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CMS Energy Corporation (CMS) fair value: what the stock is really worth

We calculate from audited financials what CMS Energy Corporation is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Utilities · US · ISIN US1258961002

CE CMS Energy Corporation logo Some data Sep 18, 2026

CMS Energy Corporation

CMS · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $33.51 · Strongly overvalued (−49%)
!Quality 42/100
!Expensive Growth (revenue 5y +5.9 %/yr)
✓Solidly profitable · 12.6% net margin (TTM)
!High debt · negative free cash flow
·3.36% dividend yield
!Trails peers (4/14)
!Moderate moat 54/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$79.32 $46.35 Fair Value $33.51 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.

How to read this chart

60‑month range $46.35 – $79.32 · fair‑value band $28.09 – $62.44 · the $65.34 price screens above the $33.51 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. Dashed = 300-day average. As of Sep 18, 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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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.

Stock analysis

CMS Energy Corporation (CMS) currently trades at $65.34, while our model-based Fair Value estimate is $33.51, implying the stock looks roughly 95.0% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $49.39 per share, and 0 of the 12 models we run sit above the $65.34 price.

Bear case: the Asset-Based group reads lowest at $19.83, and 12 of the 12 models stay below the price. Evidence for this calculation is medium.

Scenario range: $28.09 (bear) to $62.44 (bull), the price of $65.34 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 42/100 (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 $23.2B · P/E ratio 18.4 · P/S ratio 2.31 · EPS (TTM) $3.55 · Dividend yield 3.4% · Net margin 12.5% · Return on equity 10.4% · Return on assets (EBIT) 4.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 18% below its 52-week high, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −36% fair-value upside, at −49%, CMS screens richer than that median.

Fair Value models

Bear $28.09 Fair Value $33.51 Bull $62.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.9779 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $27.32 $31.56 $53.11 74
EPV n/a n/a $0.7400 68
Gordon GGM $19.71 $29.39 $39.63 68
All 14 models by family
Earnings-Based
Graham-Dodd $23.58 $49.02 $61.96 66
EPV n/a n/a $0.7400 68
Dividend Discount
Gordon GGM $19.71 $29.39 $39.63 68
DDM Multi-Stage $19.71 $28.06 $37.63 67
Multiples
P/E Multiple $46.80 $62.40 $78.01 63
P/S Multiple $44.20 $58.94 $73.67 58
P/B Multiple $39.96 $53.28 $66.60 55
EV/EBIT $3.71 $24.67 $45.64 58
EV/EBITDA $14.45 $39.00 $63.54 62
EV/Revenue n/a $9.92 $30.65 50
Asset-Based
NCAV (Graham) $14.80 $19.83 $29.60 54
Economic Profit
Residual Income $27.32 $31.56 $53.11 74
ROIC Compounder n/a n/a $0.7400 68
Growth Earnings
Growth-Adj P/E $34.57 $49.39 $64.20 67

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Quality Score breakdown

Overall quality 42/100

Of which business quality 40 · Market factors (momentum, volatility) 46

Profitability 33
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 72
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)3.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6% vs 7%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 20%

CMS screens 95% overvalued. Compare with NextEra Energy, Inc →

Earlier news

News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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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

Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Below median
Fair Value upside −42% · Below median
Profitability
Return on equity (TTM) 10% · Above median
Return on assets 3% · Below median
Net margin (TTM) 13% · Above median
Operating margin (TTM) 20% · Above median
Growth and dividend
Revenue growth 12% · Above median
Dividend yield (TTM) 3.4% · Below median
Balance sheet
Debt / equity 2.07× · Highest 25%

Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 18.4× · Pricier than median
P/B 2.53× · Priciest 25%
P/S (TTM) 2.63× · Pricier than median
EV/EBITDA 13.6× · Priciest 25%
PEG 2.94× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)58 · sector 32
PAST (return on equity)41 · sector 39
HEALTH (low debt)0 · sector 53
DIVIDEND (yield)67 · sector 68

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $81.07 $29.88 −63%
The Southern Company SO $85.95 $58.74 −32%
Duke Energy Corporation DUK $117.76 $74.89 −36%
National Grid plc NGG $76.86 $50.23 −35%
American Electric Power Company AEP $120.69 $77.23 −36%
Dominion Energy, Inc D $63.87 $37.67 −41%
Entergy Corporation ETR $102.92 $38.37 −63%
Xcel Energy Inc XEL $72.49 $44.61 −38%
Exelon Corporation EXC $42.44 $36.26 −15%
Consolidated Edison, Inc ED $105.24 $47.92 −54%

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CMS Energy Corporation · Fair Value
$33.51 −95%Fair Value
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Cite: Fair Value Calculator (2026). "CMS Energy Corporation Fair Value". https://www.fairvalue-calculator.com/stock/CMS

