Intrinsiqq
CMS Energy Corporation logoCMS Energy CorporationCMS
$68.13-0.42%
CMS Energy Corporation logo

CMS Energy Corporation

CMS

$68.13

-$0.29 (-0.42%)

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ProfitabilitySolid marginsGrowthSteady growthCash FlowCash burnValuationFairly valued
What stands out

20.22% operating margin is above average. ROIC at 5.60%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.

What's changing

Revenue grew 13.6%, still solid.

What deserves caution

Negative free cash flow of -$4.90B. The business is consuming cash, not generating it.

Valuation context

20.5x earnings. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.

Price History

-8.6%

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$21.36B
EPS$3.33
P/E20.46
P/FCF-4.09
EV/EBITDA13.38
FCF Yield—
Div. Yield—
Net Debt/FCF-3.6x
52-Week Range
$62.60$79.94

Profitability & Returns

Revenue (TTM)

$8.81B

▲ +13.6% YoY

Net Income (TTM)

$1.03B

▲ +6.8% YoY

Op. Margin

18.95%

▲ +0.4pp YoY

ROIC

5.08%

▲ +0.1pp YoY

Cash Flow & Balance Sheet

FCF (TTM)

-$5.22B

▼ -40.5% YoY

Op. Cash Flow (TTM)

$2.15B

▼ -5.7% YoY

Net Debt

$19.05B

Cash & Equiv.

$241M

5Y CAGR: +6.1%

Continue Research

SourceComputed from the 10-Q filed 13 Jul 2026, covering the period ending 30 Jun 2026, as reported to the SEC. Data last refreshed 12 Oct 2026. How this is calculated.

Price from market data, last close as of 21 Oct 2026. Fiscal year ends Dec. Sector medians are approximate S&P 500 benchmarks and update periodically.

Is CMS Energy (CMS) overvalued?

At a P/E of 20.5, CMS Energy (CMS)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.

On quality, CMS Energy scores 23/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.

Frequently asked

Is CMS Energy a high-quality business?+

CMS Energy scores 23 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 18.9% operating margin and a 5.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.

Is CMS Energy a good stock to buy right now?+

That depends on valuation and quality together, not either alone. you should weigh CMS's valuation and scores 23/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.

Related stocks: Electric & Other Services Combined

Spot a number that looks wrong? Check it in CMS's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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