# CMS Energy Corporation (CMS) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Utilities / Electric Utilities. Price $68.46, market value $21.5 billion.

## Valuation
- **P/E (trailing): 20.6×** (5-yr avg 17.7×, 3-yr avg 18.8×). CMS Energy Corporation trades at 20.6× trailing earnings, close to its own five-year average of 17.7×. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 16.5×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 2.74**. A PEG of 2.74 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 2.5×**. Each dollar of revenue is priced at 2.5×.
- **Price / book: 2.2×**. The shares trade at 2.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 13.2×**. Enterprise value is 13.2× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Earnings yield: 4.9%**. The inverse of the P/E: 4.9% of the price is earned each year.

## Profitability
- **Operating margin: 19.4%**. 19.4% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 12.9%**. 12.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.7%**. 11.7% on shareholders' equity is solid.
- **Return on invested capital: 4.8%**. Return on all capital, debt included, is 4.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.6%**. Each dollar of assets produces 2.6% of profit.

## Growth
- **Revenue growth (1 yr): 13.5%** (3-yr -0.1%/yr, 5-yr 5.9%/yr). Revenue grew 13.5% over the last year, against 5.9% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 6.0%** (3-yr 7.4%/yr, 5-yr 6.0%/yr). Earnings per share rose 6.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 2.05**. Debt is 2.05 times equity, a leveraged balance sheet, which is normal for utilities.
- **Net debt / EBITDA: 6.0×**. It would take 6.0 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.33%** ($2.23 per share, trailing). CMS Energy Corporation yields 3.33%, a modest yield more typical of a growth-oriented payer.
- **Consecutive years of increases: 19**. 19 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 5.9%/yr** (1-yr 5.4%). The dividend has grown 5.9% a year over five years.

## Analyst view
- **Analyst consensus: buy** (12 analysts). 12 analysts cover CMS Energy Corporation; the consensus is buy, with an average price target of $79.58 (+16% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -2.1%** (YTD -0.6%, 3-mo -5.0%). The shares are down 2.1% over twelve months including dividends.
- **From 52-week high: -14.8%** (1.9% above the low). Trading 15% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): -0.13** (volatility 17%). Beta of -0.13 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=CMS · Page: https://foliofundamentals.com/stocks/cms

Not investment advice.