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CMS

CMS Energy Corporation

NYSE: CMS · UTILITIES · UTILITIES - REGULATED ELECTRIC

$76.74
+2.69% today

Updated 2026-04-30

Market cap
$23.09B
P/E ratio
20.64
P/S ratio
2.62x
EPS (TTM)
$3.62
Dividend yield
2.14%
52W range
$66 – $80
Volume
3.0M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

CMS Energy Corporation (CMS) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$76.74
Consensus
$78.38
+2.14%
2030 Target
$408.62
+432.47%
DCF
$48.14
-54.80% MoS
14 analysts:
6 Buy7 Hold1 Sell

Management guidance

CMS Energy raised 2026 adjusted EPS guidance after strong Q4 2025 results. Company has announced plans for significant capital investments in grid reliability and renewable expansion through 2028, supporting long-term regulated growth. No specific revenue targets disclosed, but management emphasized visibility to sustained earnings growth driven by rate increases (just approved $276.6M hike effective May 2026) and infrastructure investments.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$675.79
$10.4B Rev × 20x P/S
Base case (2030)
$408.62
$10.4B Rev × 12x P/S
Bear case (2030)
$267.17
$10.4B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$7.5B$7.5B$8.5B$8.7B$9.1B$9.5B$9.9B$10.4B
Revenue growth—0.7%13.6%2.1%4.6%4.4%4.5%4.6%
EPS$3.11$3.34$3.61$3.92$4.22$4.53$4.85$5.20
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$337.89$353.61$369.33$385.04$408.62

Catalysts & risks

Growth catalysts
+ Rate increases approved ($276.6M effective May 2026) with additional filing planned June 2, 2026 for 2028 costs
+ Renewable energy expansion and data center electricity demand growth in Michigan service territory
+ Grid reliability investments and infrastructure modernization driving capital deployment and regulated returns
+ Dividend growth streak (19 consecutive years) supports investor base and regulated utility economics
Key risks
- Regulatory resistance to rate increases—Michigan Attorney General Dana Nessel intervening in rate cases
- Data center project timeline delays or slower-than-expected growth reducing demand visibility
- Rising debt levels (2.07x debt-to-equity) constraining growth capex and dividend capacity if rates denied
- Economic slowdown reducing electricity consumption despite data center tailwinds

Methodology

CMS Energy Corporation's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 14 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.