CMS Energy (CMS) vs NiSource (NI)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 7, 2026.
Summary
NiSource (NI) has outperformed CMS Energy (CMS) over the past year, losing 7.0% versus a loss of 11.8%. Over five years, NI leads with a +62.9% price change compared with +7.9% for CMS. CMS Energy is the larger company by market cap ($20.40 billion vs $19.44 billion), about 1.0 times the size, while NiSource is growing revenue faster (+23.5% vs +13.6%).
On valuation, CMS Energy trades at a lower forward P/E (15.7x vs 18.0x for NiSource). CMS Energy offers the higher dividend yield (3.42% vs 1.43%). NiSource converts more of its revenue into profit, with a net margin of 14.3% versus 12.5%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | CMS | NI |
|---|---|---|
| Share price | $65.07 | $40.54 |
| Market cap | $20.40B | $19.44B |
| 1-day change | 0.00% | -0.32% |
| YTD return | -6.95% | -2.92% |
| 1-year return | -11.78% | -7.00% |
| 5-year return | +7.91% | +62.94% |
| P/E ratio (TTM) | 19.54 | 21.56 |
| Forward P/E | 15.66 | 18.01 |
| EPS (TTM) | $3.33 | $1.88 |
| Dividend yield | 3.42% | 1.43% |
| Annual dividend | $2.23 | $0.58 |
| Revenue (latest FY) | $8.54B | $6.52B |
| Revenue growth (YoY) | +13.63% | +23.47% |
| Net income (latest FY) | $1.07B | $929.50M |
| Gross margin | — | 75.71% |
| Operating margin | 20.22% | 28.14% |
| Net margin | 12.54% | 14.25% |
| 52-week high | $80.36 | $49.21 |
| 52-week low | $62.29 | $38.42 |
| Distance from 52-week high | -19.03% | -17.62% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +19.23% | +21.19% |
| Average volume | 3.71M | 5.53M |
| Shares outstanding | 313.58M | 479.56M |
| Employees | 8,350 | 7,668 |
| Sector | Utilities | Utilities |
| Industry | Power Generation | Power Generation |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- CMS Energy offers a meaningfully higher dividend yield (3.42% vs 1.43%).
- NiSource grew revenue faster in its latest fiscal year (+23.47% vs +13.63%).
About CMS Energy
CMS stock →CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy.
Utilities · Power Generation · 8,350 employees
About NiSource
NI stock →NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations.
Utilities · Power Generation · 7,668 employees
CMS vs NI FAQ
Which is bigger, CMS Energy or NiSource?
CMS Energy (CMS) is larger, with a market capitalization of $20.40B compared with $19.44B for NiSource (NI).
Which stock has performed better over the past year, CMS or NI?
NI returned -7.00% over the past 12 months, compared with -11.78% for CMS (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, CMS or NI?
CMS has the lower trailing P/E at 19.5, versus 21.6 for NI. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, CMS Energy or NiSource?
CMS Energy has the higher yield at 3.42%, compared with 1.43% for NiSource.
Are CMS Energy and NiSource in the same industry?
Yes. Both are classified in the Power Generation industry within the Utilities sector.