CMS Energy (CMS) Stock Analysis

November 11, 2026

This is a peer-relative look at CMS Energy (CMS): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Utilities peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for CMS Energy (CMS)
Profile Item	CMS
Name	CMS Energy Corporation Common Stock
Country/Region	United States
GICS Sector	Utilities
GICS Industry Group	Utilities
GICS Industry	Multi-Utilities
GICS Sub-Industry	Multi-Utilities
Market Capitalization	21.70 billion USD
Currency	USD
Exchange	NYSE
Listing Date	February 21, 1973
Security Type	Common Stock

Price Performance

Cumulative Growth

CMS

GSPC

CMS Energy (CMS) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for CMS Energy (CMS) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for CMS Energy (CMS) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
Total Return (1Y)	-1.93%	5.85%
Total Return (3Y, Annualized)	11.79%	15.48%
Total Return (5Y, Annualized)	6.25%	8.14%

Risk Profile

Drawdown History

CMS

GSPC

CMS Energy (CMS) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for CMS Energy (CMS) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
Volatility (1Y, Annualized)	17.58%	22.23%
Beta (5Y)	0.31	0.53
Max Drawdown (5Y)	-28.04%	-36.85%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. CMS is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
Sharpe Ratio (1Y)	-0.35	0.08
Sortino Ratio (1Y)	-0.49	0.12

Profitability

ROE (TTM)

CMS Energy (CMS) posts ROE of 5.31%, in the lower peer quartile. Shareholders’ equity is not producing as much profit as it does at most peers, so margins, asset turns, or balance-sheet structure deserve a closer look.

CMS

Utilities industry group

5.31%

Group distribution

Max: 17.99%
Q3: 12.01%
Median: 9.44%
Q1: 7.56%
CMS: 5.31%
Min: 2.17%

Largest peers

CEG: 15.06%
NEE: 14.06%
SO: 11.90%
AEP: 10.60%
NGG: 10.31%
DUK: 10.10%
CMS: 5.31%

Where CMS Energy (CMS) stands on ROE within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

CMS Energy (CMS) keeps 9.72% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

CMS

Utilities industry group

9.72%

Group distribution

Max: 28.78%
Q3: 17.30%
Median: 12.73%
CMS: 9.72%
Q1: 9.18%
Min: -0.20%

Largest peers

NEE: 40.37%
NGG: 21.15%
DUK: 16.16%
SO: 16.00%
AEP: 14.21%
CEG: 11.08%
CMS: 9.72%

Where CMS Energy (CMS) stands on net margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

CMS Energy (CMS) turns 28.45% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

CMS

Utilities industry group

28.45%

Group distribution

Max: 53.83%
Q3: 31.12%
CMS: 28.45%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

Largest peers

SO: 36.92%
NEE: 33.00%
DUK: 30.03%
NGG: 28.64%
CMS: 28.45%
AEP: 26.89%
CEG: 8.66%

Where CMS Energy (CMS) stands on operating margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
ROE (TTM)	5.31%	9.44%
ROA (TTM)	3.07%	3.08%
Net Margin (TTM)	9.72%	12.73%
Operating Margin (TTM)	28.45%	23.62%
Gross Margin (TTM)	40.76%	44.03%

Growth

Revenue Growth

CMS Energy (CMS) grew revenue 13.63%, in the upper peer quartile. The top line is expanding faster than at most industry peers, which points to share gains or stronger pricing.

CMS Energy (CMS): Revenue Growth across different time periods, set against Utilities industry-group medians.

EPS Growth

CMS Energy (CMS) grew earnings per share 4.19%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

CMS Energy (CMS): EPS Growth across different time periods, set against Utilities industry-group medians.

