CMS Energy stock in December (2025) | Analysis, price target & growth

CMS Energy

NYSE:CMS

$ 71,09

$-0,61 (-0,85%)

71,09 $

$-0,61 (-0,85%)

End-of-day quote: 12/05/2025

CMS Energy Stock Value

Analysts currently rate NYSE:CMS as Outperform.

Outperform

CMS Energy Company Info

EPS Growth 5Y

6,05%

Market Cap

$21,82 B

Long-Term Debt

$15,19 B

Short Interest

4,43%

Annual earnings

02/05/2026

Dividend

$2,15

Dividend Yield

3,03%

Founded

1987

Industry

Utilities

Country

United States

ISIN Number

US1258961002

Website

http://www.cmsenergy.com

Analyst Price Target

$80,00

12.53%

Last Update: 12/05/2025

Analysts: 13

Highest Price Target $85,00

Average Price Target $80,00

Lowest Price Target $61,00

In the last five quarters, CMS Energy’s Price Target has risen from $58,19 to $71,62 - a 23,08% increase. Thridteen analysts predict that CMS Energy’s share price will increase in the coming year, reaching $80,00. This would represent an increase of 12,53%.

Top growth stocks in the utilities sector (5Y.)

What does CMS Energy do?

CMS Energy Corporation operates as an energy company primarily in Michigan. The company is the parent holding company of several subsidiaries, including Consumers Energy Company (Consumers), an electric and gas utility; and NorthStar Clean Energy Company (NorthStar Clean Energy), primarily a domestic independent power producer and marketer. Consumers’ customer base consists of a mix of primarily residential, commercial, and diversified industrial customers. NorthStar Clean Energy, through its s...

CMS Energy Corporation operates as an energy company primarily in Michigan.

The company is the parent holding company of several subsidiaries, including Consumers Energy Company (Consumers), an electric and gas utility; and NorthStar Clean Energy Company (NorthStar Clean Energy), primarily a domestic independent power producer and marketer. Consumers’ customer base consists of a mix of primarily residential, commercial, and diversified industrial customers. NorthStar Clean Energy, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production.

Consumers

Consumers owns and operates electric generation and distribution facilities and gas transmission, storage, and distribution facilities. It provides electricity and/or natural gas to 6.8 million of Michigan’s 10 million residents. Consumers’ rates and certain other aspects of its business are subject to the jurisdiction of the Michigan Public Service Commission (MPSC) and Federal Energy Regulatory Commission (FERC), as well as to North American Electric Reliability Corporation (NERC) reliability standards.

In 2024, Consumers served 1.9 million electric customers and 1.8 million gas customers in Michigan’s Lower Peninsula.

Business Segments

The company operates through three business segments: Electric Utility; Gas Utility; and NorthStar Clean Energy—Non-Utility Operations and Investments.

Electric Utility segment

This segment operations include the generation, purchase, distribution, and sale of electricity. Consumers’ electric utility customer base consists of a mix of primarily residential, commercial, and diversified industrial customers in Michigan’s Lower Peninsula.

In 2024, Consumers’ electric deliveries were 37 billion kWh, which included Retail Open Access (ROA) deliveries of four billion kWh, resulting in net bundled sales of 33 billion kWh.

Consumers’ electric utility operations are seasonal. The consumption of electric energy typically increases in the summer months, due primarily to the use of air conditioners and other cooling equipment.

Consumers’ 2024 summer peak demand was 8,030 Megawatt (MW), which included ROA demand of 603 MW. For the 2023-2024 winter season, Consumers’ peak demand was 5,594 MW, which included ROA demand of 410 MW.

Electric Utility Properties

Consumers owns and operates electric generation and distribution facilities. Consumers’ distribution system consists of 270 miles of high-voltage distribution overhead lines operating at 138 Thousand volts (kV); four miles of high-voltage distribution underground lines operating at 138 kV; 4,646 miles of high-voltage distribution overhead lines operating at 46 kV and 69 kV; 18 miles of high-voltage distribution underground lines operating at 46 kV; 81,924 miles of electric distribution overhead lines; 9,775 miles of underground distribution lines; and 1,098 substations with an aggregate transformer capacity of 28 million Thousand volt-amperes (kVA).

Consumers is interconnected to the interstate high-voltage electric transmission system owned by Michigan Electric Transmission Company, LLC (METC) and operated by Midcontinent Independent System Operator, Inc. (MISO). Consumers is also interconnected to neighboring utilities and to other transmission systems.

Electric Utility Generation and Supply Mix

To continue providing controllable sources of electricity to customers while expanding its investment in renewable energy, Consumers purchased the Covert Generating Station, a natural gas-fueled generating facility with 1,200 MW of nameplate capacity, in May 2023.

