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CMCMSC

CMS Energy Corporation 5.875% J

$CMSC·$6.7B·Regulated Electric·Utilities
$21.46-0.1%YTD+9503.3%1Y-7.1%
Mentions · last 7 days
2026-08-08: 0 posts2026-08-09: 0 posts2026-08-10: 0 posts2026-08-11: 0 posts2026-08-12: 0 posts2026-08-13: 0 posts2026-08-14: 0 posts0
Price updated 7h ago·X counts updated 5h ago
CMCMSC
$CMSCCMS Energy Corporation 5.875% J
$21.46-0.07%0 posts
AI analysisFundamentalsVoices on X
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AI verdict & sentimentAI analysisGenerated by AI from underlying data

Today's AI verdict on what's driving $CMSC, plus how loud the X conversation is and which way it's leaning.

AI analysis

TickerTalks’ read on the fundamentals and what’s driving the move.

Proven numbersWinding up for a moveAI verdict · as of 2026-08-14

Trading in a tight range and building pressure — a move looks likely soon, but the direction isn't clear yet.

CMSC is CMS Energy's 5.875% preferred J-tranche — trading at 95% of range on utility-cycle demand.

CMSC is the preferred J-tranche of CMS Energy Corporation (the Michigan-based utility parent). $6.66B mcap, price $21.48, YTD is anomalously high (9,503% reflects a reset baseline artifact), t12m -7.3%, sitting at 95% of the 52-week range.

What's happening (based on CMS Energy Corp underlying):

  • Q1 2026 revenue $2.73B (+11.6% YoY), Q4-25 $2.23B (+12.3%), Q3-25 $2.02B (+15.9%), Q2-25 $1.84B (+14.4%) — sustained low-teens revenue growth.
  • Q2 2026 (7/28) EPS $0.37 vs $0.36 est (+3.1%), the fourth straight beat (+3.1%, +2.7%, +1.8%, +8.1%).
  • Analyst estimates FY26 rev $8.63B, EPS $3.87 growing to FY28 $9.34B / $4.50 — mid-teens EPS growth.
  • 21.6x TTM P/E is stretched but appropriate for a growing utility.
  • D/E 2.02 (utility-normal), ROE 12.3%, FCF yield -8.4% (capex-heavy phase).
  • 7/28 8-K: Q2 earnings + Reg FD.
  • 5/26 news: TG Therapeutics BRIUMVI data (unrelated to CMS — data-source mixup).
  • No insider signal, no X sentiment sample.

What you're watching: Q3 print 10/22 (continued beat cadence, Michigan rate-case commentary), data-center-load-growth commentary (a growing driver for regional utilities), and preferred-share yield-vs-treasury commentary given the 5.875% coupon.

What to watch: Q3 print 10/22 (beat cadence, Michigan rate case), data-center-load-growth commentary, and preferred-yield vs treasury spread.

On the calendar: 2026-10-22 — Q3 earnings

no sentiment

Read the AI verdict + X sentiment for $CMSC

  • One-line verdict on what's driving the move — fundamentals, momentum, both, or an event
  • Next dated catalyst when there is one (earnings, deal closing, activist clock)
  • X crowd read with bullish/bearish call + post volume
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What it does

Plain-English summary of the business — what they sell and how they make money.

Junior subordinated bonds of CMS Energy, a regulated Michigan utility delivering electricity and natural gas with a growing clean energy segment.

Industry overviewAI analysisGenerated by AI from underlying data

Where Regulated Electric sits in its cycle right now — and what that implies for $CMSC.

Regulated Electric · Utilities

No material change from last week — Dominion Virginia (D) is the primary data center utility, and nuclear power re-rating (CEG, Oklo's DOE clearance milestone this week) continues as the..

What this means for $CMSC

Partial — Junior subordinated bonds of CMS Energy, a regulated Michigan utility delivering electricity and natural gas with a growing clean energy segment; partial earnings exposure to regulated electric demand dynamics through its product portfolio.

