CMSElectric and gas utility
CMS Energy
Not investment advice. Kevin may own this stock. How we value stocks
By Kevin Amado
Updated
- Price
- $69.22
- Analysts view
- Leaning bullish
- Discount category
- Close to intrinsic value
- Pick status
- Research only
- Next earnings
- Earnings Feb 4 · · estimated
- Market cap
- $22B
- Shares of Jul 13, 2026
- Yield at current rate
- 3.3%
- Current annual rate, at the price of Nov 13, 2026
- Dividend yield
- 3.3%
- Last 12 months, at the price of Nov 13, 2026
- P/E (trailing)
- 20.8
- Price of Nov 13, 2026
- EPS (trailing)
- $3.33
- 12 months to Jun 30, 2026
- 52-week range
- $62.29 – $80.36
- To Nov 12, 2026
- Beta
- 0.30
- Vs S&P 500, 5 years monthly, to Oct 30, 2026
- Average volume
- 3.9M
- 3 months, to Nov 12, 2026
Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings
In short
- Thesis
- The market weighs the steady rate base growth of CMS Energy against its large debt and the need for new shares, and fair Michigan rate orders through 2027 can lift its value.
- Gap
- Can close. The electric rate order due by April 2027 and the Q4 2026 report, expected in early February 2027, show whether Michigan rates support the investment plan.
Company guidance: 2026 adjusted EPS $3.83 to $3.90; 2027 adjusted EPS $4.08 to $4.17; long-term adjusted EPS growth 6% to 8% (, Q3 2026 results release (8-K))
Price history
About
CMS Energy Corporation (CMS Energy) is based in Jackson, Michigan. Its main business is Consumers Energy, an electric and gas utility in Michigan. Consumers Energy generates, buys, distributes and sells electricity, and it also runs a natural gas utility. The Michigan Public Service Commission (MPSC) sets its rates.
NorthStar Clean Energy is the non-utility business, and CMS Energy is selling its renewable projects outside Michigan. Operating revenue was $2,183 million in Q3 2026 and $6,742 million for nine months. The common stock trades on the NYSE in US dollars. CMS Energy files 10-K and 10-Q reports.
Thesis
The price of CMS Energy depends on whether Michigan rate orders let it earn a fair return on a large investment plan without too many new shares. Consumers Energy plans capital spending of $24.1 billion through 2030, and its 2026 integrated resource plan shows about $27 billion of capital opportunity. CMS Energy guides adjusted EPS of $4.08 to $4.17 for 2027 and long-term growth of 6% to 8% a year. Debt and finance leases were $19,728 million at September 30, 2026, and a new program can sell up to $3 billion of common stock.
For the price to hold or rise, three things must be true. The MPSC must give a fair result in the electric rate case, with a final order by April 2027, after it approved $139 million of the $232 million gas increase that Consumers Energy asked for in October 2026. The exit from NorthStar renewables must finish by the end of 2026 with no further large loss. New load from data centers and factories must arrive as planned.
The Q4 2026 report, expected in early February 2027, is the next test. If rate orders are weak or interest rates rise, the price can fall.
Checkpoints
- Feb 4, 2027 · est.PendingQ4 2026 results and 2027 outlook2026 adjusted EPS is in the guided range of $3.83 to $3.90 and the 2027 range of $4.08 to $4.17 holds, and this passes; a miss or a lower 2027 range fails.
- Apr 2027 · est.PendingElectric rate case orderThe MPSC approves most of the $468 million request at a return on equity of 9.90% or more, and this passes; a much smaller increase or a lower return fails.
Recent events
- November 3, 2026CMS Energy sold $1,000 million of 6.800% fixed-to-fixed reset rate junior subordinated notes due 2057.
- October 27, 2026CMS Energy reported Q3 2026 results. Reported EPS was $0.39 and adjusted EPS was $1.44, against $0.93. Asset impairment and restructuring at NorthStar Clean Energy cost $1.08 per share. It reaffirmed 2026 adjusted EPS guidance of $3.83 to $3.90 and 2027 guidance of $4.08 to $4.17.
- October 15, 2026The MPSC approved a gas rate increase of $139 million a year for Consumers Energy, based on a return on equity of 9.80%, from November 2026. Consumers Energy had asked for $232 million.
Show 2 older eventsHide older events
- September 3, 2026Consumers Energy filed its 2026 integrated resource plan with the MPSC. The plan adds 15.8 GW of clean energy and 4.1 GW of battery storage by 2040, and 1.4 GW of simple cycle gas generation by 2031.
- June 3, 2026Rejji Hayes retired as chief financial officer, and Srikanth Maddipati became executive vice president and chief financial officer of CMS Energy and Consumers Energy.
