| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 42 | 20.2x | 17.8x | Around median | |
Growth | 38 | 9.9% | 7.1% | Bottom tier | |
Quality | 49 | 5.2% | 4.5% | Around median | |
Safety | 27 | 6.2x | 2.6x | Bottom tier | |
Capital Return | 48 | 3.31% | 2.12% | Around median | |
Momentum | 34 | -2.3% | 2.9% | Bottom tier | |
Sentiment | 85 | 11 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
CMS Energy Corporation operates primarily through regulated utility investments in Michigan, where earnings grow through expansion of the asset base permitted under regulatory frameworks and recovery of investment costs through rates. It also owns the unregulated NorthStar business, but its plan announced on July 28, 2026, calls for exiting non-utility renewable energy development and selling non-retained assets and projects, while retaining Dearborn Industrial Generation, the Kalamazoo and Livingston gas-fired plants, and four commercial solar projects in Michigan because they generate cash flows without significant capital requirements.
In Q2 of fiscal year 2026, the company reported revenue of $1.8 billion, net income of $120 million, and earnings per share of $0.37, equivalent to a calculated net income margin of approximately 6.7%; the available EDGAR data did not include a gross profit figure or gross margin. By comparison, fiscal year 2025 revenue was approximately $8.5 billion, net income was $1.1 billion, and earnings per share were $3.53, while the latest twelve-month period in the 2026 data showed revenue of $8.9 billion, net income of $1.0 billion, and earnings per share of approximately $3.32.
On an adjusted basis, CMS Energy generated net income of $464 million and earnings per share of $1.50 during the first half of fiscal year 2026, down $0.23 from the comparable period due to liability management benefits recorded in the first half of fiscal year 2025. The earnings mix is shifting toward regulated utilities; following the NorthStar restructuring, management expects approximately 100% of future earnings and growth to come from the utility asset base, while Dearborn Industrial Generation and the small gas-fired plants remain sources of earnings and cash flow.
The average analyst price target is $81.50, within a range of $78 to $86, compared with the stock's 52-week range of $67.90 to $80.36; accordingly, the average target is slightly above the top of the annual range, while the upper end assumes greater valuation expansion. The analyst consensus is “Buy,” but the price-to-earnings ratio is unavailable in the provided data, preventing valuation from being tested against earnings using a standardized multiple and making the achievement of analyst targets more closely tied to execution of the NorthStar restructuring, regulatory decisions, and earnings-per-share guidance for fiscal years 2026 and 2027.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
On July 28, 2026, CMS Energy reaffirmed adjusted earnings-per-share guidance for fiscal year 2026 of between $3.83 and $3.90 and expressed confidence in trending toward the upper end. Adjusted earnings per share were $1.50 and adjusted net income was $464 million in the first half of fiscal year 2026. It also provided fiscal year 2027 guidance of between $4.08 and $4.17, reaffirming a long-term annual growth target of 6% to 8% from actual fiscal year 2025 results.
The company decided to redirect approximately $1.7 billion of capital primarily designated for non-utility renewable energy development, aiming to simplify its model and focus on regulated utility investments. It will retain Dearborn Industrial Generation, the Kalamazoo and Livingston gas-fired plants, and four commercial solar projects in Michigan because they generate cash flow and do not require significant capital investment. Management expects the combination of capital reallocation, cash flows from retained assets, and sale proceeds to reduce financing needs by more than $500 million through 2030, targeting completion of the restructuring by the end of 2026.
Automated analysis for informational purposes only — not investment advice.
The company entered into a rate agreement and a special facilities agreement with a customer under the large-load tariff, but according to the July 28, 2026 call, the customer still needs local zoning approval. Management estimates that each gigawatt of new large loads could provide the average residential electricity customer with a benefit of approximately $7.50 per month because the large customer bears the additional resources required to serve it and fixed costs are spread across a broader base. In addition, CMS Energy has contracted approximately 135 megawatts of manufacturing and industrial loads since the beginning of fiscal year 2026, and data center load-growth investments were not included in the existing capital plan when the call was issued.
The current utility investment plan totals $24 billion, and the company expects it to drive compound asset-base growth of 10.5%. The financing plan assumed total new equity issuance of $3.75 billion, including $700 million in fiscal year 2026; approximately $500 million of the year's issuance had been completed through the at-the-market program by July 28, 2026. Management expects the NorthStar restructuring to allow a reduction of at least $350 million in planned equity issuance, in addition to reducing total financing needs by more than $500 million through 2030.
Storms resulted in a negative impact of $0.19 per share from operating and maintenance expenses during the first half of fiscal year 2026, and the second-half plan depends partly on a constructive outcome for the storm-cost deferral request and a return of storm activity to normal. The company is also requesting a $456 million electric revenue increase and a $232 million gas revenue increase, so earnings remain sensitive to regulatory decisions. In addition, the data center opportunity is subject to zoning approval, while fiscal year 2027 guidance assumes the sale of certain NorthStar assets, adding timing and execution risks.
CMS Energy reported revenue of $1.8 billion, net income of $120 million, and earnings per share of $0.37 in Q2 of fiscal year 2026. This equates to a calculated net income margin of approximately 6.7%, while the available data did not include a gross profit figure. In fiscal year 2025, revenue was $8.5 billion, net income was $1.1 billion, and earnings per share were $3.53, while the latest twelve-month period in the 2026 data showed revenue of $8.9 billion and net income of $1.0 billion.
