Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

About Cms Energy Corp

CMS Energy is a Michigan energy company whose main subsidiary, Consumers Energy, provides electricity and natural gas to customers across much of the state. It generates and distributes electricity from a mix of sources including gas, wind, solar and coal, and runs natural gas pipelines and storage. A smaller non-utility arm, NorthStar Clean Energy, invests in independent power and related energy businesses. Customers are residential, commercial and industrial users.

Revenue comes mostly from regulated rates charged to customers and approved by Michigan regulators. It totals $8.8 billion over the last twelve months, with revenue growth over three years of -0.2% a year. The operating margin is 18.9%, and the business earns a profit of 5% on the capital invested in it. CMS carries net debt of 6.2 times EBITDA, and the dividend yield is 3.3%. On the site's X-Ray Score it receives 49 out of 100.

Fair value estimate

How it works →

$89Undervalued+28.5% to fair value · middle half of models $70 – $105

Price $70

Undervalued < $76Fair $76 – $108Overvalued > $108

Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

P/E multiple$69

P/B multiple$74

P/S multiple$72

EV/EBITDA multiple$70

EV/EBIT multiple$70

EV/revenue multiple$69

10-year DCF, EBITDA exit$123

5-year DCF, EBITDA exit$102

10-year DCF, revenue exit$123

5-year DCF, revenue exit$101

10-year DCF, growth exit$106

5-year DCF, growth exit$83

Dividend discount, stable$125

Dividend discount, multi-stage · not used$244

Earnings power value$59

Growth the price implies11.7%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 4.98%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, but the price is low

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 40 The price is not above fair value $89 fair value Debt looks manageable 6.2× EBITDA Revenue has been growing -0.2% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Method →

Every score explained in one sentence, ranked against Utilities peers.

Valuation
72Strong

Cheap against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield4.1%

Fair value vs price1.3×
Growth
49Weak

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)-0.2%

EPS growth (3y)7.4%

Growth consistency80%
Profitability
34Weak

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital4.6%

Operating margin18.9%
Financial health
46Weak

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA6.2×

Interest cover2.0×
Dividends
34Weak

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield3.3%

Strong 70 to 100 Fair 50 to 69 Weak under 50 No score: not enough data

Quarterly results: last 6 quarters

+12.5%

Mar '25

+14.4%

Jun '25

+15.9%

Sep '25

+12.3%

Dec '25

+11.6%

Mar '26

-0.5%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $0.37.

Compare with peers

ED Consolidated Edison In...68 AEE Ameren Corp54 D Dominion Energy, Inc54 NI Nisource Inc.50

Other Multi-Utilities companies by X-Ray Score.

SWOT analysis: Cms Energy Corp

Strengthsinside the company

No standout strength in the figures we track.

Weaknessesinside the company

Return on invested capital is only 4.6% (median 4.8% for industry peers), so the business earns little above its cost of capital.
Revenue has fallen 0.2% a year over three years while industry peers grew 3.7%.
Net debt is 6.2x EBITDA, above the 3x level that lenders usually watch.
Operating profit covers interest only 2.0x.

Opportunitiesvaluation and setting

Revenue growth picked up to 13.6% last year from -0.2% a year over three years.
The price is 29% below our fair value estimate, with the gap larger than the margin we allow for error.

Threatsvaluation and setting

Heavy debt makes profits sensitive to interest rates and refinancing conditions.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare CMS with peers and sector

Medians of 11 Multi-Utilities peers and of 30 Utilities stocks in our universe. Largest peers (X-Ray Score): NEE 44, D 54, SRE 36, XEL 27, ED 68, AEE 54.

