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CMS Energy Overview
About CMS Energy
CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. NorthStar Clean Energy, formerly CMS Enterprises, is engaged in wholesale power generation, including contracted renewable energy. CMS sold EnerBank in October 2021.
Founded
1987
HQ
Employees
8.3K
Website
Sectors
Financials (LTM)
EV
$43B
CMS Energy Financials
CMS Energy reported last 12-month revenue of $9B and EBITDA of $3B.
In the same LTM period, CMS Energy generated $5B in gross profit, $3B in EBITDA, and $1B in net income.
Revenue (LTM)
CMS Energy P&L
In the most recent fiscal year, CMS Energy reported revenue of $9B and EBITDA of $3B.
CMS Energy expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $9B | XXX | $9B | XXX | XXX | XXX |
| Gross Profit | $5B | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | 63% | XXX | 42% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 38% | XXX | 39% | XXX | XXX | XXX |
| EBIT Margin | 22% | XXX | 21% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 13% | XXX | XXX | XXX |
| Net Debt | — | — | $18B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
CMS Energy Stock Performance
CMS Energy has current market cap of $24B, and enterprise value of $43B.
Market Cap Evolution
CMS Energy's stock price is $77.75.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $43B | $24B | 0.0% | XXX | XXX | XXX | $3.48 |
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Start Free TrialCMS Energy Valuation Multiples
CMS Energy trades at 5.0x EV/Revenue multiple, and 13.2x EV/EBITDA.
EV / Revenue (LTM)
CMS Energy Financial Valuation Multiples
As of April 20, 2026, CMS Energy has market cap of $24B and EV of $43B.
Equity research analysts estimate CMS Energy's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
CMS Energy has a P/E ratio of 21.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $24B | XXX | $24B | XXX | XXX | XXX |
| EV (current) | $43B | XXX | $43B | XXX | XXX | XXX |
| EV/Revenue | 5.0x | XXX | 5.0x | XXX | XXX | XXX |
| EV/EBITDA | 13.2x | XXX | 12.7x | XXX | XXX | XXX |
| EV/EBIT | 23.1x | XXX | 23.9x | XXX | XXX | XXX |
| EV/Gross Profit | 7.9x | XXX | 12.0x | XXX | XXX | XXX |
| P/E | 21.7x | XXX | 22.4x | XXX | XXX | XXX |
| EV/FCF | (46.9x) | XXX | (44.5x) | XXX | XXX | XXX |
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Verified CMS Energy Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
CMS Energy Margins & Growth Rates
CMS Energy's revenue in the last 12 month grew by 2%.
CMS Energy's revenue per employee in the last FY averaged $1.0M, while opex per employee averaged $0.2M for the same period.
CMS Energy's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
CMS Energy's rule of X is 44% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
CMS Energy Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 2% | XXX | 1% | XXX | XXX | XXX |
| EBITDA Margin | 38% | XXX | 39% | XXX | XXX | XXX |
| EBITDA Growth | 11% | XXX | 4% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 41% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 44% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.0M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 21% | XXX | XXX | XXX |
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CMS Energy Public Comps
See public comps and valuation multiples for other Utilities comps.
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CMS Energy M&A Activity
CMS Energy acquired XXX companies to date.
Last acquisition by CMS Energy was on XXXXXXXX, XXXXX. CMS Energy acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by CMS Energy
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialCMS Energy Investment Activity
CMS Energy invested in XXX companies to date.
CMS Energy made its latest investment on XXXXXXXX, XXXXX. CMS Energy invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by CMS Energy
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout CMS Energy
| When was CMS Energy founded? | CMS Energy was founded in 1987. |
| Where is CMS Energy headquartered? | CMS Energy is headquartered in United States. |
| How many employees does CMS Energy have? | As of today, CMS Energy has over 8K employees. |
| Who is the CEO of CMS Energy? | CMS Energy's CEO is Garrick J. Rochow. |
| Is CMS Energy publicly listed? | Yes, CMS Energy is a public company listed on NYSE. |
| What is the stock symbol of CMS Energy? | CMS Energy trades under CMS ticker. |
| When did CMS Energy go public? | CMS Energy went public in 1972. |
| Who are competitors of CMS Energy? | CMS Energy main competitors are CLP Group, Terna, Sabesp, NiSource. |
| What is the current market cap of CMS Energy? | CMS Energy's current market cap is $24B. |
| What is the current revenue of CMS Energy? | CMS Energy's last 12 months revenue is $9B. |
| What is the current revenue growth of CMS Energy? | CMS Energy revenue growth (NTM/LTM) is 2%. |
| What is the current EV/Revenue multiple of CMS Energy? | Current revenue multiple of CMS Energy is 5.0x. |
| Is CMS Energy profitable? | Yes, CMS Energy is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of CMS Energy? | CMS Energy's last 12 months EBITDA is $3B. |
| What is CMS Energy's EBITDA margin? | CMS Energy's last 12 months EBITDA margin is 38%. |
| What is the current EV/EBITDA multiple of CMS Energy? | Current EBITDA multiple of CMS Energy is 13.2x. |
| What is the current FCF of CMS Energy? | CMS Energy's last 12 months FCF is ($907M). |
| What is CMS Energy's FCF margin? | CMS Energy's last 12 months FCF margin is (11%). |
| What is the current EV/FCF multiple of CMS Energy? | Current FCF multiple of CMS Energy is (46.9x). |
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