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Side-by-side financial comparison of CMS Energy (CMS) and Dexcom (DXCM). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.3B, roughly 1.7× Dexcom). Dexcom runs the higher net margin — 21.2% vs 13.5%, a 7.7% gap on every dollar of revenue. On growth, Dexcom posted the faster year-over-year revenue change (21.6% vs 13.0%). Over the past eight quarters, Dexcom's revenue compounded faster (12.0% 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.
Dexcom, Inc. is an American multinational healthcare company that develops, manufactures, produces and distributes a line of continuous glucose monitoring (CGM) systems for diabetes management. It operates internationally with global headquarters and R&D center in San Diego, California, U.S.A. and manufacturing facilities in Mesa, Arizona, U.S.A.; Batu Kawan, Malaysia and Athenry, County Galway, Ireland.
CMS vs DXCM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.3B |
| Net Profit | $289.0M | $267.3M |
| Gross Margin | — | 62.9% |
| Operating Margin | 20.4% | 25.6% |
| Net Margin | 13.5% | 21.2% |
| Revenue YoY | 13.0% | 21.6% |
| Net Profit YoY | 9.1% | 153.6% |
| EPS (diluted) | $0.94 | $0.67 |
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 | — | $1.3B | ||
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $1.0B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.7B | $994.2M | ||
| Q2 24 | $1.6B | $1.0B |
| Q1 26 | — | $267.3M | ||
| Q4 25 | $289.0M | $267.3M | ||
| Q3 25 | $277.0M | $283.8M | ||
| Q2 25 | $201.0M | $179.8M | ||
| Q1 25 | $304.0M | $105.4M | ||
| Q4 24 | $265.0M | $151.7M | ||
| Q3 24 | $253.0M | $134.6M | ||
| Q2 24 | $198.0M | $143.5M |
| Q1 26 | — | 62.9% | ||
| Q4 25 | — | 62.9% | ||
| Q3 25 | — | 60.5% | ||
| Q2 25 | — | 59.5% | ||
| Q1 25 | — | 56.9% | ||
| Q4 24 | — | 58.9% | ||
| Q3 24 | — | 59.7% | ||
| Q2 24 | — | 62.4% |
| Q1 26 | — | 25.6% | ||
| Q4 25 | 20.4% | 25.6% | ||
| Q3 25 | 24.4% | 20.1% | ||
| Q2 25 | 17.6% | 18.4% | ||
| Q1 25 | 20.6% | 12.9% | ||
| Q4 24 | 22.5% | 17.0% | ||
| Q3 24 | 21.4% | 15.3% | ||
| Q2 24 | 18.0% | 15.7% |
| Q1 26 | — | 21.2% | ||
| Q4 25 | 13.5% | 21.2% | ||
| Q3 25 | 14.0% | 23.5% | ||
| Q2 25 | 11.2% | 15.5% | ||
| Q1 25 | 12.7% | 10.2% | ||
| Q4 24 | 14.0% | 13.6% | ||
| Q3 24 | 14.8% | 13.5% | ||
| Q2 24 | 12.6% | 14.3% |
| Q1 26 | — | $0.67 | ||
| Q4 25 | $0.94 | $0.67 | ||
| Q3 25 | $0.92 | $0.70 | ||
| Q2 25 | $0.66 | $0.45 | ||
| Q1 25 | $1.01 | $0.27 | ||
| Q4 24 | $0.88 | $0.37 | ||
| Q3 24 | $0.84 | $0.34 | ||
| Q2 24 | $0.65 | $0.35 |
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 | $917.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $2.7B |
| Total Assets | $39.9B | $6.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $917.7M | ||
| Q4 25 | $509.0M | $917.7M | ||
| Q3 25 | $362.0M | $1.8B | ||
| Q2 25 | $844.0M | $1.2B | ||
| Q1 25 | $465.0M | $904.9M | ||
| Q4 24 | $103.0M | $606.1M | ||
| Q3 24 | $412.0M | $621.2M | ||
| Q2 24 | $699.0M | $939.2M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $9.1B | $2.7B | ||
| Q3 25 | $8.9B | $2.7B | ||
| Q2 25 | $8.4B | $2.6B | ||
| Q1 25 | $8.3B | $2.3B | ||
| Q4 24 | $8.2B | $2.1B | ||
| Q3 24 | $8.1B | $2.0B | ||
| Q2 24 | $8.0B | $2.4B |
| Q1 26 | — | $6.3B | ||
| Q4 25 | $39.9B | $6.3B | ||
| Q3 25 | $38.0B | $7.5B | ||
| Q2 25 | $37.7B | $7.3B | ||
| Q1 25 | $36.3B | $6.8B | ||
| Q4 24 | $35.9B | $6.5B | ||
| Q3 24 | $34.8B | $6.4B | ||
| Q2 24 | $34.4B | $6.8B |
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 | $294.0M | ||
| Q3 25 | $343.0M | $659.9M | ||
| Q2 25 | $414.0M | $303.0M | ||
| Q1 25 | $1.0B | $183.8M | ||
| Q4 24 | $403.0M | $301.4M | ||
| Q3 24 | $304.0M | $199.5M | ||
| Q2 24 | $707.0M | $279.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $192.1M | ||
| Q3 25 | $-635.0M | $579.4M | ||
| Q2 25 | $-470.0M | $208.9M | ||
| Q1 25 | $112.0M | $96.8M | ||
| Q4 24 | — | $176.8M | ||
| Q3 24 | $-502.0M | $88.3M | ||
| Q2 24 | $26.0M | $213.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.3% | ||
| Q3 25 | -32.2% | 47.9% | ||
| Q2 25 | -26.1% | 18.1% | ||
| Q1 25 | 4.7% | 9.3% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | -29.3% | 8.9% | ||
| Q2 24 | 1.6% | 21.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | 49.5% | 6.7% | ||
| Q2 25 | 49.2% | 8.1% | ||
| Q1 25 | 37.0% | 8.4% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | 47.1% | 11.2% | ||
| Q2 24 | 43.2% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 1.10× | ||
| Q3 25 | 1.24× | 2.33× | ||
| Q2 25 | 2.06× | 1.69× | ||
| Q1 25 | 3.29× | 1.74× | ||
| Q4 24 | 1.52× | 1.99× | ||
| Q3 24 | 1.20× | 1.48× | ||
| Q2 24 | 3.57× | 1.95× |
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% |
DXCM
Segment breakdown not available.
