/
CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, primarily a domestic independent power producer and marketer.
$73.65
$0.74 (-0.99%)
EOD Jul 17, 2026
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.
Revenue grew 13.6%, still solid.
Even for strong businesses, today's 20x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
20.3x 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.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$8.82B
▲ +13.6% YoY
Net Income (TTM)
$1.11B
▲ +6.8% YoY
Op. Margin
19.53%
▲ +0.4pp YoY
ROIC
5.29%
▲ +0.1pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$1.94B
▼ -5.7% YoY
Net Debt
$18.94B
Cash & Equiv.
$175M
5Y CAGR: +6.1%
Continue Research
At a P/E of 20.3, 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. This is analysis, not investment advice.
CMS Energy scores 23 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 19.5% operating margin and a 5.3% 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.
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.