B Income 1.06B Sales 8.54B
Book/sh 29.11 Cash/sh 1.66 Dividend Yield 295.00%
Payout 61.56% Employees 8350 IPO —
P/E 21.94 Forward P/E 18.51 PEG —
P/S 2.77 P/B 2.65 P/C —
EV/EBITDA 14.20 EV/Sales 5.02 Quick Ratio 0.52
Current Ratio 0.98 Debt/Eq 194.86 LT Debt/Eq —
EPS (ttm) 3.52 EPS next Y 4.17 EPS Growth 6.60%
Revenue Growth 12.30% Earnings 2026-04-23 ROA 3.15%
ROE 10.86% ROIC — Gross Margin 41.53%
Oper. Margin 21.68% Profit Margin 12.54% Shs Outstand 306.42M
Shs Float 304.31M Short Float 5.41% Short Ratio 4.33
Short Interest — 52W High 78.47 52W Low 67.71
Beta 0.43 Avg Volume 3.03M Volume 2.87M
Target Price $79.15 Recom Buy Prev Close $77.16
Price $77.24 Change 0.10%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$79.15
Mean price target
2. Current target
$77.24
Latest analyst target
3. DCF / Fair value
$-102.35
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$77.24
Low
$66.00
High
$87.00
Mean
$79.15

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-02 main Keybanc Overweight → Overweight $83
2026-02-23 main Barclays Overweight → Overweight $79
2026-02-09 reit BMO Capital Outperform → Outperform $80
2026-02-06 main Mizuho Neutral → Neutral $76
2026-02-02 main Morgan Stanley Equal-Weight → Equal-Weight $75
2026-01-28 main Jefferies Buy → Buy $81
2026-01-20 main Wells Fargo Equal-Weight → Equal-Weight $74
2026-01-15 main Jefferies Buy → Buy $79
2026-01-15 main JP Morgan Overweight → Overweight $81
2026-01-15 main Barclays Overweight → Overweight $74
2025-12-17 main UBS Neutral → Neutral $77
2025-12-11 main JP Morgan Overweight → Overweight $80
2025-10-28 init Wells Fargo — → Equal-Weight $77
2025-10-22 main Morgan Stanley Equal-Weight → Equal-Weight $76
2025-10-21 main Barclays Overweight → Overweight $82
2025-10-15 main Keybanc Overweight → Overweight $79
2025-09-30 main Jefferies Buy → Buy $82
2025-09-25 main Morgan Stanley Equal-Weight → Equal-Weight $71
2025-07-22 main Barclays Overweight → Overweight $78
2025-07-07 down Wolfe Research Outperform → Peer Perform —
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 1750 136859 — Sale at price 78.20 per share. MCINTOSH SCOTT B. Officer — 2026-03-02 00:00:00 D
1 4000 312940 — Sale at price 78.24 per share. HOFMEISTER BRANDON J Officer — 2026-02-27 00:00:00 D
2 2 — — Stock Gift at price 0.00 per share. HOFMEISTER BRANDON J Officer — 2026-02-27 00:00:00 D
3 2000 153398 — Purchase at price 76.70 per share. LEOPOLD DIANE Director — 2026-02-25 00:00:00 D
4 14914 1129810 — Sale at price 75.76 per share. RUSSELL JOHN G. Director — 2026-02-20 00:00:00 D
5 769 — — Stock Award(Grant) at price 0.00 per share. KEYES RICHARD PATRICK Director — 2026-02-20 00:00:00 D
6 769 — — Stock Award(Grant) at price 0.00 per share. LEOPOLD DIANE Director — 2026-02-20 00:00:00 D
7 5008 — — Stock Award(Grant) at price 0.00 per share. MCINTOSH SCOTT B. Officer — 2026-01-29 00:00:00 D
