At a glance
CMS Energy Corporation is worth $22.19B, about 20 times its fiscal 2025 earnings. Revenue grew 13.6% to $8.54B in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 5.9% a year. It pays a 3.7% dividend yield, raised every year for at least 9 years, and returned $1.05B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.3% over the past year with dividends reinvested and +6.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.3% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months and 23 months after the lows.
The business in plain English
CMS Energy is a Michigan energy holding company. Its main business is Consumers, an electric and natural gas utility that has served Michigan since 1886. Consumers supplies electricity, gas or both to 6.8 million of the state's 10 million residents. In 2025 it had 1.9 million electric customers and 1.8 million gas customers in the Lower Peninsula, a mix of homes, businesses and industrial users.
Consumers earns money by charging regulated rates. The Michigan Public Service Commission (MPSC) and the Federal Energy Regulatory Commission (FERC) oversee its prices. Regulators generally set utility rates to cover costs and allow a return on money invested in power plants, power lines and gas pipes. As a result, a utility's earnings tend to grow as it invests more and wins approval to charge for it.
Of about $8.5 billion in 2025 revenue, the electric utility brought in $5.6 billion (66%) and the gas utility $2.5 billion (29%). NorthStar Clean Energy added $408 million (about 5%). It is an independent power producer that develops and runs renewable generation. Electricity use peaks in summer because of air conditioning. Consumers plans to stop using coal. It also plans to add up to 9,000 megawatts of owned and purchased solar and 4,000 megawatts of wind, aiming for 60% renewable energy by 2035 and 100% clean energy by 2040.
Price history
The interactive chart needs JavaScript.
CMS -0.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Electric Utility | $5.64B | 66% |
| Gas Utility | $2.49B | 29.2% |
| NorthStar Clean Energy | $408.0M | 4.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.18B, up 8% from a year earlier, and net income was $123.0M (-55.6%).
- For fiscal 2025, revenue was $8.54B (+13.6% year over year; +5.9% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Operating margin | 20.2% good |
| Return on equity (FY2025) | 11.7% watch |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $-19.59B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.42B | $755.0M | $-1.03B |
| FY2021 | $7.33B | $1.35B | $-257.0M |
| FY2022 | $8.60B | $837.0M | $-1.52B |
| FY2023 | $7.46B | $887.0M | — |
| FY2024 | $7.51B | $1.00B | — |
| FY2025 | $8.54B | $1.07B | — |
Valuation snapshot
| Market value | $22.19B |
|---|---|
| P/E ratio | 20 |
| Dividend yield | 3.7% |
Rank among 1514 US companies
Market value at each year end
CMS Energy’s market value went from $11.12B at the end of 2016 to $22.19B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $22.19B | +4.3% |
| 2025 | $21.28B | +6.9% |
| 2024 | $19.91B | +17.5% |
| 2023 | $16.94B | -7.8% |
| 2022 | $18.38B | -2.5% |
| 2021 | $18.84B | +7.9% |
| 2020 | $17.47B | -2.1% |
| 2019 | $17.84B | +26.8% |
| 2018 | $14.07B | +11.3% |
| 2017 | $12.64B | +13.6% |
| 2016 | $11.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CMS price data to Nov 2, 2026 | +4.1% | -0.3% | +11.8% | +6.7% | +8.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.1% |
| 2025 | +8.1% |
| 2024 | +18.6% |
| 2023 | -5.2% |
| 2022 | +0.9% |
| 2021 | +9.7% |
| 2020 | -0.3% |
| 2019 | +30.0% |
| 2018 | +8.3% |
| 2017 | +17.0% |
| 2016 | +18.9% |
| 2015 | +7.3% |
| 2014 | +34.6% |
| 2013 | +14.0% |
| 2012 | +15.1% |
| 2011 | +23.9% |
| 2010 | +23.6% |
| 2009 | +61.5% |
| 2008 | -40.2% |
| 2007 | +5.3% |
| 2006 | +15.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.8% over that stretch · deepest drop along the way 49.5%, back to its old high 17.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.2% over that stretch · deepest drop along the way 29.3%, back to its old high 20.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.2% over that stretch · deepest drop along the way 26%, back to its old high 22.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($168K) and 3 sales ($673K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 27, 2026 | Brandon J. Hofmeister Senior Vice President | sell | $313K |
| May 26, 2026 | Brandon J. Hofmeister Senior Vice President | sell | $223K |
| Feb 25, 2026 | Diane Leopold Director | buy | $153K |
| Mar 2, 2026 | Scott B McIntosh VP, Controller, CAO | sell | $137K |
| Jul 31, 2026 | Srikanth Maddipati EVP/CFO | buy | $14K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.8% | Mar 31, 2025 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.11% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 5% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 2.3% | Jun 30, 2025 |
ETFs with the most weight in CMS
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.31% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 3.18% |
| BILD Macquarie Global Listed Infrastructure ETF | 2.47% |
| HEAT Touchstone Climate Transition ETF | 2.15% |
| HUSV First Trust Horizon Managed Volatility Domestic ETF | 1.76% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.76% |
| FPWR First Trust EIP Power Solutions ETF | 1.7% |
| FUTY Fidelity MSCI Utilities Index ETF | 1.69% |
What could go wrong
- Coal exit and clean energy goals. Consumers aims for 100% clean energy by 2040, but success depends on factors outside its control. Its J.H. Campbell coal plant was due to retire in May 2025 but kept running under federal emergency orders.
