Stocks · Utilities · Regulated Electric

CMS Energy Corporation CMS

$63.74 +0.16% Close, Oct 2, 2026 · NYSE · Market cap $19.99B

Weak trend

Next earnings report: Oct 29, 2026

Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.

Three things to know

  1. Earnings beat analyst estimates in each of the last 6 quarters (average surprise over the last four: +4.0%).
  2. Net debt is 6.1× EBITDA, a high level of leverage.
  3. The stock is in a downtrend: below its 200-day average, with the 50-day average below the 200-day.

PromtFinance scores

Each score is a percentile within the Utilities sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.

Growth21Very weak

How fast revenue, earnings and cash flow are growing.

  • Revenue growth (TTM, YoY)Top 34%
  • EPS growth (TTM, YoY)Bottom 38%
  • Revenue growth, 3-year CAGRBottom 26%
  • Revenue growth accelerationBottom 20%
Quality22Very weak

Returns on capital, margins, earnings quality and balance-sheet strength.

  • Return on invested capitalBottom 26%
  • Gross marginTop 13%
  • Operating marginBottom 37%
  • Cash conversion (OCF / net income)Bottom 38%
  • Accruals (lower is better)Bottom 36%
  • Net debt / EBITDA (lower is better)Bottom 21%
  • Interest coverBottom 35%
Value38Weak

How cheap the shares are relative to earnings, cash flow and their own history.

  • Earnings yieldTop 49%
  • Free-cash-flow yieldBottom 28%
  • EBITDA / enterprise valueBottom 44%
  • Sales / enterprise valueTop 48%
  • P/E vs own 5-year history (lower is better)Bottom 42%
Momentum18Very weak

Strength and persistence of the price trend, including versus the S&P 500.

  • 12-month return excluding last monthBottom 40%
  • 6-month returnBottom 14%
  • 1-year return vs S&P 500Bottom 34%
  • Distance from 52-week highBottom 30%
  • Trend checklist (0–4)Bottom 32%
Revisions84Strong

Earnings surprises and analyst sentiment (estimate-revision history is being collected).

  • Average EPS surprise, last 4 quartersBottom 43%
  • Consecutive EPS beatsTop 7%
  • Share of analysts rating BuyTop 33%
  • Upside to consensus price targetTop 34%
Stability65Positive

Low volatility, shallow drawdowns, low market sensitivity and modest leverage.

  • Volatility, 60 days (lower is better)Top 28%
  • Maximum drawdown, 3 yearsTop 45%
  • Beta vs S&P 500 (lower is better)Top 13%
  • Net debt / EBITDA (lower is better)Bottom 21%

What changed

Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).

MeasureBeforeNow
Revenue growth (YoY)13.3%9.9%↓
EPS growth (YoY)8.0%-0.3%↓
Gross margin42.1%69.7%↑
Operating margin20.0%18.9%↓
FCF margin-17.2%-21.7%↓

Fundamental momentum

MeasureNow (TTM)Year / quarter beforeSector rank
Revenue growth (TTM, YoY)9.9%13.3%↓Top 34%
EPS growth (TTM, YoY)-0.3%8.0%↓Bottom 38%
Gross margin69.7%42.1%↑Top 13%
Operating margin18.9%20.0%↓Bottom 37%
Net margin11.6%12.8%↓—
Free-cash-flow margin-21.7%-17.2%↓—
Return on invested capital3.4%—Bottom 26%
Revenue growth, 3-year CAGR-0.2%—Bottom 26%

Quality of earnings and balance sheet

Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
2.09×
Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
-2.7%
Stock-based compensation / revenueA cost to shareholders through dilution.
0.0%
Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
-0.6 pp
Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
6.10×
Interest cover (operating income / interest)How many times operating profit covers interest.
2.0×

Shareholder returns

Dividend yield (dividends paid, TTM)
3.45%
Net buyback yield (TTM)
-5.18%
Shareholder yield
-1.73%
Share count change, 1 year
+0.5%
Share count change, 3-year CAGR
+1.0%

Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.

Based on the four quarters through Jun 30, 2026 (filed Jul 28, 2026).

Earnings and expectations

Earnings momentum

Consecutive EPS beats
6
Beats in the last 8 reports
7 of 8
Average EPS surprise, last 4
+4.0%
Average 2-day reaction, last 8
+0.9%
Positive 20 days after report
5 of 8

Analysts

Consensus price target
$80.11
Target vs current price
+25.7%
Analysts with a rating
30
Share rating Buy or Strong Buy
53%
Consensus rating
Buy

How the stock reacted to recent reports

Report dateEPS surprise2 days5 days20 days60 days
Jul 28, 2026+3.1%+0.1%-3.4%-7.9%—
Apr 28, 2026+2.7%-0.2%-0.5%-2.4%-2.5%
Feb 5, 2026+1.8%+1.8%+4.1%+7.8%+6.2%
Oct 30, 2025+8.1%+1.3%+0.4%+4.1%-0.3%
Jul 31, 2025+4.4%+2.3%+2.7%+0.1%+3.3%
Apr 24, 2025+1.0%+0.9%+0.2%-3.7%-1.7%
Feb 6, 2025+0.0%+1.8%+3.6%+6.7%+8.6%
Oct 31, 2024+7.7%-0.7%-3.2%+0.5%-6.2%

Returns from the close before each report. Past reactions do not determine future ones.