8 20451 — — Stock Award(Grant) at price 0.00 per share. BERRY TONYA L Chief Operating Officer — 2026-01-29 00:00:00 D
9 3526 — — Stock Award(Grant) at price 0.00 per share. SNYDER LAUREN Y Officer — 2026-01-29 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems18.71M21.82M21.25M0.00
TaxRateForCalcs0.200.160.150.10
NormalizedEBITDA3.26B2.93B2.64B2.55B
TotalUnusualItems95.00M139.00M138.00M-15.00M
TotalUnusualItemsExcludingGoodwill95.00M139.00M138.00M-15.00M
NetIncomeFromContinuingOperationNetMinorityInterest1.07B1.00B886.00M833.00M
ReconciledDepreciation1.31B1.24B1.18B1.13B
ReconciledCostOfRevenue4.99B4.31B4.60B5.83B
EBITDA3.35B3.07B2.78B2.55B
EBIT2.05B1.83B1.60B1.42B
NetInterestIncome-751.00M-658.00M-605.00M-519.00M
InterestExpense798.00M708.00M643.00M519.00M
InterestIncome47.00M50.00M38.00M3.00M
NormalizedIncome994.72M885.82M769.25M833.00M
NetIncomeFromContinuingAndDiscontinuedOperation1.07B1.00B887.00M837.00M
TotalExpenses6.81B6.03B6.23B7.37B
TotalOperatingIncomeAsReported1.73B1.49B1.24B1.22B
DilutedAverageShares306.41M298.78M294.40M291.30M
BasicAverageShares306.41M298.78M294.40M291.30M
DilutedEPS3.463.322.982.84
BasicEPS3.463.322.982.84
DilutedNIAvailtoComStockholders1.06B993.00M877.00M827.00M
NetIncomeCommonStockholders1.06B993.00M877.00M827.00M
PreferredStockDividends10.00M10.00M10.00M10.00M
NetIncome1.07B1.00B887.00M837.00M
MinorityInterests69.00M56.00M79.00M24.00M
NetIncomeIncludingNoncontrollingInterests1.00B947.00M808.00M813.00M
NetIncomeDiscontinuousOperations0.000.001.00M4.00M
NetIncomeContinuousOperations1.00B947.00M807.00M809.00M
TaxProvision246.00M176.00M147.00M93.00M
PretaxIncome1.25B1.12B954.00M902.00M
OtherIncomeExpense272.00M294.00M325.00M197.00M
OtherNonOperatingIncomeExpenses172.00M148.00M180.00M197.00M
SpecialIncomeCharges95.00M139.00M138.00M-15.00M
OtherSpecialCharges-95.00M-139.00M-138.00M15.00M
EarningsFromEquityInterest5.00M7.00M7.00M10.00M
NetNonOperatingInterestIncomeExpense-751.00M-658.00M-605.00M-519.00M
InterestExpenseNonOperating798.00M708.00M643.00M519.00M
InterestIncomeNonOperating47.00M50.00M38.00M3.00M
OperatingIncome1.73B1.49B1.24B1.22B
OperatingExpense1.82B1.72B1.63B1.54B
OtherTaxes513.00M482.00M447.00M412.00M
DepreciationAmortizationDepletionIncomeStatement1.31B1.24B1.18B1.13B
DepreciationAndAmortizationInIncomeStatement1.31B1.24B1.18B1.13B
Amortization207.00M199.00M130.00M136.00M
AmortizationOfIntangiblesIncomeStatement207.00M199.00M130.00M136.00M
DepreciationIncomeStatement1.10B1.04B1.05B990.00M
GrossProfit3.55B3.21B2.86B2.76B
CostOfRevenue4.99B4.31B4.60B5.83B
TotalRevenue8.54B7.51B7.46B8.60B
OperatingRevenue8.54B7.51B7.46B8.60B
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber306.41M298.78M294.40M291.30M
ShareIssued306.41M298.78M294.40M291.30M
NetDebt18.25B16.35B15.35B14.08B
TotalDebt18.90B16.57B15.64B14.31B
TangibleBookValue8.92B8.01B7.32B6.79B
InvestedCapital27.68B24.46B22.90B21.03B
WorkingCapital-76.00M-731.00M-56.00M448.00M
NetTangibleAssets9.14B8.23B7.54B7.01B
