CMS Energy (CMS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from CMS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from CMS Energy's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3B | $8.6B | $7.5B | $7.5B | $8.5B |
| Net income | $1.4B | $837M | $887M | $1.0B | $1.1B |
| Free cash flow | -$257M | -$1.5B | — | — | — |
| EPS (diluted) | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
| Operating margin | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own CMS
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $142M | 0.05% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $12M | 0.03% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $2M | 0.02% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Held | $933,071 | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by CMS Energy's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 25, 2026 | Diane Leopold |
2,000 | $76.70 | $153,400 |
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In the full deep dive
Questions
Are CMS Energy insiders buying the stock?
1 open-market insider purchase of CMS in the last 12 months, from SEC Form 4 filings.
Which superinvestors own CMS Energy?
4 of the superinvestors Investingly tracks hold CMS in their latest 13F, including Cliff Asness, Joel Greenblatt, Mario Gabelli.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.