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Side-by-side financial comparison of CMS Energy (CMS) and KB HOME (KBH). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.7B, roughly 1.3× KB HOME). CMS Energy runs the higher net margin — 13.5% vs 6.0%, a 7.6% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -15.3%). Over the past eight quarters, KB HOME's revenue compounded faster (7.4% 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.
KB Home is an American homebuilding company founded in 1957 as Kaufman & Broad in Detroit, Michigan. It was the first company to be traded on the New York Stock Exchange as a home builder. Its headquarters are in Los Angeles, California.
CMS vs KBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.7B |
| Net Profit | $289.0M | $101.5M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | — |
| Net Margin | 13.5% | 6.0% |
| Revenue YoY | 13.0% | -15.3% |
| Net Profit YoY | 9.1% | -46.7% |
| EPS (diluted) | $0.94 | $1.55 |
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 | $1.7B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $2.0B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.6B | $1.7B | ||
| Q1 24 | $2.1B | $1.5B |
| Q4 25 | $289.0M | $101.5M | ||
| Q3 25 | $277.0M | $109.8M | ||
| Q2 25 | $201.0M | $107.9M | ||
| Q1 25 | $304.0M | $109.6M | ||
| Q4 24 | $265.0M | $190.6M | ||
| Q3 24 | $253.0M | $157.3M | ||
| Q2 24 | $198.0M | $168.4M | ||
| Q1 24 | $287.0M | $138.7M |
| 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% | 6.0% | ||
| Q3 25 | 14.0% | 6.8% | ||
| Q2 25 | 11.2% | 7.1% | ||
| Q1 25 | 12.7% | 7.9% | ||
| Q4 24 | 14.0% | 9.5% | ||
| Q3 24 | 14.8% | 9.0% | ||
| Q2 24 | 12.6% | 9.9% | ||
| Q1 24 | 13.4% | 9.4% |
| Q4 25 | $0.94 | $1.55 | ||
| Q3 25 | $0.92 | $1.61 | ||
| Q2 25 | $0.66 | $1.50 | ||
| Q1 25 | $1.01 | $1.49 | ||
| Q4 24 | $0.88 | $2.50 | ||
| Q3 24 | $0.84 | $2.04 | ||
| Q2 24 | $0.65 | $2.15 | ||
| Q1 24 | $0.96 | $1.76 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $3.9B |
| Total Assets | $39.9B | $6.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | — | ||
| Q2 25 | $844.0M | — | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $103.0M | — | ||
| Q3 24 | $412.0M | — | ||
| Q2 24 | $699.0M | — | ||
| Q1 24 | $802.0M | — |
| Q4 25 | $9.1B | $3.9B | ||
| Q3 25 | $8.9B | $3.9B | ||
| Q2 25 | $8.4B | $4.0B | ||
| Q1 25 | $8.3B | $4.1B | ||
| Q4 24 | $8.2B | $4.1B | ||
| Q3 24 | $8.1B | $4.0B | ||
| Q2 24 | $8.0B | $4.0B | ||
| Q1 24 | $7.9B | $3.9B |
| Q4 25 | $39.9B | $6.7B | ||
| Q3 25 | $38.0B | $7.0B | ||
| Q2 25 | $37.7B | $7.0B | ||
| Q1 25 | $36.3B | $7.0B | ||
| Q4 24 | $35.9B | $6.9B | ||
| Q3 24 | $34.8B | $6.8B | ||
| Q2 24 | $34.4B | $6.8B | ||
| Q1 24 | $33.9B | $6.7B |
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 | $303.8M |
| Free Cash FlowOCF − Capex | — | $290.1M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | 1.65× | 2.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $303.8M | ||
| Q3 25 | $343.0M | $197.7M | ||
| Q2 25 | $414.0M | $168.4M | ||
| Q1 25 | $1.0B | $-334.3M | ||
| Q4 24 | $403.0M | $362.6M | ||
| Q3 24 | $304.0M | $-89.9M | ||
| Q2 24 | $707.0M | $61.5M | ||
| Q1 24 | $956.0M | $28.5M |
| Q4 25 | — | $290.1M | ||
| Q3 25 | $-635.0M | $185.8M | ||
| Q2 25 | $-470.0M | $156.9M | ||
| Q1 25 | $112.0M | $-345.5M | ||
| Q4 24 | — | $352.6M | ||
| Q3 24 | $-502.0M | $-99.4M | ||
| Q2 24 | $26.0M | $51.2M | ||
| Q1 24 | $343.0M | $19.1M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | -32.2% | 11.5% | ||
| Q2 25 | -26.1% | 10.3% | ||
| Q1 25 | 4.7% | -24.8% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | -29.3% | -5.7% | ||
| Q2 24 | 1.6% | 3.0% | ||
| Q1 24 | 16.0% | 1.3% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | 49.5% | 0.7% | ||
| Q2 25 | 49.2% | 0.8% | ||
| Q1 25 | 37.0% | 0.8% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 47.1% | 0.5% | ||
| Q2 24 | 43.2% | 0.6% | ||
| Q1 24 | 28.6% | 0.6% |
| Q4 25 | 1.65× | 2.99× | ||
| Q3 25 | 1.24× | 1.80× | ||
| Q2 25 | 2.06× | 1.56× | ||
| Q1 25 | 3.29× | -3.05× | ||
| Q4 24 | 1.52× | 1.90× | ||
| Q3 24 | 1.20× | -0.57× | ||
| Q2 24 | 3.57× | 0.37× | ||
| Q1 24 | 3.33× | 0.21× |
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% |
KBH
| Home Building | $1.7B | 99% |
| Financial Service | $8.7M | 1% |
