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Side-by-side financial comparison of CMS Energy (CMS) and CVR ENERGY INC (CVI). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.8B, roughly 1.2× CVR ENERGY INC). CMS Energy runs the higher net margin — 13.5% vs -6.1%, a 19.6% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -7.0%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -1.4%).
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.
CVR Energy Inc is a United States-based energy holding company operating two core segments: petroleum refining and nitrogen fertilizer manufacturing. It produces a wide range of products including gasoline, diesel, jet fuel, and agricultural fertilizers, primarily serving commercial, industrial and agricultural customers across North America.
CMS vs CVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.8B |
| Net Profit | $289.0M | $-110.0M |
| Gross Margin | — | -3.1% |
| Operating Margin | 20.4% | -5.3% |
| Net Margin | 13.5% | -6.1% |
| Revenue YoY | 13.0% | -7.0% |
| Net Profit YoY | 9.1% | -492.9% |
| EPS (diluted) | $0.94 | $-1.09 |
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 | $2.1B | $1.8B | ||
| Q3 25 | $2.0B | $1.9B | ||
| Q2 25 | $1.8B | $1.8B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $1.9B | $1.9B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $2.1B | $1.9B |
| Q4 25 | $289.0M | $-110.0M | ||
| Q3 25 | $277.0M | $374.0M | ||
| Q2 25 | $201.0M | $-114.0M | ||
| Q1 25 | $304.0M | $-123.0M | ||
| Q4 24 | $265.0M | $28.0M | ||
| Q3 24 | $253.0M | $-124.0M | ||
| Q2 24 | $198.0M | $21.0M | ||
| Q1 24 | $287.0M | $82.0M |
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | 20.4% | -5.3% | ||
| Q3 25 | 24.4% | 26.3% | ||
| Q2 25 | 17.6% | -5.8% | ||
| Q1 25 | 20.6% | -8.0% | ||
| Q4 24 | 22.5% | 1.1% | ||
| Q3 24 | 21.4% | -6.2% | ||
| Q2 24 | 18.0% | 1.4% | ||
| Q1 24 | 19.2% | 6.6% |
| Q4 25 | 13.5% | -6.1% | ||
| Q3 25 | 14.0% | 19.2% | ||
| Q2 25 | 11.2% | -6.5% | ||
| Q1 25 | 12.7% | -7.5% | ||
| Q4 24 | 14.0% | 1.4% | ||
| Q3 24 | 14.8% | -6.8% | ||
| Q2 24 | 12.6% | 1.1% | ||
| Q1 24 | 13.4% | 4.4% |
| Q4 25 | $0.94 | $-1.09 | ||
| Q3 25 | $0.92 | $3.72 | ||
| Q2 25 | $0.66 | $-1.14 | ||
| Q1 25 | $1.01 | $-1.22 | ||
| Q4 24 | $0.88 | $0.28 | ||
| Q3 24 | $0.84 | $-1.24 | ||
| Q2 24 | $0.65 | $0.21 | ||
| Q1 24 | $0.96 | $0.81 |
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 | $511.0M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $9.1B | $730.0M |
| Total Assets | $39.9B | $3.7B |
| Debt / EquityLower = less leverage | — | 2.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $511.0M | ||
| Q3 25 | $362.0M | $670.0M | ||
| Q2 25 | $844.0M | $596.0M | ||
| Q1 25 | $465.0M | $695.0M | ||
| Q4 24 | $103.0M | $987.0M | ||
| Q3 24 | $412.0M | $534.0M | ||
| Q2 24 | $699.0M | $586.0M | ||
| Q1 24 | $802.0M | $644.0M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | $9.1B | $730.0M | ||
| Q3 25 | $8.9B | $840.0M | ||
| Q2 25 | $8.4B | $466.0M | ||
| Q1 25 | $8.3B | $580.0M | ||
| Q4 24 | $8.2B | $703.0M | ||
| Q3 24 | $8.1B | $675.0M | ||
| Q2 24 | $8.0B | $849.0M | ||
| Q1 24 | $7.9B | $879.0M |
| Q4 25 | $39.9B | $3.7B | ||
| Q3 25 | $38.0B | $4.0B | ||
| Q2 25 | $37.7B | $4.0B | ||
| Q1 25 | $36.3B | $4.3B | ||
| Q4 24 | $35.9B | $4.3B | ||
| Q3 24 | $34.8B | $3.9B | ||
| Q2 24 | $34.4B | $4.0B | ||
| Q1 24 | $33.9B | $4.1B |
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 2.17× | ||
| Q2 25 | — | 3.97× | ||
| Q1 25 | — | 3.29× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.33× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | — | 1.79× |
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 | $478.0M | $0 |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $0 | ||
| Q3 25 | $343.0M | $163.0M | ||
| Q2 25 | $414.0M | $176.0M | ||
| Q1 25 | $1.0B | $-195.0M | ||
| Q4 24 | $403.0M | $98.0M | ||
| Q3 24 | $304.0M | $48.0M | ||
| Q2 24 | $707.0M | $81.0M | ||
| Q1 24 | $956.0M | $177.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | $125.0M | ||
| Q2 25 | $-470.0M | $135.0M | ||
| Q1 25 | $112.0M | $-246.0M | ||
| Q4 24 | — | $43.0M | ||
| Q3 24 | $-502.0M | $14.0M | ||
| Q2 24 | $26.0M | $38.0M | ||
| Q1 24 | $343.0M | $130.0M |
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | 6.4% | ||
| Q2 25 | -26.1% | 7.7% | ||
| Q1 25 | 4.7% | -14.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | -29.3% | 0.8% | ||
| Q2 24 | 1.6% | 1.9% | ||
| Q1 24 | 16.0% | 7.0% |
| Q4 25 | — | 3.0% | ||
| Q3 25 | 49.5% | 2.0% | ||
| Q2 25 | 49.2% | 2.3% | ||
| Q1 25 | 37.0% | 3.1% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 47.1% | 1.9% | ||
| Q2 24 | 43.2% | 2.2% | ||
| Q1 24 | 28.6% | 2.5% |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 0.44× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 3.50× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | 3.86× | ||
| Q1 24 | 3.33× | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
CVI
| Petroleum Segment | $1.6B | 91% |
| Product UAN | $64.0M | 4% |
| Product Ammonia | $51.0M | 3% |
| Renewables Diesel | $27.0M | 1% |
| Product Urea Products | $8.0M | 0% |
| Renewable Fuel Credits | $7.0M | 0% |
