vs
Side-by-side financial comparison of CMS Energy (CMS) and Graham Holdings Co (GHC). 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× Graham Holdings Co). CMS Energy runs the higher net margin — 13.5% vs 8.7%, a 4.9% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 0.4%). Over the past eight quarters, Graham Holdings Co's revenue compounded faster (4.2% 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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
CMS vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.3B |
| Net Profit | $289.0M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 3.8% |
| Net Margin | 13.5% | 8.7% |
| Revenue YoY | 13.0% | 0.4% |
| Net Profit YoY | 9.1% | -80.2% |
| EPS (diluted) | $0.94 | $24.76 |
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 | $1.3B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.2B |
| Q4 25 | $289.0M | $108.7M | ||
| Q3 25 | $277.0M | $122.9M | ||
| Q2 25 | $201.0M | $36.7M | ||
| Q1 25 | $304.0M | $23.9M | ||
| Q4 24 | $265.0M | $548.8M | ||
| Q3 24 | $253.0M | $72.5M | ||
| Q2 24 | $198.0M | $-21.0M | ||
| Q1 24 | $287.0M | $124.4M |
| Q4 25 | 20.4% | 3.8% | ||
| Q3 25 | 24.4% | 5.2% | ||
| Q2 25 | 17.6% | 6.0% | ||
| Q1 25 | 20.6% | 4.1% | ||
| Q4 24 | 22.5% | 5.8% | ||
| Q3 24 | 21.4% | 6.8% | ||
| Q2 24 | 18.0% | 2.2% | ||
| Q1 24 | 19.2% | 3.1% |
| Q4 25 | 13.5% | 8.7% | ||
| Q3 25 | 14.0% | 9.6% | ||
| Q2 25 | 11.2% | 3.0% | ||
| Q1 25 | 12.7% | 2.0% | ||
| Q4 24 | 14.0% | 44.1% | ||
| Q3 24 | 14.8% | 6.0% | ||
| Q2 24 | 12.6% | -1.8% | ||
| Q1 24 | 13.4% | 10.8% |
| Q4 25 | $0.94 | $24.76 | ||
| Q3 25 | $0.92 | $27.91 | ||
| Q2 25 | $0.66 | $8.35 | ||
| Q1 25 | $1.01 | $5.45 | ||
| Q4 24 | $0.88 | $124.05 | ||
| Q3 24 | $0.84 | $16.42 | ||
| Q2 24 | $0.65 | $-4.79 | ||
| Q1 24 | $0.96 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $4.8B |
| Total Assets | $39.9B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $267.0M | ||
| Q3 25 | $362.0M | $190.8M | ||
| Q2 25 | $844.0M | $176.2M | ||
| Q1 25 | $465.0M | $156.7M | ||
| Q4 24 | $103.0M | $260.9M | ||
| Q3 24 | $412.0M | $244.4M | ||
| Q2 24 | $699.0M | $140.7M | ||
| Q1 24 | $802.0M | $130.9M |
| Q4 25 | $9.1B | $4.8B | ||
| Q3 25 | $8.9B | $4.5B | ||
| Q2 25 | $8.4B | $4.4B | ||
| Q1 25 | $8.3B | $4.3B | ||
| Q4 24 | $8.2B | $4.3B | ||
| Q3 24 | $8.1B | $4.0B | ||
| Q2 24 | $8.0B | $4.0B | ||
| Q1 24 | $7.9B | $4.0B |
| Q4 25 | $39.9B | $8.4B | ||
| Q3 25 | $38.0B | $7.9B | ||
| Q2 25 | $37.7B | $7.6B | ||
| Q1 25 | $36.3B | $7.6B | ||
| Q4 24 | $35.9B | $7.7B | ||
| Q3 24 | $34.8B | $7.4B | ||
| Q2 24 | $34.4B | $7.2B | ||
| Q1 24 | $33.9B | $7.3B |
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 | $28.3M |
| Free Cash FlowOCF − Capex | — | $5.0M |
| FCF MarginFCF / Revenue | — | 0.4% |
| Capex IntensityCapex / Revenue | — | 1.9% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $28.3M | ||
| Q3 25 | $343.0M | $178.1M | ||
| Q2 25 | $414.0M | $94.8M | ||
| Q1 25 | $1.0B | $46.0M | ||
| Q4 24 | $403.0M | $116.3M | ||
| Q3 24 | $304.0M | $237.6M | ||
| Q2 24 | $707.0M | $52.0M | ||
| Q1 24 | $956.0M | $1.1M |
| Q4 25 | — | $5.0M | ||
| Q3 25 | $-635.0M | $161.8M | ||
| Q2 25 | $-470.0M | $78.0M | ||
| Q1 25 | $112.0M | $30.5M | ||
| Q4 24 | — | $91.1M | ||
| Q3 24 | $-502.0M | $219.4M | ||
| Q2 24 | $26.0M | $33.7M | ||
| Q1 24 | $343.0M | $-20.2M |
| Q4 25 | — | 0.4% | ||
| Q3 25 | -32.2% | 12.6% | ||
| Q2 25 | -26.1% | 6.4% | ||
| Q1 25 | 4.7% | 2.6% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -29.3% | 18.2% | ||
| Q2 24 | 1.6% | 2.8% | ||
| Q1 24 | 16.0% | -1.8% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | 49.5% | 1.3% | ||
| Q2 25 | 49.2% | 1.4% | ||
| Q1 25 | 37.0% | 1.3% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | 47.1% | 1.5% | ||
| Q2 24 | 43.2% | 1.5% | ||
| Q1 24 | 28.6% | 1.8% |
| Q4 25 | 1.65× | 0.26× | ||
| Q3 25 | 1.24× | 1.45× | ||
| Q2 25 | 2.06× | 2.58× | ||
| Q1 25 | 3.29× | 1.93× | ||
| Q4 24 | 1.52× | 0.21× | ||
| Q3 24 | 1.20× | 3.28× | ||
| Q2 24 | 3.57× | — | ||
| Q1 24 | 3.33× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
