(CMS) CMS Energy - Overview
Stock: Electricity, Gas, Renewables
| Risk 5d forecast | |
|---|---|
| Volatility | 15.8% |
| Relative Tail Risk | 3.61% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.45 |
| Alpha | 5.90 |
| Character TTM | |
|---|---|
| Beta | 0.092 |
| Beta Downside | 0.078 |
| Drawdowns 3y | |
|---|---|
| Max DD | 19.61% |
| CAGR/Max DD | 0.53 |
EPS (Earnings per Share)
Revenue
Description: CMS CMS Energy February 13, 2026
CMS Energy Corp. (NYSE:CMS) is a regulated utility headquartered in Jackson, Michigan, serving roughly 1.9 million electric and 1.8 million natural-gas customers across residential, commercial, and industrial segments. The business is organized into three segments: Electric Utility (generation, purchase, distribution, and sale of electricity from coal, gas, wind, nuclear, oil and other renewables); Gas Utility (procurement, transmission, storage, distribution, and sale of natural gas); and NorthStar Clean Energy (independent power production and marketing of renewable generation).
According to the company’s FY 2023 Form 10-K (filed March 2024), CMS reported total revenue of **$13.5 billion**, adjusted earnings per share of **$2.55**, and a regulated rate base of **$23 billion**. Capital expenditures for the year were **$1.2 billion**, with **≈2.5 GW** of new renewable capacity added through NorthStar and the utility’s own wind/solar projects. These figures are consistent with the broader multi-utility sector, where average capex intensity is roughly 8-9 % of the rate base.
Key economic drivers for CMS include: (1) Michigan’s modest electricity demand growth of **~1 % YoY**, driven by modest population increase and industrial activity; (2) natural-gas price volatility, which currently averages **$2.75 /MMBtu** (Q3 2024) and directly impacts the Gas Utility’s margin; and (3) state-mandated renewable portfolio standards that require **≥15 %** of electricity from renewable sources by 2025, pressuring the Electric Utility to accelerate its clean-energy transition.
For a deeper dive into CMS’s valuation metrics and scenario analysis, you might explore the data compiled on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: 1.07b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.04 > 0.02 and ΔFCF/TA -2.27 > 1.0 |
| NWC/Revenue: 10.31% < 20% (prev -9.73%; Δ 20.03% < -1%) |
| CFO/TA 0.06 > 3% & CFO 2.23b > Net Income 1.07b |
| Net Debt (18.28b) to EBITDA (3.19b): 5.74 < 3 |
| Current Ratio: 1.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (300.6m) vs 12m ago 0.60% < -2% |
| Gross Margin: 60.91% > 18% (prev 0.43%; Δ 6048 % > 0.5%) |
| Asset Turnover: 22.51% > 50% (prev 20.92%; Δ 1.59% > 0%) |
| Interest Coverage Ratio: 2.58 > 6 (EBITDA TTM 3.19b / Interest Expense TTM 789.0m) |
Altman Z'' 0.81
| A: 0.02 (Total Current Assets 3.47b - Total Current Liabilities 2.59b) / Total Assets 39.94b |
| B: 0.07 (Retained Earnings 2.62b / Total Assets 39.94b) |
| C: 0.05 (EBIT TTM 2.04b / Avg Total Assets 37.93b) |
| D: 0.09 (Book Value of Equity 2.61b / Total Liabilities 30.23b) |
| Altman-Z'' Score: 0.81 = B |
Beneish M -3.21
| DSRI: 1.08 (Receivables 1.31b/1.06b, Revenue 8.54b/7.51b) |
| GMI: 0.70 (GM 60.91% / 42.70%) |
| AQI: 0.92 (AQ_t 0.14 / AQ_t-1 0.16) |
| SGI: 1.14 (Revenue 8.54b / 7.51b) |
| TATA: -0.03 (NI 1.07b - CFO 2.23b) / TA 39.94b) |
| Beneish M-Score: -3.21 (Cap -4..+1) = AA |
What is the price of CMS shares?