During 2024, 42 percent of the electric energy Consumers provided to customers was generated by its natural gas-fueled generating units, which burned 107 billion cubic feet (Bcf) of natural gas and produced a combined total of 14,856 Gigawatt-hour, (GWh) of electricity.

In order to obtain the gas it needs for electric generation fuel, Consumers’ electric utility purchases gas from the market near the time of consumption, at prices that allow it to compete in the electric wholesale market. For the Covert Generating Station and Jackson and Zeeland plants, Consumers utilizes an agent that owns firm transportation rights to each plant to purchase gas from the market and transport the gas to the facilities. For units 3 & 4 of D.E. Karn, Consumers holds gas transportation contracts to transport to the plant gas that Consumers or an agent purchase from the market.

During 2024, Consumers acquired 29 percent of the electricity it provided to customers through long-term PPAs and the MISO energy market. Consumers offers its generation into the MISO energy market on a day-ahead and real-time basis and bids for power in the market to serve the demand of its customers. Consumers supplements its generation capability with purchases from the MISO energy market.

During 2024, 22 percent of the electric energy Consumers provided to customers was generated by its coal-fueled generating units, which burned four million tons of coal and produced a combined total of 7,932 GWh of electricity.

As of December 31, 2024, Consumers had future commitments to purchase coal during 2025 until the retirement of its last coal generating unit; payment obligations under these contracts totaled $24 million. Most of Consumers’ rail-supplied coal contracts have fixed prices, although some contain market-based pricing. As of December 31, 2024, Consumers had 100 percent of its remaining 2025 expected coal requirements under contract, as well as a 20-day supply of coal on hand.

In conjunction with its coal supply contracts, Consumers leases a fleet of railcars and has transportation contracts with various companies to provide rail services for delivery of purchased coal to Consumers’ generating facilities. Consumers’ coal transportation contracts are future commitments and expire on various dates through 2025.

Gas Utility segment

This segment operations, which includes the purchase, transmission, storage, distribution, and sale of natural gas. Consumers’ gas utility customer base consists of a mix of primarily residential, commercial, and diversified industrial customers in Michigan’s Lower Peninsula.

In 2024, deliveries of natural gas through Consumers’ pipeline and distribution network, including off-system transportation deliveries, totaled 362 Bcf, which included Gas Customer Choice (GCC) deliveries of 27 Bcf. In 2023, deliveries of natural gas through Consumers’ pipeline and distribution network, including off-system transportation deliveries, totaled 375 Bcf, which included GCC deliveries of 31 Bcf. Consumers’ gas utility operations are seasonal. The consumption of natural gas increases in the winter, due primarily to colder temperatures and the resulting use of natural gas as heating fuel. Consumers injects natural gas into storage during the summer months for use during the winter months. During 2024, 47 percent of the natural gas supplied to all customers during the winter months was supplied from storage.

Gas Utility Properties

Consumers’ gas transmission, storage, and distribution system consists of 2,342 miles of transmission lines; 15 gas storage fields with a total storage capacity of 309 Bcf and a working gas volume of 154 Bcf; 28,368 miles of distribution mains; and eight compressor stations with a total of 153,393 installed and available horsepower.

Under its Methane Reduction Plan, Consumers has set a goal of net-zero methane emissions from its natural gas delivery system by 2030.

Gas Utility Supply

In 2024, Consumers purchased 85 percent of the gas it delivered to its full-service sales customers. The remaining 15 percent was purchased from authorized GCC suppliers and delivered by Consumers to customers in the GCC program.

Consumers’ firm gas transportation contracts are with Panhandle Eastern Pipe Line Company and Trunkline Gas Company, LLC, each a non-affiliated company. Under these contracts, Consumers purchases and transports gas to Michigan for ultimate delivery to its customers. Consumers’ firm gas transportation contracts expire on various dates through 2028 with planned contract volumes providing 36 percent of Consumers’ total forecasted gas supply requirements for 2025. Consumers purchases the balance of its required gas supply under firm city-gate contracts and through authorized suppliers under the GCC program.

NorthStar Clean Energy—Non-utility Operations and Investments segment

This segment, through various subsidiaries and certain equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production.

Energy Resource Management: CMS Energy Resource Management Company (CMS ERM) purchases and sells energy commodities in support of NorthStar Clean Energy’s generating facilities with a focus on optimizing the independent power production portfolio. In 2024, CMS ERM marketed one Bcf of natural gas and 7,475 GWh of electricity. Electricity marketed by CMS ERM was generated by independent power production of NorthStar Clean Energy and by unrelated third parties.

