CMS
CMS Energy Corporation
CMS's fundamentals are weak and it looks expensive: trading at 25x earnings, above its usual 21x. Analysts expect earnings growth.
CMS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Weak |
CMS's revenue and profitability are currently stable, but its cash flow and balance sheet are under pressure.
CMS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $69.22 | — |
| Cheap | 19x | $52.25 | -25% |
| Fair | 21x | $59.24 | -14% |
| Expensive | 23x | $64.69 | -6.5% |
| Current | 25x | $69.22 | — |
Historical ranges are pointers, not guarantees.
CMS's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
CMS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CMS, but weaker profitability.
CMS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.05 | +45% |
| Q3 2026 | $2.80 | -19% |
| Q2 2026 | $3.33 | -1.8% |
| Q1 2026 | $3.62 | +7.1% |
| Q4 2025 | $3.53 | +6% |
| Q3 2025 | $3.47 | -0.9% |
| Q2 2025 | $3.39 | +4% |
| Q1 2025 | $3.38 | +3% |
| Q4 2024 | $3.33 | +11% |
CMS's earnings per share have fallen from their peak: $2.80 over the past year, against $4.66 in late 2021.
CMS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +8% |
| Q2 2026 | $1.8B | -0.5% |
| Q1 2026 | $2.7B | +12% |
| Q4 2025 | $2.2B | +12% |
| Q3 2025 | $2B | +16% |
| Q2 2025 | $1.8B | +14% |
| Q1 2025 | $2.4B | +12% |
| Q4 2024 | $2B | +2% |
CMS's revenue is growing: $2.2B last quarter, up 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.1% | -22 points |
| Q2 2026 | 14% | -2.8 points |
| Q1 2026 | 18% | -2.2 points |
| Q4 2025 | 19% | -1.9 points |
| Q3 2025 | 24% | +2.7 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 20% | +1.3 points |
| Q4 2024 | 21% | +0.6 points |
CMS's operating margin was 2.1% last quarter, down 22 points from the same quarter a year ago, near the bottom of its range since 2019.
CMS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$468M | +$167M |
| Q2 2026 | -$345M | +$125M |
| Q1 2026 | -$334M | -398% |
| Q4 2025 | $478M | +19% |
| Q3 2025 | -$635M | -309% |
| Q2 2025 | -$470M | -166% |
| Q1 2025 | $112M | -88% |
| Q4 2024 | $403M | -0.5% |
CMS's free cash flow was −$669M over the past year, against −$590M the year before.
CMS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +2.4M shares |
| 1 year | +4.3% | +12.8M shares |
| 3 years | +7.5% | +21.8M shares |
| 5 years | +8.1% | +23.6M shares |
| Available history | +10% | +28.9M shares |
CMS has 313M diluted shares, up 4.3% from a year ago.
CMS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.6x | High |
| Q2 2026 | 6.2x | High |
| Q1 2026 | 6.1x | High |
| Q4 2025 | 6.0x | High |
| Q3 2025 | 5.9x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 5.8x | High |
| Q4 2024 | 6.0x | High |
CMS's net debt is about 7.5 years of its operating earnings (EBITDA), up from 5.9 years a year ago.
CMS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.6 | Neutral |
| Stochastic | 63.6 | Neutral |
CMS's weekly RSI is 48 (neutral) and its Stochastic is 64 (neutral).
CMS PE vs Utilities Sector
| Metric | CMS | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 20x | 21% above |
| PE % | 90 | 44 | 46 pts above |
CMS is trading at 25x earnings, a 21% premium to the Utilities sector's median of 20x.
CMS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $67.4 | 2.7% above |
| 20 week MA | $69.6 | 0.5% below |
| 50 week MA | $72.3 | 4.2% below |
| 100 week MA | $71.8 | 3.6% below |
| 200 week MA | $66.4 | 4.3% above |
CMS's trend is mixed: it's above two of its five weekly moving averages, and 4.3% above its 200-week average.
CMS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $62.5 | $58.2 | -7% |
| 2021 | $58.2 | $63.5 | +9.2% |
| 2022 | $63.5 | $63.6 | +0.2% |
| 2023 | $63.6 | $58.1 | -8.7% |
| 2024 | $58.1 | $67.1 | +15% |
| 2025 | $67.1 | $70.0 | +4.3% |
| 2026 YTD | $70.0 | $69.2 | -1.1% |
CMS has finished higher in four of the last six years. It's down 1.1% so far in 2026.