CMS vs. ES: CMS Energy vs. Eversource Energy Stock Comparison

November 11, 2026

How do CMS Energy (CMS) and Eversource Energy (ES) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

CMS Energy (CMS) and Eversource Energy (ES) both fall under the Utilities industry group, but CMS is classified in Multi-Utilities while ES is classified in Electric Utilities.

Company profile comparison for CMS Energy (CMS) and Eversource Energy (ES)
Profile Item	CMS	ES
Name	CMS Energy Corporation Common Stock	Eversource Energy
Country/Region	United States	United States
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Multi-Utilities	Electric Utilities
GICS Sub-Industry	Multi-Utilities	Electric Utilities
Market Capitalization	21.70 billion USD	26.31 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	February 21, 1973	February 21, 1973
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CMS

GSPC

CMS Energy (CMS) vs. Eversource Energy (ES), with S&P 500 (GSPC) for reference: 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 Eversource Energy (ES). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for CMS Energy (CMS) and Eversource Energy (ES). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
Total Return (1Y)	-1.93%	0.35%
Total Return (3Y, Annualized)	11.79%	14.06%
Total Return (5Y, Annualized)	6.25%	0.61%

Risk Profile

Drawdown History

CMS

GSPC

CMS Energy (CMS) vs. Eversource Energy (ES), with S&P 500 (GSPC) for reference: 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 Eversource Energy (ES). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
Volatility (1Y, Annualized)	17.58%	24.60%
Beta (5Y)	0.31	0.65
Max Drawdown (5Y)	-28.04%	-41.69%
Avg. Volume (3M)	3.84M	2.53M

Risk-Adjusted Performance

Risk-Return Positioning

CMS and ES are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
Sharpe Ratio (1Y)	-0.35	-0.16
Sortino Ratio (1Y)	-0.49	-0.20

Profitability

ROE (TTM)

Capital efficiency shows on one side only: CMS Energy (CMS) earns 5.31% on shareholders’ equity, ranked against its industry; Eversource Energy (ES) has no ROE this period.

CMS

Utilities industry group

5.31%

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

ES

Utilities industry group

Max: 17.99%
Q3: 12.01%
Median: 9.44%
Q1: 7.56%
Min: 2.17%
ES: --

CMS Energy (CMS) vs. Eversource Energy (ES): ES does not report ROE, so it has no value marker; CMS is benchmarked against the Utilities industry group.

Net Margin (TTM)

Both CMS Energy (CMS) at 9.72% and Eversource Energy (ES) at 10.38% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

CMS

Utilities industry group

9.72%

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

ES

Utilities industry group

10.38%

Max: 28.78%
Q3: 17.30%
Median: 12.73%
ES: 10.38%
Q1: 9.18%
Min: -0.20%

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their net margin against the Utilities industry group benchmark.

Operating Margin (TTM)

Both CMS Energy (CMS) at 28.45% and Eversource Energy (ES) at 21.14% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

CMS

Utilities industry group

28.45%

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

ES

Utilities industry group

21.14%

Max: 53.83%
Q3: 31.12%
Median: 23.62%
ES: 21.14%
Q1: 15.45%
Min: -4.90%

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their operating margin against the Utilities industry group benchmark.

Profitability Metrics

Profitability metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
ROE (TTM)	5.31%	--
ROA (TTM)	3.07%	--
Net Margin (TTM)	9.72%	10.38%
Operating Margin (TTM)	28.45%	21.14%
Gross Margin (TTM)	40.76%	51.63%

Growth

Revenue Growth

Both CMS Energy (CMS) at 13.63% and Eversource Energy (ES) at 13.83% sit in the top peer quartile for revenue growth, so each is growing its top line faster than typical industry peers.

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their Revenue Growth across different time periods.

EPS Growth

Eversource Energy (ES) at 100.88% clears its industry range for EPS growth, a much stronger earnings trajectory than CMS Energy (CMS) at 4.19%, which is closer to a typical peer reading.