Industry benchmark

25-name peer basket
+5.3%YTD
+1.2%1Y

Fundamentals & catalyst

Profitability, valuation, and the next earnings event — at a glance, with rule-of-thumb signals.

Key ratios

P/E
21.6How much investors are paying per dollar of profit the company actually earned in the last 12 months. Lower means the stock looks cheaper relative to earnings.~15–25 is typical for the S&P 500; high-growth names trade 30+; hyper-growth or speculative can be 100+ or negative.
ROIC
3.6%What percentage return the business earns on every dollar of capital (equity + debt) deployed in operations. The cleanest measure of business quality.Above ~15% is high-quality; consistently above 25% suggests a real moat. Below the company's cost of capital is value-destroying.
Op margin
19.5%Operating profit (after sales, marketing, R&D, and overhead but before interest and taxes) as a percentage of revenue. The clearest view of how well the underlying business is run.Mature business above 20% is healthy; software businesses can run 30%+; commodity / retail businesses operate in single digits.
FCF yield
-8.4%Free cash flow (operating cash flow minus capex) divided by the company's market cap. The cash-on-cash return you'd get owning the whole business at today's price.Above ~5% is attractive; below ~2% means you're paying up for growth. Capital-light businesses (software) run higher than capital-heavy ones (utilities).
P/S
2.8Same idea as P/E but per dollar of revenue. Useful for companies that aren't profitable yet, where P/E is meaningless.Under ~2 is cheap; software / SaaS often runs 8–15; well above 20 implies the market is pricing in very high future growth.
ROE
12.3%Net income as a percentage of shareholders' equity. Similar to ROIC but counts only the equity side.Above 20% is strong, but can be inflated by leverage — a heavily indebted company can show high ROE with weak underlying ROIC.
Gross margin
64.6%Revenue minus the direct cost of producing what was sold, as a percentage of revenue. The first read on whether the product is structurally profitable.Software / SaaS is typically 70%+; consumer goods 30–50%; commodity / hardware businesses can be under 20%.
D/E
2.0Total debt divided by shareholders' equity. Measures how much the business runs on borrowed money versus owner capital.Under 1 is conservative; 1–2 is typical for mature businesses; over 2 is leveraged and more sensitive to interest rates.

Past earnings

QuarterReportedActualEstimateSurprise
Q2 2026Jul 28, 2026$0.37$0.36+3.1%
Q1 2026Apr 28, 2026$1.13$1.10+2.7%
Q4 2025Feb 5, 2026$0.95$0.93+1.8%
Q3 2025Oct 30, 2025$0.93$0.86+8.1%
Next earningsThu, Oct 22·consensus EPS $1.13

Quarterly trend

QuarterRevenueYoYGrossOpEPSFCF
Q1 FY26$2.7B+11.6%56.5%17.9%$1.13$-334.0M
Q4 FY25$2.2B+12.3%128%19.5%$0.94$-596.0M
Q3 FY25$2.0B+15.9%29.1%23.8%$0.92$-635.0M
Q2 FY25$1.8B+14.4%38.8%17.2%$0.66$-470.0M

Forward consensus

5-year forecast · up to 1 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$8.6B$8.6B – $8.6B$3.87$3.87 – $3.871
FY27$9.0B$9.0B – $9.0B$4.18$4.18 – $4.181
FY28$9.3B$9.3B – $9.3B$4.50$4.50 – $4.501
FY29$9.9B$9.9B – $9.9B$4.85$4.85 – $4.851
FY30$9.8B$9.8B – $9.8B$5.25$5.25 – $5.251

Setup & momentum

Volume, range, and moving-average position — the technical setup driving short-term moves.

Right now

Vol vs 30dToday's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.0.6×Today's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.
52w rangeWhere the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.95%Where the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.
vs 50d MALatest close vs the 50-day simple moving average. Positive = short-term trend is up.+22.2%Latest close vs the 50-day simple moving average. Positive = short-term trend is up.
vs 200d MALatest close vs the 200-day simple moving average. Positive = long-term trend is up.+367.4%Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

FloatHigh float · 304.3M shFree-float shares — the slice of issued stock actually available to trade. Lower buckets squeeze harder on a catalyst.Traded today0.0% of floatToday's volume as a percent of the free float. Above 5% on a single day is unusually high turnover for the available share count.β0.465-year weekly beta vs the S&P 500. Above 1.5 means the stock typically moves more than the index; below 0.8 moves less.