CapitalLeaseObligations135.00M112.00M62.00M68.00M
CommonStockEquity8.92B8.01B7.32B6.79B
PreferredStockEquity224.00M224.00M224.00M224.00M
TotalCapitalization26.95B23.42B22.05B20.14B
TotalEquityGrossMinorityInterest9.71B8.75B8.12B7.59B
MinorityInterest567.00M518.00M581.00M580.00M
StockholdersEquity9.14B8.23B7.54B7.01B
GainsLossesNotAffectingRetainedEarnings-36.00M-41.00M-46.00M-52.00M
OtherEquityAdjustments-36.00M-41.00M-46.00M-52.00M
RetainedEarnings2.44B2.04B1.66B1.35B
AdditionalPaidInCapital6.51B6.01B5.71B5.49B
CapitalStock227.00M227.00M227.00M227.00M
CommonStock3.00M3.00M3.00M3.00M
PreferredStock224.00M224.00M224.00M224.00M
TotalLiabilitiesNetMinorityInterest30.23B27.17B25.39B23.76B
TotalNonCurrentLiabilitiesNetMinorityInterest26.68B23.65B22.50B20.77B
OtherNonCurrentLiabilities392.00M407.00M415.00M397.00M
LiabilitiesHeldforSaleNonCurrent0.00
EmployeeBenefits95.00M96.00M106.00M108.00M
NonCurrentPensionAndOtherPostretirementBenefitPlans95.00M96.00M106.00M108.00M
NonCurrentDeferredLiabilities3.37B3.05B2.74B2.54B
NonCurrentDeferredTaxesLiabilities3.37B3.05B2.74B2.54B
LongTermDebtAndCapitalLeaseObligation17.94B15.31B14.57B13.19B
LongTermCapitalLeaseObligation135.00M112.00M62.00M68.00M
LongTermDebt17.81B15.19B14.51B13.12B
LongTermProvisions792.00M728.00M771.00M746.00M
CurrentLiabilities3.55B3.52B2.90B2.98B
OtherCurrentLiabilities270.00M320.00M205.00M270.00M
CurrentDebtAndCapitalLeaseObligation956.00M1.26B1.07B1.12B
CurrentDebt956.00M1.26B1.07B1.12B
OtherCurrentBorrowings956.00M1.20B980.00M1.10B
CurrentNotesPayable0.0065.00M93.00M20.00M
PayablesAndAccruedExpenses2.32B1.94B1.62B1.60B
CurrentAccruedExpenses210.00M194.00M196.00M122.00M
InterestPayable182.00M156.00M142.00M122.00M
Payables2.11B1.75B1.42B1.47B
DuetoRelatedPartiesCurrent9.00M8.00M7.00M8.00M
TotalTaxPayable708.00M654.00M612.00M538.00M
AccountsPayable1.40B1.08B802.00M928.00M
TotalAssets39.94B35.92B33.52B31.35B
TotalNonCurrentAssets36.47B33.13B30.68B27.92B
OtherNonCurrentAssets398.00M384.00M357.00M310.00M
DefinedPensionBenefit1.96B1.63B1.47B1.21B
NonCurrentAccountsReceivable18.00M20.00M22.00M23.00M
InvestmentsAndAdvances61.00M69.00M76.00M71.00M
NetPPE30.68B27.46B25.07B22.71B
AccumulatedDepreciation-10.13B-9.57B-9.01B-8.96B
GrossPPE40.81B37.03B34.08B31.67B
ConstructionInProgress3.05B2.10B944.00M1.18B
OtherProperties34.00M30.00M39.00M30.00M
CurrentAssets3.47B2.79B2.84B3.43B
OtherCurrentAssets264.00M332.00M283.00M170.00M
AssetsHeldForSaleCurrent19.00M
CurrentDeferredAssets479.00M448.00M426.00M384.00M
CurrentDeferredTaxesAssets479.00M448.00M426.00M384.00M
RestrictedCash106.00M75.00M21.00M18.00M
PrepaidAssets120.00M
Inventory791.00M769.00M938.00M1.12B
OtherInventories427.00M435.00M587.00M840.00M
Receivables1.32B1.06B944.00M1.58B
DuefromRelatedPartiesCurrent17.00M14.00M11.00M16.00M
AccountsReceivable1.31B1.05B933.00M1.56B
AllowanceForDoubtfulAccountsReceivable-27.00M-23.00M-21.00M-27.00M
GrossAccountsReceivable1.33B1.07B954.00M1.59B
