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Side-by-side financial comparison of CMS Energy (CMS) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $2.1B, roughly 1.0× GRAPHIC PACKAGING HOLDING CO). CMS Energy runs the higher net margin — 13.5% vs 3.4%, a 10.2% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 0.2%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -3.5%).
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.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
CMS vs GPK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.1B |
| Net Profit | $289.0M | $71.0M |
| Gross Margin | — | 14.1% |
| Operating Margin | 20.4% | 7.4% |
| Net Margin | 13.5% | 3.4% |
| Revenue YoY | 13.0% | 0.2% |
| Net Profit YoY | 9.1% | -48.6% |
| EPS (diluted) | $0.94 | $0.24 |
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 | $2.1B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.6B | $2.2B | ||
| Q1 24 | $2.1B | $2.3B |
| Q4 25 | $289.0M | $71.0M | ||
| Q3 25 | $277.0M | $142.0M | ||
| Q2 25 | $201.0M | $104.0M | ||
| Q1 25 | $304.0M | $127.0M | ||
| Q4 24 | $265.0M | $138.0M | ||
| Q3 24 | $253.0M | $165.0M | ||
| Q2 24 | $198.0M | $190.0M | ||
| Q1 24 | $287.0M | $165.0M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 18.7% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 22.3% | ||
| Q2 24 | — | 21.2% | ||
| Q1 24 | — | 23.0% |
| Q4 25 | 20.4% | 7.4% | ||
| Q3 25 | 24.4% | 10.7% | ||
| Q2 25 | 17.6% | 8.8% | ||
| Q1 25 | 20.6% | 10.5% | ||
| Q4 24 | 22.5% | 11.4% | ||
| Q3 24 | 21.4% | 12.6% | ||
| Q2 24 | 18.0% | 14.5% | ||
| Q1 24 | 19.2% | 12.4% |
| Q4 25 | 13.5% | 3.4% | ||
| Q3 25 | 14.0% | 6.5% | ||
| Q2 25 | 11.2% | 4.7% | ||
| Q1 25 | 12.7% | 6.0% | ||
| Q4 24 | 14.0% | 6.6% | ||
| Q3 24 | 14.8% | 7.5% | ||
| Q2 24 | 12.6% | 8.5% | ||
| Q1 24 | 13.4% | 7.3% |
| Q4 25 | $0.94 | $0.24 | ||
| Q3 25 | $0.92 | $0.48 | ||
| Q2 25 | $0.66 | $0.34 | ||
| Q1 25 | $1.01 | $0.42 | ||
| Q4 24 | $0.88 | $0.46 | ||
| Q3 24 | $0.84 | $0.55 | ||
| Q2 24 | $0.65 | $0.62 | ||
| Q1 24 | $0.96 | $0.53 |
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 | $261.0M |
| Total DebtLower is stronger | — | $5.0B |
| Stockholders' EquityBook value | $9.1B | $3.3B |
| Total Assets | $39.9B | $11.8B |
| Debt / EquityLower = less leverage | — | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $261.0M | ||
| Q3 25 | $362.0M | $120.0M | ||
| Q2 25 | $844.0M | $120.0M | ||
| Q1 25 | $465.0M | $129.0M | ||
| Q4 24 | $103.0M | $157.0M | ||
| Q3 24 | $412.0M | $126.0M | ||
| Q2 24 | $699.0M | $125.0M | ||
| Q1 24 | $802.0M | $136.0M |
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
| Q4 25 | $9.1B | $3.3B | ||
| Q3 25 | $8.9B | $3.3B | ||
| Q2 25 | $8.4B | $3.2B | ||
| Q1 25 | $8.3B | $3.2B | ||
| Q4 24 | $8.2B | $3.0B | ||
| Q3 24 | $8.1B | $3.0B | ||
| Q2 24 | $8.0B | $2.8B | ||
| Q1 24 | $7.9B | $2.9B |
| Q4 25 | $39.9B | $11.8B | ||
| Q3 25 | $38.0B | $11.9B | ||
| Q2 25 | $37.7B | $11.8B | ||
| Q1 25 | $36.3B | $11.5B | ||
| Q4 24 | $35.9B | $11.1B | ||
| Q3 24 | $34.8B | $11.2B | ||
| Q2 24 | $34.4B | $10.8B | ||
| Q1 24 | $33.9B | $11.3B |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.67× | ||
| Q2 25 | — | 1.68× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.71× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $521.0M | ||
| Q3 25 | $343.0M | $227.0M | ||
| Q2 25 | $414.0M | $267.0M | ||
| Q1 25 | $1.0B | $-174.0M | ||
| Q4 24 | $403.0M | $489.0M | ||
| Q3 24 | $304.0M | $187.0M | ||
| Q2 24 | $707.0M | $161.0M | ||
| Q1 24 | $956.0M | $3.0M |
| 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× | 7.34× | ||
| Q3 25 | 1.24× | 1.60× | ||
| Q2 25 | 2.06× | 2.57× | ||
| Q1 25 | 3.29× | -1.37× | ||
| Q4 24 | 1.52× | 3.54× | ||
| Q3 24 | 1.20× | 1.13× | ||
| Q2 24 | 3.57× | 0.85× | ||
| Q1 24 | 3.33× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
