CMS Energy (CSG) Stock Price & Analysis
CSG Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- CHF 18.10B
- Enterprise Value
- CHF 40.20B
- Total Cash (Recent Filing)
- CHF 451.00M
- Total Debt (Recent Filing)
- CHF 20.21B
- Price to Earnings (P/E)
- 24.6
- Beta
- 0.62
- Next Earnings
- Feb 04, 2027 (Est.)
- EPS Estimate
- 0.83
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 3.12%
Bulls Say, Bears Say
Bulls Say
Regulated Utility Model
CMS operates an essential-service utility with earnings supported by regulated electric and gas rates. This model provides recurring customer demand and a framework for recovering prudently incurred costs and infrastructure investment, supporting business stability over the next several quarters.
Load And Rate Base Growth
Expected load expansion from industrial and semiconductor customers, combined with a 10.5% rate base CAGR, creates a durable growth path. Rising demand and continued investment can expand the regulated asset base and support earnings growth beyond temporary usage changes.
NorthStar Restructuring
NorthStar's restructuring is intended to shift CMS toward a more regulated earnings mix while reducing funding needs. Completing the plan could improve earnings quality, financial flexibility, and management's ability to direct capital toward utility infrastructure and customer growth.
Bears Say
Persistently Negative Free Cash Flow
Heavy capital spending currently exceeds internally generated cash, leaving CMS dependent on debt or equity financing to fund investment. This can constrain financial flexibility and increase exposure to funding conditions while the company executes its large utility buildout.
Leverage And Parent Debt Maturities
CMS carries a leveraged utility balance sheet and faces a sizable parent-level refinancing requirement in 2027. Even with mostly fixed-rate debt, the obligation can compete with capital investment and dividends for funding, limiting flexibility if refinancing becomes less favorable.
Margin Compression And Regulatory Recovery Risk
Recent margin compression indicates that revenue growth has not fully translated into stronger profitability. In addition, the staff recommendation below CMS's electric rate request highlights ongoing recovery uncertainty, which could delay or reduce returns on planned investment.
CMS Energy News
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CMS Energy Stock Smart Score
Company Description
CMS Energy
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; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
- Sector
- Utilities
- Industry
- Regulated Electric
- CEO
- Garrick J. Rochow
- Employees
- 8,350
- Website
- www.cmsenergy.com
- Address
- One Energy Plaza, Jackson, MI, 49201, US
CMS Energy (CSG) Earnings & Revenues
CSG Company Deck
CSG Earnings Call
Earnings Call SentimentPositive
The call was strongly constructive, with management reaffirming 2026 and 2027 earnings guidance, reporting year-to-date outperformance, advancing the NorthStar restructuring, highlighting substantial clean energy and load-growth opportunities, and citing constructive regulatory outcomes. The main challenges were storm-related O&M pressure, incomplete NorthStar asset transactions, a gap between the electric rate case request and staff recommendation, upcoming parent debt maturities, and the utility's negative Moody's outlook.
View all CH:CSG earnings summariesCSG Net sales Breakdown
- 66.03% Electric Utility
- 29.20% Gas Utility
- 4.78% NorthStar Clean Energy
