CMS Energy Corporation
Research CMS Energy Corporation (CMS) on Bullrun: valuation model: 2.6% undervalued, market cap USD 21.56B, P/E 20.7, dividend yield 3.3%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerCMS
- ExchangeNYSE
- CountryUnited States
- SectorUtilities
- IndustryUtilities-Regulated Electric
- CurrencyUSD
- Valuation signal2.6% undervalued
- Market capUSD 21.56B
- P/E20.7
- Dividend yield3.3%
- Financial periodQ2 2026
- RevenueUSD 1.83B
- Net incomeUSD 120.00M
- Free cash flow-USD 509.00M
- Gross margin37.7%
Valuation Snapshot
Bullrun's latest valuation model marks CMS Energy Corporation as 2.6% undervalued; latest market cap is USD 21.56B; P/E is 20.7; dividend yield is 3.3%.
Peer valuation comparison
Latest P/E is 20.66x versus a Utilities sector median of 17.14x (20.5% above).
Latest dividend yield is 3.3% versus a Utilities sector median of 3.61% (8.6% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 8.31B | USD 1.07B | -USD 1.80B | 42.7% | 3.53 | USD 509.00M | USD 18.76B | USD 9.14B |
| FY2024 | USD 7.32B | USD 1.00B | -USD 808.00M | 43.8% | 3.33 | USD 103.00M | USD 16.39B | USD 8.23B |
| FY2023 | USD 7.26B | USD 887.00M | -USD 324.00M | n/a | 3.01 | USD 227.00M | USD 15.48B | USD 7.54B |
| FY2022 | USD 8.32B | USD 837.00M | -USD 1.52B | n/a | 2.85 | USD 164.00M | USD 14.21B | USD 7.02B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 21.56B | 20.7 | 3.3% | 2.25 |
| 2025 | 2025-12-31 | USD 21.43B | 19.9 | 3.1% | 2.16 |
| 2024 | 2024-12-31 | USD 19.91B | 20.0 | 3.1% | 2.08 |
| 2023 | 2023-12-29 | USD 16.94B | 22.9 | 3.4% | 1.96 |
| 2022 | 2022-12-30 | USD 18.38B | 14.2 | 2.9% | 1.84 |
| 2021 | 2021-12-31 | USD 18.85B | 14.0 | 2.7% | 1.76 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 2.25 USD, yield 3.3%.
| Year | Dividends/share |
|---|---|
| FY2025 | 2.17 USD |
| FY2024 | 2.06 USD |
| FY2023 | 1.95 USD |
| FY2022 | 1.84 USD |
About CMS Energy Corporation
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines;
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Frequently asked questions
Is CMS Energy Corporation overvalued or undervalued?
Bullrun's valuation model currently marks CMS Energy Corporation as 2.6% undervalued.
What is CMS Energy Corporation's market cap?
CMS Energy Corporation's market capitalization is USD 21.56B.
What is CMS Energy Corporation's P/E ratio?
CMS Energy Corporation's price-to-earnings (P/E) ratio is 20.7.
Does CMS Energy Corporation pay a dividend?
CMS Energy Corporation has a dividend yield of 3.3%.
What does CMS Energy Corporation do?
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources.