# CMS Energy Corporation (CMS)

> Source: Nexqual · https://nexqual.com/CMS · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, CMS Energy Corporation (CMS), nexqual.com/CMS" · informational, not investment advice.

**Price:** USD 70.3 (+3.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 68.13 · day 68.34–70.37 · 52w 62.29–80.36 · market cap $22.0B · NYQ

## Key facts
- 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.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $223K; 1 not under a Rule 10b5-1 plan ($223K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $14K; 0 by opportunistic insiders, 0 by routine insiders.
- 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)
| 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)
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.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | Hofmeister Brandon J. | Senior Vice President | 3,000 | $223K | 4.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $14K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-31 | Maddipati Srikanth | EVP/CFO | 200 | $14K | 72.45 | Too little history (no open-market trades in 2023–2025) |

## Analysts
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)
|  | 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) |

## Peers (Utilities - Regulated Electric)
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%

## More
Full page: https://nexqual.com/CMS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Electric Utility | $1.33B | 72.9% | -1.6% | $199.0M | 14.9% |
| Gas Utility | $386.0M | 21.1% | +0.3% | $72.0M | 18.7% |
| NorthStar Clean Energy | $89.0M | 4.9% | +53.4% | -$1.0M | -1.1% |
| Corporate costs (not allocated) | — | — | — | -$6.0M | — |
| Total revenue | $1.83B | 100% | — | $264.0M | 14.4% |

## Company outlook (8-K filed 2026-07-28)

- "Guidance for 2027 JACKSON, Mich., July 28, 2026 – CMS Energy announced today reported earnings per share of $0.37 for the second quarter of 2026, compared to $0.66 per share for 2025."
- "CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share (*See below for important information about non-GAAP measures) and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end."
- "CMS Energy is introducing 2027 earnings guidance of $4.08 to $4.17."
- "It also owns and operates independent power generation businesses. # # # CMS Energy will hold a webcast to discuss its 2026 second quarter results and provide a business and financial outlook on Tuesday, July 28 at 10:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.35 | $1.13 | +19.3% | $2.18B | 11 |
| Next quarter (ends 2026-12-31) | $1.03 | $1.26 | -18.0% | $2.30B | 10 |
| Current fiscal year (ends 2026-12-31) | $3.87 | $3.87 | +0.0% | $8.95B | 15 |
| Next fiscal year (ends 2027-12-31) | $4.15 | $4.17 | -0.5% | $9.37B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±5.4%; last 8 reports averaged ±1.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.5% | ±5.4% |
| 2026-12-18 | 56 | 19.3% | ±6.0% |
| 2027-03-19 | 147 | 19.3% | ±9.8% |
| 2027-06-17 | 237 | 18.3% | ±11.6% |