CMS CMS Energy
too hard · 32
Owner-earnings value$50.22
Price$65.49
Margin of safety
-23.3%
Quality gate · 32/100
⚠ sub-hurdle returns (median roic 6% < 9%) · over-levered (net debt/EBITDA 5.6x > 4x)
Median ROIC5.8%
Gross margin40.3%
Net debt / EBITDA5.6x
FCF conversion-140%
Share count / yr+1.7%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 1.03B |
| Owner-earnings yield | 5.1% |
| Free-cash-flow yield | -10.4% |
| Growth used (normalized) | 0.0% |
| Market-implied growth (reverse DCF) | 6.3% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.0% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 1.03B | 0.0% | 941.28M |
| 2 | 1.03B | 0.3% | 866.44M |
| 3 | 1.04B | 0.7% | 800.20M |
| 4 | 1.05B | 1.0% | 741.47M |
| 5 | 1.06B | 1.3% | 689.32M |
| 6 | 1.08B | 1.7% | 642.94M |
| 7 | 1.10B | 2.0% | 601.65M |
| 8 | 1.13B | 2.3% | 564.85M |
| 9 | 1.16B | 2.7% | 532.03M |
| 10 | 1.19B | 3.0% | 502.75M |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~6%/yr owner-earnings growth over 10y (reverse DCF); model credits 0%.