CashCashEquivalentsAndShortTermInvestments509.00M103.00M227.00M164.00M
CashAndCashEquivalents509.00M103.00M227.00M164.00M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow-1.80B-808.00M-1.08B-1.63B
RepaymentOfDebt-1.15B-952.00M-2.13B-106.00M
IssuanceOfDebt3.61B1.96B3.55B1.90B
IssuanceOfCapitalStock525.00M286.00M192.00M69.00M
CapitalExpenditure-4.04B-3.18B-3.39B-2.48B
InterestPaidSupplementalData741.00M677.00M607.00M490.00M
IncomeTaxPaidSupplementalData69.00M15.00M1.00M16.00M
EndCashPosition615.00M178.00M248.00M182.00M
BeginningCashPosition178.00M248.00M182.00M476.00M
ChangesInCash437.00M-70.00M66.00M-294.00M
FinancingCashFlow2.24B614.00M1.14B1.33B
CashFromDiscontinuedFinancingActivities0.000.00-84.00M
CashFlowFromContinuingFinancingActivities2.24B614.00M1.14B1.33B
NetOtherFinancingCharges49.00M-7.00M80.00M-11.00M
InterestPaidCFF-65.00M-21.00M-42.00M-62.00M
CashDividendsPaid-663.00M-626.00M-579.00M-544.00M
NetPreferredStockIssuance0.000.00224.00M
PreferredStockIssuance0.000.00224.00M
NetCommonStockIssuance525.00M286.00M192.00M69.00M
CommonStockIssuance525.00M286.00M192.00M69.00M
NetIssuancePaymentsOfDebt2.39B982.00M1.49B1.81B
NetShortTermDebtIssuance-65.00M-28.00M73.00M20.00M
ShortTermDebtPayments0.00
ShortTermDebtIssuance73.00M20.00M0.00
NetLongTermDebtIssuance2.46B1.01B1.42B1.79B
LongTermDebtPayments-1.15B-952.00M-2.13B-106.00M
LongTermDebtIssuance3.61B1.96B3.55B1.90B
InvestingCashFlow-4.04B-3.05B-3.39B-2.48B
CashFromDiscontinuedInvestingActivities0.000.0078.00M
CashFlowFromContinuingInvestingActivities-4.04B-3.05B-3.39B-2.48B
NetBusinessPurchaseAndSale0.00124.00M0.005.00M
SaleOfBusiness0.00124.00M0.005.00M
PurchaseOfBusiness-812.00M0.000.00
NetPPEPurchaseAndSale-214.00M-160.00M-979.00M-107.00M
SaleOfPPE0.000.00
PurchaseOfPPE-214.00M-160.00M-979.00M-107.00M
CapitalExpenditureReported-3.82B-3.02B-2.41B-2.37B
OperatingCashFlow2.23B2.37B2.31B855.00M
CashFromDiscontinuedOperatingActivities0.000.00-111.00M
CashFlowFromContinuingOperatingActivities2.23B2.37B2.31B855.00M
ChangeInWorkingCapital-61.00M262.00M416.00M-1.11B
ChangeInOtherWorkingCapital22.00M238.00M126.00M10.00M
ChangeInPayablesAndAccruedExpense196.00M15.00M-136.00M4.00M
ChangeInInventory-28.00M164.00M185.00M-450.00M
ChangeInReceivables-251.00M-155.00M241.00M-677.00M
OtherNonCashItems-254.00M-254.00M-286.00M-105.00M
AssetImpairmentCharge40.00M33.00M34.00M50.00M
DeferredTax202.00M142.00M157.00M89.00M
DeferredIncomeTax202.00M142.00M157.00M89.00M
DepreciationAmortizationDepletion1.31B1.24B1.18B1.13B
DepreciationAndAmortization1.31B1.24B1.18B1.13B
AmortizationCashFlow207.00M199.00M130.00M
AmortizationOfIntangibles207.00M199.00M130.00M
Depreciation1.10B1.04B1.05B
OperatingGainsLosses-5.00M-657.00M
GainLossOnSaleOfBusiness0.000.00-5.00M-657.00M
NetIncomeFromContinuingOperations1.00B947.00M808.00M813.00M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for CMS
Date User Asset Broker Type Position Size Entry Price Patterns