Metric	CMS	Peers	Sector
X-Ray Score (out of 100)	49	40	49
Valuation	72	38	45
Growth	49	53	53
Profitability	34	42	52
Financial health	46	47	51
Dividends	34	55	54

Sector leaders: highest X-Ray Score in Utilities

CMS ranks #16 of 31 in Utilities and #5 of 12 in Multi-Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 EIX Edison International	72
#2 ED Consolidated Edison Inc	68
#3 ES Eversource Energy	66
#4 EXC Exelon Corp	61
#5 AWK American Water Works Compa...	61
…
#16 CMS Cms Energy Corp (this stock)	49

Metric	CMS	Peers	Sector
P/E ratio	21.0x	20.2x	21.3x
PEG ratio	2.84	2.84	2.50
Price / book	2.2x	2.0x	2.1x
Price / sales	2.4x	3.4x	3.1x
EV / EBITDA	13.6x	14.2x	14.5x
Price / free cash flow	–	–	74.9x
Dividend yield	3.3%	2.9%	3.0%
Gap to our fair value	+28.5%	+4.5%	−2.9%

Metric	CMS	Peers	Sector
Price change, 1 month	+6.2%	+8.8%	+8.0%
Price change, 3 months	−0.2%	+2.4%	+2.0%
Price change, 6 months	−2.6%	+0.1%	+2.2%
Price change, 1 year	−2.6%	+6.4%	+6.2%

Metric	CMS	Peers	Sector
Market value	$21.5B	$31.6B	$30.7B
Revenue (last 12 months)	$8.8B	$11.4B	$13.5B
EBITDA (last 12 months)	$3.0B	$4.6B	$4.1B
Net income (last 12 months)	$1.0B	$2.0B	$1.8B
Free cash flow (last 12 months)	–	−$2.7B	−$1.5B

Metric	CMS	Peers	Sector
Revenue growth, last year	+13.6%	+9.0%	+9.5%
Revenue growth, 3 years a year	−0.2%	+3.7%	+3.4%
EPS growth, 3 years a year	+7.4%	+6.6%	+8.2%
Dividend growth	–	+8.1%	+6.8%

Metric	CMS	Peers	Sector
Gross margin	–	–	75.9%
EBITDA margin	34.3%	40.1%	39.0%
Operating margin	18.9%	24.9%	23.2%
Net margin	11.6%	14.6%	14.5%
Return on invested capital	4.6%	4.8%	5.5%
Return on equity	10.5%	9.8%	10.2%

Metric	CMS	Peers	Sector
Net debt / EBITDA	6.2x	6.4x	5.7x
Interest cover	2.0x	2.4x	2.5x
Current ratio	0.9x	0.8x	0.8x
Piotroski F-score (0 to 9)	6	5	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for CMS

Each factor is rated by where CMS stands among the 31 Utilities stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 2 Good · 11 Average · 5 Bad of 18 Growth: 1 · 1 · 1 Profitability: 0 · 1 · 3 Financial strength: 0 · 3 · 1 Valuation: 0 · 4 · 0 Cash flow: 1 · 2 · 0

Factor	CMS	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	−0.2%	Bad beats 18%	+3.4%	–	–
Revenue growth, last year	+13.6%	Good beats 78%	+9.6%	+13.6%	≈ In line
EPS growth, 3 years a year	+7.4%	Average beats 46%	+8.1%	–	–
Profitability
Operating margin	18.9%	Bad beats 22%	23.1%	16.6%	▲ Better
Net margin	11.6%	Bad beats 29%	14.5%	12.5%	≈ In line
Return on invested capital	4.6%	Bad beats 15%	5.4%	–	–
Return on equity	10.5%	Average beats 60%	10.3%	11.9%	≈ In line
Financial strength
Net debt / EBITDA	6.2x	Average beats 43%	5.7x	6.0x	≈ In line
Interest cover	2.0x	Bad beats 25%	2.5x	2.2x	≈ In line
Current ratio	0.94	Average beats 63%	0.80	0.98	≈ In line
Piotroski F-score	6 / 9	Average beats 58%	6 / 9	–	–
Valuation
P/E ratio	21.0x	Average beats 53%	21.2x	19.7x	≈ In line
Price / book	2.2x	Average beats 47%	2.2x	2.4x	≈ In line
Price / sales	2.4x	Average beats 64%	3.1x	2.5x	≈ In line
EV / EBITDA	13.6x	Average beats 62%	14.2x	13.4x	≈ In line
Cash flow
Free cash flow margin	24.4%	Good beats 81%	-10.1%	26.2%	≈ In line
Cash from operations / net income	2.09	Average beats 42%	2.20	2.09	≈ In line
Accruals (lower is better)	−2.7%	Average beats 42%	−3.1%	–	–

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 1 Good · ● 8 Average · ● 4 Bad

Cash quality

Earnings backed by cashAverage

Risk models

Altman Z''Average

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Average

Revenue growth (3y)Bad

Growth consistencyAverage

Balance sheet

Current ratioAverage

Net debt / EBITDAAverage

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldAverage

Profitability

Return on invested capitalBad

Operating marginBad

Each check is graded against the company's sector, not a fixed number. Checklist score 41/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$7.3B	$8.6B	$7.5B	$7.5B	$8.5B
Operating income	$1.1B	$1.2B	$1.2B	$1.5B	$1.7B
Net income	$1.4B	$837M	$887M	$1.0B	$1.1B
Operating cash flow	$1.8B	$855M	$2.3B	$2.4B	$2.2B
Operating margin	15.6%	14.2%	16.6%	19.8%	20.2%
Free cash flow	−$257M	−$1.5B	–	–	–
Diluted EPS	$4.66	$2.85	$3.01	$3.33	$3.53

Fiscal years, from SEC filings.

Who owns CMS stock? Institutional holders (Form 13F)

At 30 June 2026, 815 institutional managers reported owning Cms Energy Corp shares to the SEC: 315.92M shares, about $24.2B at the quarter-end close of $76.50. The ten largest reported holders account for 48% of those shares. CMS is reported by more managers than 93 of the 499 S&P 500 stocks we cover (the median stock has 1,192). Against 31 March 2026:

92 new319 added214 reduced169 unchanged81 sold out

Among the 875 managers that filed in both quarters and held CMS in at least one of them, the shares they report changed by +4.3%, about +$968M at the 30 Jun 2026 price. Ranked by this percent change, CMS is 34th of 497 among the S&P 500 stocks we can compare (1st is the largest rise). See which stocks institutions added and reduced most →

#	Manager	Shares	Value	Change in the quarter
1	BlackRock, Inc.	33.07M	$2.5B	−1.5%
2	Vanguard Capital Management LLC	20.17M	$1.5B	+1.5%
3	Vanguard Portfolio Management LLC	19.05M	$1.5B	+1.4%
4	State Street Corp	17.71M	$1.4B	−2.2%
5	JPMorgan Chase & Co	16.41M	$1.3B	+3.6%
6	Wellington Management Group LLP	12.16M	$930M	+82.7%
7	Geode Capital Management, LLC	8.74M	$669M	+2.5%
8	Deutsche Bank Ag\	8.08M	$618M	+4.4%
9	DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	7.88M	$603M	−3.1%
10	Invesco Ltd.	7.62M	$583M	Unchanged

Largest additions in the quarter: Wellington Management Group LLP (5.50M shares, +$421M), Capital International Investors (new position, 5.30M shares, +$406M), Ameriprise Financial Inc (1.53M shares, +$117M). Largest reductions: Price T Rowe Associates Inc (−907,816 shares, −$69M), Lord, Abbett & Co. LLC (−873,921 shares, −$67M), Barclays PLC (−819,649 shares, −$63M).

Quarter end	Managers reporting	Shares reported	Change in reported shares vs the quarter before
30 Jun 2026	815	315.92M	+4.3%
31 Mar 2026	798	297.56M	+3.0%
31 Dec 2025	798	294.51M	+0.2%
30 Sep 2025	772	308.35M	−0.5%
30 Jun 2025	742	296.35M	–

Quarter-end positions, filed with the SEC up to 45 days later, so managers may have bought or sold since. Filings in this data run to 31 Aug 2026. Form 13F covers US institutional managers with at least $100 million in reportable securities and lists long positions only: options, short positions and smaller or non-US holders are not in it. A manager is a filer, not necessarily the final owner, and shares held for clients can be reported by more than one manager, so the lists overlap and are not a split of the company; for the same reason we show no share of shares outstanding. Value is shares times the quarter-end close; the change compares with the quarter before, is restated for splits and leaves out managers whose total reported S&P 500 holdings at least doubled or halved between the two quarters, which points to a change in what they report, not trading. 4 filing rows were left out because the value did not fit shares times price or exceeded the company's share count. "Smart money" is a label some analysts put on large institutions: these figures show who reported holding the stock, not that they were right, and they say nothing about where the price goes next. Source: SEC Form 13F data sets, updated when the SEC publishes the next quarter.

