NYSE: CMS · Regulated Electric
CMS Energy (CMS) fair value: undervalued or overvalued?
As of 26 Sep 2026, Faircurve's model values CMS Energy (CMS) at $54.30 a share. The stock last closed at $63.74, which puts the model's fair value 14.8% below the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 2 Oct 2026. CMS Energy Corporation.
Faircurve Insights · 26 Sep 2026
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.
Faircurve's model valued CMS Energy Corporation at $54.30 a share on 26 Sep 2026, the midpoint of 2,000 simulations. The previous run on 19 Sep 2026 gave $56.51, and the fair value moved -3.9%. The model's calibrated range over 63 trading days is $45.56 to $66.21, built from the fair value, and ranges built this way held the price 60% of the time at this horizon. The model's evidence grade is Medium.
The company's overall quality score is 33 out of 100 against comparable companies. The model compares it with Evergy, Inc., Alliant Energy Corporation, PPL Corporation, CenterPoint Energy, Inc., FirstEnergy Corp., and DTE Energy Company. The stock's median move around its last 8 earnings reports, ignoring direction, was 1.8%.
Written from the figures on this page for the 26 Sep 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give CMS?
The calibrated range for CMS over 63 trading days is $45.56 to $66.21. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,327 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $36.57 to $73.73. In 34% of the simulations the fair value came out above the price the model ran on.
How does CMS score on business quality?
CMS Energy's overall quality score is 33 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 13 | 4.5%ROIC | 5.6% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 28 | -1.86xFCF / net income | -0.69x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 63 | 13.6%Revenue growth, trailing | 9.8% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 40 | 0.0%Net buybacks / market value | 0.0% |
| Balance sheetNet debt to EBITDA and interest coverage. | 26 | 6.10xNet debt / EBITDA | 5.64x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 46 | 2.9 ptsEBITDA margin downside volatility, 5y | 2.5 pts |
How does CMS compare with similar companies?
The companies in regulated electric closest to CMS Energy in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| EIX Edison International | $53.89 | $67.40 | +25.1% | Low evidence grade |
| EVRG Evergy, Inc. | $79.17 | $76.01 | -4.0% | Fairly valued |
| LNT Alliant Energy Corporation | $64.33 | $61.71 | -4.1% | Fairly valued |
| ES Eversource Energy | $64.50 | $82.96 | +28.6% | Low evidence grade |
| PPL PPL Corporation | $32.80 | $34.03 | +3.8% | Fairly valued |
| CNP CenterPoint Energy, Inc. | $37.79 | $33.61 | -11.1% | Fairly valued |
| FE FirstEnergy Corp. | $43.34 | $49.12 | +13.3% | Fairly valued |
| DTE DTE Energy Company | $124.45 | $121.32 | -2.5% | Fairly valued |
When does CMS report earnings, and how has the stock reacted?
CMS Energy's next earnings report is scheduled for 29 Oct 2026. Companies can move their dates.
How CMS moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 1.8%.
| Report date | Two session move |
|---|---|
| 28 Jul 2026 | +0.1% |
| 28 Apr 2026 | -1.7% |
| 5 Feb 2026 | +1.7% |
| 30 Oct 2025 | +1.7% |
| 31 Jul 2025 | +2.6% |
| 24 Apr 2025 | -1.8% |
| 6 Feb 2025 | +2.4% |
| 31 Oct 2024 | -2.6% |
CMS Energy at a glance
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.
- Market value
- $19.7B
- Sector
- Utilities
- Industry
- Regulated Electric
- Revenue expected, next twelve months
- $9.3B
- Consensus revenue growth, next fiscal year
- +5.5%
- Analysts with estimates
- 9
- Beta to the US market
- -0.27
- First valued by Faircurve
- 1 May 2026
How the fair value is worked out: the model prices CMS Energy on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 19 Sep 2026 the model's fair value for CMS was $56.51. As of 26 Sep 2026 it is $54.30, a change of -3.9%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about CMS Energy's valuation
Is CMS Energy stock undervalued or overvalued?
On Faircurve's model, CMS reads as Fairly valued as of 26 Sep 2026. The model's fair value is $54.30 a share against a last close of $63.74, a gap of -14.8%.
What is CMS's fair value?
$54.30 a share as of 26 Sep 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $36.57 to $73.73.
What price range does the model give CMS?
$45.56 to $66.21 over 63 trading days. Ranges built this way held the price 60% of the time across 4,327 past valuations, refreshed 26 Sep 2026.
When does CMS Energy report earnings next?
The next report is scheduled for 29 Oct 2026. Companies can move their dates.
How much has CMS moved on past earnings reports?
Across its last 8 reports the median two session move was 1.8%, ignoring direction. The largest was +2.6% around the report of 31 Jul 2025.
How confident is the model in this valuation?
The model's evidence grade for CMS is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.