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Regulated electric and gas utility (Consumers Energy) serving most of Michigan's Lower Peninsula.
Regulated electric and gas utility (Consumers Energy) serving most of Michigan's Lower Peninsula.
Earns a return approved by the Michigan Public Service Commission on the value of the grid and plants it has built, with fuel costs largely passed on to customers, so rate cases decide earnings. It has pulled back to its regulated utilities, selling EnerBank in 2021, and is shifting generation toward wind, solar and gas.
Moat: narrow (regulatory licence, scale). Regulated Michigan monopoly territory under cost-of-service rate recovery.
Headquarters: Jackson, Michigan, US · Founded: 1886 · Employees: 8,350
Size CMS Energy (CMS) is a United States Utilities company (Electric Utilities) with a market value of $21.7B, the 471st largest of 3,117 United States companies the cockpit tracks. Shares closed at $69.18 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against +1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +6.0%); the operating margin is 19.6% (peer median 23.4%).
Valuation It trades at 17.1× forward earnings against a peer median of 17.8× (9th cheapest of 20).
Capital Return on invested capital runs 1.3 points below its cost of capital (5.9% WACC).
Credit CMS Energy has 23 bonds outstanding ($10.7B), rated A by the agencies and trading like A+ at a weighted spread of 67 bp.
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.97B | $8.54B | $7.51B | $7.46B | $8.60B |
| Revenue growth | — | +14% | +1% | -13% | — |
| Gross profit | $2.30B | $2.24B | $1.97B | $1.68B | $1.64B |
| EBITDA | $3.12B | $3.03B | $2.73B | $2.42B | $2.35B |
| Net income | $872M | $1.07B | $1.00B | $887M | $837M |
| Free cash flow | -$1.74B | -$1.59B | -$648M | -$910M | -$1.52B |
| Capital expenditure | $4.02B | $3.82B | $3.02B | $3.22B | $2.37B |
| Total debt | $20.2B | $18.9B | $16.6B | $15.7B | $14.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CMS Energy CMS | $21.7B | -5% | +8% | 20% | 17.1× | n/a |
| DTE Energy DTE | $28.1B | -3% | +18% | 13% | 16.6× | n/a |
| Xcel Energy XEL | $51.1B | +1% | +4% | 22% | 18.1× | n/a |
| Alliant Energy LNT | $18.8B | +1% | +5% | 23% | 20.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CMS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | +6.1% | 11th highest of 21 |
| 6-month return | -4.7% | +1.6% | 4th lowest of 21 |
| Distance from 52-week high | -13.2% | -9.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +8.2% | +6.0% | 8th highest of 21 |
| Operating margin | 19.6% | 23.4% | 9th lowest of 21 |
| Forward P/E | 17.1× | 17.8× | 9th cheapest of 20 |
| ROIC minus cost of capital | -1.3 pp | -1.7 pp | 10th highest of 21 |
| EV / EBITDA | 13.5× | 12.5× | 6th most expensive of 16 |
| Net debt / EBITDA | 6.3× | 5.2× | 4th most indebted of 18 |
| Bond spread | 67 bp | 79 bp | 2nd tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
CMS Energy has 23 bonds outstanding with $10.7B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 5.57%, a spread of 67 bp over government bonds.