Is CMS Energy (CMS) overvalued or fairly valued?

MarketChacha shows CMS Energy's valuation in context — a trailing P/E of about 22.4, a forward P/E of about 16.2, a price-to-book of about 2.2 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does CMS Energy's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (2.34×) from reported figures — education, not a rating.

What is CMS Energy's revenue?

CMS Energy reported revenue of $8.3B for FY2025, with net profit of $1.1B, per official filings.

What is the share price of CMS Energy (CMS)?

CMS Energy last traded at $68.31 (+1.4% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

CMS Energy

CMS · NYSE · Utilities · United States

Snapshot

TickerCMS

ExchangeNYSE

SectorUtilities

IndustryUtilities - Regulated Electric

CountryUnited States

Employees8,350

HeadquartersJackson, United States

Websitewww.cmsenergy.com

Filings tracked19

About CMS Energy

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.

Who owns it

Insiders0.5%
Institutions99.5%
Public & other0.0%

1,136 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.10.55%
Vanguard Capital Management LLC6.43%
Vanguard Portfolio Management LLC6.08%
State Street Corporation5.65%
JPMORGAN CHASE & CO5.23%
Wellington Management Group, LLP3.88%
Geode Capital Management, LLC2.79%
Deutsche Bank AG2.58%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion2.34×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend12.2% → 12.9%

Margin has held broadly steady over the period — stable profitability.

Growth qualityrev 7% · PAT 10%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $2.3B · EPS 1.10

Est. earnings growth +15.8%

Next fiscal year

Rev $9.4B · EPS 4.15

Est. earnings growth +7.2%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$8.3B

Net margin

12.9%

ROE

11.7%

Revenue CAGR (2y)

+6.9%

Profit CAGR (2y)

+9.9%

EPS (FY2025)

3.53

Net profit (FY2025)

$1.1B

Ask MarketChacha about CMS

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$8.3B	$1.1B	3.53	12.9%	11.7%
FY2024	$7.3B	$1.0B	3.33	13.7%	12.2%
FY2023	$7.3B	$887.0M	3.01	12.2%	11.8%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$1.8B	$120.0M	0.37	6.6%
2026Q1	$2.7B	$340.0M	1.10	12.7%
2025Q3	$2.0B	$277.0M	0.92	14.0%
2025Q2	$1.8B	$201.0M	0.66	11.2%
2025Q1	$2.4B	$304.0M	1.01	12.7%
2024Q3	$1.7B	$253.0M	0.84	14.8%
2024Q2	$1.6B	$198.0M	0.65	12.6%
2024Q1	$2.1B	$287.0M	0.96	13.4%
2023Q3	$1.6B	$176.0M	0.60	10.7%
2023Q2	$1.5B	$198.0M	0.67	13.1%
2023Q1	$2.2B	$204.0M	0.69	9.1%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q — FORM 10-Q (CMS ENERGY AND CONSUMERS)
SEC7/28/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/28/2026material
8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC6/3/2026material
8-K — Bylaw/charter change, Shareholder vote results, Exhibits
SEC5/13/2026material
8-K — Other events, Exhibits
SEC5/13/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC4/28/2026material
10-Q — FORM 10-Q (CMS ENERGY AND CONSUMERS)
SEC4/28/2026
8-K — Executive/director change, Exhibits
SEC2/20/2026material
8-K — Other events, Exhibits
SEC2/11/2026material
10-K — FORM 10-K (CMS ENERGY AND CONSUMERS)
SEC2/10/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/5/2026material

2025

8-K — Material agreement, Termination of agreement, Other events, Exhibits
SEC11/21/2025material
8-K — Material financial obligation, Unregistered equity sale, Exhibits
SEC11/6/2025material
8-K — Other events, Exhibits
SEC11/4/2025material
8-K — Other events, Exhibits
SEC11/3/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC10/30/2025material
10-Q — FORM 10-Q (CMS ENERGY AND CONSUMERS)
SEC10/30/2025
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/31/2025material
10-Q — FORM 10-Q (CMS ENERGY AND CONSUMERS)
SEC7/31/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.