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.
OKLO
Oklo Inc.
There isn't enough reported data to score OKLO yet.
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.
OKLO Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Weak | |
| Unavailable | |
| Unavailable |
OKLO's profitability is currently weak. There isn't enough data to rate its revenue, cash flow and balance sheet.
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.
OKLO PE Valuation
OKLO has no meaningful PE right now: it lost money over the past year.
CMS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CMS, but weaker profitability.
OKLO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect OKLO's losses to grow, with revenue growing. However, they disagree widely on these estimates.
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 has the edge over OKLO in the latest year-over-year earnings comparison.
OKLO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.96 | -$0.43 |
| Q2 2026 | -$0.94 | -$0.53 |
| Q1 2026 | -$0.84 | -$0.32 |
OKLO lost $0.96 per share over the past year, a bigger loss than the year before.
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 has the edge over OKLO on profitability, with a higher operating margin.
OKLO Quarterly Revenue
OKLO and CMS do not have enough comparable growth data to identify a winner.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3816% | N/A |
| Q2 2026 | -6049% | N/A |
CMS has the edge over OKLO on profitability, with a higher operating margin.
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 has the edge over OKLO on cash flow, with more consistent year-over-year improvement.
OKLO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$199.5M | -$176.4M |
| Q2 2026 | -$141.7M | -$122.3M |
| Q1 2026 | -$50.7M | -$38.1M |
| Q4 2025 | -$60.4M | -$46.8M |
| Q3 2025 | -$23.1M | -$15.1M |
OKLO has burned cash in almost every quarter: −$452M over the past year, against −$69M 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 the edge over OKLO on shareholder dilution, with a more favorable share count trend.
OKLO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7% | +12.4M shares |
| 1 year | +25% | +38.2M shares |
OKLO has 189M diluted shares, up 25% 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.
OKLO Net Leverage
OKLO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
OKLO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.2 | Neutral |
| Stochastic | 13.1 | Oversold |
OKLO's weekly RSI is 30 (neutral) and its Stochastic is 13 (oversold).
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.
OKLO PE vs Utilities Sector
OKLO has no meaningful PE right now: it lost money over the past year.
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 has the edge over OKLO on trend strength, trading above more of its moving averages.
OKLO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.5 | 17% below |
| 20 week MA | $37.4 | 35% below |
| 50 week MA | $56.6 | 57% below |
| 100 week MA | $59.4 | 59% below |
| 200 week MA | $35.2 | 31% below |
OKLO is in a downtrend: it's below all five of its weekly moving averages, and 31% below 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 the edge over OKLO on returns for 2026, with the stronger performance.
OKLO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $10.1 | $9.79 | -2.6% |
| 2022 | $9.79 | $9.88 | +0.9% |
| 2023 | $9.88 | $10.6 | +6.9% |
| 2024 | $10.6 | $22.8 | +116% |
| 2025 | $22.8 | $76.9 | +238% |
| 2026 YTD | $76.9 | $24.5 | -68% |
OKLO is down 68% so far in 2026, after finishing higher in four of the previous five years.