CMS (CMS Energy) Construction In Progress: $3,594 Mil (As of Mar. 2026)


CMS CMS Energy Corp CMS
75 GF Score
Price $78.81
GF Value $76.06
Valuation Fairly Valued
! 11 Warning Signs
View Full Analysis

What is CMS Energy Construction In Progress?

CMS Energy CMS +2.22% 75 Construction In Progress is $3,594 Mil as of Mar. 2026. GuruFocus rates CMS with a GF Score™ of 75/100 and a GF Value™ of $76.06 (Fairly Valued). The stock has 11 warning signs investors should review.

CMS Energy's quarterly construction in progress declined from Sep. 2025 ($3,158 Mil) to Dec. 2025 ($3,052 Mil) but then increased from Dec. 2025 ($3,052 Mil) to Mar. 2026 ($3,594 Mil).

CMS Energy's annual construction in progress increased from Dec. 2023 ($944 Mil) to Dec. 2024 ($2,098 Mil) and increased from Dec. 2024 ($2,098 Mil) to Dec. 2025 ($3,052 Mil).

CMS Energy Construction In Progress Historical Data

* Premium members only.

The historical data trend for CMS Energy's Construction In Progress can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

CMS Energy Construction In Progress Chart

CMS Energy Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Construction In Progress
Get a 7-Day Free Trial Premium Member Only Premium Member Only 961.00 1,182.00 944.00 2,098.00 3,052.00

CMS Energy Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Construction In Progress Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2,420.00 2,750.00 3,158.00 3,052.00 3,594.00
CMS
75GF Score
CMS Energy Corp CMS
Construction In Progress is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CMS Energy Construction In Progress Calculation

It records the cost of construction work, which is not yet completed (typically, applied to capital budget items). A construction in progress item is not depreciated until the asset is placed in service. Normally, upon completion, a construction in progress item is reclassified, and the reclassified asset is capitalized and depreciated.

What does a Construction In Progress of $3,594 Mil mean?
CMS Energy (CMS) has a Construction In Progress of $3,594 Mil as of Mar. 2026. Construction in Progress records the amount of construction work that is not complete. View historical data on CMS Energy and its competitors.
Is CMS Energy's Construction In Progress too high?
CMS Energy's current Construction In Progress is $3,594 Mil. Overall, CMS Energy has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CMS Energy's Construction In Progress compare to ES and EVRG?
CMS Energy's Construction In Progress of $3,594 Mil can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Construction In Progress for an Utilities - Regulated company?
A good Construction In Progress depends on the Utilities - Regulated industry context. However, Construction In Progress should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Construction In Progress mean?
A high Construction In Progress can signal that a stock is expensive relative to its fundamentals. Construction in Progress records the amount of construction work that is not complete. View historical data on CMS Energy and its competitors. CMS Energy's current Construction In Progress is $3,594 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CMS Energy stock overvalued right now?
Based on GuruFocus' analysis, CMS Energy (CMS) is currently considered Fairly Valued. The stock's GF Value™ is $76.06, compared to a current price of $78.81 — trading 3.6% above its estimated fair value. The current Construction In Progress is $3,594 Mil. CMS Energy's overall GF Score™ is 75/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Construction In Progress calculated?
Construction In Progress is calculated from a company's financial statements. For CMS Energy (CMS), the current Construction In Progress is $3,594 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CMS Energy (CMS) Overvalued in 2026?

Based on GuruFocus' analysis, CMS Energy stock appears to be overvalued. The current stock price of $78.81 is trading 3.6% above its estimated GF Value™ of $76.06. GuruFocus considers CMS Energy to be Fairly Valued.

Key valuation signals for CMS:

  • Construction In Progress: $3,594 Mil
  • GF Value™: $76.06 vs. price of $78.81 (3.6% above fair value)
  • GF Score™: 75/100 with 11 warning signs

No single metric tells the full story. See the CMS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CMS Energy Business Description

Address One Energy Plaza, Jackson, MI, USA, 49201
CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. NorthStar Clean Energy, formerly CMS Enterprises, is engaged in wholesale power generation, including contracted renewable energy. CMS sold EnerBank in October 2021.
75GF Score

Get the complete analysis for CMS

Construction In Progress is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$78.81
Price
$76.06
GF Value