CMS insider buying and selling (SEC Form 4)

Over the 12 months to 13 November 2026, Cms Energy Corp insiders filed Form 4s reporting 4 open-market sales by 3 people worth $2M and 2 open-market purchases by 2 people worth $168K. Net, insiders were sellers of $2M. The largest sale was $1M by Russell John G, Director on 20 Feb 2026. The largest purchase was $153K by Leopold Diane, Director on 25 Feb 2026.

Sales $2M · 4Purchases $168K · 2Net −$2MAwards, exercises, tax and gifts · 50

31 Jul 2026

Maddipati Srikanth

EVP/CFO

Buy $14K

200 shares at $72.46 · holds 34,895 after · Form 4 on SEC

26 May 2026

Hofmeister Brandon J.

Senior Vice President

Sale $223K

3,000 shares at $74.31 · holds 67,111 after · Form 4 on SEC

2 Mar 2026

McIntosh Scott B

VP, Controller, CAO

Sale $137K

1,750 shares at $78.21 · holds 24,223 after · Form 4 on SEC

27 Feb 2026

Hofmeister Brandon J.

Senior Vice President

Sale $313K

4,000 shares at $78.24 · holds 70,670 after · Form 4 on SEC

25 Feb 2026

Leopold Diane

Director

Buy $153K

2,000 shares at $76.70 · holds 2,769 after · Form 4 on SEC

20 Feb 2026

Russell John G

Director

Sale $1M

14,914 shares at $75.76 · holds 131,568 after · Form 4 on SEC

3 Nov 2025

Hofmeister Brandon J.

Senior Vice President

Sale $290K

4,000 shares at $72.47 · holds 64,490 after · Form 4 on SEC

5 Sep 2025

Snyder Lauren Y

Senior Vice President

Sale $158K

2,220 shares at $71.26 · holds 13,512 after · Form 4 on SEC

8 Aug 2025

Hofmeister Brandon J.

Senior Vice President

Sale $147K

2,000 shares at $73.62 · holds 68,036 after · Form 4 on SEC

6 May 2025

Hofmeister Brandon J.

Senior Vice President

Sale $162K

2,198 shares at $73.61 · holds 69,571 after · Form 4 on SEC

Latest 10 open-market trades in the last 24 months, newest first. One line is one trade date in one filing; a sale filled in several lots is added up.

Source: Form 4 and 4/A filings on SEC EDGAR, which officers, directors and 10% owners must file within two business days of a trade; the filings in this data run to 13 November 2026. Buying and selling here means open-market purchases (transaction code P) and sales (code S) only. Awards, option exercises, shares withheld to pay tax and gifts are counted apart, because they are not a decision to buy or sell at the market price. Dollar values are shares times the price on the filing; a price far from that day's close is left out of the totals. A sale under a Rule 10b5-1 plan was scheduled in advance. The "holds after" figure is as reported and can leave out options and unvested units. Largest recent insider purchases across the S&P 500.

Technical summary

Daily

Strongly bullish

11 bullish · 4 neutral · 1 bearish

Weekly

Strongly bullish

9 bullish · 1 neutral · 2 bearish

Monthly

Neutral

4 bullish · 1 neutral · 3 bearish

Moving averages (daily)

SMA 10	69.79	Bullish
EMA 10	69.64	Bullish
SMA 20	69.38	Bullish
EMA 20	69.07	Bullish
SMA 50	67.04	Bullish
EMA 50	68.42	Bullish
SMA 100	69.61	Bullish
EMA 100	69.19	Bullish
SMA 200	71.87	Bearish
EMA 200	70.14	Bullish

Oscillators (daily)

RSI (14)	60.27	Neutral
MACD (12, 26)	0.77	Bullish
Momentum (12)	3.18	Bullish
Stochastic %K (14)	62.29	Neutral
Williams %R (14)	-37.71	Neutral
CCI (20)	94.93	Neutral

Pivot points (classic, last session)

68.57

68.98

69.68

Pivot

70.08

70.78

71.19

71.89

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

2.28 USD

Yield on today's price

3.24%

Frequency

Quarterly

Next ex-dividend date

Not announced

Tap a dividend date to compare the dividend yield on that day with today's.

