olivLaw · US equity research
CMS Energy Corporation CMS
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
CMS Energy is a Michigan energy company whose main operator is Consumers Energy, an electricity and natural gas utility. Consolidated operating revenue was 8.5 billion USD in 2025. In July 2026 the company announced its exit from non-utility renewables development and reaffirmed its 2026 adjusted EPS guidance.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CMS Energy Corporation (CMS) stock was 70.98 USD (+1.40% on the day), with market capitalisation 22.3 bn USD, P/E 21.3 on diluted EPS of 3.34 USD over the last 12 months, dividend yield 3.13%, beta 0.01, 52-week range 62.60–79.94 USD. Latest reported quarter (Q2 2026): revenue of 1.8 bn USD (−0.5% YoY), net income of 120.0 m USD (−40.3% YoY), diluted EPS 0.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.8
- strong (55–70)
- Bollinger (20, 2)
- 64.90 – 71.84
- in the upper half of the band · %B 0.88 · band width 10.2%
- SMA 50 / 200
- 66.90 / 72.56
- mixed trend
- MACD (12, 26, 9)
- 1.14 / 0.89
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.9% | −1.1% | +12.0 pp | — |
| 3 months | −0.9% | −0.5% | −0.4 pp | — |
| 6 months | −4.1% | +4.4% | −8.5 pp | — |
| Year to date | +1.5% | +12.3% | −10.8 pp | — |
| 1 year | −2.7% | +13.5% | −16.2 pp | +4.6% |
| 3 years | +27.3% | +76.4% | −49.1 pp | +40.4% |
| 5 years | +17.3% | +63.7% | −46.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.0 bn | 2.4 bn | 1.8 bn | 2.0 bn | 2.2 bn | 2.7 bn | 1.8 bn |
| Operating income | 367.0 m | 425.0 m | 494.0 m | 317.0 m | 481.0 m | 435.0 m | 490.0 m | 264.0 m |
| Depreciation & amortisation | 273.0 m | 326.0 m | 388.0 m | 288.0 m | 288.0 m | 342.0 m | 412.0 m | 308.0 m |
| Interest expense | 178.0 m | 180.0 m | 186.0 m | 199.0 m | 203.0 m | 201.0 m | 203.0 m | 210.0 m |
| Pre-tax income | 273.0 m | 306.0 m | 358.0 m | 255.0 m | 340.0 m | 295.0 m | 362.0 m | 129.0 m |
| Income tax | 26.0 m | 51.0 m | 63.0 m | 62.0 m | 68.0 m | 53.0 m | 85.0 m | 33.0 m |
| Net income | 253.0 m | 265.0 m | 304.0 m | 201.0 m | 277.0 m | 289.0 m | 340.0 m | 120.0 m |
| Diluted EPS | 0.84 | 0.89 ≈ | 1.01 | 0.66 | 0.92 | 0.95 ≈ | 1.10 | 0.37 |
| Operating cash flow | 304.0 m ≈ | 403.0 m | 1.0 bn | 414.0 m ≈ | 343.0 m ≈ | 478.0 m | 705.0 m | 622.0 m ≈ |
| Capex | 806.0 m ≈ | — | 888.0 m | 884.0 m ≈ | 978.0 m ≈ | — | 1.0 bn | 967.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 47 percentile of its own 43-quarter history (min 13.0, median 21.4, max 29.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.9 bn | 6.6 bn | 6.4 bn | 7.3 bn | 8.6 bn | 7.5 bn | 7.5 bn | 8.5 bn |
| Revenue YoY | +4.4% | −3.6% | −3.1% | +14.2% | +17.3% | −13.2% | +0.7% | +13.6% |
| Net income | 657.0 m | 680.0 m | 755.0 m | 1.4 bn | 837.0 m | 887.0 m | 1.0 bn | 1.1 bn |
| Net income YoY | +42.8% | +3.5% | +11.0% | +79.2% | −38.1% | +6.0% | +13.1% | +6.8% |
| Diluted EPS | 2.32 | 2.39 | 2.64 | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 |
| Diluted EPS YoY | +41.5% | +3.0% | +10.5% | +76.5% | −38.8% | +5.6% | +10.6% | +6.0% |
| net % | 9.6% | 10.3% | 11.8% | 18.5% | 9.7% | 11.9% | 13.3% | 12.5% |
| Free cash flow | -371.0 m | -307.0 m | -1.0 bn | -257.0 m | -1.5 bn | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 509.0 m USD
- Financial debt
- 18.8 bn USD
- Net debt
- 18.2 bn USD
- Equity
- 9.7 bn USD
- Total assets
- 39.9 bn USD
- Debt / equity
- 1.93x
- Current ratio
- 0.98x
- ROE
- 11.6%
- ROA
- 2.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.4 bn | 7.3 bn | 8.6 bn | 7.5 bn | 7.5 bn | 8.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Operating income | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 10 Feb 2026verified |
| Depreciation & amortisation | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 10 Feb 2026verified |
| EBITDA | 2.3 bn ≈ | 2.3 bn ≈ | 2.4 bn ≈ | 2.4 bn ≈ | 2.7 bn ≈ | 3.0 bn ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Interest expense | 505.0 m | 500.0 m | 519.0 m | 643.0 m | 708.0 m | 789.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Pre-tax income | 809.0 m | 823.0 m | 902.0 m | 954.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | 115.0 m | 95.0 m | 93.0 m | 147.0 m | 176.0 m | 246.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Net income | 755.0 m | 1.4 bn | 837.0 m | 887.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | 2.64 | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 286.3 m | 289.5 m | 290.0 m | 291.7 m | 298.3 m | 301.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Dividend per share | 1.63 | 1.74 | 1.84 | 1.95 | 2.06 | 2.17 | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 32.0 m | 452.0 m | 164.0 m | 227.0 m | 103.0 m | 509.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Receivables | 853.0 m | 931.0 m | 1.6 bn | — | — | — | SEC (XBRL)· 09 Feb 2023verified |
| Current assets | 2.4 bn | 2.6 bn | 3.4 bn | 2.8 bn | 2.8 bn | 3.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Property, plant & equipment, net | 21.0 bn | 22.4 bn | 22.7 bn | 25.1 bn | 27.5 bn | 30.7 bn | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | 29.7 bn | 28.8 bn | 31.4 bn | 33.5 bn | 35.9 bn | 39.9 bn | SEC (XBRL)· 10 Feb 2026verified |
| Accounts payable | 661.0 m | 875.0 m | 928.0 m | — | — | — | SEC (XBRL)· 09 Feb 2023verified |
| Short-term debt | 571.0 m | 373.0 m | 1.1 bn | 975.0 m | 1.2 bn | 950.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Long-term debt | 11.7 bn | 12.0 bn | 13.1 bn | 14.5 bn | 15.2 bn | 17.8 bn | SEC (XBRL)· 10 Feb 2026verified |
| Current liabilities | 3.1 bn | 2.2 bn | 3.0 bn | 2.9 bn | 3.5 bn | 3.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 6.1 bn | 7.2 bn | 7.6 bn | 8.1 bn | 8.7 bn | 9.7 bn | SEC (XBRL)· 10 Feb 2026verified |
| Shares outstanding at year end | 288.9 m | 289.8 m | 291.3 m | 294.4 m | 298.8 m | 306.4 m | SEC (XBRL)· 30 Oct 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.8 bn | 855.0 m | 2.3 bn | 2.4 bn | 2.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Capex | 2.3 bn | 2.1 bn | 2.4 bn | — | — | — | SEC (XBRL)· 09 Feb 2023verified |
| Free cash flow | -1.0 bn ≈ | -257.0 m ≈ | -1.5 bn ≈ | — | — | — | SEC (XBRL)· 09 Feb 2023derived |
| Investing cash flow | -2.9 bn | -1.2 bn | -2.5 bn | -3.4 bn | -3.1 bn | -4.0 bn | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | 1.6 bn | -295.0 m | 1.3 bn | 1.1 bn | 614.0 m | 2.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Dividends paid | 467.0 m | 509.0 m | 546.0 m | — | — | — | SEC (XBRL)· 09 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 34 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 22.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation37
- Returns60
- Quality20
- Balance sheet11
- Growth50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.52 – 80.92 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Dividend discount (DDM)28.52 – 38.35 (Mid 32.71)
- Peers: EV/EBITDA43.43 – 80.92 (Mid 63.46)8 companies used · median multiple 12.8x · quartiles 10.7x – 14.6xAEE, DUK, EVRG, EXC, LNT, NI, WEC, XEL
- Peers: P/E63.39 – 75.09 (Mid 66.94)10 companies used · median multiple 20.1x · quartiles 19.0x – 22.5xAEE, DUK, ED, EVRG, EXC, LNT, NI, PEG, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 34/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.8% | 20 (vs peers) | 6% |
| Net margin · Quality | 11.6% | 20 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | -0.2% | 18 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 7.4% | 74 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 6.2x | 0 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.0x | 16 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.9x | 29 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 21.3x | 36 (vs peers) | 13% |
| EV/EBITDA · Valuation | 13.6x | 38 (vs peers) | 11% |
| Dividend yield · Returns | 3.1% | 55 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 66.7% | 72 (on a fixed band) | 6% |
Score groups
- Balance sheet11/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality20/100 · 2/2 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation37/100 · 2/2 factors with a value
Memo
CMS ENERGY CORP (CMS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 8.5 bn USD in 2025; YoY growth 13.6%; net margin 11.6%; ROE 11.3%; net debt/EBITDA 6.2x.