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
Revenue Growth (YoY)	13.63%	13.83%
Revenue Growth (3Y CAGR)	-0.22%	3.30%
EPS Growth (YoY)	4.19%	100.88%
EPS Growth (3Y CAGR)	6.84%	4.03%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: CMS Energy (CMS) shows current ratio of 0.95 against its industry benchmark, while Eversource Energy (ES) has no reading this period.

CMS

Utilities industry group

0.95

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

ES

Utilities industry group

Max: 1.90
Q3: 1.17
Median: 0.88
Q1: 0.66
Min: 0.29
ES: --

CMS Energy (CMS) vs. Eversource Energy (ES): ES does not report current ratio, so it has no value marker; CMS is benchmarked against the Utilities industry group.

Debt / Equity (MRQ)

Both CMS Energy (CMS) at 1.96 and Eversource Energy (ES) at 1.81 lean more heavily on debt funding than most peers, landing in the higher-leverage quartile of their industries.

CMS

Utilities industry group

1.96

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

ES

Utilities industry group

1.81

Max: 2.63
ES: 1.81
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their debt-to-equity ratio against the Utilities industry group benchmark.

Financial Strength Metrics

Financial strength metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
Current Ratio (MRQ)	0.95	--
Debt / Equity (MRQ)	1.96	1.81
Net Debt / EBITDA	6.33	5.73

Dividends

Dividend Yield (TTM)

Eversource Energy (ES) at 4.33% delivers top-quartile income for its industry, while CMS Energy (CMS) at 3.21% pays a more typical yield — both are credible income propositions, ES the richer one.

CMS

Utilities industry group

3.21%

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

ES

Utilities industry group

4.33%

Max: 6.66%
ES: 4.33%
Q3: 3.58%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their dividend yield against the Utilities industry group benchmark.

Dividend Payout Ratio (TTM)

Both CMS Energy (CMS) at 80.45% and Eversource Energy (ES) at 82.19% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

CMS

Utilities industry group

80.45%

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

ES

Utilities industry group

82.19%

Max: 113.04%
ES: 82.19%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their payout ratio against the Utilities industry group benchmark.

Dividend Metrics

Dividend metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
Dividend Yield (TTM)	3.21%	4.33%
Dividend Payout Ratio (TTM)	80.45%	82.19%

Valuation

P/E Ratio (TTM)

Eversource Energy (ES) at 18.43 is near its industry’s usual P/E ratio, while CMS Energy (CMS) at 24.71 sits in the richer quartile — CMS needs stronger growth or earnings quality to justify the premium.

CMS

Utilities industry group

24.71

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

ES

Utilities industry group

18.43

Max: 31.22
Q3: 23.30
Median: 19.64
ES: 18.43
Q1: 15.17
Min: 3.34

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their P/E ratio against the Utilities industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both CMS Energy (CMS) at 2.42 and Eversource Energy (ES) at 1.91 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

CMS

Utilities industry group

2.42

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

ES

Utilities industry group

1.91

Max: 6.35
Q3: 3.63
Median: 2.63
ES: 1.91
Q1: 1.52
Min: 0.00

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their P/S ratio against the Utilities industry group benchmark.

P/B Ratio (MRQ)

Eversource Energy (ES) at 1.61 is valued about in line with its industry on P/B ratio, while CMS Energy (CMS) at 2.28 carries an above-peer premium to book — CMS is pricier on assets.

CMS

Utilities industry group

2.28

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

ES

Utilities industry group

1.61

Max: 3.12
Q3: 2.21
Median: 1.83
ES: 1.61
Q1: 1.46
Min: 0.34

CMS Energy (CMS) vs. Eversource Energy (ES): A comparison of their P/B ratio against the Utilities industry group benchmark.

Valuation Metrics

Valuation metrics for CMS Energy (CMS) and Eversource Energy (ES)
Metric	CMS	ES
P/E Ratio (TTM)	24.71	18.43
P/S Ratio (TTM)	2.42	1.91
P/B Ratio (MRQ)	2.28	1.61
Free Cash Flow Yield (TTM)	-9.54%	--