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Side-by-side financial comparison of CMS Energy (CMS) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $2.1B, roughly 1.7× CMS Energy). MARKEL GROUP INC. runs the higher net margin — 16.1% vs 13.5%, a 2.6% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -6.9%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -10.5%).
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.
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
CMS vs MKL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.6B |
| Net Profit | $289.0M | $576.8M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 22.2% |
| Net Margin | 13.5% | 16.1% |
| Revenue YoY | 13.0% | -6.9% |
| Net Profit YoY | 9.1% | 5.0% |
| EPS (diluted) | $0.94 | $48.22 |
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 | $3.6B | ||
| Q3 25 | $2.0B | $3.9B | ||
| Q2 25 | $1.8B | $4.6B | ||
| Q1 25 | $2.4B | $3.4B | ||
| Q4 24 | $1.9B | $3.8B | ||
| Q3 24 | $1.7B | $4.6B | ||
| Q2 24 | $1.6B | $3.7B | ||
| Q1 24 | $2.1B | $4.5B |
| Q4 25 | $289.0M | $576.8M | ||
| Q3 25 | $277.0M | $751.3M | ||
| Q2 25 | $201.0M | $657.1M | ||
| Q1 25 | $304.0M | $121.7M | ||
| Q4 24 | $265.0M | $549.2M | ||
| Q3 24 | $253.0M | $905.0M | ||
| Q2 24 | $198.0M | $267.7M | ||
| Q1 24 | $287.0M | $1.0B |
| Q4 25 | 20.4% | 22.2% | ||
| Q3 25 | 24.4% | 25.7% | ||
| Q2 25 | 17.6% | 24.1% | ||
| Q1 25 | 20.6% | 8.3% | ||
| Q4 24 | 22.5% | 15.5% | ||
| Q3 24 | 21.4% | 29.7% | ||
| Q2 24 | 18.0% | 11.1% | ||
| Q1 24 | 19.2% | 29.9% |
| Q4 25 | 13.5% | 16.1% | ||
| Q3 25 | 14.0% | 19.1% | ||
| Q2 25 | 11.2% | 14.3% | ||
| Q1 25 | 12.7% | 3.6% | ||
| Q4 24 | 14.0% | 14.3% | ||
| Q3 24 | 14.8% | 19.6% | ||
| Q2 24 | 12.6% | 7.2% | ||
| Q1 24 | 13.4% | 23.0% |
| Q4 25 | $0.94 | $48.22 | ||
| Q3 25 | $0.92 | $59.25 | ||
| Q2 25 | $0.66 | $49.67 | ||
| Q1 25 | $1.01 | $12.08 | ||
| Q4 24 | $0.88 | $39.02 | ||
| Q3 24 | $0.84 | $66.25 | ||
| Q2 24 | $0.65 | $18.62 | ||
| Q1 24 | $0.96 | $75.43 |
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 | $4.0B |
| Total DebtLower is stronger | — | $4.3B |
| Stockholders' EquityBook value | $9.1B | $18.6B |
| Total Assets | $39.9B | $68.9B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $4.0B | ||
| Q3 25 | $362.0M | $4.0B | ||
| Q2 25 | $844.0M | $3.7B | ||
| Q1 25 | $465.0M | $4.2B | ||
| Q4 24 | $103.0M | $3.7B | ||
| Q3 24 | $412.0M | $3.9B | ||
| Q2 24 | $699.0M | $3.5B | ||
| Q1 24 | $802.0M | $3.6B |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
| Q4 25 | $9.1B | $18.6B | ||
| Q3 25 | $8.9B | $18.0B | ||
| Q2 25 | $8.4B | $17.3B | ||
| Q1 25 | $8.3B | $17.1B | ||
| Q4 24 | $8.2B | $16.9B | ||
| Q3 24 | $8.1B | $17.0B | ||
| Q2 24 | $8.0B | $15.9B | ||
| Q1 24 | $7.9B | $15.7B |
| Q4 25 | $39.9B | $68.9B | ||
| Q3 25 | $38.0B | $67.4B | ||
| Q2 25 | $37.7B | $66.8B | ||
| Q1 25 | $36.3B | $64.6B | ||
| Q4 24 | $35.9B | $61.9B | ||
| Q3 24 | $34.8B | $62.3B | ||
| Q2 24 | $34.4B | $59.7B | ||
| Q1 24 | $33.9B | $57.3B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
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 | $662.2M |
| Free Cash FlowOCF − Capex | — | $599.1M |
| FCF MarginFCF / Revenue | — | 16.7% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $662.2M | ||
| Q3 25 | $343.0M | $1.2B | ||
| Q2 25 | $414.0M | $504.4M | ||
| Q1 25 | $1.0B | $376.2M | ||
| Q4 24 | $403.0M | $493.9M | ||
| Q3 24 | $304.0M | $890.8M | ||
| Q2 24 | $707.0M | $578.6M | ||
| Q1 24 | $956.0M | $630.7M |
| Q4 25 | — | $599.1M | ||
| Q3 25 | $-635.0M | $1.2B | ||
| Q2 25 | $-470.0M | $453.8M | ||
| Q1 25 | $112.0M | $335.5M | ||
| Q4 24 | — | $420.0M | ||
| Q3 24 | $-502.0M | $838.9M | ||
| Q2 24 | $26.0M | $521.4M | ||
| Q1 24 | $343.0M | $558.7M |
| Q4 25 | — | 16.7% | ||
| Q3 25 | -32.2% | 29.6% | ||
| Q2 25 | -26.1% | 9.9% | ||
| Q1 25 | 4.7% | 9.9% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | -29.3% | 18.2% | ||
| Q2 24 | 1.6% | 14.1% | ||
| Q1 24 | 16.0% | 12.5% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | 49.5% | 1.3% | ||
| Q2 25 | 49.2% | 1.1% | ||
| Q1 25 | 37.0% | 1.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 47.1% | 1.1% | ||
| Q2 24 | 43.2% | 1.5% | ||
| Q1 24 | 28.6% | 1.6% |
| Q4 25 | 1.65× | 1.15× | ||
| Q3 25 | 1.24× | 1.62× | ||
| Q2 25 | 2.06× | 0.77× | ||
| Q1 25 | 3.29× | 3.09× | ||
| Q4 24 | 1.52× | 0.90× | ||
| Q3 24 | 1.20× | 0.98× | ||
| Q2 24 | 3.57× | 2.16× | ||
| Q1 24 | 3.33× | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
