CMS Energy Corporation (CMS) is a Utilities stock trading at $73.66 (as of 2026-07-17), with a market capitalization of $22.76B and a trailing P/E of 20.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It 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.
CMS Energy Corporation operates an energy utility business (primarily in Michigan), generating, purchasing, transmitting, distributing, and selling electricity through its Electric Utility segment, and it also operates a Gas Utility and an Enterprises segment.
CMSs profit model is structurally linked to regulated electricity revenue, reflected in its electric rate case ask (revenue increase) and the revenue requirements set through the electric rate order.
Business quality (Solid): Clear operational framing around electricity rate cases and electric rate order revenue requirements, but the provided facts do not include reportable segment revenue, limiting visibility into how Electric Utility, Gas Utility, and Enterprises contribute.
Valuation: At 20× earnings, CMS trades 8% below the Utilities average (22×). Note: one-time items can distort reported P/E.
| Price | $73.66 |
| Market Cap | $22.76B |
| P/E Ratio | 20.6 |
| EV / EBITDA | 13.5 |
| Price / Book | 2.26 |
| Price / Sales | 2.58 |
| FCF Yield | -6.3% |
| DCF Value (model) | $180.40 |
| DCF Upside vs Price | 144.9% |
| Revenue (TTM) | $8.54B |
| Net Margin | 12.5% |
| Revenue Growth (YoY) | 11.6% |
| EPS Growth (YoY) | 8.9% |
| FCF Growth (YoY) | -398.2% |
| Altman Z-Score | 0.89 (distress) |
| Stock P/E | 20.6 |
| Sector P/E (Utilities) | 21.4 |
| Industry P/E (Utilities) | 21.1 |
| vs Sector | -4.0% |
| vs Industry | -2.7% |
| Top Institutional Holder | VANGUARD GROUP INC ($2.84B) |
| Institutional Holders Tracked | 10 |
| Congressional Trades (recent) | 6 |
| Sector | Utilities |
| Industry | Utilities |
| CEO | Garrick J. Rochow |
| Employees | 8,324 |
| Country | US |
| IPO Date | 1987-05-01 |
Data as of 2026-07-17.
Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.