CMSC
UtilitiesCMS Energy Corporation 5.875% J · Regulated Electric · $7B
What is CMS Energy Corporation 5.875% J?
CMSC represents the 5.875% Junior Subordinated Notes issued by CMS Energy Corporation, a Michigan-based utility holding company operating electric and natural gas services.
CMS Energy operates through three segments: an Electric Utility that generates and distributes power, a Gas Utility that purchases, stores, and delivers natural gas, and NorthStar Clean Energy, which develops and operates renewable generation and independent power production across domestic markets.
CMS Energy Corporation is headquartered in Jackson, MI.
- Electric generation and distribution
- Natural gas transmission and storage
- Renewable and independent power production
Is CMSC a Good Stock to Buy?
UQS Score rates CMSC as Below Average overall.
Valuation stands out as Attractive relative to peers, which may appeal to income-focused investors seeking fixed-income utility exposure. Quality, Moat, and Growth each register as Neutral, reflecting the steady but unexceptional profile typical of regulated utility notes.
The Risk pillar scores Weak, signaling elevated financial or structural risk that investors in this instrument should weigh carefully.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does CMSC pay dividends?
Yes — CMS Energy Corporation 5.875% J pays a dividend.
CMSC pays a regular fixed coupon, consistent with its nature as a subordinated debt instrument. The 5.875% coupon rate is a defining feature of these notes, offering predictable income. Payments reflect CMS Energy's obligation as issuer rather than a discretionary equity dividend policy.
When does CMSC report earnings?
CMS Energy Corporation reports earnings on a quarterly cadence, typical for US-listed equities.
As a utility holding company, CMS Energy's results tend to reflect regulated rate structures and seasonal energy demand rather than sharp swings in revenue. Performance across its electric and gas segments is generally tied to regulatory outcomes and infrastructure investment cycles.
For the most recent quarter's results, see CMS Energy's investor relations page.
CMSC Price History
+11.3% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in CMS Energy Corporation 5.875% J?
Based on CMS Energy Corporation 5.875% J's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does CMS Energy Corporation do?
CMS Energy is a utility holding company that provides electric and natural gas services in Michigan. It operates power generation, gas transmission and storage, and a clean energy segment focused on renewable power production.
Does CMSC pay dividends?
CMSC pays a regular fixed coupon as a subordinated notes instrument. This income is contractual rather than a discretionary dividend, making it distinct from common equity dividends.
When does CMSC report earnings?
CMS Energy reports on a quarterly basis. Because CMSC is a debt instrument, note holders should monitor the parent company's results. Check CMS Energy's investor relations page for the latest schedule.
Is CMSC a good stock to buy?
UQS Score rates CMSC as Below Average overall. Valuation is Attractive, but the Risk pillar is Weak. Whether it suits your portfolio depends on your income goals and risk tolerance. View the full analysis on UQS Score for more detail.
Is CMSC overvalued?
The UQS Valuation pillar rates CMSC as Attractive, suggesting the notes are not trading at a premium relative to comparable instruments. Full valuation metrics are available to Pro members on UQS Score.
What is CMSC's market cap bracket?
CMSC falls in the mid-cap bracket based on the overall scale of CMS Energy Corporation's capital structure and market presence.
Is CMSC a long-term quality indicator?
From a long-term quality standpoint, CMSC's Neutral Quality and Moat scores suggest a stable but undifferentiated profile. The Weak Risk pillar warrants attention for investors considering a long holding period. Pro members can access the complete pillar detail.
What sector does CMSC belong to?
CMSC is issued by a company in the Utilities sector. Regulated utilities typically offer stable cash flows tied to infrastructure investment and rate-setting by public commissions.
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Pro Analysis
CMSC — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 11, 2026 | 47.1 | 47.4 | 46.0 | 47.1 | 4.6 | 91.1 | -0.3 |
| May 10, 2026 | 47.4 | 48.3 | 46.0 | 47.1 | 4.6 | 91.1 | -1.1 |
| May 8, 2026 | 48.5 | 27.0 | 46.0 | 47.1 | 38.9 | 100.0 | +2.0 |
| Apr 25, 2026 | 46.5 | 44.1 | 46.0 | 47.1 | 6.0 | 91.1 | 0.0 |
| Apr 24, 2026 | 46.5 | 44.1 | 46.0 | 47.1 | 6.0 | 90.9 | 0.0 |
| Apr 18, 2026 | 46.5 | 44.1 | 46.0 | 47.1 | 6.0 | 91.0 | -1.3 |
| Apr 2, 2026 | 47.8 | 44.1 | 46.0 | 47.1 | 6.0 | 100.0 | — |
CMSC — Pillar Breakdown
Quality
— 47.4/100 (25%)CMS Energy Corporation 5.875% J has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 47.1/100 (20%)CMS Energy Corporation 5.875% J shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 4.6/100 (15%)CMS Energy Corporation 5.875% J presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 90.3/100 (15%)CMS Energy Corporation 5.875% J appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 46/100 (25%)CMS Energy Corporation 5.875% J possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for CMSC.
Score Composition
Financial Data
More Stock Analysis
How is the CMSC UQS Score Calculated?
The UQS (Unified Quality Score) for CMS Energy Corporation 5.875% J is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses CMS Energy Corporation 5.875% J's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether CMS Energy Corporation 5.875% J is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.