CMS Energy (CMS) stock
Utilities · Multi-Utilities
CMS Energy (CMS) is a Multi-Utilities company in the Utilities sector, headquartered in Jackson, Michigan. As of October 23, 2026, CMS closed at $69.58, a market capitalization of $21.82 billion, the 390th largest company in the S&P 500. The stock trades at 20.9x trailing earnings and 16.8x forward earnings.
- 1-year total return: -3.8% (dividends reinvested)
- 5-year return: +5.9% a year
- 52-week range: $62.29 – $80.36
- Dividend yield: 3.28%, 18 straight years of increases
- FI Handbook report card: C+ across 5 metrics
- 25th largest of 31 Utilities stocks in the S&P 500
CMS price chart
1Y price change: -6.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CMS | +10.2% | +1.8% | -3.8% | +13.3% | +5.9% | +8.6% | +3.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
CMS key statistics
- Market cap
- $21.8B
- #390 in S&P 500
- P/E (TTM)
- 20.9x
- Forward P/E
- 16.8x
- EPS (TTM)
- —
- Revenue (TTM)
- —
- Free cash flow
- -$2.1B
- Gross margin
- —
- Operating margin
- —
- Return on equity
- —
- Dividend yield
- 3.28%
- 52-week range
- $62.29 – $80.36
- Beta
- —
- Price / sales
- —
- EV / EBITDA
- —
- Debt / equity
- —
- Employees
- —
CMS report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth——
- Gross margin——
- Operating margin——
- FCF margin——
- Return on equity——
- Net debt / EBITDA0.0xA
- Forward P/E16.8xB
- PEG ratio2.4xD
- Shareholder yield3.3%B
- Share count change / yr1.0%D
CMS Energy financials
Revenue went from $6.4B in fiscal 2016 to $8.3B in fiscal 2025, growing 2.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4B | $6.6B | $6.5B | $6.4B | $6.2B | $7.1B | $8.3B | $7.3B | $7.3B | $8.3B |
| Operating income | $1.3B | $1.3B | $1.2B | $1.1B | $1.2B | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B |
| Net income | $551.0M | $460.0M | $657.0M | $680.0M | $755.0M | $1.4B | $837.0M | $887.0M | $1.0B | $1.1B |
| EPS (diluted) | $1.98 | $1.64 | $2.32 | $2.39 | $2.64 | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
| Free cash flow | -$43.0M | $40.0M | -$371.0M | -$307.0M | -$1.0B | -$257.0M | -$1.5B | — | — | — |
| Diluted shares | 278.9M | 280.8M | 282.9M | 284.3M | 286.3M | 289.5M | 290.0M | 291.7M | 298.3M | 301.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CMS?
A reverse DCF asks what growth the current price requires. With an enterprise value of $21.8B and -$2.1B of trailing free cash flow, CMS Energy needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 19.7x vs. median 20.9x (10th–90th percentile 14.5x–25.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CMS dividend
- Dividend yield
- 3.28%
- Annual dividend
- $2.28
- Years of increases
- 18
- 5-yr dividend growth
- 5.9%
- per year
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CMS earnings
Next report: October 27, 2026. CMS Energy has beaten EPS estimates 6 quarters in a row. Last quarter's revenue was $1.8B (-0% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 28, 2026 | $0.36 | $0.37 | +3.1% |
| Apr 28, 2026 | $1.10 | $1.13 | +2.7% |
| Feb 5, 2026 | $0.94 | $0.95 | +1.5% |
| Oct 30, 2025 | $0.86 | $0.93 | +8.4% |
| Jul 31, 2025 | $0.68 | $0.71 | +3.9% |
| Apr 24, 2025 | $1.01 | $1.02 | +1.2% |
| Feb 6, 2025 | $0.87 | $0.87 | -0.0% |
| Oct 31, 2024 | $0.78 | $0.84 | +7.8% |
Stocks like CMS
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 NEE NextEra Energy | +0.24% | +1% | $172.2B | 14.8x | Compare |
 D Dominion Energy | -0.31% | +12% | $57.3B | 22.6x | Compare |
 SRE DBA Sempra | -0.84% | -6% | $55.0B | 24.3x | Compare |
 XEL Xcel Energy | -1.08% | +0% | $48.8B | 21.4x | Compare |
 ED Consolidated Edison | -0.45% | +19% | $42.8B | 19.1x | Compare |
 PCG Pacific Gas & Electric | -2.70% | -22% | $37.9B | 9.4x | Compare |
 AEE Ameren | -0.83% | +7% | $29.9B | 19.0x | Compare |
 DTE DTE Energy | -0.88% | -4% | $27.4B | 20.9x | Compare |
CMS news
- What Is Drawing Attention To CMS Energy (CMS)? · Oct 25, 2026
- CMS Energy (CMS) Earnings Expected to Grow: Should You Buy? · Oct 20, 2026
- CMS Energy's Board of Directors Declares Quarterly Dividend on Common Stock · Oct 19, 2026
- Here's What to Expect From CMS Energy's Next Earnings Report · Oct 13, 2026
- CMS Energy to Announce 2026 Third Quarter Results on October 27 · Oct 6, 2026
CMS stock FAQ
What is CMS's market cap?
CMS Energy's market capitalization is $21.82 billion as of October 23, 2026, ranking 390th in the S&P 500.
What is CMS's P/E ratio?
CMS trades at a trailing price-to-earnings ratio of 20.9x and a forward P/E of 16.8x. Its median P/E over the period we track is 20.9x.
Does CMS pay a dividend?
Yes. CMS Energy pays $2.28 per share a year, a 3.28% yield. It has raised its dividend 18 years in a row. Dividends grew 5.9% a year over the last five years.
How much has CMS stock returned?
Including reinvested dividends, CMS returned -3.8% over one year, +5.9% a year over five years, +8.6% a year over ten years through October 23, 2026.
When does CMS report earnings?
CMS Energy is expected to report earnings on October 27, 2026. It has beaten EPS estimates 6 quarters in a row.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology