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CMSA

CMS Energy Corporation 5.6% JRSUB NT 78

Utilities · $20.5B market cap

Verdict

We can't put a fair value on CMSA right now. It's an exchange-traded note or bond, not a share, so a stock valuation doesn't apply.

Business quality

0 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth7.1% a year✗
Equity per share growth9.3% a year✗
Sales growth1.1% a year✗
Free cash flow growth5.6% a year✗
Return on invested capital3.6%✗

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Superinvestors

None of the investors we track holds CMSA right now. In Q1 2026, 1 sold out. Who we track

Moves in Q1 2026

Sold out: Howard Marks

About CMS Energy Corporation 5.6% JRSUB NT 78

CMS Energy Corporation is a utility company primarily engaged in delivering electricity and natural gas services. Its operations are structured into three distinct business divisions: Electric Utility, Gas Utility, and NorthStar Clean Energy. The Electric Utility division oversees the entire process of electricity, from its generation and procurement to its delivery and final sale. Concurrently, the Gas Utility…

Regulated Electric

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works