Ex-dividend date	Amount per share
	0.5700
This payment: 0.5700 USD per share, ex-dividend 6 Nov 2026. On 6 Nov 2026 3.30% Share price that day 69.18 USD. Dividends in the 12 months up to that day: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5700
This payment: 0.5700 USD per share, ex-dividend 7 Aug 2026. On 7 Aug 2026 3.17% Share price that day 71.03 USD. Dividends in the 12 months up to that day: 2.25 USD (0.5700 + 0.5700 + 0.5700 + 0.5425). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5700
This payment: 0.5700 USD per share, ex-dividend 8 May 2026. On 8 May 2026 3.06% Share price that day 72.61 USD. Dividends in the 12 months up to that day: 2.22 USD (0.5700 + 0.5700 + 0.5425 + 0.5425). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5700
This payment: 0.5700 USD per share, ex-dividend 17 Feb 2026. On 17 Feb 2026 2.89% Share price that day 76.04 USD. Dividends in the 12 months up to that day: 2.20 USD (0.5700 + 0.5425 + 0.5425 + 0.5425). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5425
This payment: 0.5425 USD per share, ex-dividend 7 Nov 2025. On 7 Nov 2025 2.96% Share price that day 73.23 USD. Dividends in the 12 months up to that day: 2.17 USD (0.5425 + 0.5425 + 0.5425 + 0.5425). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5425
This payment: 0.5425 USD per share, ex-dividend 8 Aug 2025. On 8 Aug 2025 2.92% Share price that day 73.48 USD. Dividends in the 12 months up to that day: 2.14 USD (0.5425 + 0.5425 + 0.5425 + 0.5150). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5425
This payment: 0.5425 USD per share, ex-dividend 9 May 2025. On 9 May 2025 2.93% Share price that day 72.28 USD. Dividends in the 12 months up to that day: 2.12 USD (0.5425 + 0.5425 + 0.5150 + 0.5150). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5425
This payment: 0.5425 USD per share, ex-dividend 14 Feb 2025. On 14 Feb 2025 3.03% Share price that day 68.81 USD. Dividends in the 12 months up to that day: 2.09 USD (0.5425 + 0.5150 + 0.5150 + 0.5150). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5150
This payment: 0.5150 USD per share, ex-dividend 13 Nov 2024. On 13 Nov 2024 3.04% Share price that day 67.69 USD. Dividends in the 12 months up to that day: 2.06 USD (0.5150 + 0.5150 + 0.5150 + 0.5150). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5150
This payment: 0.5150 USD per share, ex-dividend 2 Aug 2024. On 2 Aug 2024 3.07% Share price that day 66.12 USD. Dividends in the 12 months up to that day: 2.03 USD (0.5150 + 0.5150 + 0.5150 + 0.4875). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5150
This payment: 0.5150 USD per share, ex-dividend 14 May 2024. On 14 May 2024 3.21% Share price that day 62.39 USD. Dividends in the 12 months up to that day: 2.01 USD (0.5150 + 0.5150 + 0.4875 + 0.4875). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.
	0.5150
This payment: 0.5150 USD per share, ex-dividend 9 Feb 2024. On 9 Feb 2024 3.53% Share price that day 56.08 USD. Dividends in the 12 months up to that day: 1.98 USD (0.5150 + 0.4875 + 0.4875 + 0.4875). Today, latest close 13 Nov 2026 3.24% Share price 70.38 USD. Dividends in the last 12 months: 2.28 USD (0.5700 + 0.5700 + 0.5700 + 0.5700). Dividend yield = dividends paid in the 12 months up to that day divided by the share price that day, before tax. Past dividends are not a promise of future ones.

Ex-dividend dates and amounts from our market-data provider. Shown as declared, before tax.

ETFs that hold CMS

ETF	Share of the fund
UTES Virtus Reaves Utilities	3.61%
FXU First Trust Utilities AlphaDEX	2.39%
XLU Utilities Select Sector SPDR	1.66%
FUTY Fidelity MSCI Utilities Index	1.44%
VPU Vanguard Utilities	1.43%
IDU iShares U.S. Utilities	1.37%
SPLV Invesco S&P 500 Low Volatility	1.16%
EMLP First Trust North American Energy Infr...	0.94%

The eight funds with the largest weight in CMS among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.