Regulation

The company and its affiliates and subsidiaries are subject to regulation by FERC in a number of areas. FERC regulates certain aspects of Consumers’ electric business, including, but not limited to, compliance with FERC accounting rules, wholesale electric and transmission rates, operation of licensed hydroelectric generating plants, corporate mergers and the sale and purchase of certain assets, issuance of securities, and conduct among affiliates. FERC also regulates the tariff rules and procedures administered by MISO and other independent system operators/regional transmission organizations, including rules governing wholesale electric markets and interconnection of new generating facilities to the transmission system. FERC, in connection with NERC and with regional reliability organizations, also regulates generation and transmission owners and operators, load-serving entities, and others with regard to reliability of the bulk power system.

FERC also regulates limited aspects of Consumers’ gas business, principally compliance with FERC capacity release rules, shipping rules, the prohibition of certain buy/sell transactions, and the price-reporting rule.

FERC also regulates holding company matters, interlocking directorates, and other issues affecting the company. In addition, similar to FERC’s regulation of Consumers’ electric and gas businesses, FERC has jurisdiction over several independent power plants, Public Utility Regulatory Policies Act of 1978 (PURPA)-qualifying facilities, and exempt wholesale generators in which NorthStar Clean Energy has ownership interests, as well as over NorthStar Clean Energy itself, CMS ERM, CMS Gas Transmission Company (CMS Gas Transmission), and Dearborn Industrial Generation, L.L.C (DIG).

Consumers is subject to the jurisdiction of the Michigan Public Service Commission (MPSC), which regulates public utilities in Michigan with respect to retail utility rates, accounting, utility services, certain facilities, certain asset transfers, corporate mergers, and other matters.

The Michigan Attorney General, Association of Businesses Advocating Tariff Equity (ABATE), the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers.

History

CMS Energy Corporation was founded in 1987. The company was incorporated in 1987.

CMS Energy Questions and Answers

Which sectors generate sales and which are the top 3 markets?

Energy Supply: about 70% Renewable Energies: about 20% Energy Services: about 10% Top 3 Markets: Michigan, USA: about 80% Other US States: about 15% International Markets: about 5% CMS Energy Corporation generates the majority of its revenues from the energy supply sector, with a focus on elec...

At which locations are the company’s products manufactured?

Production Locations: Michigan, USA CMS Energy Corporation is an energy company that operates mainly in Michigan, USA. The company produces and delivers energy through its subsidiaries, particularly Consumers Energy, which provides electricity and gas in Michigan. The production and distribution of...

What strategy does CMS Energy pursue for future growth?

Revenue growth: 4.8% (2024) Investments in renewable energies: 1.5 billion USD (2024) CMS Energy Corporation is pursuing a growth strategy that strongly focuses on expanding renewable energies. The company plans to significantly increase its capacities in the areas of solar and wind energy to suppor...

Which raw materials are imported and from which countries?

Main raw materials: Natural gas, coal, renewable energy sources Main importing countries: Canada, Indonesia, Australia CMS Energy Corporation, a leading energy company, mainly imports natural gas and coal for its energy production. Natural gas is primarily imported from Canada, as it is a cost-effec...

How strong is the company’s competitive advantage?

Market share in the utility sector: 5% (estimated, 2025) Customer satisfaction: 85% (2024, JD Power Report) Investments in renewable energies: 1.5 billion USD (2023) CMS Energy Corporation has a moderate competitive advantage in the utility sector. The company benefits from a stable market share and...

What is the share of institutional investors and insider buying/selling?

Institutional Investor Share: Approx. 75% (2025, estimated based on historical data) Insider Purchases/Sales: No significant transactions in the last quarter (2025, estimated) The institutional investor share in CMS Energy Corporation traditionally stands at around 70-80%, indicating the trust of la...

What percentage market share does CMS Energy have?

Market share of CMS Energy Corporation: Estimated around 2-3% (2025, based on the US utility industry) Major competitors and their market shares: NextEra Energy (NYSE:NEE): around 15% Duke Energy (NYSE:DUK): around 10% Southern Company (NYSE:SO): around 9% Dominion Energy (NYSE:D): around 8% Exelon...

Is CMS Energy stock currently a good investment?

Revenue Growth: 4.8% (2024) Profit Growth: 6.2% (2024) Dividend Growth: 5.5% (2024) CMS Energy Corporation recorded a solid revenue growth of 4.8% in 2024, attributed to stable demand in the utility sector and successful operational efficiency measures. The 6.2% profit growth indicates that the comp...

Does CMS Energy pay a dividend – and how reliable is the payout?

Dividend Yield: 3.2% (2025) Dividend Payment: Quarterly Payout Ratio: 65% (2025) CMS Energy Corporation regularly pays a dividend and has a dividend yield of 3.2% in 2025. The dividends are distributed quarterly, which is an attractive source of income for many investors. The payout ratio of 65% ind...

CMS Energy Stock Value

CMS Energy Company Info

Analyst Price Target

Top growth stocks in the utilities sector (5Y.)

What does CMS Energy do?

CMS Energy Questions and Answers

Offer & Services

Service & Collaboration

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