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Side-by-side financial comparison of CMS Energy (CMS) and DaVita (DVA). Click either name above to swap in a different company.
DaVita is the larger business by last-quarter revenue ($3.6B vs $2.1B, roughly 1.7× CMS Energy). CMS Energy runs the higher net margin — 13.5% vs 6.5%, a 7.1% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 12.3%). Over the past eight quarters, DaVita's revenue compounded faster (6.6% 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.
DaVita Inc. is an American company that provides kidney dialysis services through a network of 2,675 outpatient centers in the United States, serving 200,800 patients, and 367 outpatient centers in 11 other countries serving 49,400 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo kidney dialysis, often 3 times per week for the rest of their lives unless they receive a kidney transplant via organ donation.
CMS vs DVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.6B |
| Net Profit | $289.0M | $234.2M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 15.5% |
| Net Margin | 13.5% | 6.5% |
| Revenue YoY | 13.0% | 12.3% |
| Net Profit YoY | 9.1% | 43.8% |
| EPS (diluted) | $0.94 | $3.22 |
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 | — | $3.6B | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.0B | $3.4B | ||
| Q2 25 | $1.8B | $3.4B | ||
| Q1 25 | $2.4B | $3.2B | ||
| Q4 24 | $1.9B | $3.3B | ||
| Q3 24 | $1.7B | $3.3B | ||
| Q2 24 | $1.6B | $3.2B |
| Q1 26 | — | $234.2M | ||
| Q4 25 | $289.0M | $234.2M | ||
| Q3 25 | $277.0M | $150.3M | ||
| Q2 25 | $201.0M | $199.3M | ||
| Q1 25 | $304.0M | $162.9M | ||
| Q4 24 | $265.0M | $259.3M | ||
| Q3 24 | $253.0M | $214.7M | ||
| Q2 24 | $198.0M | $222.7M |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 20.4% | 15.5% | ||
| Q3 25 | 24.4% | 14.8% | ||
| Q2 25 | 17.6% | 15.9% | ||
| Q1 25 | 20.6% | 13.6% | ||
| Q4 24 | 22.5% | 17.2% | ||
| Q3 24 | 21.4% | 16.4% | ||
| Q2 24 | 18.0% | 15.9% |
| Q1 26 | — | 6.5% | ||
| Q4 25 | 13.5% | 6.5% | ||
| Q3 25 | 14.0% | 4.4% | ||
| Q2 25 | 11.2% | 5.9% | ||
| Q1 25 | 12.7% | 5.1% | ||
| Q4 24 | 14.0% | 7.9% | ||
| Q3 24 | 14.8% | 6.6% | ||
| Q2 24 | 12.6% | 7.0% |
| Q1 26 | — | $3.22 | ||
| Q4 25 | $0.94 | $3.22 | ||
| Q3 25 | $0.92 | $2.04 | ||
| Q2 25 | $0.66 | $2.58 | ||
| Q1 25 | $1.01 | $2.00 | ||
| Q4 24 | $0.88 | $3.08 | ||
| Q3 24 | $0.84 | $2.50 | ||
| Q2 24 | $0.65 | $2.50 |
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 | $700.7M |
| Total DebtLower is stronger | — | $10.2B |
| Stockholders' EquityBook value | $9.1B | $-651.1M |
| Total Assets | $39.9B | $17.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $700.7M | ||
| Q4 25 | $509.0M | $700.7M | ||
| Q3 25 | $362.0M | $736.5M | ||
| Q2 25 | $844.0M | $739.4M | ||
| Q1 25 | $465.0M | $511.9M | ||
| Q4 24 | $103.0M | $846.0M | ||
| Q3 24 | $412.0M | $1.1B | ||
| Q2 24 | $699.0M | $437.2M |
| Q1 26 | — | $10.2B | ||
| Q4 25 | — | $10.2B | ||
| Q3 25 | — | $10.2B | ||
| Q2 25 | — | $10.1B | ||
| Q1 25 | — | $9.6B | ||
| Q4 24 | — | $9.2B | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | $8.5B |
| Q1 26 | — | $-651.1M | ||
| Q4 25 | $9.1B | $-651.1M | ||
| Q3 25 | $8.9B | $-571.9M | ||
| Q2 25 | $8.4B | $-369.6M | ||
| Q1 25 | $8.3B | $-267.1M | ||
| Q4 24 | $8.2B | $121.1M | ||
| Q3 24 | $8.1B | $386.7M | ||
| Q2 24 | $8.0B | $632.9M |
| Q1 26 | — | $17.5B | ||
| Q4 25 | $39.9B | $17.5B | ||
| Q3 25 | $38.0B | $17.6B | ||
| Q2 25 | $37.7B | $17.5B | ||
| Q1 25 | $36.3B | $17.1B | ||
| Q4 24 | $35.9B | $17.3B | ||
| Q3 24 | $34.8B | $17.5B | ||
| Q2 24 | $34.4B | $17.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 75.76× | ||
| Q3 24 | — | 23.95× | ||
| Q2 24 | — | 13.35× |
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 | $540.7M | ||
| Q3 25 | $343.0M | $841.5M | ||
| Q2 25 | $414.0M | $324.2M | ||
| Q1 25 | $1.0B | $180.0M | ||
| Q4 24 | $403.0M | $547.6M | ||
| Q3 24 | $304.0M | $810.4M | ||
| Q2 24 | $707.0M | $798.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $395.3M | ||
| Q3 25 | $-635.0M | $675.4M | ||
| Q2 25 | $-470.0M | $203.1M | ||
| Q1 25 | $112.0M | $36.8M | ||
| Q4 24 | — | $377.0M | ||
| Q3 24 | $-502.0M | $671.4M | ||
| Q2 24 | $26.0M | $674.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | -32.2% | 19.7% | ||
| Q2 25 | -26.1% | 6.0% | ||
| Q1 25 | 4.7% | 1.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | -29.3% | 20.6% | ||
| Q2 24 | 1.6% | 21.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | 49.5% | 4.9% | ||
| Q2 25 | 49.2% | 3.6% | ||
| Q1 25 | 37.0% | 4.4% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | 47.1% | 4.3% | ||
| Q2 24 | 43.2% | 3.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 2.31× | ||
| Q3 25 | 1.24× | 5.60× | ||
| Q2 25 | 2.06× | 1.63× | ||
| Q1 25 | 3.29× | 1.10× | ||
| Q4 24 | 1.52× | 2.11× | ||
| Q3 24 | 1.20× | 3.77× | ||
| Q2 24 | 3.57× | 3.59× |
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% |
DVA
Segment breakdown not available.
