CMS Energy Corporation (CMS) Insider, 13F Hedge Fund & Politician Buy/Sell Thermometer

Per the Roarable RQD rating, CMS scores 58 out of 100, graded D+, with the verdict "Roarable Sell — Weak Fundamentals / Trim." The five pillars are:

• Fundamental Cash Engine (10 / 20): The rating cites ROIC of 5.2% and an FCF yield of 8.54%. This is the weakest pillar relative to the investment case; a low ROIC means the business earns a modest return on the capital it deploys, which limits how much value growth can be created per dollar invested.
• Whale 13F Flow (12 / 20): Institutional accumulation and options positioning are rated mid-range. No holder-level detail is provided in the source data, so the direction and size of institutional flow cannot be verified beyond the rating itself.
• Insider Conviction (16 / 20): The strongest pillar, based on SEC Form 4 and Congressional PTR cluster flow. The source data does not itemize individual transactions, so this score cannot be traced to specific trades.
• Macro Regime Fit (8 / 20): Beta of 0.73 and sector sensitivity are cited. A beta below 1.0 indicates lower price sensitivity than the broad market, which can offer relative stability in a risk-off environment but limits upside in a risk-on environment.
• Forensic Balance Sheet (12 / 20): Altman Z of 1.12, Piotroski F of 7/9, and Debt/Equity of 1.95. The Altman Z-score sits in a range the source does not interpret for this company, while the Piotroski score is relatively strong and the leverage ratio is elevated.

For a prospective investor, the combined score points to a stock whose valuation (forward P/E 17.1, dividend yield 3.4%) and cash yield (FCF yield 8.54%) may appeal to income-oriented analysis, but whose low ROIC, elevated leverage, and weak macro-regime score argue against treating it as a high-conviction candidate on current data. The verdict is the rating provider's conclusion and should be weighed against the underlying facts below.

Per the market data, operating margin is 20.8%, net margin is 12.9%, and gross margin is 0%. ROIC is 5.2%. Per the Roarable RQD rating, the Altman Z-Score is 1.12 and the Piotroski F-Score is 7/9. Debt/Equity is 1.95 per the RQD rating. Reported debt rose from $2806.1M in FY 2023 to $17807.0M in FY 2025 while cash moved from N/A to $509.0M, indicating a substantial increase in leverage over the period shown.

• Earnings (YELLOW, MARKET WIRE): A Yahoo Finance item titled around CMS's next earnings report, published 1h before the data timestamp.
• Price target cut (RED, RISK WATCH): A TradingView item reports a 12-month price target cut to $75.25, which the headline frames as implying 10% upside from the current level.
• Institutional buying (YELLOW, MARKET WIRE): An InsuranceNewsNet item reports a purchase of 436,250 CMS shares by Assenagon Asset Management S.A.
• Q3 results (YELLOW, MARKET WIRE): A Seeking Alpha item references a 2026 Q3 earnings call presentation dated 2026-10-27.
• Dividend (YELLOW, MARKET WIRE): A MarketScreener item reports a quarterly dividend declaration on common stock.
• Q3 earnings beat (YELLOW, MARKET WIRE): A Yahoo Finance item reports Q3 earnings topped estimates and revenues increased year over year.

Butterfly supply-chain graph: sector Utilities, industry Power Generation, supply chain NONE, with no butterfly links or proprietary signals recorded.

• What are the company's specific products, customer segments, and revenue mix behind the Power Generation classification?
• Why is EPS reported as N/A across all three periods, and how does it reconcile with the EPS (TTM) of 3.41?
• What is the source and methodology for the 1.12 Altman Z-score, and how should it be interpreted for a utility of this scale?
• What drove the increase in debt from $2806.1M (FY 2023) to $17807.0M (FY 2025), and how is that financed?
• Who is the author of the $75.25 price target, and what is the basis for the implied 10% upside?