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Side-by-side financial comparison of CF Industries (CF) and CMS Energy (CMS). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.9B, roughly 1.1× CF Industries). CF Industries runs the higher net margin — 26.4% vs 13.5%, a 12.9% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 13.0%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -0.2%).
CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
CF vs CMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.1B |
| Net Profit | $495.0M | $289.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 20.4% |
| Net Margin | 26.4% | 13.5% |
| Revenue YoY | 22.8% | 13.0% |
| Net Profit YoY | 26.3% | 9.1% |
| EPS (diluted) | $2.56 | $0.94 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $2.4B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.5B | $2.1B |
| Q4 25 | $495.0M | $289.0M | ||
| Q3 25 | $460.0M | $277.0M | ||
| Q2 25 | $492.0M | $201.0M | ||
| Q1 25 | $351.0M | $304.0M | ||
| Q4 24 | $392.0M | $265.0M | ||
| Q3 24 | $341.0M | $253.0M | ||
| Q2 24 | $506.0M | $198.0M | ||
| Q1 24 | $238.0M | $287.0M |
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 33.0% | 20.4% | ||
| Q3 25 | 35.0% | 24.4% | ||
| Q2 25 | 34.3% | 17.6% | ||
| Q1 25 | 27.4% | 20.6% | ||
| Q4 24 | 28.9% | 22.5% | ||
| Q3 24 | 26.6% | 21.4% | ||
| Q2 24 | 40.6% | 18.0% | ||
| Q1 24 | 20.6% | 19.2% |
| Q4 25 | 26.4% | 13.5% | ||
| Q3 25 | 27.7% | 14.0% | ||
| Q2 25 | 26.0% | 11.2% | ||
| Q1 25 | 21.1% | 12.7% | ||
| Q4 24 | 25.7% | 14.0% | ||
| Q3 24 | 24.9% | 14.8% | ||
| Q2 24 | 32.2% | 12.6% | ||
| Q1 24 | 16.2% | 13.4% |
| Q4 25 | $2.56 | $0.94 | ||
| Q3 25 | $2.19 | $0.92 | ||
| Q2 25 | $2.37 | $0.66 | ||
| Q1 25 | $1.85 | $1.01 | ||
| Q4 24 | $1.86 | $0.88 | ||
| Q3 24 | $1.55 | $0.84 | ||
| Q2 24 | $2.30 | $0.65 | ||
| Q1 24 | $1.03 | $0.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $509.0M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $9.1B |
| Total Assets | $14.1B | $39.9B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $509.0M | ||
| Q3 25 | — | $362.0M | ||
| Q2 25 | — | $844.0M | ||
| Q1 25 | — | $465.0M | ||
| Q4 24 | — | $103.0M | ||
| Q3 24 | — | $412.0M | ||
| Q2 24 | — | $699.0M | ||
| Q1 24 | — | $802.0M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $9.1B | ||
| Q3 25 | $4.8B | $8.9B | ||
| Q2 25 | $5.0B | $8.4B | ||
| Q1 25 | $4.8B | $8.3B | ||
| Q4 24 | $5.0B | $8.2B | ||
| Q3 24 | $5.2B | $8.1B | ||
| Q2 24 | $5.5B | $8.0B | ||
| Q1 24 | $5.4B | $7.9B |
| Q4 25 | $14.1B | $39.9B | ||
| Q3 25 | $14.2B | $38.0B | ||
| Q2 25 | $13.8B | $37.7B | ||
| Q1 25 | $13.3B | $36.3B | ||
| Q4 24 | $13.5B | $35.9B | ||
| Q3 24 | $13.8B | $34.8B | ||
| Q2 24 | $13.8B | $34.4B | ||
| Q1 24 | $13.9B | $33.9B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.55× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $539.0M | $478.0M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $478.0M | ||
| Q3 25 | $1.1B | $343.0M | ||
| Q2 25 | $563.0M | $414.0M | ||
| Q1 25 | $586.0M | $1.0B | ||
| Q4 24 | $420.0M | $403.0M | ||
| Q3 24 | $931.0M | $304.0M | ||
| Q2 24 | $475.0M | $707.0M | ||
| Q1 24 | $445.0M | $956.0M |
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | $-635.0M | ||
| Q2 25 | $318.0M | $-470.0M | ||
| Q1 25 | $454.0M | $112.0M | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | $-502.0M | ||
| Q2 24 | $391.0M | $26.0M | ||
| Q1 24 | $347.0M | $343.0M |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | -32.2% | ||
| Q2 25 | 16.8% | -26.1% | ||
| Q1 25 | 27.3% | 4.7% | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | -29.3% | ||
| Q2 24 | 24.9% | 1.6% | ||
| Q1 24 | 23.6% | 16.0% |
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | 49.5% | ||
| Q2 25 | 13.0% | 49.2% | ||
| Q1 25 | 7.9% | 37.0% | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | 47.1% | ||
| Q2 24 | 5.3% | 43.2% | ||
| Q1 24 | 6.7% | 28.6% |
| Q4 25 | 1.09× | 1.65× | ||
| Q3 25 | 2.31× | 1.24× | ||
| Q2 25 | 1.14× | 2.06× | ||
| Q1 25 | 1.67× | 3.29× | ||
| Q4 24 | 1.07× | 1.52× | ||
| Q3 24 | 2.73× | 1.20× | ||
| Q2 24 | 0.94× | 3.57× | ||
| Q1 24 | 1.87× | 3.33× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
