Stock fact sheet · data as of
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA): fair value, margin of safety and Wheel Score
Ticker symbol CMSA · Utilities · Regulated Electric · United States · Fund / Note
Is CMSA undervalued?
CMSA has a margin of safety of 37%: the stock closed at 19.34 on 5 Nov 2026 against a GLS average fair value of 30.51. 3 of the 7 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 7 models disagree widely: Lynch gives 5.84 while DCF gives 90.02. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
CMSA looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for CMSA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 90.02 | +365% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 44.15 | +128% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 17.74 | -8% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 5.84 | -70% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 14.25 | -26% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 33.14 | +71% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 8.44 | -56% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -23.36 | -221% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health CMSA scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. There is no GLS Moat score for CMSA: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC 3.8%, ROE 11.7%, ROA 2.7% - with debt at 2.07 times equity and negative free cash flow. Debt of 2.07 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 3.17% at a payout ratio of 81%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Residential Utility Services 56%, Commercial Utility Service 32%, Industrial Utility Service 12% (quarter Q3 FY2026).
Institutional ownership scores 3/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 3.8% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 11.7% |
| Debt / equity | 2.07 | ROA | 2.7% |
| Free-cash-flow yield | -7.8% | Payout ratio | 81% |
| Institutions | 3 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 31: No options
CMSA has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (31 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 16k shares a day on a market cap of $22.5B, with a beta of 0.50 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 8.0 years to repay its debt (over 6) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 37% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Strong | beta 0.50, $22.5B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CMSA in the nightly calendar. The shares go ex-dividend on 30 Nov 2026 (0.3516 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Regulated Electric
The 12 companies below are the closest to CMS Energy Corporation 5.6% JRSUB NT 78 by market cap within the Regulated Electric industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CMS CMS Energy Corporation | 70.98 | 48.16 | -47% | 29Weak | $22.3B |
| EIX Edison International | 61.48 | 236.56 | +74% | 50Fair | $23.7B |
| SOJD Southern Company (The) Series 2 | 17.57 | 33.32 | +47% | 35No options | $20.2B |
| EVRG Evergy, Inc. | 86.21 | 49.44 | -74% | 27Weak | $19.9B |
| LNT Alliant Energy Corporation | 73.77 | 49.60 | -49% | 28Weak | $19.1B |
| ES Eversource Energy | 70.46 | 47.70 | -48% | 31Weak | $26.5B |
| PPL PPL Corporation | 35.72 | 23.06 | -55% | 29Weak | $26.9B |
| SOJC The Southern Company JR 2017B NT 77 | 18.74 | 33.95 | +45% | 35No options | $18.7B |
| CNP CenterPoint Energy, Inc. | 41.04 | 21.50 | -91% | 37Weak | $27.2B |
| FE FirstEnergy Corp. | 47.18 | 33.45 | -41% | 31Weak | $27.3B |
| NSARP NSTAR Electric Company PFD 4.25% | 65.40 | 16,336.15 | +100% | 29No options | $27.6B |
| NSARO NSTAR Electric Company | 75.00 | 16,344.50 | +100% | 36No options | $27.6B |
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Start free See the Sunday ScanQuestions about CMSA
Is CMSA undervalued right now?
By the GLS models, yes: at 19.34 the stock is 37% below the average fair value of 30.51 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CMSA and what does it mean?
CMSA has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for CMSA?
30.51 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does CMS Energy Corporation 5.6% JRSUB NT 78 report earnings next?
No upcoming earnings date is recorded for CMSA in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CMSA have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CMSA, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.