Stock Analysis
CMS Energy CorporationCMS
P/E 21.00×· 5Y range 13.13–46.23×· 32th percentile of history
Sector: Utilities · Industry: Electric & Other Services Combined
AnalystsBuy21 analystsP/E 21.0× sits at the 32nd percentile of its 5.089664613278576-year history.
Cash covers 1% of debt · Q2 2026.
PMP Verdict
Weak fundamentals
Strengths
- Quality60
Risks
- Financial Health17
- Growth31
Weak fundamentals — valuation is the only support.
Market context
+2.6% today· Z 2.9σ· RVOL 1.8×· Sector momentum from surging power demand and analyst coverage ahead of Q3 earnings drove CMS up 2.26%.
Why is CMS moving?
SectorSector momentum from surging power demand and analyst coverage ahead of Q3 earnings drove CMS up 2.26%.
Profile
financial health, moat and growth lag behind.
How is each axis scored?
- Valuation52/100 · Moderate
- P/E vs own history (32th pct)20/25
- FCF yield (-6.5%)0/25
- P/S (2.4x)20/25
- EV/EBIT (24.3x)12/25
- Growth31/100 · Weak
- Revenue CAGR (3.9%)6/25
- Net income CAGR (-5.7%)0/25
- EPS CAGR 5Y (-10.4%)0/25
- Fwd implied growth (33.1%)25/25
- Profitability57/100 · Moderate
- ROIC (4.5%)5/25
- ROE (9.9%)12/25
- Net margin (11.6%)20/25
- Operating margin (18.9%)20/25
- Financial Health17/100 · Weak
- Altman Z (0.68)3/25
- Current ratio (0.94)6/25
- Interest coverage (1.8x)3/25
- Net cash / debt (D/A 47%)5/25
- Quality60/100 · Moderate
- Piotroski F (6/9)15/25
- Beneish M (-2.42)20/25
- FCF conversion (-136%)0/25
- Margin stability (σ 2.1%)25/25
- Moat24/100 · Weak
- ROIC >12% years (0/10 yrs)0/25
- Median gross margin (20.4%)6/25
- FCF-positive years (1/10 yrs)0/25
- Worst-year net margin (worst 7.0%)18/25
Risk Flags
- ⚠Altman Z 0.7 — distress-zone balance sheet
- ⚠Negative FCF margin (-0.2%) — burning cash
- ⚠Interest coverage 1.8× — thin debt cushion
About CMS Energy Corporation
CMS Energy is an energy holding company with three principal businesses. Show more
Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. NorthStar Clean Energy, formerly CMS Enterprises, is engaged in wholesale power generation, including contracted renewable energy. CMS sold EnerBank in October 2021.
Headquarters: JACKSON, MI · Employees: 8,350 · Website ↗
Price History
Weekly Candlestick Chart — up to 5Y
Key Metrics
Financial snapshot · Tap any metric for its definition and grade
TTM Snapshot
trailing twelve months · YoYValuation
52CP/E (TTM)21.0xB
Grade B: FairPrice / TTM EPS (own statements) — vs own 5Y history: 13.1x–46.2x · 32nd pct
P/FCF152.4xD
Grade D: ExpensivePrice / Free Cash Flow per share (Finnhub). Inverse of FCF yield — negative when FCF is negative · CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
FCF Yield-6.5%D
Grade D: NegativeTTM (OCF − CapEx) / Market Cap — vs own 5Y history: -7.9%–-0.4% · 9th pct · CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
P/S (TTM)2.44xB
Grade B: FairPrice / TTM Revenue (own statements) — vs own 5Y history: 2.1x–4.7x · 11th pct
EV/EBIT24.3xC
Grade C: ExpensiveEnterprise value / TTM EBIT (D&A not in our data) — capital-structure neutral — vs own 5Y history: 20.3x–44.2x · 23rd pct
EV/Sales4.8xB
Grade B: FairEnterprise Value / TTM Revenue (Finnhub) — capital-structure neutral sales multiple
Forward P/E15.8xB
Grade B: FairPrice / next-year EPS estimate — shows whether the TTM multiple is rich or just front-loading growth
P/B Ratio2.07xA
Grade A: FairPrice to Book Value. Neg. equity = heavy buybacks
PEG Ratio2.63C
Grade C: ExpensiveFinnhub PEG — their P/E basis ÷ expected EPS growth. Suppressed when their P/E diverges >2× from our TTM P/E (different basis)
Dividend Yield3.28%A
Grade A: PaysTTM dividend yield (Finnhub) — annual dividends / price. None = no dividend; very high yield can signal distress
Payout Ratio67.3%C
Grade C: HighDividends / Net Income (Finnhub) — share of earnings paid out; >90% or negative = unsustainable
CapEx exceeds OCF: CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
Profitability
57CROIC4.5%D
Grade D: LowNOPAT (EBIT less ~21% tax) / invested capital (equity + debt − cash). Flagship quality metric — durable >15% signals a moat
ROE9.9%D
Grade D: WeakReturn on Equity. Neg. equity = heavy buybacks
ROA2.6%D
Grade D: WeakReturn on Assets (Finnhub) — Net Income / Total Assets; how efficiently assets produce profit
Net Margin11.6%A
Grade A: HighNet Income / Revenue
Operating Margin18.9%C
Grade C: AverageTTM EBIT / TTM Revenue
Gross Margin62.2%A
Grade A: PremiumGross Profit / Revenue
FCF Margin-15.9%D
Grade D: LowFCF / Revenue · CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
True FCF Margin-15.9%D
Grade D: LowTTM (OCF − CapEx − SBC) / TTM Revenue — SBC treated as a real cost · CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
