CMS vs LIVN: How CMS Energy Corporation and LivaNova Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CMS and LIVN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CMS and LIVN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

CMS Energy Corporation is a holding company headquartered in Jackson, Michigan, whose principal business is Consumers Energy, one of the largest regulated combination utilities in the country, delivering electricity and natural gas to roughly 6.7 million of Michigan's 10 million residents. The company also runs a smaller non-utility enterprise segment (NorthStar Clean Energy) involved in independent power and renewable projects. Because the vast majority of earnings come from rate-regulated operations, CMS Energy's profit is driven largely by the rate base it invests in and the returns approved by the Michigan Public Service Commission.

Full CMS guide

LivaNova PLC is a medical technology company incorporated in the United Kingdom, headquartered in London with major US operations in Houston, and listed on the Nasdaq. It was formed in 2015 by merging Italy's Sorin Group with US-based Cyberonics, which is why the business still looks like two companies bolted together. The Cardiopulmonary segment sells the equipment used to keep a patient alive during open-heart surgery: heart-lung machines (led by the Essenz Perfusion System), oxygenators, autotransfusion systems, cannulae and perfusion tubing sets. The Neuromodulation segment sells the VNS Therapy system, an implanted pulse generator and lead that stimulates the vagus nerve to treat drug-resistant epilepsy, plus development programs in difficult-to-treat depression and, as of 2026, the FDA-approved aura6000 proximal hypoglossal nerve stimulation implant for moderate to severe obstructive sleep apnea. Vladimir Makatsaria has led the company as chief executive since 2024.

Full LIVN guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CMS drivers: Rate-base and capital plan growth; Clean energy transformation.
• LIVN drivers: Epilepsy pricing and reimbursement reset; Cardiopulmonary share gains and the capacity build.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a capital-intensive regulated utility, CMS Energy carries substantial debt and is sensitive to interest rates, which raise financing costs and can weigh on the share price and valuation. For LIVN, the largest single item is the SNIA environmental case in Italy, where the Italian Supreme Court ruled in March 2025 that LivaNova can be held jointly and severally liable for SNIA's pre-demerger environmental liabilities, leading the company to record roughly 333 million euros (about $360 million) as its best estimate; the balance sheet carried roughly 345.5 million euros of current liability as of March 31, 2026, and the Public Administrations have asserted a minimum of 108.8 million euros in additional costs on remand to the Court of Appeal of Milan, so the final number and its timing are still open.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CMS if you believe its drivers more; LIVN if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CMS and LIVN guides.

CMS. CMS Energy trades at a premium utility multiple in the low-20s times earnings, reflecting its consistent regulated growth and long dividend record. In Q1 2026 the company reported operating revenue of about $2.73 billion and adjusted EPS of $1.13, beating estimates, and reaffirmed full-year guidance. Valuation and yield tend to move with interest rates, so the stock often behaves more like a bond-proxy than a cyclical name.

LIVN. LivaNova trades at roughly 23x trailing and roughly 18x forward earnings against a US medical equipment peer group that has generally sat in the mid-20s, so the market is applying a discount rather than a growth premium despite both segments growing near 10%. The most common explanation is the unresolved SNIA liability of roughly $360 million, which is about 8% of the market capitalization and has no fixed settlement date, plus the cut to adjusted free cash flow guidance ($140 million to $160 million, down from $160 million to $180 million) as capital spending rose to $135 million. Analyst price targets published around the second-quarter report clustered near an $86 average with a range of roughly $67 to $90 across about ten covering firms, which is a narrow band by small-cap medtech standards and reflects a business whose operating trajectory is easier to model than its legal one.

Headline figures (approximate, July 2026): CMS shows market cap ~$24 billion, revenue (ttm) ~$8 billion, 2026 adjusted eps guidance ~$3.83 to $3.90, p/e ratio (trailing) ~21x; LIVN shows revenue (ttm) ~$1.47 billion, revenue (q2 2026) ~$390.5 million (up ~10.8% year over year), net income (ttm) ~$189 million (~12.8% net margin), adjusted eps guidance (fy 2026) ~$4.30 to $4.40, on 8% to 9% constant-currency revenue growth.

CMS and LIVN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CMS and LIVN exposure against your real portfolio. It is not an investment adviser.