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Side-by-side financial comparison of CMS Energy (CMS) and Microchip Technology (MCHP). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.8× Microchip Technology). CMS Energy runs the higher net margin — 13.5% vs 5.3%, a 8.3% gap on every dollar of revenue. On growth, Microchip Technology posted the faster year-over-year revenue change (15.6% vs 13.0%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -5.4%).
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.
Microchip Technology Incorporated is an American publicly traded semiconductor corporation that manufactures microcontroller, mixed-signal, analog, and Flash-IP integrated circuits.
CMS vs MCHP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.2B |
| Net Profit | $289.0M | $62.7M |
| Gross Margin | — | 59.6% |
| Operating Margin | 20.4% | 12.8% |
| Net Margin | 13.5% | 5.3% |
| Revenue YoY | 13.0% | 15.6% |
| Net Profit YoY | 9.1% | 217.0% |
| EPS (diluted) | $0.94 | $0.06 |
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 | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $2.4B | $970.5M | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.3B |
| Q4 25 | $289.0M | $62.7M | ||
| Q3 25 | $277.0M | $41.7M | ||
| Q2 25 | $201.0M | $-18.6M | ||
| Q1 25 | $304.0M | $-154.6M | ||
| Q4 24 | $265.0M | $-53.6M | ||
| Q3 24 | $253.0M | $78.4M | ||
| Q2 24 | $198.0M | $129.3M | ||
| Q1 24 | $287.0M | $154.7M |
| Q4 25 | — | 59.6% | ||
| Q3 25 | — | 55.9% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | — | 51.6% | ||
| Q4 24 | — | 54.7% | ||
| Q3 24 | — | 57.4% | ||
| Q2 24 | — | 59.4% | ||
| Q1 24 | — | 59.6% |
| Q4 25 | 20.4% | 12.8% | ||
| Q3 25 | 24.4% | 7.8% | ||
| Q2 25 | 17.6% | 3.0% | ||
| Q1 25 | 20.6% | -10.3% | ||
| Q4 24 | 22.5% | 3.0% | ||
| Q3 24 | 21.4% | 12.6% | ||
| Q2 24 | 18.0% | 17.7% | ||
| Q1 24 | 19.2% | 19.1% |
| Q4 25 | 13.5% | 5.3% | ||
| Q3 25 | 14.0% | 3.7% | ||
| Q2 25 | 11.2% | -1.7% | ||
| Q1 25 | 12.7% | -15.9% | ||
| Q4 24 | 14.0% | -5.2% | ||
| Q3 24 | 14.8% | 6.7% | ||
| Q2 24 | 12.6% | 10.4% | ||
| Q1 24 | 13.4% | 11.7% |
| Q4 25 | $0.94 | $0.06 | ||
| Q3 25 | $0.92 | $0.03 | ||
| Q2 25 | $0.66 | $-0.09 | ||
| Q1 25 | $1.01 | $-0.29 | ||
| Q4 24 | $0.88 | $-0.10 | ||
| Q3 24 | $0.84 | $0.14 | ||
| Q2 24 | $0.65 | $0.24 | ||
| Q1 24 | $0.96 | $0.29 |
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 | $250.7M |
| Total DebtLower is stronger | — | $5.4B |
| Stockholders' EquityBook value | $9.1B | $6.6B |
| Total Assets | $39.9B | $14.3B |
| Debt / EquityLower = less leverage | — | 0.82× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $250.7M | ||
| Q3 25 | $362.0M | $236.8M | ||
| Q2 25 | $844.0M | $566.5M | ||
| Q1 25 | $465.0M | $771.7M | ||
| Q4 24 | $103.0M | $586.0M | ||
| Q3 24 | $412.0M | $286.1M | ||
| Q2 24 | $699.0M | $315.1M | ||
| Q1 24 | $802.0M | $319.7M |
| Q4 25 | — | $5.4B | ||
| Q3 25 | — | $5.4B | ||
| Q2 25 | — | $5.5B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.0B |
| Q4 25 | $9.1B | $6.6B | ||
| Q3 25 | $8.9B | $6.7B | ||
| Q2 25 | $8.4B | $6.9B | ||
| Q1 25 | $8.3B | $7.1B | ||
| Q4 24 | $8.2B | $6.0B | ||
| Q3 24 | $8.1B | $6.3B | ||
| Q2 24 | $8.0B | $6.4B | ||
| Q1 24 | $7.9B | $6.7B |
| Q4 25 | $39.9B | $14.3B | ||
| Q3 25 | $38.0B | $14.5B | ||
| Q2 25 | $37.7B | $15.0B | ||
| Q1 25 | $36.3B | $15.4B | ||
| Q4 24 | $35.9B | $15.6B | ||
| Q3 24 | $34.8B | $15.6B | ||
| Q2 24 | $34.4B | $15.8B | ||
| Q1 24 | $33.9B | $15.9B |
| Q4 25 | — | 0.82× | ||
| Q3 25 | — | 0.80× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.90× |
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 | $341.4M |
| Free Cash FlowOCF − Capex | — | $318.9M |
| FCF MarginFCF / Revenue | — | 26.9% |
| Capex IntensityCapex / Revenue | — | 1.9% |
| Cash ConversionOCF / Net Profit | 1.65× | 5.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $819.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $341.4M | ||
| Q3 25 | $343.0M | $88.1M | ||
| Q2 25 | $414.0M | $275.6M | ||
| Q1 25 | $1.0B | $205.9M | ||
| Q4 24 | $403.0M | $271.5M | ||
| Q3 24 | $304.0M | $43.6M | ||
| Q2 24 | $707.0M | $377.1M | ||
| Q1 24 | $956.0M | $430.0M |
| Q4 25 | — | $318.9M | ||
| Q3 25 | $-635.0M | $51.6M | ||
| Q2 25 | $-470.0M | $257.7M | ||
| Q1 25 | $112.0M | $191.7M | ||
| Q4 24 | — | $253.4M | ||
| Q3 24 | $-502.0M | $22.8M | ||
| Q2 24 | $26.0M | $304.2M | ||
| Q1 24 | $343.0M | $389.9M |
| Q4 25 | — | 26.9% | ||
| Q3 25 | -32.2% | 4.5% | ||
| Q2 25 | -26.1% | 24.0% | ||
| Q1 25 | 4.7% | 19.8% | ||
| Q4 24 | — | 24.7% | ||
| Q3 24 | -29.3% | 2.0% | ||
| Q2 24 | 1.6% | 24.5% | ||
| Q1 24 | 16.0% | 29.4% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | 49.5% | 3.2% | ||
| Q2 25 | 49.2% | 1.7% | ||
| Q1 25 | 37.0% | 1.5% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | 47.1% | 1.8% | ||
| Q2 24 | 43.2% | 5.9% | ||
| Q1 24 | 28.6% | 3.0% |
| Q4 25 | 1.65× | 5.44× | ||
| Q3 25 | 1.24× | 2.11× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 0.56× | ||
| Q2 24 | 3.57× | 2.92× | ||
| Q1 24 | 3.33× | 2.78× |
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% |
MCHP
| Mixed Signal Microcontrollers | $586.5M | 49% |
| Analog | $322.9M | 27% |
| Other Product Line | $276.6M | 23% |