The estimated value range is 43.43–75.09 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 63.46 USD, the price of 70.98 USD leaves a potential of -10.6% (value / price − 1) and a margin of safety of -11.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 7.4%
- Payout ratio (EPS): 66.7%
What contradicts it
- ROIC: 4.8%
- Net margin: 11.6%
- Revenue CAGR 3Y: -0.2%
- Net debt / EBITDA: 6.2x
- Interest coverage: 2.0x
- Current ratio: 0.9x
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 2.8 bn and 176.4 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −3% / +27% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for CMS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 39.21 Total return -42% · Per year -42% | 69.48 Total return 1% · Per year 1% | 104.88 Total return 51% · Per year 51% |
| 3 years | 34.52 Total return -45% · Per year -18% | 69.17 Total return 7% · Per year 2% | 115.14 Total return 74% · Per year 20% |
| 5 years | 30.40 Total return -47% · Per year -12% | 68.86 Total return 12% · Per year 2% | 126.41 Total return 98% · Per year 15% |
- Exit P/E± 17.29
- Net margin± 12.10
- Annual revenue growth± 10.41
- Annual dilution± 1.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (27 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
CMS Energy is a Michigan energy company whose main operator is Consumers Energy, an electricity and natural gas utility 1. Consolidated operating revenue was 8.5 billion USD in 2025 1. In July 2026 the company announced its exit from non-utility renewables development and reaffirmed its 2026 adjusted EPS guidance 2.
SWOT
Strengths
- The company has a regulated and diversified customer base and a leading position in electricity and gas supply in Michigan 1. Its long-term growth guidance gives investors a clear direction 2.
- Stated emissions reduction goals and a broad renewable program strengthen its position with regulators 1.
- The company reaffirmed 2026 guidance and introduced 2027 guidance, which indicates financial discipline 2.
Weaknesses
- Debt and interest costs are significant, and higher interest charges weighed on first-half 2026 results 2.
- Dependence on subsidiary dividends to cover the parent's debt obligations is a structural vulnerability 1.
- Quarterly profit fell in 2026 compared with 2025, and adjustments affected reported results 2.
Opportunities
- If demand from data centers and industry materializes, electricity sales could rise significantly 1.
- Investment in grid reliability and in solar and wind projects could open new sources of regulated earnings 1.
- A focus on regulated services after exiting non-utility development could simplify the business 2.
Risks
- Reliance on subsidiary dividendsmedium
The parent company depends on dividends from its subsidiaries to meet its debt obligations 1.
- Emergency orders for the J.H. Campbell planthigh
Retirement of the plant is subject to extensions issued by the Secretary of Energy, and cost recovery at FERC is not assured 1.
- Changes to the ROA regimehigh
Expanded access for alternative suppliers could reduce Consumers sales 1.
- Access to capital and credit ratingsmedium
Access to capital markets depends on investor receptivity and on credit ratings 1.
- Pension and benefit obligationslow
Returns on pension plan assets are uncertain, which could increase funding requirements 1.
Investment thesis
What would need to be true (bull case)
- If electricity demand grows as expected and data center projects materialize, a larger regulated asset base could support long-term earnings 12.
- The 2027 guidance and the reaffirmed 2026 guidance could signal stable execution if current trends hold 2.
