Is CMS Energy Stock Underperforming the S&P 500?

With a market cap of $21.4 billion, CMS Energy Corporation (CMS) is an energy provider, operating primarily through its Electric Utility, Gas Utility, and NorthStar Clean Energy segments. It delivers electricity and natural gas to a combined 3.7 million customers across the state, supported by extensive distribution networks and storage infrastructure. 

Companies valued at $10 billion or more are generally considered "large-cap" stocks, and CMS Energy fits this criterion perfectly. The company also develops and operates renewable generation assets through its NorthStar Clean Energy division.

Shares of the Jackson, Michigan-based company have fallen 8.4% from its 52-week high of $76.45. CMS Energy’s shares have declined 1.7% over the past three months, lagging behind the broader S&P 500 Index’s ($SPX) 5.4% gain over the same time frame.

In the longer term, CMS stock is up over 5% on a YTD basis, underperforming SPX’s 17.1% increase. Moreover, shares of the energy company have risen 3.5% over the past 52 weeks, compared to the 14.1% return of the SPX over the same time frame.

Despite recent fluctuations, the stock has been trading mostly above its 200-day moving average since last year.

Shares of CMS Energy rose 1.3% on Oct. 30 after the company posted stronger-than-expected Q3 2025 adjusted EPS of $0.93 and revenue of $2.02 billion. Confidence was further boosted by CMS Energy raising its 2025 adjusted EPS guidance to $3.56 - $3.60 and initiating 2026 guidance at $3.80 - $3.87.

In comparison, rival NextEra Energy, Inc. (NEE) has lagged behind CMS stock. NEE stock has increased 13.4% on a YTD basis and 9.6% over the past 52 weeks.

Despite the stock’s underperformance over the past year, analysts remain moderately optimistic on CMS. It has a consensus rating of “Moderate Buy” from the 16 analysts in coverage, and the mean price target of $80.08 is a premium of 14.4% to current levels.