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Side-by-side financial comparison of CMS Energy (CMS) and Fabrinet (FN). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.1B, roughly 1.9× Fabrinet). CMS Energy runs the higher net margin — 13.5% vs 9.9%, a 3.6% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs 13.0%). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% 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.
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
CMS vs FN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.1B |
| Net Profit | $289.0M | $112.6M |
| Gross Margin | — | 12.2% |
| Operating Margin | 20.4% | 10.1% |
| Net Margin | 13.5% | 9.9% |
| Revenue YoY | 13.0% | 35.9% |
| Net Profit YoY | 9.1% | 30.0% |
| EPS (diluted) | $0.94 | $3.11 |
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 | $1.1B | ||
| Q3 25 | $2.0B | $978.1M | ||
| Q2 25 | $1.8B | $909.7M | ||
| Q1 25 | $2.4B | $871.8M | ||
| Q4 24 | $1.9B | $833.6M | ||
| Q3 24 | $1.7B | $804.2M | ||
| Q2 24 | $1.6B | $753.3M | ||
| Q1 24 | $2.1B | $731.5M |
| Q4 25 | $289.0M | $112.6M | ||
| Q3 25 | $277.0M | $95.9M | ||
| Q2 25 | $201.0M | $87.2M | ||
| Q1 25 | $304.0M | $81.3M | ||
| Q4 24 | $265.0M | $86.6M | ||
| Q3 24 | $253.0M | $77.4M | ||
| Q2 24 | $198.0M | $81.1M | ||
| Q1 24 | $287.0M | $80.9M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | 11.9% | ||
| Q2 25 | — | 12.2% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | — | 12.3% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | — | 12.4% |
| Q4 25 | 20.4% | 10.1% | ||
| Q3 25 | 24.4% | 9.6% | ||
| Q2 25 | 17.6% | 9.8% | ||
| Q1 25 | 20.6% | 9.0% | ||
| Q4 24 | 22.5% | 9.5% | ||
| Q3 24 | 21.4% | 9.6% | ||
| Q2 24 | 18.0% | 9.7% | ||
| Q1 24 | 19.2% | 9.7% |
| Q4 25 | 13.5% | 9.9% | ||
| Q3 25 | 14.0% | 9.8% | ||
| Q2 25 | 11.2% | 9.6% | ||
| Q1 25 | 12.7% | 9.3% | ||
| Q4 24 | 14.0% | 10.4% | ||
| Q3 24 | 14.8% | 9.6% | ||
| Q2 24 | 12.6% | 10.8% | ||
| Q1 24 | 13.4% | 11.1% |
| Q4 25 | $0.94 | $3.11 | ||
| Q3 25 | $0.92 | $2.66 | ||
| Q2 25 | $0.66 | $2.41 | ||
| Q1 25 | $1.01 | $2.25 | ||
| Q4 24 | $0.88 | $2.38 | ||
| Q3 24 | $0.84 | $2.13 | ||
| Q2 24 | $0.65 | $2.22 | ||
| Q1 24 | $0.96 | $2.21 |
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 | $960.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $2.2B |
| Total Assets | $39.9B | $3.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $960.8M | ||
| Q3 25 | $362.0M | $968.8M | ||
| Q2 25 | $844.0M | $934.2M | ||
| Q1 25 | $465.0M | $950.7M | ||
| Q4 24 | $103.0M | $934.6M | ||
| Q3 24 | $412.0M | $908.9M | ||
| Q2 24 | $699.0M | $858.6M | ||
| Q1 24 | $802.0M | $794.0M |
| Q4 25 | $9.1B | $2.2B | ||
| Q3 25 | $8.9B | $2.1B | ||
| Q2 25 | $8.4B | $2.0B | ||
| Q1 25 | $8.3B | $1.9B | ||
| Q4 24 | $8.2B | $1.8B | ||
| Q3 24 | $8.1B | $1.8B | ||
| Q2 24 | $8.0B | $1.7B | ||
| Q1 24 | $7.9B | $1.7B |
| Q4 25 | $39.9B | $3.3B | ||
| Q3 25 | $38.0B | $3.0B | ||
| Q2 25 | $37.7B | $2.8B | ||
| Q1 25 | $36.3B | $2.6B | ||
| Q4 24 | $35.9B | $2.5B | ||
| Q3 24 | $34.8B | $2.4B | ||
| Q2 24 | $34.4B | $2.3B | ||
| Q1 24 | $33.9B | $2.2B |
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 | $46.3M |
| Free Cash FlowOCF − Capex | — | $-5.3M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.41× |
| TTM Free Cash FlowTrailing 4 quarters | — | $102.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $46.3M | ||
| Q3 25 | $343.0M | $102.6M | ||
| Q2 25 | $414.0M | $55.1M | ||
| Q1 25 | $1.0B | $74.2M | ||
| Q4 24 | $403.0M | $115.9M | ||
| Q3 24 | $304.0M | $83.2M | ||
| Q2 24 | $707.0M | $83.1M | ||
| Q1 24 | $956.0M | $100.9M |
| Q4 25 | — | $-5.3M | ||
| Q3 25 | $-635.0M | $57.3M | ||
| Q2 25 | $-470.0M | $4.7M | ||
| Q1 25 | $112.0M | $45.7M | ||
| Q4 24 | — | $94.0M | ||
| Q3 24 | $-502.0M | $62.9M | ||
| Q2 24 | $26.0M | $70.4M | ||
| Q1 24 | $343.0M | $87.3M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | -32.2% | 5.9% | ||
| Q2 25 | -26.1% | 0.5% | ||
| Q1 25 | 4.7% | 5.2% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | -29.3% | 7.8% | ||
| Q2 24 | 1.6% | 9.3% | ||
| Q1 24 | 16.0% | 11.9% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 49.5% | 4.6% | ||
| Q2 25 | 49.2% | 5.5% | ||
| Q1 25 | 37.0% | 3.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | 47.1% | 2.5% | ||
| Q2 24 | 43.2% | 1.7% | ||
| Q1 24 | 28.6% | 1.9% |
| Q4 25 | 1.65× | 0.41× | ||
| Q3 25 | 1.24× | 1.07× | ||
| Q2 25 | 2.06× | 0.63× | ||
| Q1 25 | 3.29× | 0.91× | ||
| Q4 24 | 1.52× | 1.34× | ||
| Q3 24 | 1.20× | 1.07× | ||
| Q2 24 | 3.57× | 1.02× | ||
| Q1 24 | 3.33× | 1.25× |
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% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
