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Side-by-side financial comparison of CMS Energy (CMS) and F&G Annuities & Life, Inc. (FG). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.8B, roughly 1.2× F&G Annuities & Life, Inc.). CMS Energy runs the higher net margin — 13.5% vs 7.3%, a 6.3% gap on every dollar of revenue. On growth, F&G Annuities & Life, Inc. posted the faster year-over-year revenue change (13.2% vs 13.0%). Over the past eight quarters, F&G Annuities & Life, Inc.'s revenue compounded faster (6.1% 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.
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
CMS vs FG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.8B |
| Net Profit | $289.0M | $128.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | — |
| Net Margin | 13.5% | 7.3% |
| Revenue YoY | 13.0% | 13.2% |
| Net Profit YoY | 9.1% | -60.9% |
| EPS (diluted) | $0.94 | $0.97 |
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 | $1.8B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $2.4B | $908.0M | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.6B |
| Q4 25 | $289.0M | $128.0M | ||
| Q3 25 | $277.0M | $118.0M | ||
| Q2 25 | $201.0M | $40.0M | ||
| Q1 25 | $304.0M | $-21.0M | ||
| Q4 24 | $265.0M | $327.0M | ||
| Q3 24 | $253.0M | $-6.0M | ||
| Q2 24 | $198.0M | $203.0M | ||
| Q1 24 | $287.0M | $115.0M |
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 21.4% | — | ||
| Q2 24 | 18.0% | — | ||
| Q1 24 | 19.2% | — |
| Q4 25 | 13.5% | 7.3% | ||
| Q3 25 | 14.0% | 7.0% | ||
| Q2 25 | 11.2% | 2.9% | ||
| Q1 25 | 12.7% | -2.3% | ||
| Q4 24 | 14.0% | 21.0% | ||
| Q3 24 | 14.8% | -0.4% | ||
| Q2 24 | 12.6% | 17.3% | ||
| Q1 24 | 13.4% | 7.3% |
| Q4 25 | $0.94 | $0.97 | ||
| Q3 25 | $0.92 | $0.85 | ||
| Q2 25 | $0.66 | $0.26 | ||
| Q1 25 | $1.01 | $-0.20 | ||
| Q4 24 | $0.88 | $2.53 | ||
| Q3 24 | $0.84 | $-0.08 | ||
| Q2 24 | $0.65 | $1.55 | ||
| Q1 24 | $0.96 | $0.88 |
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 | $1.5B |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $9.1B | $4.8B |
| Total Assets | $39.9B | $98.4B |
| Debt / EquityLower = less leverage | — | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $1.5B | ||
| Q3 25 | $362.0M | $2.2B | ||
| Q2 25 | $844.0M | $1.9B | ||
| Q1 25 | $465.0M | $3.3B | ||
| Q4 24 | $103.0M | $2.3B | ||
| Q3 24 | $412.0M | $3.5B | ||
| Q2 24 | $699.0M | $3.5B | ||
| Q1 24 | $802.0M | $2.4B |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $9.1B | $4.8B | ||
| Q3 25 | $8.9B | $4.8B | ||
| Q2 25 | $8.4B | $4.4B | ||
| Q1 25 | $8.3B | $4.4B | ||
| Q4 24 | $8.2B | $4.0B | ||
| Q3 24 | $8.1B | $4.3B | ||
| Q2 24 | $8.0B | $3.7B | ||
| Q1 24 | $7.9B | $3.5B |
| Q4 25 | $39.9B | $98.4B | ||
| Q3 25 | $38.0B | $96.1B | ||
| Q2 25 | $37.7B | $91.8B | ||
| Q1 25 | $36.3B | $88.0B | ||
| Q4 24 | $35.9B | $85.0B | ||
| Q3 24 | $34.8B | $84.1B | ||
| Q2 24 | $34.4B | $78.5B | ||
| Q1 24 | $33.9B | $74.4B |
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.55× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.56× | ||
| Q1 24 | — | 0.49× |
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 | $1.2B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | 9.13× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $1.2B | ||
| Q3 25 | $343.0M | $937.0M | ||
| Q2 25 | $414.0M | $1.6B | ||
| Q1 25 | $1.0B | $956.0M | ||
| Q4 24 | $403.0M | $1.3B | ||
| Q3 24 | $304.0M | $2.1B | ||
| Q2 24 | $707.0M | $1.1B | ||
| Q1 24 | $956.0M | $1.5B |
| 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× | 9.13× | ||
| Q3 25 | 1.24× | 7.94× | ||
| Q2 25 | 2.06× | 40.50× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 4.04× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | 5.20× | ||
| Q1 24 | 3.33× | 13.34× |
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% |
FG
Segment breakdown not available.
