CMS

CMS Energy Corporation

UtilitiesUtilities - Regulated ElectricNASDAQ

$72.57

-$1.05 (-1.45%)today

Conviction

4/ 10

Fair Value$79.77

Upside+9.92%

Signal3.97

Market Cap$24.4B

52W Range$67.71–$79.20

Next EarningsApr 23

Conviction History

Conviction Changes

Mar 18, 2026, 9:22 AM6→4conviction-rescore

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Price History

FAIR VALUE ANALYSISMonte Carlo · 5,000 runs · 58% valid

Fair Value$21.46

Current Price$76.21

Upside / Down-71.8%

P(Undervalued)1.8%

P(20%+ Up)0.4%

P(15%+ Down)95.4%

Fair Value Distribution — percentile bands

1.8% of simulations place fair value above current price

WHAT IS PRICED IN

Revenue-Based Reverse DCF

22.4%/yr

±9.2% · revenue growth to justify current price

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Bull Case

No analysis yet

Bear Case

No analysis yet

Research Feed

sec_10kMar 3

Conviction: unchanged

CMS Energy 2025 10-K: Regulated Utility Transformation & Clean Energy Transition

Regulated Michigan utility with 6.8M customer base executing clean energy transition. Revenue .5B, margin profile stable, significant debt load typical for utilities. Moat: regional monopoly. Key risk...