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Side-by-side financial comparison of CMS Energy (CMS) and KeyCorp (KEY). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $2.0B, roughly 1.1× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs 13.5%, a 11.9% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 13.0%). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% 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.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
CMS vs KEY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.0B |
| Net Profit | $289.0M | $510.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 32.3% |
| Net Margin | 13.5% | 25.4% |
| Revenue YoY | 13.0% | 131.8% |
| Net Profit YoY | 9.1% | 309.0% |
| EPS (diluted) | $0.94 | $0.43 |
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 | $2.0B | ||
| Q3 25 | $2.0B | $1.9B | ||
| Q2 25 | $1.8B | $1.8B | ||
| Q1 25 | $2.4B | $1.8B | ||
| Q4 24 | $1.9B | $865.0M | ||
| Q3 24 | $1.7B | $695.0M | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.1B | $1.5B |
| Q4 25 | $289.0M | $510.0M | ||
| Q3 25 | $277.0M | $489.0M | ||
| Q2 25 | $201.0M | $425.0M | ||
| Q1 25 | $304.0M | $405.0M | ||
| Q4 24 | $265.0M | $-244.0M | ||
| Q3 24 | $253.0M | $-410.0M | ||
| Q2 24 | $198.0M | $274.0M | ||
| Q1 24 | $287.0M | $219.0M |
| Q4 25 | 20.4% | 32.3% | ||
| Q3 25 | 24.4% | 31.8% | ||
| Q2 25 | 17.6% | 29.3% | ||
| Q1 25 | 20.6% | 29.0% | ||
| Q4 24 | 22.5% | -92.6% | ||
| Q3 24 | 21.4% | -72.8% | ||
| Q2 24 | 18.0% | 22.0% | ||
| Q1 24 | 19.2% | 18.1% |
| Q4 25 | 13.5% | 25.4% | ||
| Q3 25 | 14.0% | 25.8% | ||
| Q2 25 | 11.2% | 23.1% | ||
| Q1 25 | 12.7% | 22.8% | ||
| Q4 24 | 14.0% | -54.7% | ||
| Q3 24 | 14.8% | -59.0% | ||
| Q2 24 | 12.6% | 18.0% | ||
| Q1 24 | 13.4% | 14.3% |
| Q4 25 | $0.94 | $0.43 | ||
| Q3 25 | $0.92 | $0.41 | ||
| Q2 25 | $0.66 | $0.35 | ||
| Q1 25 | $1.01 | $0.33 | ||
| Q4 24 | $0.88 | $-0.30 | ||
| Q3 24 | $0.84 | $-0.47 | ||
| Q2 24 | $0.65 | $0.25 | ||
| Q1 24 | $0.96 | $0.20 |
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 | $10.2B |
| Total DebtLower is stronger | — | $9.9B |
| Stockholders' EquityBook value | $9.1B | $20.4B |
| Total Assets | $39.9B | $184.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $10.2B | ||
| Q3 25 | $362.0M | $13.3B | ||
| Q2 25 | $844.0M | $11.6B | ||
| Q1 25 | $465.0M | $15.3B | ||
| Q4 24 | $103.0M | $17.5B | ||
| Q3 24 | $412.0M | $22.8B | ||
| Q2 24 | $699.0M | $15.5B | ||
| Q1 24 | $802.0M | $13.2B |
| Q4 25 | — | $9.9B | ||
| Q3 25 | — | $10.9B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $15.7B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $20.8B |
| Q4 25 | $9.1B | $20.4B | ||
| Q3 25 | $8.9B | $20.1B | ||
| Q2 25 | $8.4B | $19.5B | ||
| Q1 25 | $8.3B | $19.0B | ||
| Q4 24 | $8.2B | $18.2B | ||
| Q3 24 | $8.1B | $16.9B | ||
| Q2 24 | $8.0B | $14.8B | ||
| Q1 24 | $7.9B | $14.5B |
| Q4 25 | $39.9B | $184.4B | ||
| Q3 25 | $38.0B | $187.4B | ||
| Q2 25 | $37.7B | $185.5B | ||
| Q1 25 | $36.3B | $188.7B | ||
| Q4 24 | $35.9B | $187.2B | ||
| Q3 24 | $34.8B | $189.8B | ||
| Q2 24 | $34.4B | $187.4B | ||
| Q1 24 | $33.9B | $187.5B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 1.43× |
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 | $2.2B |
| Free Cash FlowOCF − Capex | — | $2.1B |
| FCF MarginFCF / Revenue | — | 104.8% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | 1.65× | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $2.2B | ||
| Q3 25 | $343.0M | $396.0M | ||
| Q2 25 | $414.0M | $1.2B | ||
| Q1 25 | $1.0B | $-140.0M | ||
| Q4 24 | $403.0M | $664.0M | ||
| Q3 24 | $304.0M | $-1.2B | ||
| Q2 24 | $707.0M | $-217.0M | ||
| Q1 24 | $956.0M | $359.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $-635.0M | $367.0M | ||
| Q2 25 | $-470.0M | $1.2B | ||
| Q1 25 | $112.0M | $-150.0M | ||
| Q4 24 | — | $599.0M | ||
| Q3 24 | $-502.0M | $-1.2B | ||
| Q2 24 | $26.0M | $-230.0M | ||
| Q1 24 | $343.0M | $347.0M |
| Q4 25 | — | 104.8% | ||
| Q3 25 | -32.2% | 19.4% | ||
| Q2 25 | -26.1% | 65.8% | ||
| Q1 25 | 4.7% | -8.5% | ||
| Q4 24 | — | 69.2% | ||
| Q3 24 | -29.3% | -175.8% | ||
| Q2 24 | 1.6% | -15.1% | ||
| Q1 24 | 16.0% | 22.6% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | 49.5% | 1.5% | ||
| Q2 25 | 49.2% | 1.3% | ||
| Q1 25 | 37.0% | 0.6% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | 47.1% | 2.4% | ||
| Q2 24 | 43.2% | 0.9% | ||
| Q1 24 | 28.6% | 0.8% |
| Q4 25 | 1.65× | 4.33× | ||
| Q3 25 | 1.24× | 0.81× | ||
| Q2 25 | 2.06× | 2.90× | ||
| Q1 25 | 3.29× | -0.35× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | -0.79× | ||
| Q1 24 | 3.33× | 1.64× |
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% |
KEY
Segment breakdown not available.