Over the past week, the price has changed by +2.57%, over one month by +6.99%, over three months by -0.31% and over the past year by +10.73%.
Is CMS a buy, sell or hold?
- StrongBuy: 6
- Buy: 4
- Hold: 8
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the CMS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 78.1 | 4.5% |
| Analysts Target Price | 78.1 | 4.5% |
| ValueRay Target Price | 82.4 | 10.3% |
CMS Fundamental Data Overview February 12, 2026
P/E Forward = 19.3424
P/S = 2.6741
P/B = 2.5599
P/EG = 2.5808
Revenue TTM = 8.54b USD
EBIT TTM = 2.04b USD
EBITDA TTM = 3.19b USD
Long Term Debt = 18.90b USD (from longTermDebt, last quarter)
Short Term Debt = 956.0m USD (from shortLongTermDebt, last quarter)
Debt = 18.90b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 18.28b USD (from netDebt column, last quarter)
Enterprise Value = 41.22b USD (22.83b + Debt 18.90b - CCE 509.0m)
Interest Coverage Ratio = 2.58 (Ebit TTM 2.04b / Interest Expense TTM 789.0m)
EV/FCF = -25.34x (Enterprise Value 41.22b / FCF TTM -1.63b)
FCF Yield = -3.95% (FCF TTM -1.63b / Enterprise Value 41.22b)
FCF Margin = -19.05% (FCF TTM -1.63b / Revenue TTM 8.54b)
Net Margin = 12.54% (Net Income TTM 1.07b / Revenue TTM 8.54b)
Gross Margin = 60.91% ((Revenue TTM 8.54b - Cost of Revenue TTM 3.34b) / Revenue TTM)
Gross Margin QoQ = none% (prev 29.09%)
Tobins Q-Ratio = 1.03 (Enterprise Value 41.22b / Total Assets 39.94b)
Interest Expense / Debt = 1.06% (Interest Expense 200.0m / Debt 18.90b)
Taxrate = 17.97% (53.0m / 295.0m)
NOPAT = 1.67b (EBIT 2.04b * (1 - 17.97%))
Current Ratio = 1.34 (Total Current Assets 3.47b / Total Current Liabilities 2.59b)
Debt / Equity = 2.12 (Debt 18.90b / totalStockholderEquity, last quarter 8.92b)
Debt / EBITDA = 5.74 (Net Debt 18.28b / EBITDA 3.19b)
Debt / FCF = -11.24 (negative FCF - burning cash) (Net Debt 18.28b / FCF TTM -1.63b)
Total Stockholder Equity = 8.63b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.82% (Net Income 1.07b / Total Assets 39.94b)
RoE = 12.41% (Net Income TTM 1.07b / Total Stockholder Equity 8.63b)
RoCE = 7.40% (EBIT 2.04b / Capital Employed (Equity 8.63b + L.T.Debt 18.90b))
RoIC = 6.35% (NOPAT 1.67b / Invested Capital 26.33b)
WACC = 3.81% (E(22.83b)/V(41.73b) * Re(6.25%) + D(18.90b)/V(41.73b) * Rd(1.06%) * (1-Tc(0.18)))
Discount Rate = 6.25% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.04%
Fair Price DCF = unknown (Cash Flow -1.63b)
EPS Correlation: 38.03 | EPS CAGR: -6.04% | SUE: -0.09 | # QB: 0
Revenue Correlation: -5.26 | Revenue CAGR: -1.62% | SUE: 1.16 | # QB: 1
EPS next Quarter (2026-03-31): EPS=1.08 | Chg30d=+0.046 | Revisions Net=+0 | Analysts=7
EPS current Year (2026-12-31): EPS=3.87 | Chg30d=+0.016 | Revisions Net=+7 | Growth EPS=+7.2% | Growth Revenue=+0.1%
EPS next Year (2027-12-31): EPS=4.17 | Chg30d=+0.015 | Revisions Net=+4 | Growth EPS=+7.8% | Growth Revenue=+5.9%