CMSD
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079
Regulated Electric
Market Cap$7.18B
5Y Perf.-12.0%
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Stock Comparison
CMSD vs NI
Revenue, margins, valuation, and 5-year total return — side by side.
NI
NiSource Inc.
Regulated Gas
Market Cap$22.72B
5Y Perf.+97.3%
CMSD vs NI — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | CMSD | NI |
|---|---|---|
| Industry | Regulated Electric | Regulated Gas |
| Market Cap | $7.18B | $22.72B |
| Revenue (TTM) | $8.54B | $6.82B |
| Net Income (TTM) | $1.07B | $962M |
| Gross Margin | 26.2% | 62.8% |
| Operating Margin | 20.2% | 27.8% |
| Forward P/E | 6.0x | 22.9x |
| Total Debt | $18.90B | $16.24B |
| Cash & Equiv. | $615M | $136M |
CMSD vs NI — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
CMSD
NI
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| CMS Energy Corporat… (CMSD) | 100 | 88.0 | -12.0% |
| NiSource Inc. (NI) | 100 | 197.3 | +97.3% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CMSD vs NI
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NI leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 is the stronger pick specifically for valuation and capital efficiency and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
CMSD
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079
The Income Pick
CMSD is the clearest fit if your priority is income & stability and defensive.
- Dividend streak 16 yrs, beta 0.69, yield 9.4%
- Beta 0.69, yield 9.4%, current ratio 0.98x
- Lower P/E (6.0x vs 22.9x)
Best for: income & stability and defensive
NI
NiSource Inc.
The Growth Play
NI carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 21.8%, EPS growth 20.4%, 3Y rev CAGR 4.3%
- 141.5% 10Y total return vs CMSD's 34.6%
- Lower volatility, beta 0.22, current ratio 0.69x
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | NI | 21.8% revenue growth vs CMSD's 13.6% |
| Value | CMSD | Lower P/E (6.0x vs 22.9x) |
| Quality / Margins | NI | 14.1% margin vs CMSD's 12.5% |
| Stability / Safety | NI | Beta 0.22 vs CMSD's 0.69, lower leverage |
| Dividends | CMSD | 9.4% yield, 16-year raise streak, vs NI's 2.4% |
| Momentum (1Y) | NI | +23.6% vs CMSD's +11.6% |
| Efficiency (ROA) | NI | 3.7% ROA vs CMSD's 2.8%, ROIC 5.3% vs 4.9% |
CMSD vs NI — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2023
CMSD vs NI — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNILAGGINGCMSD
CMSDCMS Energy Corporatio…
2leads
NINiSource Inc.
3leads
6 Total Categories
CATEGORYLEADERvs CMSDMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
CMSD5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NI8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NI6/6
Risk & VolatilityBeta, volatility, and downside exposure
NI2/2
Analyst OutlookRatings, price targets, and dividends
CMSD2/2
Income & Cash Flow (Last 12 Months)
Evenly matched — CMSD and NI each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
CMSD and NI operate at a comparable scale, with $8.5B and $6.8B in trailing revenue. Profitability is closely matched — net margins range from 14.1% (NI) to 12.5% (CMSD). On growth, CMSD holds the edge at +12.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CMSDCMS Energy Corpor… | NINiSource Inc. |
|---|---|---|
| RevenueTrailing 12 months | $8.5B | $6.8B |
| EBITDAEarnings before interest/tax | $2.8B | $3.1B |
| Net IncomeAfter-tax profit | $1.1B | $962M |
| Free Cash FlowCash after capex | $2.2B | -$1.0B |
| Gross MarginGross profit ÷ Revenue | +26.2% | +62.8% |
| Operating MarginEBIT ÷ Revenue | +20.2% | +27.8% |
| Net MarginNet income ÷ Revenue | +12.5% | +14.1% |
| FCF MarginFCF ÷ Revenue | +26.2% | -15.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +12.3% | +8.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +6.8% | +6.0% |
Evenly matched — CMSD and NI each lead in 3 of 6 comparable metrics.
Valuation Metrics
CMSD leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
At 6.6x trailing earnings, CMSD trades at a 73% valuation discount to NI's 24.3x P/E. On an enterprise value basis, CMSD's 9.0x EV/EBITDA is more attractive than NI's 12.9x.
| Metric | CMSDCMS Energy Corpor… | NINiSource Inc. |
|---|---|---|
| Market CapShares × price | $7.2B | $22.7B |
| Enterprise ValueMkt cap + debt − cash | $25.5B | $38.8B |
| Trailing P/EPrice ÷ TTM EPS | 6.63x | 24.35x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.05x | 22.85x |
| PEG RatioP/E ÷ EPS growth rate | 1.11x | — |
| EV / EBITDAEnterprise value multiple | 8.99x | 12.93x |
| Price / SalesMarket cap ÷ Revenue | 0.84x | 3.42x |
| Price / BookPrice ÷ Book value/share | 0.72x | 1.93x |
| Price / FCFMarket cap ÷ FCF | — | — |
CMSD leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
NI leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
CMSD delivers a 11.6% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $8 for NI. NI carries lower financial leverage with a 1.39x debt-to-equity ratio, signaling a more conservative balance sheet compared to CMSD's 1.95x. On the Piotroski fundamental quality scale (0–9), NI scores 7/9 vs CMSD's 6/9, reflecting strong financial health.