Earnings history

Report dateEPSEstimateSurpriseRevenue
Jul 28, 2026$0.37$0.36+3.1%$1.83B
Apr 28, 2026$1.13$1.10+2.7%$2.73B
Feb 5, 2026$0.95$0.93+1.8%$2.23B
Oct 30, 2025$0.93$0.86+8.1%$2.02B
Jul 31, 2025$0.71$0.68+4.4%$1.84B
Apr 24, 2025$1.02$1.01+1.0%$2.45B
Feb 6, 2025$0.87$0.87+0.0%$1.99B
Oct 31, 2024$0.84$0.78+7.7%$1.74B

Valuation in context

MultipleNow5-year median5-year percentileSector rank (cheapness)
P/E (trailing)18.9×20.8×29thTop 49%
P/E (forward)16.5×———
EV / EBITDA12.5×——Bottom 44%
EV / Sales4.43×——Top 48%
Free-cash-flow yield-9.56%——Bottom 28%
Earnings yield5.30%——Top 49%

P/E over the past five years

Range 12.6× – 26.6× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.

What moved the stock over the past year

Price return, 1 year
-11.9%
Earnings per share growth (TTM)
-0.3%
Change in P/E multiple
+1.1%

Most of the move came from a change in the valuation multiple.

Technical state

Trend checklist

  • ✗ Price above 20-day average
  • ✗ Price above 50-day average
  • ✗ Price above 200-day average
  • ✗ 50-day average above 200-day
  • ✓ MACD histogram positive

Trend quality

Days above the 50-day average
0
Days above the 200-day average
0
50-day average slope (20 days)
-5.7%
200-day average slope (20 days)
-1.0%
Distance from 50-day average
-6.8%
Distance from 200-day average
-12.5%
RSI (14)
33.6
Relative volume
1.35×

Risk and drawdowns

Volatility, 60 days (annualized)
14.6%
Volatility vs own 5-year history
9th percentile · Low for this stock
Beta vs S&P 500 (2 years, weekly)
-0.05
Correlation with S&P 500
-0.05
Current drawdown from 1-year high
-20.3%
Maximum drawdown, 3 years
-21.7%

Largest declines in the past six years

From peakTo lowDeclineLengthRecovery
Apr 6, 2022Oct 2, 2023-31.3%373 days354 days (Mar 3, 2025)
Apr 9, 2026Sep 28, 2026-21.7%118 daysNot yet recovered
Nov 10, 2020Mar 3, 2021-19.7%76 days261 days (Mar 15, 2022)

Declines of 10% or more from a closing high, measured on daily closes.

Financial statements

Market cap
$19.99B
P/E (TTM)
18.9
EPS, diluted (TTM)
$3.38
Revenue (TTM)
$8.81B
Dividend yield
3.53%
52-week range
$62.29 – $80.36
FY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.33B$8.60B$7.46B$7.51B$8.54B
Gross profit$2.65B$2.76B$2.86B$3.21B$5.20B
Operating income$1.15B$1.22B$1.24B$1.49B$1.73B
Net income$1.35B$837.0M$887.0M$1.00B$1.07B
EPS (diluted)$4.66$2.85$3.01$3.33$3.53
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$1.74B$1.99B$2.45B$1.84B$2.02B$2.23B$2.73B$1.83B
Net income$253.0M$265.0M$304.0M$201.0M$277.0M$289.0M$340.0M$120.0M
EPS (diluted)$0.84$0.88$1.01$0.66$0.92$0.94$1.13$0.39
FY 2021FY 2022FY 2023FY 2024FY 2025
Operating cash flow$1.82B$855.0M$2.31B$2.37B$2.23B
Capital expenditure-$2.08B-$2.37B-$3.22B-$3.02B-$3.82B
Free cash flow-$257.0M-$1.52B-$910.0M-$648.0M-$1.59B
Dividends paid-$509.0M-$546.0M-$579.0M-$626.0M-$663.0M
Net share buybacks$250.0M$69.0M$192.0M$286.0M$525.0M

Cash outflows are shown as negative numbers.

Cash and short-term investments
$241.0M
Total assets
$41.10B
Total liabilities
$30.71B
Total debt
$19.30B
Net debt
$19.06B
Shareholders’ equity
$9.77B

As of Jun 30, 2026 (filed Jul 28, 2026).

Dividends

Ex-dateAmountPaid
Aug 7, 2026$0.57Sep 1, 2026
May 8, 2026$0.57May 29, 2026
Feb 17, 2026$0.57Feb 27, 2026
Nov 7, 2025$0.54Nov 26, 2025
Aug 8, 2025$0.54Aug 29, 2025
May 9, 2025$0.54May 30, 2025
Feb 14, 2025$0.54Feb 28, 2025
Nov 13, 2024$0.52Nov 27, 2024

Short interest

Shares sold short
16,354,988
Days to cover
5.58
Change vs previous report
+3.9%

FINRA short interest, settlement date Sep 15, 2026.