CMS Energy Corporation (CMS) Stock Price & Analysis
CMS Energy Corporation (CMS) closed at USD 70.3 on Thursday, October 22, 2026, up 3.19% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 68.13; the Oct 22, 2026 session ranged USD 68.34–70.37 on volume of 4,459,306 shares. Market capitalization is $22.04B, with a 52-week range of USD 62.29–80.36 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 10:11 UTC.
Also available as compact Markdown for AI agents: nexqual.com/CMS.md
Key facts (CMS)
- Last four reported quarters (through Jun 30, 2026): revenue $8.81B, net income $1.03B (11.6% margin) (SEC filings).
- Valuation: P/E 21.5x (avg 19.5x at the last 3 fiscal year-ends), EV/EBITDA 13.5x, net debt $18.8B.
- Analysts: Buy (mean 2.38 on a 1–5 scale) (16 analysts), mean target USD 74.69 (range 68–79).
- Total return with dividends: 1Y -2.8% vs S&P 500 +14.9%; 5Y +34.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.35, revenue estimate $2.18B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (CMS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.33B | $8.60B | $7.46B | $7.51B | $8.54B | $8.81B |
| Operating income | $1.15B | $1.22B | $1.24B | $1.49B | $1.73B | $1.67B |
| Net income | $1.35B | $837M | $887M | $1.00B | $1.07B | $1.03B |
| EPS (diluted) | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 | — |
| Free cash flow | -$257M | -$1.52B | — | — | — | — |
| Operating margin | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% | 18.9% |
| Net margin | 18.5% | 9.7% | 11.9% | 13.3% | 12.5% | 11.6% |
| Revenue growth | +14.2% | +17.3% | -13.2% | +0.7% | +13.6% | — |
| Cash + short-term investments | $452M | $164M | $227M | $103M | $509M | — |
| Total debt | $12.4B | $14.2B | $15.5B | $16.4B | $18.8B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (CMS)
P/E 21.5x · P/S 2.5x · EV/EBITDA 13.5x · EV/Sales 4.6x · P/B 2.3x · Earnings yield 4.65% · Net debt $18.8B · EV $40.8B
P/E at fiscal year-ends: Dec 2025 19.7x, Dec 2024 19.8x, Dec 2023 19.1x.
Analysts (CMS)
Consensus Buy (mean 2.38 on a 1–5 scale), 16 analysts; mean target USD 74.69 (low 68, high 79).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $69 |
| 2026-10-21 | Morgan Stanley | Target lowered | Equal-Weight | $77 → $73 |
| 2026-10-19 | BMO Capital | Target raised | Outperform | $73 → $76 |
| 2026-10-16 | Barclays | Target lowered | Overweight | $81 → $72 |
| 2026-10-14 | Truist Securities | Target lowered | Buy | $81 → $77 |
| 2026-10-06 | BMO Capital | Target lowered | Outperform | $77 → $73 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $79 → $77 |
| 2026-09-15 | Jefferies | Target lowered | Hold | $78 → $74 |
| 2026-09-08 | BMO Capital | Target lowered | Outperform | $82 → $77 |
| 2026-08-26 | Argus Research | Reiterated | Buy | $80 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $80 → $79 |
| 2026-08-04 | Truist Securities | Target lowered | Buy | $85 → $81 |
Total return (dividends reinvested) (CMS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -2.8% | +34.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.8% | +6.1% |
| Volatility (annualized) | 17.6% | 18.6% |
| Max drawdown | -20.4% (Apr 2026→Sep 2026) | -24.4% (Apr 2022→Oct 2022) |
CMS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.35 | $1.13 | +19.3% | $2.18B | 11 |
| Next quarter (ends Dec 2026) | $1.03 | $1.26 | -18.0% | $2.30B | 10 |
| Current fiscal year (ends Dec 2026) | $3.87 | $3.87 | +0.0% | $8.95B | 15 |
| Next fiscal year (ends Dec 2027) | $4.15 | $4.17 | -0.5% | $9.37B | 16 |
CMS options: expected move
Options price a move of about ±5.4% (±$3.78) by Nov 20, 2026, which includes earnings on Oct 27, 2026.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 23.5% | ±5.4% |
| Dec 18, 2026 | 56 | 19.3% | ±6.0% |
| Mar 19, 2027 | 147 | 19.3% | ±9.8% |
| Jun 17, 2027 | 237 | 18.3% | ±11.6% |
30-day implied volatility 18.2% vs 18.6% realized over the last 30 trading days. Put/call ratio (volume) 1.5. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:11 UTC)
| Price | USD 70.3 |
