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Side-by-side financial comparison of CMS Energy (CMS) and M/I HOMES, INC. (MHO). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.1B, roughly 1.9× M/I HOMES, INC.). CMS Energy runs the higher net margin — 13.5% vs 5.6%, a 8.0% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -4.8%). Over the past eight quarters, M/I HOMES, INC.'s revenue compounded faster (4.7% 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.
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
CMS vs MHO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.1B |
| Net Profit | $289.0M | $64.0M |
| Gross Margin | — | 17.4% |
| Operating Margin | 20.4% | 6.5% |
| Net Margin | 13.5% | 5.6% |
| Revenue YoY | 13.0% | -4.8% |
| Net Profit YoY | 9.1% | -52.1% |
| EPS (diluted) | $0.94 | $2.42 |
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 | $1.1B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $976.1M | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $2.1B | $1.0B |
| Q4 25 | $289.0M | $64.0M | ||
| Q3 25 | $277.0M | $106.5M | ||
| Q2 25 | $201.0M | $121.2M | ||
| Q1 25 | $304.0M | $111.2M | ||
| Q4 24 | $265.0M | $133.5M | ||
| Q3 24 | $253.0M | $145.4M | ||
| Q2 24 | $198.0M | $146.7M | ||
| Q1 24 | $287.0M | $138.1M |
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 24.5% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 27.9% | ||
| Q1 24 | — | 27.1% |
| Q4 25 | 20.4% | 6.5% | ||
| Q3 25 | 24.4% | 12.0% | ||
| Q2 25 | 17.6% | 13.4% | ||
| Q1 25 | 20.6% | 14.4% | ||
| Q4 24 | 22.5% | 13.6% | ||
| Q3 24 | 21.4% | 15.9% | ||
| Q2 24 | 18.0% | 16.8% | ||
| Q1 24 | 19.2% | 16.6% |
| Q4 25 | 13.5% | 5.6% | ||
| Q3 25 | 14.0% | 9.4% | ||
| Q2 25 | 11.2% | 10.4% | ||
| Q1 25 | 12.7% | 11.4% | ||
| Q4 24 | 14.0% | 11.1% | ||
| Q3 24 | 14.8% | 12.7% | ||
| Q2 24 | 12.6% | 13.2% | ||
| Q1 24 | 13.4% | 13.2% |
| Q4 25 | $0.94 | $2.42 | ||
| Q3 25 | $0.92 | $3.92 | ||
| Q2 25 | $0.66 | $4.42 | ||
| Q1 25 | $1.01 | $3.98 | ||
| Q4 24 | $0.88 | $4.71 | ||
| Q3 24 | $0.84 | $5.10 | ||
| Q2 24 | $0.65 | $5.12 | ||
| Q1 24 | $0.96 | $4.78 |
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 | $3.2B |
| Total Assets | $39.9B | $4.8B |
| 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 | $3.2B | ||
| Q3 25 | $8.9B | $3.1B | ||
| Q2 25 | $8.4B | $3.1B | ||
| Q1 25 | $8.3B | $3.0B | ||
| Q4 24 | $8.2B | $2.9B | ||
| Q3 24 | $8.1B | $2.8B | ||
| Q2 24 | $8.0B | $2.7B | ||
| Q1 24 | $7.9B | $2.6B |
| Q4 25 | $39.9B | $4.8B | ||
| Q3 25 | $38.0B | $4.8B | ||
| Q2 25 | $37.7B | $4.7B | ||
| Q1 25 | $36.3B | $4.6B | ||
| Q4 24 | $35.9B | $4.5B | ||
| Q3 24 | $34.8B | $4.5B | ||
| Q2 24 | $34.4B | $4.3B | ||
| Q1 24 | $33.9B | $4.2B |
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 | $-8.7M |
| Free Cash FlowOCF − Capex | — | $-13.0M |
| FCF MarginFCF / Revenue | — | -1.1% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | 1.65× | -0.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $127.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $-8.7M | ||
| Q3 25 | $343.0M | $43.4M | ||
| Q2 25 | $414.0M | $37.8M | ||
| Q1 25 | $1.0B | $64.9M | ||
| Q4 24 | $403.0M | $104.4M | ||
| Q3 24 | $304.0M | $-67.9M | ||
| Q2 24 | $707.0M | $27.5M | ||
| Q1 24 | $956.0M | $115.8M |
| Q4 25 | — | $-13.0M | ||
| Q3 25 | $-635.0M | $42.0M | ||
| Q2 25 | $-470.0M | $35.1M | ||
| Q1 25 | $112.0M | $63.5M | ||
| Q4 24 | — | $102.3M | ||
| Q3 24 | $-502.0M | $-68.5M | ||
| Q2 24 | $26.0M | $22.0M | ||
| Q1 24 | $343.0M | $115.5M |
| Q4 25 | — | -1.1% | ||
| Q3 25 | -32.2% | 3.7% | ||
| Q2 25 | -26.1% | 3.0% | ||
| Q1 25 | 4.7% | 6.5% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | -29.3% | -6.0% | ||
| Q2 24 | 1.6% | 2.0% | ||
| Q1 24 | 16.0% | 11.0% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 49.5% | 0.1% | ||
| Q2 25 | 49.2% | 0.2% | ||
| Q1 25 | 37.0% | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 47.1% | 0.1% | ||
| Q2 24 | 43.2% | 0.5% | ||
| Q1 24 | 28.6% | 0.0% |
| Q4 25 | 1.65× | -0.14× | ||
| Q3 25 | 1.24× | 0.41× | ||
| Q2 25 | 2.06× | 0.31× | ||
| Q1 25 | 3.29× | 0.58× | ||
| Q4 24 | 1.52× | 0.78× | ||
| Q3 24 | 1.20× | -0.47× | ||
| Q2 24 | 3.57× | 0.19× | ||
| Q1 24 | 3.33× | 0.84× |
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% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