Frequently asked questions

Is CMS Energy Corporation (CMS) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of $33.51 versus a price of $65.34, about −49% upside (overvalued).
What is the fair value of CMS?
Our model-based fair value for CMS Energy Corporation is $33.51 (as of Sep 18, 2026), built from audited fundamentals. The current price: $65.34.
What is the quality score of CMS?
CMS Energy Corporation has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CMS Energy Corporation (CMS)?
Our model-based price target is the fair value of $33.51 (as of Sep 18, 2026) from 14 valuation models. Cautious scenario $28.09, optimistic scenario $62.44. It is a calculation from audited fundamentals, not an analyst target.
What is the CMS Energy Corporation stock forecast for 2026?
Our models put fair value at $33.51, about −49% upside versus a price of $65.34 (overvalued). Cautious scenario $28.09, optimistic scenario $62.44. The calculation is refreshed regularly with new filings.
What is the revenue of CMS Energy Corporation (CMS)?
CMS Energy Corporation reported trailing-twelve-month revenue of about $8.8B (latest available figure, as of Sep 18, 2026).
Does CMS Energy Corporation pay a dividend?
CMS Energy Corporation currently shows a dividend yield of about 3.36% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of CMS Energy Corporation (CMS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CMS Energy Corporation it is $33.51 per share (as of Sep 18, 2026), against a price of $65.34. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is CMS Energy Corporation stock overvalued or undervalued in 2026?
As of Sep 18, 2026, CMS trades above its calculated fair value: price $65.34, fair value $33.51, a gap of about −49% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CMS?
No. The price is what the market pays today ($65.34); the fair value is what the company's own numbers justify ($33.51). For CMS Energy Corporation the two are $31.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is CMS Energy Corporation worth?
The market values CMS Energy Corporation at about $23.2B (market capitalisation, as of Sep 18, 2026). Per share that is $65.34; our models calculate a fair value of $33.51 per share.
What do the bullish and bearish scenarios say about CMS?
Our models span a range for CMS Energy Corporation: cautious scenario $28.09, base $33.51, optimistic $62.44 per share (as of Sep 18, 2026, price $65.34). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CMS?
CMS Energy Corporation trades at a price-to-earnings ratio of 18.4 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $33.51 is built from several models across several years. Other multiples: PEG 2.9, P/B 2.5, P/S 2.6, EV/EBITDA 13.6.
What is the PEG ratio of CMS?
The PEG ratio of CMS Energy Corporation is 2.94 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CMS Energy Corporation (CMS)?
Balance-sheet figures for CMS Energy Corporation (as of Sep 18, 2026): return on equity 10.4%, debt of 2.07 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is CMS from its 52-week high?
CMS Energy Corporation trades at $65.34, about 18% below its 52-week high of $79.74 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $33.51 is for.
Which stocks are comparable to CMS Energy Corporation?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, National Grid plc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CMS Energy Corporation stock attractive at the current price?
The data as of Sep 18, 2026: price $65.34, calculated fair value $33.51 (−49%), Quality Score 42/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CMS calculated?
We run CMS Energy Corporation through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $33.51, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. CMS Energy Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CMS Energy Corporation (CMS)?
The closing price on Sep 18, 2026 was $65.34. Our model-based fair value is $33.51, about −49% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CMS Energy Corporation right now?
The price sits above even our optimistic bull case ($62.44). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range ($28.09 to $62.44) leaves room in how you read the outcome.
Where does the earnings growth of CMS Energy Corporation (CMS) come from?
Earnings per share at CMS Energy Corporation grew +6.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.0 %, EBIT margin +0.6 %, tax rate +2.7 %, residual (interest, one-offs) +2.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of CMS Energy Corporation

How large is the market capitalisation of CMS Energy Corporation (CMS)?
The market capitalisation of CMS Energy Corporation is $23.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CMS Energy Corporation (CMS)?
The price-to-sales ratio of CMS Energy Corporation is 2.31 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CMS Energy Corporation (CMS)?
Earnings per share at CMS Energy Corporation are $3.55 (price ÷ EPS = P/E 18.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CMS Energy Corporation (CMS)?
The dividend yield of CMS Energy Corporation is 3.4% (payout 61.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CMS Energy Corporation (CMS)?
The net margin of CMS Energy Corporation is 12.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CMS Energy Corporation (CMS)?
The return on equity (ROE) of CMS Energy Corporation is 10.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CMS Energy Corporation (CMS)?
On an EBIT basis the return on assets of CMS Energy Corporation is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CMS Energy Corporation (CMS)?
The operating margin of CMS Energy Corporation is 19.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CMS Energy Corporation (CMS)?
Revenue at CMS Energy Corporation is growing +11.6% versus a year earlier (3y avg −0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CMS Energy Corporation (CMS)?
Earnings per share at CMS Energy Corporation are growing +8.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CMS Energy Corporation (CMS) generate?
The free cash flow of CMS Energy Corporation is −$1.6B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CMS Energy Corporation (CMS) carry?
The net debt of CMS Energy Corporation is $18.3B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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