- Simplifying the business by exiting non-utility development could reduce financing needs and focus the company on regulated activity 2.
What would break the thesis
What to watch
- Quarterly results and updates to the 2026 and 2027 guidanceQ3 2026
- Progress of the J.H. Campbell cost recovery case at FERC and the emergency orders2026
- Delivery of data center projects and actual load growth2027
- Details on cost recovery and debt in the next annual 10-Knext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (27 Oct 2026), 8-K (27 Oct 2026 · results).
The business
CMS Energy is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, a domestic independent power producer and marketer with a focus on renewables 1. The company operates in three segments: electric, gas and NorthStar Clean Energy, and Consumers accounts for the substantial majority of assets, income and revenue 1. Consumers serves 6.8 million of Michigan's 10 million residents, with rates subject to the MPSC and FERC 1.
As part of its decarbonization strategy Consumers planned to retire its coal plants, but the retirement of J.H. Campbell remains subject to temporary emergency orders from the U.S. Secretary of Energy 1. The company targets 60 percent renewable energy by 2035 and 100 percent clean energy by 2040 1. A new data center agreement could add more than 1 GW of incremental load in its service territory 1.
Segments
Electric utility (Consumers Electric Utility)
The electric segment generated 5.6 billion USD of operating revenue in 2025 and covers generation, purchase, distribution and sale of electricity 1. The 2025 summer peak demand was 8,500 MW, and 41 percent of electric supply came from gas-fueled units 1. Consumers acquired 32 percent of its supply through long-term PPAs and the MISO market 1.
NorthStar Clean Energy
NorthStar Clean Energy is engaged in independent power production and marketing, including development and operation of renewable assets 1. In July 2026 the company completed a strategic review and decided to exit non-utility renewables development while retaining Michigan assets such as Dearborn Industrial Generation 2. The stated aim is to simplify the business and reduce financing needs 2.
Market context
CMS Energy's core market is the Lower Peninsula of Michigan, where it competes through its own generation, purchases, and customers who could move to alternative suppliers within the 10 percent cap 1. Electric deliveries are expected to increase over the next five years compared with 2025, reflecting demand growth and new data centers 1. Gas deliveries are expected to remain stable, with modest demand growth offset by energy waste reduction programs 1.
The regulatory environment is central: rates are set by the MPSC, and wholesale markets are run by MISO and overseen by FERC 1. Load growth and data centers could support sales, while renewable and clean energy requirements are set by the 2023 Energy Law 1.
Trends
- Rising electricity demandtailwind
Consumers expects weather-normalized electric deliveries to grow from 2025 levels, reflecting industrial demand and data centers 1. If this growth materializes, it could support revenue in the electric segment 1.
- Michigan 2023 Energy Lawmixed
The law raises renewable and clean energy standards and sets a storage target 1. The required investment could support the regulated asset base but also adds pressure on customer costs 1.
- Competition from customers and self-generationheadwind
Customers could move to alternative suppliers or self-generate, and ROA-like community solar programs could add competitive pressure 1. Sales could be affected if the ROA cap were exceeded 1.
- Cost and regulatory pressuresmixed
Inflation and tariffs could affect supply chains and equipment prices 1. On the other side, the 2027 guidance points to expected growth in adjusted earnings 2.
Competitive position
Consumers faces competition from alternative electric suppliers, from municipalities that could create their own utilities, and from customer self-generation 1. The company responds by controlling costs, offering competitive rate designs for large customers, and providing economic development incentives 1.
In independent power production, NorthStar Clean Energy competes with other developers and producers, but it is now exiting non-utility development and keeping only Michigan assets 2. This shifts the focus toward regulated energy services 2.
- Municipal utilities
Michigan law allows municipalities to create and operate utilities that could compete with the Consumers service area 1.
- Alternative electric suppliers (ROA)
Suppliers in the retail access program can sell electricity to Consumers customers within the legal cap 1.
- MISO energy market participants
Consumers offers its generation into the MISO market and buys from it, which places the company alongside other market participants 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Consumers Energy Says Michigan Dam Sale Ruling Is Due Dec . 17Surge — GDELT DOC · 04 Nov 2026 · RO
SEC filings
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report13 May 2026Other events · Financial statements and exhibits
- Current report13 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report28 Apr 2026
- Current report28 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CMS Energy Corporation · 10 Feb 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / CMS Energy Corporation · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.