- Losing customers to rivals or rooftop solar. Michigan's retail open access (ROA) lets some customers purchase power from other suppliers. ROA made up 3 billion of 37 billion kilowatt-hours delivered in 2025. ROA changes, city-run utilities or rooftop solar could cut sales.
- Regulators decide what it can charge. The MPSC and federal regulator FERC oversee Consumers' rates. If they approve smaller increases than requested, or refuse to let it recover some costs, earnings could fall short.
- Heavy debt at a holding company. CMS Energy relies on dividends from its subsidiaries to pay its debts. Total debt was about $20.0 billion, against $451 million of cash, as of September 30, 2026. A credit downgrade could raise borrowing costs.
- A large five-year spending plan. Consumers plans substantial capital investment over the next five years, including renewable projects and grid upgrades. Delays, cost overruns or regulators blocking recovery of some costs could hurt returns and require more borrowing.
- Data center demand is hard to predict. Electricity demand from new data centers could significantly affect the company. Serving very large new customers can require major spending on supply and the grid, and expected demand may not arrive as planned.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; Other company announcement
For income and retirement investors
CMS Energy has raised its dividend for at least 9 years in a row, based on SEC filings for 2016 through 2025, and the streak may be longer. Dividends per share grew from $1.63 in 2020 to $2.17 in 2025, about 5.9% a year. The 2025 dividend compares with diluted earnings of $3.53 per share. The yield was 3.84% as of October 28, 2026. Free cash flow (cash from operations minus capital spending) was negative in 2020, 2021 and 2022, so outside financing helped pay for investment and dividends. It repurchased no shares from 2021 through 2025. Its share count rose 8.2% between January 2022 and October 2026.
The shares have fallen hard in past downturns: 49.5% in the 2008 financial crisis, 29.3% in the 2020 COVID crash and 26% in the 2022 bear market. Each time, they took about 17 to 23 months to regain their earlier peak. A single stock carries more risk than a diversified fund.
Questions investors ask
How does CMS Energy make money?
CMS Energy makes most of its money from Consumers, its regulated electric and natural gas utility in Michigan. Consumers serves 6.8 million of the state's 10 million residents. Of about $8.5 billion in 2025 revenue, the electric utility produced 66% and the gas utility about 29%. NorthStar Clean Energy, an independent power producer that develops and runs renewable generation, added about 5%. State and federal regulators oversee Consumers' rates, which are generally set to cover costs and allow a return on investment.
Does CMS Energy raise its dividend every year?
Yes, so far. CMS Energy has raised its dividend for at least 9 years in a row, based on SEC filings for 2016 through 2025, and the true streak may be longer. Dividends per share rose from $1.63 in 2020 to $2.17 in 2025, about 5.9% a year. The dividend yield, which is the yearly dividend divided by the share price, was 3.84% as of October 28, 2026. Past increases do not guarantee future ones.
How safe is CMS Energy's dividend?
No dividend is guaranteed. CMS Energy pays its dividend from cash its subsidiaries send up to it, mainly from Consumers. The 2025 dividend of $2.17 per share compares with diluted earnings of $3.53 per share. Free cash flow was negative in 2020, 2021 and 2022. Total debt was about $20.0 billion as of September 30, 2026. Net income for the quarter ended that date fell 55.6% from a year earlier, to $123 million. The annual report warns that trouble raising money could lead to dividend cuts.
Is CMS Energy getting rid of coal?
Yes, though the timing has slipped. Consumers retired its D.E. Karn coal units, totaling 515 megawatts, in 2023. It also won regulatory approval to retire the 1,407-megawatt J.H. Campbell coal plant in May 2025. But federal emergency orders from the U.S. Secretary of Energy kept Campbell running. In 2025 it generated 7,320 gigawatt-hours, and 3,608 of those went to the regional grid operator, MISO. The company aims for 60% renewable energy by 2035 and 100% clean energy by 2040.
How has CMS Energy stock performed?
It has gained over longer periods but slipped over the latest year. As of October 28, 2026, the share price had returned about 11.6% a year over three years, 5.8% a year over five years and 8.4% a year over 10 years. It lost 3.8% over one year. Calendar-year price returns ranged from a 40.2% loss in 2008 to a 61.5% gain in 2009. Its deepest fall in about 21 years of price history was 51.8%. On October 28, 2026, it traded at 19.3 times 2025 earnings.