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Side-by-side financial comparison of CMS Energy (CMS) and Dover Corporation (DOV). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $2.1B, roughly 1.0× Dover Corporation). CMS Energy runs the higher net margin — 13.5% vs 13.4%, a 0.1% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 12.5%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -1.8%).
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.
Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under the symbol DOV. Dover was ranked 448 in the 2024 Fortu...
CMS vs DOV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.1B |
| Net Profit | $289.0M | $282.1M |
| Gross Margin | — | 39.1% |
| Operating Margin | 20.4% | 16.5% |
| Net Margin | 13.5% | 13.4% |
| Revenue YoY | 13.0% | 12.5% |
| Net Profit YoY | 9.1% | 22.2% |
| EPS (diluted) | $0.94 | $2.06 |
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.
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.1B | $2.1B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $2.4B | $1.9B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.7B | $2.0B | ||
| Q2 24 | $1.6B | $2.2B |
| Q1 26 | — | $282.1M | ||
| Q4 25 | $289.0M | $282.1M | ||
| Q3 25 | $277.0M | $302.0M | ||
| Q2 25 | $201.0M | $279.1M | ||
| Q1 25 | $304.0M | $230.8M | ||
| Q4 24 | $265.0M | $1.4B | ||
| Q3 24 | $253.0M | $347.1M | ||
| Q2 24 | $198.0M | $281.8M |
| Q1 26 | — | 39.1% | ||
| Q4 25 | — | 39.1% | ||
| Q3 25 | — | 40.1% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 40.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 38.5% | ||
| Q2 24 | — | 37.7% |
| Q1 26 | — | 16.5% | ||
| Q4 25 | 20.4% | 16.5% | ||
| Q3 25 | 24.4% | 18.2% | ||
| Q2 25 | 17.6% | 17.3% | ||
| Q1 25 | 20.6% | 15.9% | ||
| Q4 24 | 22.5% | 14.0% | ||
| Q3 24 | 21.4% | 16.8% | ||
| Q2 24 | 18.0% | 17.0% |
| Q1 26 | — | 13.4% | ||
| Q4 25 | 13.5% | 13.4% | ||
| Q3 25 | 14.0% | 14.5% | ||
| Q2 25 | 11.2% | 13.6% | ||
| Q1 25 | 12.7% | 12.4% | ||
| Q4 24 | 14.0% | 96.4% | ||
| Q3 24 | 14.8% | 17.5% | ||
| Q2 24 | 12.6% | 12.9% |
| Q1 26 | — | $2.06 | ||
| Q4 25 | $0.94 | $2.06 | ||
| Q3 25 | $0.92 | $2.19 | ||
| Q2 25 | $0.66 | $2.02 | ||
| Q1 25 | $1.01 | $1.67 | ||
| Q4 24 | $0.88 | $10.38 | ||
| Q3 24 | $0.84 | $2.51 | ||
| Q2 24 | $0.65 | $2.04 |
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 | — | $3.3B |
| Stockholders' EquityBook value | $9.1B | $7.4B |
| Total Assets | $39.9B | $13.4B |
| Debt / EquityLower = less leverage | — | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| 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 26 | — | $3.3B | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B |
| Q1 26 | — | $7.4B | ||
| Q4 25 | $9.1B | $7.4B | ||
| Q3 25 | $8.9B | $7.7B | ||
| Q2 25 | $8.4B | $7.4B | ||
| Q1 25 | $8.3B | $7.1B | ||
| Q4 24 | $8.2B | $7.0B | ||
| Q3 24 | $8.1B | $5.7B | ||
| Q2 24 | $8.0B | $5.4B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | $39.9B | $13.4B | ||
| Q3 25 | $38.0B | $13.4B | ||
| Q2 25 | $37.7B | $13.2B | ||
| Q1 25 | $36.3B | $12.6B | ||
| Q4 24 | $35.9B | $12.5B | ||
| Q3 24 | $34.8B | $11.9B | ||
| Q2 24 | $34.4B | $11.3B |
| Q1 26 | — | 0.45× | ||
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.53× | ||
| Q2 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 | $478.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $543.9M | ||
| Q3 25 | $343.0M | $424.2M | ||
| Q2 25 | $414.0M | $212.3M | ||
| Q1 25 | $1.0B | $157.5M | ||
| Q4 24 | $403.0M | $439.0M | ||
| Q3 24 | $304.0M | $353.2M | ||
| Q2 24 | $707.0M | $203.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $487.0M | ||
| Q3 25 | $-635.0M | $370.1M | ||
| Q2 25 | $-470.0M | $151.4M | ||
| Q1 25 | $112.0M | $109.3M | ||
| Q4 24 | — | $385.0M | ||
| Q3 24 | $-502.0M | $325.0M | ||
| Q2 24 | $26.0M | $162.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 23.2% | ||
| Q3 25 | -32.2% | 17.8% | ||
| Q2 25 | -26.1% | 7.4% | ||
| Q1 25 | 4.7% | 5.9% | ||
| Q4 24 | — | 25.8% | ||
| Q3 24 | -29.3% | 16.4% | ||
| Q2 24 | 1.6% | 7.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | 49.5% | 2.6% | ||
| Q2 25 | 49.2% | 3.0% | ||
| Q1 25 | 37.0% | 2.6% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 47.1% | 1.4% | ||
| Q2 24 | 43.2% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 1.93× | ||
| Q3 25 | 1.24× | 1.40× | ||
| Q2 25 | 2.06× | 0.76× | ||
| Q1 25 | 3.29× | 0.68× | ||
| Q4 24 | 1.52× | 0.31× | ||
| Q3 24 | 1.20× | 1.02× | ||
| Q2 24 | 3.57× | 0.72× |
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% |
DOV
Segment breakdown not available.
