CMS
CMS ENERGY CORPEvidence as of 2026-09-02Overview · CMS ENERGY CORP
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system…
Management team
- Mr. Jason M. Shore · Treasurer & VP of Investor RelationsFind on LinkedIn
- Mr. Brandon J. Hofmeister · Senior Vice President of Strategy, Sustainability & External AffairsFind on LinkedIn
- Mr. Shaun M. Johnson J.D. · Senior VP & General CounselFind on LinkedIn
- Mr. LeeRoy Wells Jr. · Senior Vice President of OperationsFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
−0.0 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
The evidence balance is Mixed (‑0.0 of a possible +2) with high confidence. Revenue in Q2 2026 (fiscal quarter ended 2026-07-13) was $ 1,829,000,000, up $ 222,000,000 versus Q2 2025 (fiscal quarter ended 2025-07-14), but operating income margin compressed to about 14.4% in Q2 2026 from about 17.6% a year earlier. Diluted EPS fell to $ 0.37 in Q2 2026 from $ 0.66 in Q2 2025, shares outstanding rose by 14,847,698 to 313,577,136, and long-term noncurrent debt increased by $ 2,978,000,000 to $ 18,172,000,000 as of 30 June 2026.
Market signals are mixed: trailing P/E is 22.28 with market cap $ 21,310,702,163, dividend yield (TTM) is 3.02%, short- to medium-term momentum is negative (three‑month -5.4%, six‑month -12.0%), price sits roughly 6–7% below the 50‑ and 200‑day SMAs, and beta/correlation versus SPY are low-to-negative.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenue for the three months ended 30 June 2026 (fiscal Q2 2026) was $1,829,000,000.
XBRL companyfacts · 0000811156-26-000028Revenue for the three months ended 30 June 2025 (fiscal Q2 2025) was $1,607,000,000, so revenue in Q2 (2026-04-01 to 2026-06-30) was higher by $222,000,000 versus the prior-year quarter.
XBRL companyfacts · 0000811156-25-000071Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
An 8-K was filed on July 28, 2026 that furnished a News Release announcing CMS Energy's 2026 second quarter results and attached the News Release as Exhibit 99.1.
8-K filed 2026-07-28The same 8-K filed July 28, 2026 states Exhibit 99.1 contains certain non-GAAP financial measures, that management views 'adjusted earnings' as a key measure of present operating financial performance and uses adjusted earnings for external communications with analysts and investors, and that Exhibit 99.1 does not contain reported earnings guidance for comparable future periods because CMS Energy is not able to estimate the impact of specific line items.
8-K filed 2026-07-28Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
Three-month momentum is -5.4% and six-month momentum is -12.0% as of 2026-09-01, and the six-month momentum ranks in the 17th percentile of the 547-stock research universe.
Moneyta signal set · 2026-09-01Relative strength versus SPY is weak: six-month relative strength is -24.2% (17th percentile of 547) and 12-month relative strength is -22.0% as of 2026-09-01.
Moneyta signal set · 2026-09-01Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
13F-reported institutional investors held a total of "$22.30B" in the company as of the 13F period ended 2026-03-31.
13F holdings · 794 filers · as of 2026-03-31Top reported 13F holders as of the period ended 2026-03-31 included BlackRock, Inc. ($2.60B), VANGUARD CAPITAL MANAGEMENT LLC ($1.54B), VANGUARD PORTFOLIO MANAGEMENT LLC ($1.46B), STATE STREET CORP ($1.40B), and JPMORGAN CHASE & CO ($1.22B).
13F holdings · 794 filers · as of 2026-03-31Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
CMS Energy reported second-quarter 2026 adjusted EPS that matched analyst expectations but declined sharply from the prior year, and the company reaffirmed its 2026 adjusted earnings guidance while issuing 2027 guidance.
News · simplywall.st · 2026-08-28Multiple headlines note a post-earnings share price decline, with one headline quantifying CMS as down 6.9% since the last earnings report.
News · zacks.com · 2026-08-27Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
The Form 4 filed 31 July 2026 by MADDIPATI SRIKANTH (EVP/CFO) reports an open-market purchase of 200 shares for "$14k" and the filing shows no trading-plan checkbox or plan text.
Form 4 · MADDIPATI SRIKANTH (EVP/CFO) · $14k bought · 2026-07-31The Form 4 filed 26 May 2026 by Hofmeister Brandon J. (Senior Vice President) reports a sale of 3,000 shares for "$223k" and the filing shows no trading-plan checkbox or plan text.
Form 4 · Hofmeister Brandon J. (Senior Vice President) · $223k sold · 2026-05-26Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The share price used is 67.96 as of 2026-09-01.
Valuation inputs · SEC XBRL + stored EOD closeTrailing twelve-month price-to-earnings (P/E) is 22.28.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several claims jointly support a favorable read on CMS: year-over-year revenue increased by $222M in Q2 2026 and absolute Q2 revenue was $1.829B, while trailing twelve‑month operating cash flow is reported at $3.701B — evidence of solid top-line growth alongside strong cash generation. Institutional ownership is substantial ($22.3B reported in 13F holdings) and multiple new institutional buys are recorded in the filings/news set, and the company sits in several large ETFs; those ownership signals often reflect investor confidence and improve base demand. The dividend yield ranks in the 80th percentile of the coverage universe and a CFO open‑market purchase is reported, which together can signal income orientation and insider alignment with long‑term performance metrics. These points mitigate some negative signals: management emphasizes adjusted earnings as a key operating measure (filing notes) and adjusted EPS matched analysts’ expectations per the coverage, which is relevant when raw GAAP earnings and margin comparisons show compression.
Chair's verdict, claim by claim
Fragility · computed, not argued
diversified0.29
40 surviving claims rest on 21 distinct sources; the heaviest analyst carries 18% of them, and 98% of what the desk raised survived the debate.
The coverage rests on a moderate breadth of sources (21) supporting 40 claims, which gives some redundancy but not deep independence; the single heaviest analyst carrying 18% of claims signals a non-trivial concentration of interpretation. The very high survival rate through debate (98%) indicates few internal disputes over the assembled facts, but together these factors mean the read is informative yet somewhat brittle to a small number of source errors or a dominant analyst’s framing.
Peer context · computed, not argued
12-1 momentum ranks 10th of 10 in Utilities—Regulated Electric (as of 2026-09-01).
6-month relative strength ranks 10th of 10 in Utilities—Regulated Electric (as of 2026-09-01).
90-day volatility ranks 2nd of 10 in Utilities—Regulated Electric (as of 2026-09-01).
dividend yield ranks 6th of 10 in Utilities—Regulated Electric (as of 2026-09-01).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
20 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer−0.4 to the score
4 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.3 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.8 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
20 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot−0.1 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on CMS Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.