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Side-by-side financial comparison of CMS Energy (CMS) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.4B, roughly 1.5× Lineage, Inc.). CMS Energy runs the higher net margin — 13.5% vs -7.3%, a 20.8% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 3.1%).
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.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
CMS vs LINE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.4B |
| Net Profit | $289.0M | $-100.0M |
| Gross Margin | — | 32.3% |
| Operating Margin | 20.4% | 2.5% |
| Net Margin | 13.5% | -7.3% |
| Revenue YoY | 13.0% | 3.1% |
| Net Profit YoY | 9.1% | 79.4% |
| EPS (diluted) | $0.94 | $-0.44 |
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 | — | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $2.1B | $1.3B |
| Q4 25 | $289.0M | — | ||
| Q3 25 | $277.0M | $-100.0M | ||
| Q2 25 | $201.0M | $-6.0M | ||
| Q1 25 | $304.0M | $0 | ||
| Q4 24 | $265.0M | $-71.0M | ||
| Q3 24 | $253.0M | $-485.0M | ||
| Q2 24 | $198.0M | $-68.0M | ||
| Q1 24 | $287.0M | $-40.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 32.3% | ||
| Q2 25 | — | 31.9% | ||
| Q1 25 | — | 32.2% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 33.4% | ||
| Q1 24 | — | 33.4% |
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | 2.5% | ||
| Q2 25 | 17.6% | 1.7% | ||
| Q1 25 | 20.6% | 4.3% | ||
| Q4 24 | 22.5% | -1.6% | ||
| Q3 24 | 21.4% | -38.6% | ||
| Q2 24 | 18.0% | 5.5% | ||
| Q1 24 | 19.2% | 7.6% |
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.0% | -7.3% | ||
| Q2 25 | 11.2% | -0.4% | ||
| Q1 25 | 12.7% | — | ||
| Q4 24 | 14.0% | -5.3% | ||
| Q3 24 | 14.8% | -36.3% | ||
| Q2 24 | 12.6% | -5.1% | ||
| Q1 24 | 13.4% | -3.0% |
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | $-0.44 | ||
| Q2 25 | $0.66 | $-0.03 | ||
| Q1 25 | $1.01 | $0.01 | ||
| Q4 24 | $0.88 | $-0.52 | ||
| Q3 24 | $0.84 | $-2.44 | ||
| Q2 24 | $0.65 | $-0.46 | ||
| Q1 24 | $0.96 | $-0.28 |
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 | $8.4B |
| Total Assets | $39.9B | $19.2B |
| 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 | $173.0M | ||
| Q3 24 | $412.0M | $409.0M | ||
| Q2 24 | $699.0M | $73.0M | ||
| Q1 24 | $802.0M | — |
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | $8.4B | ||
| Q2 25 | $8.4B | $8.6B | ||
| Q1 25 | $8.3B | $8.6B | ||
| Q4 24 | $8.2B | $8.6B | ||
| Q3 24 | $8.1B | $9.0B | ||
| Q2 24 | $8.0B | $4.9B | ||
| Q1 24 | $7.9B | $5.6B |
| Q4 25 | $39.9B | — | ||
| Q3 25 | $38.0B | $19.2B | ||
| Q2 25 | $37.7B | $19.4B | ||
| Q1 25 | $36.3B | $18.8B | ||
| Q4 24 | $35.9B | $18.7B | ||
| Q3 24 | $34.8B | $19.3B | ||
| Q2 24 | $34.4B | $18.8B | ||
| Q1 24 | $33.9B | — |
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 | $230.0M |
| Free Cash FlowOCF − Capex | — | $35.0M |
| FCF MarginFCF / Revenue | — | 2.5% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | — | ||
| Q3 25 | $343.0M | $230.0M | ||
| Q2 25 | $414.0M | $258.0M | ||
| Q1 25 | $1.0B | $139.0M | ||
| Q4 24 | $403.0M | — | ||
| Q3 24 | $304.0M | $186.0M | ||
| Q2 24 | $707.0M | $155.0M | ||
| Q1 24 | $956.0M | $105.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | $35.0M | ||
| Q2 25 | $-470.0M | $95.0M | ||
| Q1 25 | $112.0M | $-12.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | $33.0M | ||
| Q2 24 | $26.0M | $-31.0M | ||
| Q1 24 | $343.0M | $-42.0M |
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | 2.5% | ||
| Q2 25 | -26.1% | 7.0% | ||
| Q1 25 | 4.7% | -0.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | 2.5% | ||
| Q2 24 | 1.6% | -2.3% | ||
| Q1 24 | 16.0% | -3.2% |
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | 14.2% | ||
| Q2 25 | 49.2% | 12.1% | ||
| Q1 25 | 37.0% | 11.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | 11.5% | ||
| Q2 24 | 43.2% | 13.9% | ||
| Q1 24 | 28.6% | 11.1% |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | — | ||
| Q1 24 | 3.33× | — |
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% |
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