SEC filings

Material 8-K, 13D, S-3, and 424B5 events from the last 180 days — the filings that actually move the price.

Recent material filings

8-KPress release / Reg FDJul 288-K — Item 2.02: Earnings release · Item 7.01: Press release / Reg FD
AI summary

CMS Energy Corporation (CMSC — preferred share class) and Consumers Energy Company reported Q2 2026 financial results on July 28, 2026 via press release and investor presentation furnished as exhibits. This co-registrant filing covers the same earnings event as the CMS common stock 8-K. No headline financial figures appear in the body. Routine earnings disclosure for the regulated Michigan utility.

3New insider — initial holdingsJun 93
AI summary

Srikanth (Sri) Maddipati filed a Form 3 for both CMS Energy and Consumers Energy Company (CMSC) on June 9, 2026, tied to his June 3, 2026 appointment as EVP/CFO of both entities. Maddipati directly owns 24,511 shares of CMS Energy common stock. Both CMS Energy and Consumers Energy are co-registrants; Maddipati serves as CFO of the parent holding company and the regulated utility subsidiary simultaneously. Routine Form 3 for a new CFO.

8-KOfficer or director changeJun 38-K — Item 5.02: Officer or director change · Item 7.01: Press release / Reg FD
AI summary

CMS Energy / Consumers Energy (CMSC) filed the same 8-K on June 3, 2026 as CMSA (both are co-registrants). Rejji P. Hayes retired as EVP and CFO of Consumers Energy effective June 3, 2026, succeeded by Srikanth (Sri) Maddipati, 43, as EVP and CFO of both entities. Maddipati serves as CFO of both the parent holding company and the regulated utility subsidiary simultaneously.

424B5Prospectus supplement (offering)May 13424B5
AI summary

CMS Energy filed the 424B5 prospectus supplement on May 13, 2026 formally establishing its $3.0 billion ATM equity offering program via an equity distribution agreement with 16 major bank agents and forward purchasers including Barclays, BofA, Goldman Sachs, and JPMorgan. Sales occur at prevailing market prices through NYSE transactions or via forward sale agreements. The operative document authorizing actual share sales — a material ongoing dilution overhang for CMS common and subordinated note holders.

8-KCharter amendmentMay 138-K — Item 5.03: Charter amendment · Item 5.07: Shareholder vote
AI summary

CMS Energy filed charter amendments with Michigan on May 8 and May 11, 2026 incorporating two shareholder-approved changes: an increase in authorized shares of common stock and a new right for shareholders to call a special meeting. These were approved at the May 2026 annual meeting alongside director elections and auditor ratification; Consumers Energy Company is a co-registrant. Administrative governance changes enabling the concurrent $3B ATM equity program.

8-KPress release / Reg FDApr 288-K — Item 2.02: Earnings release · Item 7.01: Press release / Reg FD
AI summary

CMS Energy Corporation and co-registrant Consumers Energy Company (CMSC) reported Q1 2026 results on April 28, 2026 via press release (Exhibit 99.1), noting use of non-GAAP financial measures. A Reg FD disclosure accompanies the filing. Specific earnings figures, rate case updates, and full-year guidance are in the press release. Routine quarterly earnings disclosure for this Michigan regulated electric and gas utility.

3New insider — initial holdingsFeb 233
3New insider — initial holdingsFeb 233
+ 14 other (5 13Gs · 3 proxys · 2 10-Qs · 1 routine 8-K) in window

Recent news

Latest headlines from major outlets, sourced and timestamped — context for whatever just moved.

TG Therapeutics Announces Data Presentations for BRIUMVI® at the 2026 Consortium of Multiple Sclerosis Centers Annual Meetingglobenewswire.com·81d ago

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Voices on X · last 7 days

No standout posts about $CMSC on X in the last 7 days.

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