| Metric | CMSDCMS Energy Corpor… | NINiSource Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +11.6% | +8.4% |
| ROA (TTM)Return on assets | +2.8% | +3.7% |
| ROICReturn on invested capital | +4.9% | +5.3% |
| ROCEReturn on capital employed | +5.0% | +6.0% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 7 |
| Debt / EquityFinancial leverage | 1.95x | 1.39x |
| Net DebtTotal debt minus cash | $18.3B | $16.1B |
| Cash & Equiv.Liquid assets | $615M | $136M |
| Total DebtShort + long-term debt | $18.9B | $16.2B |
| Interest CoverageEBIT ÷ Interest expense | 2.42x | 2.87x |
NI leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NI leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NI five years ago would be worth $20,435 today (with dividends reinvested), compared to $11,154 for CMSD. Over the past 12 months, NI leads with a +23.6% total return vs CMSD's +11.6%. The 3-year compound annual growth rate (CAGR) favors NI at 21.3% vs CMSD's 4.4% — a key indicator of consistent wealth creation.
| Metric | CMSDCMS Energy Corpor… | NINiSource Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +0.8% | +14.0% |
| 1-Year ReturnPast 12 months | +11.6% | +23.6% |
| 3-Year ReturnCumulative with dividends | +13.8% | +78.4% |
| 5-Year ReturnCumulative with dividends | +11.5% | +104.3% |
| 10-Year ReturnCumulative with dividends | +34.6% | +141.5% |
| CAGR (3Y)Annualised 3-year return | +4.4% | +21.3% |
NI leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
NI leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
NI is the less volatile stock with a 0.22 beta — it tends to amplify market swings less than CMSD's 0.69 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | CMSDCMS Energy Corpor… | NINiSource Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.69x | 0.22x |
| 52-Week HighHighest price in past year | $24.76 | $48.98 |
| 52-Week LowLowest price in past year | $6.20 | $37.22 |
| % of 52W HighCurrent price vs 52-week peak | +94.6% | +96.9% |
| RSI (14)Momentum oscillator 0–100 | 69.7 | 56.3 |
| Avg Volume (50D)Average daily shares traded | 42K | 3.9M |
NI leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
CMSD leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
For income investors, CMSD offers the higher dividend yield at 9.42% vs NI's 2.35%.
| Metric | CMSDCMS Energy Corpor… | NINiSource Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $49.80 |
| # AnalystsCovering analysts | — | 22 |
| Dividend YieldAnnual dividend ÷ price | +9.4% | +2.4% |
| Dividend StreakConsecutive years of raises | 16 | 4 |
| Dividend / ShareAnnual DPS | $2.21 | $1.12 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
CMSD leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
NI leads in 3 of 6 categories (Profitability & Efficiency, Total Returns). CMSD leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Best OverallNiSource Inc. (NI)Leads 3 of 6 categories
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CMSD vs NI: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is CMSD or NI a better buy right now?
For growth investors, NiSource Inc.
(NI) is the stronger pick with 21. 8% revenue growth year-over-year, versus 13. 6% for CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 (CMSD). CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 (CMSD) offers the better valuation at 6. 6x trailing P/E (6. 0x forward), making it the more compelling value choice. Analysts rate NiSource Inc. (NI) a "Buy" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CMSD or NI?
On trailing P/E, CMS Energy Corporation 5.
875% Junior Subordinated Notes due 2079 (CMSD) is the cheapest at 6. 6x versus NiSource Inc. at 24. 3x. On forward P/E, CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 is actually cheaper at 6. 0x.
03Which is the better long-term investment — CMSD or NI?
Over the past 5 years, NiSource Inc.
(NI) delivered a total return of +104. 3%, compared to +11. 5% for CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 (CMSD). Over 10 years, the gap is even starker: NI returned +137. 6% versus CMSD's +34. 6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CMSD or NI?
By beta (market sensitivity over 5 years), NiSource Inc.
(NI) is the lower-risk stock at 0. 22β versus CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079's 0. 69β — meaning CMSD is approximately 218% more volatile than NI relative to the S&P 500. On balance sheet safety, NiSource Inc. (NI) carries a lower debt/equity ratio of 139% versus 195% for CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 — giving it more financial flexibility in a downturn.
05Which is growing faster — CMSD or NI?
By revenue growth (latest reported year), NiSource Inc.
(NI) is pulling ahead at 21. 8% versus 13. 6% for CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 (CMSD). On earnings-per-share growth, the picture is similar: NiSource Inc. grew EPS 20. 4% year-over-year, compared to 6. 0% for CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079. Over a 3-year CAGR, NI leads at 4. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CMSD or NI?
NiSource Inc.
(NI) is the more profitable company, earning 14. 0% net margin versus 12. 5% for CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 — meaning it keeps 14. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NI leads at 27. 6% versus 20. 2% for CMSD. At the gross margin level — before operating expenses — NI leads at 58. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is CMSD or NI more undervalued right now?
On forward earnings alone, CMS Energy Corporation 5.
875% Junior Subordinated Notes due 2079 (CMSD) trades at 6. 0x forward P/E versus 22. 9x for NiSource Inc. — 16. 8x cheaper on a one-year earnings basis.
08Which pays a better dividend — CMSD or NI?
All stocks in this comparison pay dividends.
CMS Energy Corporation 5. 875% Junior Subordinated Notes due 2079 (CMSD) offers the highest yield at 9. 4%, versus 2. 4% for NiSource Inc. (NI).
09Is CMSD or NI better for a retirement portfolio?
For long-horizon retirement investors, NiSource Inc.
(NI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 22), 2. 4% yield, +137. 6% 10Y return). Both have compounded well over 10 years (NI: +137. 6%, CMSD: +34. 6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CMSD and NI?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: CMSD is a small-cap deep-value stock; NI is a mid-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(CMSD: 12.3% · NI: 8.2%)Net Margin>
%
(CMSD: 12.5% · NI: 14.1%)P/E Ratio<
x
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