CMS Energy Corporation
CMS - Insider Information
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+ FollowMarket Cap$22.14B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Strong operating delivery + guidance reaffirmed (good)
- YTD adjusted EPS: $2.95 (excludes NorthStar restructuring), + $0.29 vs last year.
- Full-year 2026 guidance reaffirmed: $3.83–$3.90 adjusted EPS, with confidence to the high end.
- 9M vs last year drivers: weather -$0.05 (unfavorable), but + $0.08 vs plan (cooling degree days); + $0.34 from rate/investment-cost items including benefits from prior gas/electric rate actions and ongoing renewable investments; O&M -$0.16 (storm activity + reinvestments already made).
- 2027 guidance reaffirmed: $4.08–$4.17 adjusted EPS (includes NorthStar restructuring).
NorthStar restructuring progressing on track; meaningful future earnings visibility (good/surprising)
- 35%+ of NorthStar assets are signed or closed; remaining assets mostly in exclusivity with buyers.
- Company expects restructuring completion by year-end.
- Management emphasized reducing >$500M of parent funding within the current 5-year plan (improves funding needs and “earnings quality”).
- Strategic message: after 2027, model targets ~100% regulated utility earnings growth, simplifying the business and supporting long-term reinvestment capacity.
Michigan IRP filed: large capital opportunity mix (good)
- Filed long-term Integrated Resource Plan through 2040 to meet clean energy targets while maintaining reliability.
- Resource plan highlights:
- 15.8 GW clean energy (vs already-approved 10.8 GW)
- 4.1 GW battery (vs prior 850 MW)
- 1.4 GW new simple-cycle gas to replace retiring oil/gas peakers at Karn 3 & 4
- Reported long-term capital opportunity: about $27B tied to clean resources, batteries, and gas generation.
- FCM (financial compensation mechanism) visibility: starting $125M beginning 2031, growing to $195M by 2040 (assuming ~50% ownership split in their framing). Company says it is a key differentiator and likely not going away.
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$-67.27
194.8% downside
Current Fair Value
194.8% downsideOvervalued by 194.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.14 Billion |
|---|---|
| Enterprise Value | $41.21 Billion |
| Annual dividend | $2.25 |
| Dividend yield | 3.21% |
| Earnings per Share | $3.53 |
| Beta | 0.31 |
| Outstanding Shares | 312,900,000 |
Return
| Return on Equity | 9.15% |
|---|---|
| Return on Assets | 2.16% |
| Return on Invested Capital | 3.50% |
Valuation & Multiples
| P/E Ratio | 24.6 |
|---|---|
| PEG | -44.24 |
| Price to Sales | 2.53 |
| Price to Book Ratio | 2.22 |
| Enterprise Value to Revenue | 4.59 |
| Enterprise Value to EBIT | 31.97 |
| Enterprise Value to Net Income | 47 |
| Total Debt to Enterprise | 0.46 |
| Debt to Equity | 2.01 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.12
Consensus analyst estimateRevenue Estimate
$2.17 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.00
Consensus analyst estimateRevenue Estimate
$2.30 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 5.37% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.95%▼ 100.68% |
|---|---|
| Total Invested | $939.89M▼ 96.14% |
| Investors Holding | 270▼ 558.00% |
About CMS Energy Corporation
2,018 employees
CEO: Patricia Poppe
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 generatio...