CMS Energy Corporation (CMS) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of CMS Energy Corporation stock $33.00, price $70.98, that is 53.5% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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CMS Energy Corporation
CMS · USOur calculation puts a fair price 54% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 31, 2026.
How to read this chart
60‑month range $45.98 – $78.69 · fair‑value band $27.72 – $46.70 · the $70.98 price screens above the $33.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Oct 31, 2026.
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Company profile
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.
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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.
Stock analysis
CMS Energy Corporation (CMS) currently trades at $70.98, while our model-based Fair Value estimate is $33.00, 54% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $48.65 per share, and 0 of the 14 models we run sit above the $70.98 price.
Bear case: the Asset-Based group reads lowest at $14.67, and 14 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $27.72 (bear) to $46.70 (bull), the price of $70.98 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CMS Energy Corporation reported revenue of $8.5B in FY2025 versus $7.3B in FY2021, a compound +3.9%/yr. Reported net income was $1.1B in FY2025, compounding −5.7%/yr from FY2021.
Key figures
Market cap $21.3B Large · P/E ratio 25.4 · P/S ratio 2.38 · EPS (TTM) $2.80 · Dividend yield 3.2% · Net margin 9.7% · Return on equity 5.3% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −54%, CMS screens richer than that median.
Fair Value models
All 14 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, one officer or director bought shares worth $14,492, on Jul 31, 2026. Over the same period, one person sold shares worth $222,930.
- BuySrikanth MaddipatiEVP/CFO200 shares at $72.46$14,492Jul 31, 2026
- SaleBrandon J. HofmeisterSenior Vice President2× since Feb 27, 2026: 7,000 shares, avg. $76.56$535,890May 26, 2026
- SaleScott B McIntoshVP, Controller, CAO1,750 shares at $78.21$136,868Mar 2, 2026
- BuyDiane LeopoldDirector2,000 shares at $76.70$153,400Feb 25, 2026
- SaleJohn G RussellDirector14,914 shares at $75.76$1.1MFeb 20, 2026
Plus 11 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 5, 2026. All filings at the SEC ↗
Revenue & earnings trend
CMS screens overvalued: fair value 54% below the price. Compare with NextEra Energy, Inc →
Recent news
- Dominion Energy's Q3 Earnings Top Estimates, Revenues Increase Y/Y
- Xcel Energy Q3 Earnings Beat Estimates, Revenues Increase Y/Y
- CMS Energy (CMS) Stock Faces Q3 Earnings Margin Crunch
Compare CMS Energy Corporation with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Electric · 156 stocks
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Utilities sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/B ratio by industry
- Net margin by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Utilities
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| PG&E Corporation PCG | $13.40 | $17.29 | +29% | vs CMS |
| Exelon Corporation EXC | $46.24 | $36.01 | −22% | vs CMS |
| American Electric Power Company AEP | $129.24 | $100.03 | −23% | vs CMS |
| Xcel Energy Inc XEL | $80.50 | $53.45 | −34% | vs CMS |
| The Southern Company SO | $93.12 | $57.57 | −38% | vs CMS |
| Duke Energy Corporation DUK | $129.59 | $75.79 | −42% | vs CMS |
| Dominion Energy, Inc D | $69.75 | $37.88 | −46% | vs CMS |
| Consolidated Edison, Inc ED | $120.30 | $47.76 | −60% | vs CMS |
| NextEra Energy, Inc NEE | $88.45 | $29.83 | −66% | vs CMS |
| Entergy Corporation ETR | $111.90 | $37.37 | −67% | vs CMS |
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Key figures of CMS Energy Corporation
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