CMS Energy Corporation

CMS Energy Corporation

CMS

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Market Cap$22.74B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
CMS Energy CorporationCMS Energy Corporation21.33.09%11%2.52

Earnings Call Q2 2026

July 28, 2026 - AI Summary

Strong reaffirmed earnings outlook + introduced 2027 guidance (predictability intact) - 1H 2026 adjusted EPS: $1.50 vs. $1.73 prior-year (≈$0.23 unfavorable YoY), driven mainly by 2025 liability-management benefits already planned/absorbed into 2026 and storm impacts. - Full-year 2026 adjusted EPS guidance reaffirmed: $3.83–$3.90; company expects to land toward the high end. - New full-year 2027 guidance (introduced today): $4.08–$4.17, consistent with 6%–8% long-term growth off 2025 actuals (i.e., no “rebase,” utility-driven growth outlook maintained).
NorthStar restructuring: simplifying and shifting growth to the regulated utility (high-quality earnings mix) - Company plans to exit nonutility renewable development and reposition NorthStar after a strategic review. - What they keep (key Michigan assets): DIG (Dearborn Industrial Generation), small gas peakers (4-related), and 4 commercial solar projects in Michigan. - Capital reallocation: current 5-year plan includes ~$1.7B primarily dedicated to nonutility renewables; shifting away reduces parent capital burden. - Funding improvement: expects $500M+ reduction in funding through 2030 (via reduced NorthStar parent funding needs + cash flow from retained assets + proceeds from sale of non-Michigan development/assets). - Post-2027 earning composition: management expects nearly 100% of earnings and future growth to be rate-based driven within the utility, increasing earnings quality and simplifying the story.
Storms are the near-term earnings headwind; they’re actively planning offsets - 1H headwind vs plan: storm activity produced an unfavorable O&M variance (storm-driven) and weather-related effects. - Mitigation lever: management cites a pending storm deferral filing and expects a constructive outcome; additionally, they plan normalized storm activity for the remainder of the year. - 2H 2026 planning assumption highlights (from their walk/bridge): - Rates net of investment costs: +~$0.22 EPS - O&M benefit: +~$0.25 EPS (including constructive storm deferral docket outcome + normalization) - Remaining “to-go” items: +~$0.16–$0.23 EPS (no pull-aheads, NorthStar performance contribution, conservatism on non-weather sales).

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$81.17

Target Price by Analysts

13.2% upsideCMS Energy Target Price DetailsTarget Price
$-67.31

Current Fair Value

193.8% downside

Overvalued by 193.8% based on the discounted cash flow analysis.

Share Statistics

Market cap$22.74 Billion
Enterprise Value$41.81 Billion
Dividend Yield$2.23 (3.09%)
Earnings per Share$3.53
Beta0.34
Outstanding Shares300,566,572

Return

Return on Equity10.77%ROE
Return on Assets2.54%
Return on Invested Capital4.17%

Valuation & Multiples

P/E Ratio21.3P/E Ratio
PEG-52.85PEG
Price to Sales2.47Price to Sales
Price to Book Ratio2.17Price to Book Ratio
Enterprise Value to Revenue4.74
Enterprise Value to EBIT27.24
Enterprise Value to Net Income40
Total Debt to Enterprise0.46
Debt to Equity2.01Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
July 30, 2026
EPS Estimate
$0.36
Average shareholder expectation
Revenue Estimate
$1.88 B
Average shareholder expectation

Next Earnings Call

Expected Date
October 29, 2026
EPS Estimate
$1.12
Average shareholder expectation
Revenue Estimate
$2.16 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.0000 10.61%
Total Calls- 100.00%
Total Puts- 100.00%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %7.06% 91.98%
Total Invested$1.62B 92.98%
Investors Holding298 507.00%

ESG Score

No data

About CMS Energy Corporation

2,018 employees
CEO: Patricia Poppe

Relevant Senate Committees

Joint Committee on Taxation

This committee's analysis and scoring of tax legislation are fundamental to all tax policy, which profoundly affects the financial structure, capital expenditure planning, and overall profitability of a capital-intensive utility like CMS Energy.

Finance

This committee controls taxation and trade. Corporate tax policy, investment tax credits, and tariffs on equipment or fuel imports directly impact CMS Energy's profitability, capital investment decisions, and operational costs.

Appropriations

This committee directly allocates federal discretionary spending. Funding decisions for infrastructure, energy projects, or research can directly provide revenue streams or co-funding opportunities for CMS Energy's investments and operations.

Energy and Natural Resources

This committee directly oversees national energy policy, public lands, and the Department of Energy, all of which critically impact the generation sources, transmission, and operational environment for electric utilities like CMS Energy.

Environment and Public Works

This committee directly regulates the EPA and (if applicable) the Nuclear Regulatory Commission, both of which impose significant environmental and operational regulations on power generation and utility infrastructure, directly impacting CMS Energy's costs and operations.