CMS

NYSE

CMS ENERGY CORP

Utilities, Multi-Utilities

$71.03

close 7 Aug 2026

-2.59%

52-week change

$22.28B

market cap

$68.64

$80.36

52-week range

Expected price

$62.27 – $76.11

Current price

$71.03

Signal

Appears fairly valued

A historical-multiple reference, never a fair-value claim. The band uses only data public at each date and ends at the latest month — no forward estimates.

Current multiples

P/E (TTM)21.33x

P/S (TTM)2.53x

P/B2.28x

EV/EBITDA (TTM)13.60x

FCF yield (TTM)-9.23%

PEG (TTM, GAAP)2.89

Context

P/E, own 5-year average19.84x

P/E, sector median21.33x*

Price at 5-year median P/E$68.60*

Indicated dividend yield3.21%

Forward — analyst consensus

Forward P/E (FY2026)18.34x*

Forward P/E (FY2027)17.09x

Forward PEG2.51*

Consensus EPS FY2026 (15 analysts)$3.87

EPS growth (FY2026→FY2027)7.31%

Revenue growth (FY2026)4.08%

Street view

Price target (mean)$80.31*

Target upside13.06%

Ratings (buy / hold / sell)7 / 8 / 1

FY2026 EPS revisions, 30d (up / down)1 / 6

5-year history

Dashed line: average of month-end values

P/E (TTM)

P/S (TTM)

P/B

FCF yield (TTM)

Dividend yield

period to 30 Jun 2026, filed 28 Jul 2026, close 7 Aug 2026

Discounted cash flow

Ten projected years plus a perpetuity, prefilled from filings — a model to argue with, never a fair-value claim.

Free cash flow, last ten years and TTM

Assumptions

Growth rate, years 1–10%

Perpetual growth%Discount rate%

Base FCF$M

As filed — not assumptions

Current price$71.03

Cash & equivalents$241.00M

Total debt$19.04B

Shares outstanding313.60M

Result

DCF price per share-$208.45

Current price$71.03

Margin of safety-393.47%

PV of years 1–10-$17.67B

PV of terminal value-$28.91B

Equity value-$65.37B

Market-implied growth—

The base free cash flow is not positive; growing a negative flow is rarely a meaningful valuation.

Projected FCF, years 1–10

Hover for PV and growth

Projection detail

Override growth for any year; blank years use the uniform rate

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Growth, %											2.5
FCF	-$2.16B	-$2.27B	-$2.38B	-$2.50B	-$2.62B	-$2.76B	-$2.89B	-$3.04B	-$3.19B	-$3.35B	-$62.41B
PV	-$2.00B	-$1.94B	-$1.89B	-$1.84B	-$1.79B	-$1.74B	-$1.69B	-$1.64B	-$1.60B	-$1.55B	-$28.91B

period to 30 Jun 2026, filed 28 Jul 2026, close 7 Aug 2026