Growth Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
Revenue Growth (YoY)	13.63%	8.45%
Revenue Growth (3Y CAGR)	-0.22%	3.87%
EPS Growth (YoY)	4.19%	3.93%
EPS Growth (3Y CAGR)	6.84%	5.25%

Financial Strength

Current Ratio (MRQ)

CMS Energy (CMS) has current ratio of 0.95, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

CMS

Utilities industry group

0.95

Group distribution

Max: 1.90
Q3: 1.17
CMS: 0.95
Median: 0.88
Q1: 0.66
Min: 0.29

Largest peers

CEG: 1.46
CMS: 0.95
SO: 0.84
DUK: 0.68
NGG: 0.62
NEE: 0.53
AEP: 0.51

Where CMS Energy (CMS) stands on current ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

CMS Energy (CMS) has debt-to-equity ratio of 1.96, in the higher-leverage quartile for its industry. The heavier reliance on borrowing can make earnings, rates, or refinancing conditions matter more.

CMS

Utilities industry group

1.96

Group distribution

Max: 2.63
CMS: 1.96
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

Largest peers

CMS: 1.96
SO: 1.68
DUK: 1.63
AEP: 1.62
NEE: 1.53
NGG: 1.32
CEG: 0.76

Where CMS Energy (CMS) stands on debt-to-equity ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
Current Ratio (MRQ)	0.95	0.88
Debt / Equity (MRQ)	1.96	1.35
Net Debt / EBITDA	6.33	5.31

Dividends

Dividend Yield (TTM)

CMS Energy (CMS) has dividend yield of 3.21%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

CMS

Utilities industry group

3.21%

Group distribution

Max: 6.66%
Q3: 3.58%
CMS: 3.21%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

Largest peers

DUK: 3.29%
SO: 3.21%
CMS: 3.21%
AEP: 3.00%
NEE: 2.76%
CEG: 0.68%
NGG: 0.57%

Where CMS Energy (CMS) stands on dividend yield within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

CMS Energy (CMS) has payout ratio of 80.45%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

CMS

Utilities industry group

80.45%

Group distribution

Max: 113.04%
CMS: 80.45%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

Largest peers

CMS: 80.45%
NGG: 71.97%
SO: 68.49%
DUK: 62.76%
AEP: 62.09%
NEE: 43.89%
CEG: 15.92%

Where CMS Energy (CMS) stands on payout ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
Dividend Yield (TTM)	3.21%	2.85%
Dividend Payout Ratio (TTM)	80.45%	56.38%

Valuation

P/E Ratio (TTM)

CMS Energy (CMS) trades at P/E ratio of 24.71, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

CMS

Utilities industry group

24.71

Group distribution

Max: 31.22
CMS: 24.71
Q3: 23.30
Median: 19.64
Q1: 15.17
Min: 3.34

Largest peers

CMS: 24.71
CEG: 24.43
SO: 21.08
AEP: 20.67
DUK: 18.74
NEE: 15.67
NGG: 15.54

Where CMS Energy (CMS) stands on P/E ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

CMS Energy (CMS) trades at 2.42 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

CMS

Utilities industry group

2.42

Group distribution

Max: 6.35
Q3: 3.63
Median: 2.63
CMS: 2.42
Q1: 1.52
Min: 0.00

Largest peers

NEE: 6.33
NGG: 4.46
SO: 3.45
DUK: 2.99
AEP: 2.92
CEG: 2.83
CMS: 2.42

Where CMS Energy (CMS) stands on P/S ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

CMS Energy (CMS) trades at 2.28 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

CMS

Utilities industry group

2.28

Group distribution

Max: 3.12
CMS: 2.28
Q3: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

Largest peers

NGG: 9.36
NEE: 2.97
CEG: 2.78
SO: 2.56
CMS: 2.28
AEP: 2.10
DUK: 1.83

Where CMS Energy (CMS) stands on P/B ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

CMS Energy (CMS) metric values compared with Utilities industry-group medians
Metric	Current stock: CMS	Industry group median
P/E Ratio (TTM)	24.71	19.64
P/S Ratio (TTM)	2.42	2.63
P/B Ratio (MRQ)	2.28	1.83
Free Cash Flow Yield (TTM)	-9.54%	-7.11%