Growth
31DRevenue CAGR3.9%D
Grade D: LowCompound annual revenue growth (up to 5Y depending on data availability)
Net Income CAGR-5.7%D
Grade D: LowCompound annual net income growth (up to 5Y depending on data availability)
EPS CAGR (5Y)-10.4%D
Grade D: LowCompound annual EPS growth over up to 5Y of per-share earnings (own statements). Null when either endpoint EPS ≤ 0
Implied EPS Growth33.1%A
Grade A: HighAnalyst forward EPS (normalized basis) vs our GAAP TTM EPS — different bases, so extreme values usually mark cyclically depressed TTM earnings, not real growth
Dilution (5Y)+8.7%C
Grade C: DilutiveShare count change over 5Y
SBC / Net Income—
Stock-based comp/Net income. >30% = dilution risk
SBC / Revenue—
TTM stock-based comp / TTM Revenue
Financial Health
17EAltman Z-Score0.68D
Grade D: DistressBankruptcy risk. >3 Safe, <1.8 Distress
Current Ratio0.94xD
Grade D: LowCurrent Assets/Liabilities
Quick Ratio0.59xC
Grade C: Ok(Current Assets − Inventory) / Current Liabilities (Finnhub) — stricter liquidity test, excludes inventory
Interest Coverage1.8xD
Grade D: RiskyEBIT/Interest. >10 Strong
Debt Repayment—
Years to repay net debt via FCF · CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
Net Debt/EBIT11.4xD
Grade D: HighLeverage. <2x Low, >4x High
Debt/Equity1.86xC
Grade C: MedDebt / Equity: <1 Conservative, >2 Risky. Not meaningful with non-positive equity; shown as unavailable rather than low debt.
Cash / Debt0.01xD
Grade D: ThinCash covers how much of total debt. >1 = could repay all debt from cash
Quality
60BPiotroski F-Score6/9C
Grade C: AverageFinancial strength 0–9. >7 Strong
Beneish M-Score-2.42A
Grade A: SafeEarnings manipulation risk. < -2.22 Safe
FCF Conversion-136.5%D
Grade D: PoorFCF / Net Income · CapEx exceeds operating cash flow (165% of OCF) — reported FCF understates normalized earning power in this investment phase
Margin Stability2.1%A
Grade A: StableEBIT margin std deviation. Lower = stable
Capex / Revenue40.3%D
Grade D: HeavyTTM CapEx / TTM Revenue — high % = capital-hungry business
Asset Turnover0.21xD
Grade D: LowRevenue / Total Assets (Finnhub) — how efficiently the asset base generates sales
Insider Transactions
SEC Form 4 · 8 recordsP/S codes are the directional signal; grants, option exercises and tax withholding carry none. Form 4 doesn't flag 10b5-1 plans — scheduled sales may appear within open-market sells.
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
MADDIPATI SRIKANTH Filed | MADDIPATI SRIKANTH | BuyOpen market buy | +200 | |
MADDIPATI SRIKANTH Filed | MADDIPATI SRIKANTH | Grant / award | +10.2K | |
Hofmeister Brandon J. Filed | Hofmeister Brandon J. | SellOpen market sale | -3000 | |
Keyes Richard Patrick Filed | Keyes Richard Patrick | Grant / award | +2.4K | |
SHANK SUZANNE F. Filed | SHANK SUZANNE F. | Grant / award | +2.4K |
Show 3 more filingsShow fewer filings
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Soto Myrna Filed | Soto Myrna | Grant / award | +2.4K | |
Leopold Diane Filed | Leopold Diane | Grant / award | +2.4K | |
Butler Deborah H Filed | Butler Deborah H | Grant / award | +2.4K |
More metrics — Moat, Per Share, Balance Sheet, MarketHide additional metrics
Moat
24EROIC >12% Years0/10 yrsD
Grade D: WeakShare of completed fiscal years with ROIC > 12% — measures multi-year capital-return durability
Gross Margin (Med.)20.4%D
Grade D: WeakMedian annual gross margin across available fiscal years — pricing-power durability
FCF-Positive Years1/10 yrsD
Grade D: WeakShare of completed fiscal years with positive free cash flow
Net Margin Floor7.0%A
Grade A: DurableWeakest annual net margin across completed fiscal years — recession/downcycle resilience
Per Share
EPS (TTM)$3.27
Own TTM net income / shares — same earnings basis as P/E
Cash / Share$0.77
Cash & short-term investments per share (Finnhub)
Book Value / Share$31.17
Shareholders' equity per share (Finnhub). Negative = accumulated losses / heavy buybacks
Balance Sheet
Total Debt$19.30B
Total debt obligations (short + long term)
Cash & Equiv.$241.00M
Cash and short-term investments
Net Debt$19.06B
Total Debt minus Cash. Negative = Net Cash position
Total Equity$10.40B
Shareholders' equity (book value)
Asset / Liability1.34xC
Grade C: AdequateTotal Assets / Total Liabilities
Market
Market Cap$21.52B
Current Market Capitalization
Beta0.32B
Grade B: DefensivePrice sensitivity vs the market (Finnhub) — 1.0 moves with market, >1.2 amplifies swings
How grades work: each metric is graded A–D against fixed thresholds (tap a row for the meaning). Card grades map the pillar score to A+–E — a card grade is that pillar's own score, not an average of the rows shown.