Latest news and filings
- Last earnings
- October 27, 2026 (8-K on sec.gov)
- Next earnings
- Expected about February 4, 2027. The company has not confirmed the date.
- 8-KOther company newsFiled · Read it on sec.gov
- 10-QQuarterly report for the period ended Sep 30, 2026Filed · cms-20260930
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
- 10-QQuarterly report for the period ended Jun 30, 2026Filed · cms-20260630
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
- 8-KChange of directors or officers and Investor disclosureFiled · Read it on sec.gov
- 8-KOther company newsFiled · Read it on sec.gov
- 8-KChange to shareholder rights or bylaws and Shareholder vote resultsFiled · Read it on sec.gov
- 10-QQuarterly report for the period ended Mar 31, 2026Filed · cms-20260331
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
Risks
- Rate orders can be lower than requested. In October 2026 the MPSC approved $139 million of a $232 million gas request, at a return on equity of 9.80%. The electric case asks for $468 million at 10.25%, and the order is due by April 2027.
- The investment plan needs much new capital. Debt and finance leases were $19,728 million at September 30, 2026, and the new equity program can sell up to $3 billion of shares, which dilutes shareholders.
- Higher interest rates raise costs and lower the value of utility shares. Interest charges were $627 million for nine months of 2026, against $588 million.
- The NorthStar exit can bring more losses. Asset impairment and restructuring cost $1.09 per share in the first nine months of 2026, and some project sales are not yet signed.
- Demand from data centers may not arrive as expected. The 10-Q names this as a risk to the plan.
Balance sheet
- Cash
- $451M
- Debt
- $20.2B
- Net debt
- $19.8B
- Credit line
- $2.2B
- undrawn
Cash against debt
debt covered by cashnet debt $19.8B
When the debt is due
At September 30, 2026, CMS Energy had debt and finance leases of $19,728 million and securitization debt of $479 million, so debt in the figures is $20,207 million. Of this, $1,258 million is the current portion of long-term debt and finance leases. Cash and cash equivalents were $451 million, and restricted cash was $102 million. Undrawn revolving credit was $736 million at CMS Energy, $74 million at NorthStar Clean Energy and $1.4 billion at Consumers Energy. On November 3, 2026, CMS Energy sold $1,000 million of junior subordinated notes due 2057. The quarterly dividend was $0.57 per share in Q3 2026.
Dividends
- Yield at the current rate
- 3.3% (current annual rate, at today’s price)
- Dividend yield
- 3.3% (last 12 months, at today’s price of $69.22)
- Paid per share
- $2.28 in the last 12 months (4 payments)
- Current annual rate
- $2.28 ($0.57 × 4 a year)
- Payout ratio
- 62% of the last fiscal year’s earnings (the year that ended December 31, 2025)
- Latest ex-dividend date
- November 6, 2026, $0.57 per share
Dividends per share by year
| 2016 | $1.24 | |
|---|---|---|
| 2017 | $1.332 | |
| 2018 | $1.432 | |
| 2019 | $1.532 | |
| 2020 | $1.632 | |
| 2021 | $1.74 | |
| 2022 | $1.84 | |
| 2023 | $1.952 | |
| 2024 | $2.06 | |
| 2025 | $2.172 |
From 2020 to 2025, the dividend grew by about 5.9% a year. From 2015 to 2025, the dividend grew by about 6.5% a year.
Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.
Questions about CMS Energy
What does CMS Energy do?
CMS Energy Corporation (CMS Energy) is based in Jackson, Michigan. Its main business is Consumers Energy, an electric and gas utility in Michigan. Its market cap is $22B at the current price of $69.22.
When does CMS Energy report earnings next?
This is an estimate: CMS Energy may report on February 4, 2027. It last reported results on October 27, 2026.
Is CMS Energy stock below its intrinsic value?
CMS Energy stock is close to intrinsic value. This is general information, not advice.
What changed recently at CMS Energy?
The latest update is from November 3, 2026. CMS Energy sold $1,000 million of 6.800% fixed-to-fixed reset rate junior subordinated notes due 2057.
What are the main risks for CMS Energy?
Rate orders can be lower than requested. The investment plan needs much new capital. Higher interest rates raise costs and lower the value of utility shares.
How much debt and cash does CMS Energy have?
At September 30, 2026, CMS Energy had $20.2B of debt and $451M of cash.
Does CMS Energy pay a dividend?
Yes. The current annual dividend of CMS Energy is $2.28 per share. That is a dividend yield of 3.3% at the current price of $69.22. The latest ex-dividend date was November 6, 2026.
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