|---|---|
| Change | ▲ 3.19% (up) |
| Previous Close | USD 68.13 |
| Open | USD 68.34 |
| Day Range | USD 68.34 – 70.37 |
| 52-Week Range | USD 62.29 – 80.36 |
| Volume | 4,459,306 shares |
| Market Cap | $22.04B |
| Exchange | NYQ |
Technical Analysis (CMS)
Nexqual's technical model rates CMS "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 10:11 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 68.39 (neutral) |
| vs SMA50 | Above (USD 66.94) |
| MACD | 0.69 (positive) |
Analyst Ratings (CMS)
Wall Street analysts rate CMS "Buy" based on 16 analysts, with a mean price target of USD 74.69 (range USD 68–79), per Nexqual as of October 23, 2026 at 10:11 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 16 |
| Mean Target | USD 74.69 |
| High Target | USD 79 |
| Low Target | USD 68 |
| Buy / Hold / Sell | 7 / 9 / 0 |
Earnings (CMS)
| Next Earnings Date | 2026-10-27 |
|---|---|
| EPS Estimate | USD 1.35 |
| Revenue Estimate | $2.18B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.37 vs est 0.36 ▲ beat |
| 2026-03-31 | USD 1.13 vs est 1.1 ▲ beat |
| 2025-12-31 | USD 0.95 vs est 0.94 ▲ beat |
| 2025-09-30 | USD 0.93 vs est 0.86 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Financials & Fundamentals (CMS)
| Total Revenue | $8.81B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -0.50% |
| Gross Margin | +40.31% |
| Operating Margin | +17.17% |
| Profit Margin | +11.64% |
| ROE | +9.16% |
| Debt / Equity | 1.86 |
| Current Ratio | 0.94 |
| Total Cash | $241.00M |
| Total Debt | $19.30B |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Financial Health Score (CMS)
Nexqual rates CMS Energy Corporation's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 10:11 UTC.
| Growth | Solid — Revenue +14% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 40%, operating 17% (last 12 months) |
| Balance Sheet | Critical — $241M cash and investments vs $19.0B debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $2.23B (FY ended Dec 2025, 10-K) |
| Efficiency | Mixed — ROE 9%, ROA 3.0% |
Ownership (CMS)
| Insider Ownership | +0.55% |
|---|---|
| Institutional Ownership | +104.31% |
| Shares Outstanding | 313.58M |
| Float | 311.47M |
| Short % of Float | +6.24% |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Leadership (CMS)
CMS Energy Corporation is led by Garrick J. Rochow, President, CEO & Director, per Nexqual as of October 23, 2026 at 10:11 UTC.
| President, CEO & Director | Garrick J. Rochow |
|---|---|
| Executive VP & COO | Tonya L. Berry |
| Senior Vice President of Strategy, Sustainability & External Affairs | Brandon J. Hofmeister |
| SVP and President of Gas Delivery of Consumers Energy Company | LeeRoy Wells |
| CFO & Executive VP | Srikanth Maddipati |
Major Backers & Investors (CMS)
Notable institutional backers of CMS Energy Corporation include JPMorgan, Wellington Management, Dz Bank Ag Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main, according to Nexqual as of October 23, 2026 at 10:11 UTC.
Active Investors
| Investor | Stake |
|---|---|
| JPMorgan | 5.23% |
| Wellington Management | 3.88% |
| Dz Bank Ag Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main | 2.51% |
| Invesco | 2.43% |
| SELECT SECTOR SPDR TRUST-State Street Utilities Select Sector SPDR ETF | 1.77% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 12.5% |
| BlackRock | 10.54% |
| State Street | 5.65% |
| Geode Capital | 2.79% |
| Deutsche Bank AG | 2.58% |
Source: Nexqual, October 23, 2026 at 10:11 UTC.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| EIX | Edison International | USD 57.9 | ▲ 1.24% |
| EVRG | Evergy, Inc. | USD 84.95 | ▲ 2.16% |
| ES | Eversource Energy (D/B/A) | USD 67.84 | ▲ 3.41% |
| PPL | PPL Corporation | USD 35.35 | ▲ 2.23% |
| LNT | Alliant Energy Corporation | USD 70.3 | ▲ 2.79% |
| FE | FirstEnergy Corp. | USD 46.49 | ▲ 2.15% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:11 UTC. This page is informational and not investment advice.
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