Financials as of Jun 2026 · Ratio snapshot Oct 17, 2026
Key Insights: CMS Energy Corporation (CMS)
CMS is up 2.63% at the last close — Sector momentum from surging power demand and analyst coverage ahead of Q3 earnings drove CMS up 2.26%.. Piotroski F-Score of 6/9 indicates mixed fundamentals for CMS Energy Corporation. Altman Z-Score of 0.68 is below the 1.81 distress threshold — an elevated financial-risk flag. Beneish M-Score of -2.42 suggests a low likelihood of earnings manipulation.
- Free-cash-flow margin is negative (-16%) — the business currently burns cash.
- Company has negative FCF, making debt repayment from operations difficult.
- Interest coverage of 1.8× leaves little room for earnings shocks.
- The stock currently yields 3.3% in dividends.
See how CMS ranks on the Capex Tracker — top 50 capital spenders compared.
Recent Market Moves
See all CMS moves →| Date | Session | Price | Move | Z-Score |
|---|---|---|---|---|
| Oct 16 | Regular | 68.82 | +2.81% | 3.27 |
| Oct 16 | After-hours | 68.63 | +2.52% | 2.93 |
| Oct 6 | Regular | 64.89 | +1.34% | 2.19 |
| Oct 6 | After-hours | 65.07 | +1.62% | 2.55 |
| Sep 29 | Regular | 63.44 | +1.33% | 2.67 |
Frequently Asked Questions about CMS
What is the current CMS Energy Corporation (CMS) stock price?
CMS is trading at $68.70 at the last market close, up 2.63% on the session. PreMarketPrice tracks CMS pre-market, intraday and after-hours prices.
Is CMS stock a buy right now?
PreMarketPrice's quantitative model rates CMS Energy Corporation's financial health at 17/100. This is a data-driven snapshot of fundamentals, not investment advice.
Is CMS stock overvalued?
CMS Energy Corporation trades at a trailing P/E of 21.0 and our valuation score rates it 52/100 (higher = cheaper vs. its own history). See the Valuation History and Key Metrics sections for forward P/E, EV/EBITDA and PEG context.
When does CMS Energy Corporation report earnings?
No confirmed earnings date is currently scheduled for CMS. The Earnings section lists recent reports and updates as dates are announced.
What sector does CMS Energy Corporation operate in?
CMS Energy Corporation operates in the Utilities sector, within the Electric & Other Services Combined industry. The Related Stocks section lists sector peers for comparison.
What does CMS Energy Corporation do?
CMS Energy is an energy holding company with three principal businesses.
About CMS Energy Corporation (CMS) Stock
CMS Energy Corporation (CMS) is a US-listed stock operating in the Utilities sector, specifically the Electric & Other Services Combined industry. As of the latest update, CMS Energy Corporation is trading at $68.70, up 2.63% on the day with a market capitalization of $21.5 billion. The financial health score for CMS is 17/100, which indicates poor financial strength based on profitability, leverage, liquidity, and growth metrics. This page provides real-time pre-market pricing, earnings calendar, financial health analysis, and valuation metrics for CMS stock.
CMS Stock Analysis & Key Metrics
On PreMarketPrice, you can track CMS Energy Corporation (CMS) across multiple dimensions:
- Pre-market price & movement: Real-time CMS stock price with percentage change, updated continuously during pre-market and regular trading hours.
- Valuation & P/E history: Historical P/E, P/S, and P/B ratios for CMS with trend analysis and normalized valuation multiples.
- Financial statements: Revenue, net income, assets, liabilities, and equity for CMS Energy Corporation across multiple reporting periods.
- Financial health score: A composite score of 17/100 based on Altman Z-Score, Piotroski F-Score, profitability, and leverage metrics for CMS.
- Sector peers: Compare CMS against 6 other utilities stocks on key financial metrics.
Is CMS a Good Stock to Buy?
This page provides data-driven analysis to help you evaluate CMS Energy Corporation (CMS) as an investment. The financial health score of 17/100 suggests poor financial fundamentals. Valuation metrics show whether the stock is trading above or below its historical average.However, this is not financial advice — always do your own research before investing.
Data on this page is sourced from real-time market feeds, Polygon.io, and Finnhub.CMS Energy Corporation (CMS) trades on NYSE/NASDAQ. Pre-market trading occurs 4:00 AM – 9:30 AM ET. Regular market hours are 9:30 AM – 4:00 PM ET.