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CMS Energy Corporation (CMS) is a utilities company in the utilities - regulated electric industry with $8.81B in trailing revenue trading at a 19.0× trailing P/E — analyst consensus: buy.
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 generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
Key Statistics
Market Cap
$19.74B
Revenue (TTM)
$8.81B
EPS (TTM)
$3.32
EPS (Fwd est.)
$4.16
Employees
8,350
Trailing P/E
18.96
Forward P/E
15.15
PEG Ratio
2.26
Price / Sales
2.24
Price / Book
2.07
EV / EBITDA
13.14
Beta (5Y)
0.33
Analyst Consensus
Consensus
Buy
Analyst Price Target
+25.0% upside
Target: $78.67
Annual Revenue & Net Income
RevenueNet Income
'22
$8.60B
$840.00M
'23
$7.46B
$890.00M
'24
$7.51B
$1.00B
'25
$8.54B
$1.07B
Earnings History
Quarter
Actual EPS
Estimate
Result
Jul 2026
$0.37
$0.36
Beat (+3.1%)
Apr 2026
$1.13
$1.10
Beat (+2.7%)
Feb 2026
$0.95
$0.94
Beat (+1.5%)
Oct 2025
$0.93
$0.86
Beat (+8.4%)
Next Earnings Report
CMS Energy Corporation is next expected to report earnings on 29 Oct 2026.
Profitability
40.3%
17.2%
11.6%
Gross MarginOperating MarginNet Margin
Revenue Growth (YoY)
-0.5%
Return on Equity
9.2%
Return on Assets
3.0%
Balance Sheet
Cash & Equivalents
$240.00M
Total Debt
$19.30B
Net Position
$19.06B (net debt)
Free Cash Flow (TTM)
$-2.20B
Debt / Equity
185.60
Share Ownership
Institutions 103.7%
Insiders 0.5%
Institutional figure exceeds 100% due to short selling
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 generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its dis…
What is CMS's market cap?
CMS Energy Corporation has a market capitalization of approximately $19.74B.
What is CMS's P/E ratio?
CMS Energy Corporation trades at a trailing P/E ratio of 19.0x and a forward P/E of 15.2x, which is below the broad market average of ~25x.
How much revenue does CMS generate?
CMS Energy Corporation generated $8.81B in trailing 12-month revenue.
What do analysts say about CMS?
The analyst consensus rating for CMS Energy Corporation is buy, with a mean price target of $78.67. That implies +25.0% upside from the current price.
When does CMS report earnings?
CMS Energy Corporation is next scheduled to report earnings on 29 Oct 2026.
Does CMS pay a dividend?
Yes. CMS Energy Corporation pays a dividend with a current yield of 3.62%, at an annual rate of $2.28 per share.
View live charts, options flow, gamma exposure, earnings history, and technical analysis for CMS Energy Corporation on Apsis Markets.