vs
Side-by-side financial comparison of CMS Energy (CMS) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.6B, roughly 1.4× DARLING INGREDIENTS INC.). CMS Energy runs the higher net margin — 13.5% vs 1.2%, a 12.3% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 10.0%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -1.6%).
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.
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
CMS vs DAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.6B |
| Net Profit | $289.0M | $19.4M |
| Gross Margin | — | 24.7% |
| Operating Margin | 20.4% | 4.6% |
| Net Margin | 13.5% | 1.2% |
| Revenue YoY | 13.0% | 10.0% |
| Net Profit YoY | 9.1% | 14.2% |
| EPS (diluted) | $0.94 | $0.12 |
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 | — | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
| Q4 25 | $289.0M | — | ||
| Q3 25 | $277.0M | $19.4M | ||
| Q2 25 | $201.0M | $12.7M | ||
| Q1 25 | $304.0M | $-26.2M | ||
| Q4 24 | $265.0M | $101.9M | ||
| Q3 24 | $253.0M | $16.9M | ||
| Q2 24 | $198.0M | $78.9M | ||
| Q1 24 | $287.0M | $81.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 24.7% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 21.4% |
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | 4.6% | ||
| Q2 25 | 17.6% | 5.1% | ||
| Q1 25 | 20.6% | 2.1% | ||
| Q4 24 | 22.5% | 8.6% | ||
| Q3 24 | 21.4% | 4.2% | ||
| Q2 24 | 18.0% | 10.2% | ||
| Q1 24 | 19.2% | 9.7% |
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.0% | 1.2% | ||
| Q2 25 | 11.2% | 0.9% | ||
| Q1 25 | 12.7% | -1.9% | ||
| Q4 24 | 14.0% | 7.2% | ||
| Q3 24 | 14.8% | 1.2% | ||
| Q2 24 | 12.6% | 5.4% | ||
| Q1 24 | 13.4% | 5.7% |
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | $0.12 | ||
| Q2 25 | $0.66 | $0.08 | ||
| Q1 25 | $1.01 | $-0.16 | ||
| Q4 24 | $0.88 | $0.63 | ||
| Q3 24 | $0.84 | $0.11 | ||
| Q2 24 | $0.65 | $0.49 | ||
| Q1 24 | $0.96 | $0.50 |
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 | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $9.1B | $4.7B |
| Total Assets | $39.9B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | $91.5M | ||
| Q2 25 | $844.0M | $94.6M | ||
| Q1 25 | $465.0M | $81.5M | ||
| Q4 24 | $103.0M | $76.0M | ||
| Q3 24 | $412.0M | $114.8M | ||
| Q2 24 | $699.0M | $121.6M | ||
| Q1 24 | $802.0M | $145.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | $4.7B | ||
| Q2 25 | $8.4B | $4.6B | ||
| Q1 25 | $8.3B | $4.4B | ||
| Q4 24 | $8.2B | $4.4B | ||
| Q3 24 | $8.1B | $4.6B | ||
| Q2 24 | $8.0B | $4.5B | ||
| Q1 24 | $7.9B | $4.6B |
| Q4 25 | $39.9B | — | ||
| Q3 25 | $38.0B | $10.5B | ||
| Q2 25 | $37.7B | $10.3B | ||
| Q1 25 | $36.3B | $10.0B | ||
| Q4 24 | $35.9B | $10.1B | ||
| Q3 24 | $34.8B | $10.6B | ||
| Q2 24 | $34.4B | $10.6B | ||
| Q1 24 | $33.9B | $10.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
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 | $224.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | — | ||
| Q3 25 | $343.0M | $224.3M | ||
| Q2 25 | $414.0M | $145.8M | ||
| Q1 25 | $1.0B | $249.0M | ||
| Q4 24 | $403.0M | $154.4M | ||
| Q3 24 | $304.0M | $274.5M | ||
| Q2 24 | $707.0M | $146.5M | ||
| Q1 24 | $956.0M | $263.9M |
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | — | ||
| Q2 24 | $26.0M | — | ||
| Q1 24 | $343.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 28.6% | — |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 11.59× | ||
| Q2 25 | 2.06× | 11.52× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 1.52× | ||
| Q3 24 | 1.20× | 16.19× | ||
| Q2 24 | 3.57× | 1.86× | ||
| Q1 24 | 3.33× | 3.25× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
