CMS Energy Corporation (CMSA) Fair Value & Analysis
Utilities · US · Market cap $6.2B
CMS Energy Corporation
CMSA · US
Fair value as of: Jul 9, 2026
From 12 valuation models · updated 32 days ago
Fair value updated Jul 9, 2026, revised from $51.25 to $50.76 (−1.0%) since Jun 25, 2026. Share price −2.0% over the past month.
Below-average quality, screening 145% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case ($35.53). The market is more pessimistic than our downside scenario.
- A fairly wide model range ($35.53 to $65.99) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 9, 2026.
How to read this chart
60‑month range $17.15 – $23.42 · fair‑value band $35.53 – $65.99 · the $20.72 price screens below the $50.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 9, 2026.
Analysis
CMS Energy Corporation (CMSA) currently trades at $20.72, while our model-based Fair Value estimate is $50.76, implying the stock looks roughly 144.9% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Net debt stands at $18.3B. The stock trades on a trailing P/E of 12.0. Fundamentals as of Jul 9, 2026
Our scenario range runs from $35.53 (bear case) to $65.99 (bull case); at $20.72, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 145%, CMSA screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 12 models by family
Widest divergence: Multiples ($55.03) versus Earnings-Based ($14.22). Highest evidence: Residual Income (76).
Key figures & financial health
Figures from reported company fundamentals · as of Jul 9, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 53
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
CMS Energy Corporation operates as an energy company primarily in Michigan. It operates through three segments: Electric Utility, Gas Utility, and Enterprises. The Electric Utility segment engages in the generation, purchase, transmission, distribution, and sale of electricity.
Full company description
CMS Energy Corporation operates as an energy company primarily in Michigan. It operates through three segments: Electric Utility, Gas Utility, and Enterprises. The Electric Utility segment engages in the generation, purchase, transmission, distribution, and sale of electricity. It generates electricity through fossil-fuel-fired plants, as well as renewable energy and nuclear sources. This segment's transmission and distribution system includes 214 miles of transmission overhead lines; 188 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,431 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 56,098 miles of electric distribution overhead lines; 10,665 miles of underground distribution lines; and substations. The Gas Utility segment is involved in the purchase, transmission, storage, distribution, and sale of natural gas. This segment's gas transmission, storage, and distribution system comprises 1,672 miles of transmission lines; 15 gas storage fields; 28,194 miles of distribution mains; and 8 compressor stations. The Enterprises segment engages in the independent power production and marketing activities; and development of renewable generation. This segment owns interests in independent power plants totaling 1,203 megawatts. The company also operates an industrial bank providing unsecured consumer installment loans for financing home improvements. It serves 1.8 million electric customers and 1.8 million gas customers, including residential, commercial, and diversified industrial customers in Michigan's Lower Peninsula. CMS Energy Corporation was founded in 1987 and is headquartered in Jackson, Michigan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
Watch CMSA: get an alert when its fair value changes →
Peer Group
Utilities · 672 stocks
How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Multiline Utilities” was too small, so the broader sector is used.)
Valuation Multiples vs Utilities median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Multiline Utilities stocks, each showing price versus our Fair Value estimate (as of Jul 9, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Yangtze Power Co 600900 | ¥27.99 | ¥25.13 | -10% |
| National Grid plc NGG | 61,175 ARS | 44,377 ARS | -27% |
| E.ON SE EON | 6,828 HUF | 4,049 HUF | -41% |
| Adani Power Limited ADANIPOWER | ₹218.45 | ₹75.57 | -65% |
| NTPC Limited NTPC | ₹341.85 | ₹377.16 | +10% |
| Gulf Development Public Company GULF | 67.50 THB | 40.44 THB | -40% |
| Power Grid Corporation POWERGRID | ₹283.55 | ₹252.77 | -11% |
| Adani Green Energy Limited ADANIGREEN | ₹1,537 | ₹170.50 | -89% |
| Adani Energy Solutions Limited ADANIENSOL | ₹1,730 | ₹342.02 | -80% |
| Korea Electric Power Corporation 015760 | 36,200 KRW | 135,125 KRW | +273% |
Compare CMS Energy Corporation with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Utilities stocks →
Frequently asked questions
Is CMS Energy Corporation (CMSA) overvalued or undervalued?
What is the fair value of CMSA?
What is the quality score of CMSA?
What is the net profit margin of CMSA?
Does CMS Energy Corporation pay a dividend?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track CMS Energy Corporation and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.