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Side-by-side financial comparison of CMS Energy (CMS) and Dream Finders Homes, Inc. (DFH). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.8× Dream Finders Homes, Inc.). CMS Energy runs the higher net margin — 13.5% vs 4.8%, a 8.7% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -22.3%). Over the past eight quarters, Dream Finders Homes, Inc.'s revenue compounded faster (21.0% CAGR vs -0.2%).
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.
Dream Finders Homes, Inc. is a U.S. homebuilding firm that constructs and sells entry-level to luxury residential properties, including single-family homes and townhomes, across high-growth domestic markets. It also provides mortgage, title insurance and home warranty services for homebuyers.
CMS vs DFH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.2B |
| Net Profit | $289.0M | $58.8M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 6.4% |
| Net Margin | 13.5% | 4.8% |
| Revenue YoY | 13.0% | -22.3% |
| Net Profit YoY | 9.1% | -54.9% |
| EPS (diluted) | $0.94 | $0.57 |
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 | $1.2B | ||
| Q3 25 | $2.0B | $969.8M | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $989.9M | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $2.1B | $827.8M |
| Q4 25 | $289.0M | $58.8M | ||
| Q3 25 | $277.0M | $47.0M | ||
| Q2 25 | $201.0M | $56.6M | ||
| Q1 25 | $304.0M | $54.9M | ||
| Q4 24 | $265.0M | $130.5M | ||
| Q3 24 | $253.0M | $70.7M | ||
| Q2 24 | $198.0M | $80.9M | ||
| Q1 24 | $287.0M | $54.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 18.0% |
| Q4 25 | 20.4% | 6.4% | ||
| Q3 25 | 24.4% | 6.3% | ||
| Q2 25 | 17.6% | 6.4% | ||
| Q1 25 | 20.6% | 7.2% | ||
| Q4 24 | 22.5% | 10.8% | ||
| Q3 24 | 21.4% | 9.2% | ||
| Q2 24 | 18.0% | 10.0% | ||
| Q1 24 | 19.2% | 8.6% |
| Q4 25 | 13.5% | 4.8% | ||
| Q3 25 | 14.0% | 4.8% | ||
| Q2 25 | 11.2% | 4.9% | ||
| Q1 25 | 12.7% | 5.5% | ||
| Q4 24 | 14.0% | 8.4% | ||
| Q3 24 | 14.8% | 7.0% | ||
| Q2 24 | 12.6% | 7.7% | ||
| Q1 24 | 13.4% | 6.6% |
| Q4 25 | $0.94 | $0.57 | ||
| Q3 25 | $0.92 | $0.47 | ||
| Q2 25 | $0.66 | $0.56 | ||
| Q1 25 | $1.01 | $0.54 | ||
| Q4 24 | $0.88 | $1.28 | ||
| Q3 24 | $0.84 | $0.70 | ||
| Q2 24 | $0.65 | $0.81 | ||
| Q1 24 | $0.96 | $0.55 |
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 | $234.8M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $9.1B | $1.4B |
| Total Assets | $39.9B | $3.7B |
| Debt / EquityLower = less leverage | — | 1.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $234.8M | ||
| Q3 25 | $362.0M | $251.0M | ||
| Q2 25 | $844.0M | $210.3M | ||
| Q1 25 | $465.0M | $297.5M | ||
| Q4 24 | $103.0M | $274.4M | ||
| Q3 24 | $412.0M | $204.9M | ||
| Q2 24 | $699.0M | $274.8M | ||
| Q1 24 | $802.0M | $239.4M |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $9.1B | $1.4B | ||
| Q3 25 | $8.9B | $1.4B | ||
| Q2 25 | $8.4B | $1.3B | ||
| Q1 25 | $8.3B | $1.3B | ||
| Q4 24 | $8.2B | $1.2B | ||
| Q3 24 | $8.1B | $1.1B | ||
| Q2 24 | $8.0B | $1.0B | ||
| Q1 24 | $7.9B | $968.7M |
| Q4 25 | $39.9B | $3.7B | ||
| Q3 25 | $38.0B | $3.8B | ||
| Q2 25 | $37.7B | $3.7B | ||
| Q1 25 | $36.3B | $3.5B | ||
| Q4 24 | $35.9B | $3.3B | ||
| Q3 24 | $34.8B | $3.3B | ||
| Q2 24 | $34.4B | $3.0B | ||
| Q1 24 | $33.9B | $2.7B |
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $143.6M |
| Free Cash FlowOCF − Capex | — | $136.0M |
| FCF MarginFCF / Revenue | — | 11.2% |
| Capex IntensityCapex / Revenue | — | 0.6% |
| Cash ConversionOCF / Net Profit | 1.65× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-126.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $143.6M | ||
| Q3 25 | $343.0M | $-131.0M | ||
| Q2 25 | $414.0M | $-68.5M | ||
| Q1 25 | $1.0B | $-44.7M | ||
| Q4 24 | $403.0M | $306.5M | ||
| Q3 24 | $304.0M | $-205.0M | ||
| Q2 24 | $707.0M | $-110.6M | ||
| Q1 24 | $956.0M | $-247.5M |
| Q4 25 | — | $136.0M | ||
| Q3 25 | $-635.0M | $-135.7M | ||
| Q2 25 | $-470.0M | $-78.8M | ||
| Q1 25 | $112.0M | $-47.9M | ||
| Q4 24 | — | $302.6M | ||
| Q3 24 | $-502.0M | $-222.5M | ||
| Q2 24 | $26.0M | $-112.4M | ||
| Q1 24 | $343.0M | $-249.6M |
| Q4 25 | — | 11.2% | ||
| Q3 25 | -32.2% | -14.0% | ||
| Q2 25 | -26.1% | -6.8% | ||
| Q1 25 | 4.7% | -4.8% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | -29.3% | -22.1% | ||
| Q2 24 | 1.6% | -10.6% | ||
| Q1 24 | 16.0% | -30.2% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 49.5% | 0.5% | ||
| Q2 25 | 49.2% | 0.9% | ||
| Q1 25 | 37.0% | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 47.1% | 1.7% | ||
| Q2 24 | 43.2% | 0.2% | ||
| Q1 24 | 28.6% | 0.3% |
| Q4 25 | 1.65× | 2.44× | ||
| Q3 25 | 1.24× | -2.79× | ||
| Q2 25 | 2.06× | -1.21× | ||
| Q1 25 | 3.29× | -0.81× | ||
| Q4 24 | 1.52× | 2.35× | ||
| Q3 24 | 1.20× | -2.90× | ||
| Q2 24 | 3.57× | -1.37× | ||
| Q1 24 | 3.33× | -4.54× |
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% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
