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Side-by-side financial comparison of CMS Energy (CMS) and MPLX LP (MPLX). Click either name above to swap in a different company.
MPLX LP is the larger business by last-quarter revenue ($2.5B vs $2.1B, roughly 1.1× CMS Energy). MPLX LP runs the higher net margin — 49.1% vs 13.5%, a 35.5% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 1.4%). Over the past eight quarters, MPLX LP's revenue compounded faster (6.2% 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.
MarkWest Energy Partners, L.P., a subsidiary of MPLX LP, is a natural gas gathering, processing and transportation company master limited partnership of the United States. In 1988, the company was founded in Denver, Colorado and grew to be Colorado's 13th largest company. In 2015 it was acquired by MPLX, itself a subsidiary of Marathon Petroleum.
CMS vs MPLX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.5B |
| Net Profit | $289.0M | $1.2B |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 60.5% |
| Net Margin | 13.5% | 49.1% |
| Revenue YoY | 13.0% | 1.4% |
| Net Profit YoY | 9.1% | 8.5% |
| EPS (diluted) | $0.94 | — |
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 | $2.5B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $2.4B | $2.5B | ||
| Q4 24 | $1.9B | $2.4B | ||
| Q3 24 | $1.7B | $2.3B | ||
| Q2 24 | $1.6B | $2.3B | ||
| Q1 24 | $2.1B | $2.2B |
| Q4 25 | $289.0M | $1.2B | ||
| Q3 25 | $277.0M | $1.6B | ||
| Q2 25 | $201.0M | $1.1B | ||
| Q1 25 | $304.0M | $1.1B | ||
| Q4 24 | $265.0M | $1.1B | ||
| Q3 24 | $253.0M | $1.0B | ||
| Q2 24 | $198.0M | $1.2B | ||
| Q1 24 | $287.0M | $1.0B |
| Q4 25 | 20.4% | 60.5% | ||
| Q3 25 | 24.4% | 73.2% | ||
| Q2 25 | 17.6% | 54.9% | ||
| Q1 25 | 20.6% | 55.5% | ||
| Q4 24 | 22.5% | 55.6% | ||
| Q3 24 | 21.4% | 54.4% | ||
| Q2 24 | 18.0% | 62.9% | ||
| Q1 24 | 19.2% | 57.6% |
| Q4 25 | 13.5% | 49.1% | ||
| Q3 25 | 14.0% | 63.2% | ||
| Q2 25 | 11.2% | 44.9% | ||
| Q1 25 | 12.7% | 46.2% | ||
| Q4 24 | 14.0% | 45.9% | ||
| Q3 24 | 14.8% | 44.6% | ||
| Q2 24 | 12.6% | 52.6% | ||
| Q1 24 | 13.4% | 46.7% |
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | — | ||
| Q2 25 | $0.66 | — | ||
| Q1 25 | $1.01 | — | ||
| Q4 24 | $0.88 | — | ||
| Q3 24 | $0.84 | — | ||
| Q2 24 | $0.65 | — | ||
| Q1 24 | $0.96 | — |
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 | $2.1B |
| Total DebtLower is stronger | — | $24.2B |
| Stockholders' EquityBook value | $9.1B | — |
| Total Assets | $39.9B | $43.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $2.1B | ||
| Q3 25 | $362.0M | $1.8B | ||
| Q2 25 | $844.0M | $1.4B | ||
| Q1 25 | $465.0M | $2.5B | ||
| Q4 24 | $103.0M | $1.5B | ||
| Q3 24 | $412.0M | $2.4B | ||
| Q2 24 | $699.0M | $2.5B | ||
| Q1 24 | $802.0M | $385.0M |
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | — | ||
| Q2 25 | $8.4B | — | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.0B | — | ||
| Q1 24 | $7.9B | — |
| Q4 25 | $39.9B | $43.0B | ||
| Q3 25 | $38.0B | $43.2B | ||
| Q2 25 | $37.7B | $37.8B | ||
| Q1 25 | $36.3B | $39.0B | ||
| Q4 24 | $35.9B | $37.5B | ||
| Q3 24 | $34.8B | $38.5B | ||
| Q2 24 | $34.4B | $38.4B | ||
| Q1 24 | $33.9B | $36.5B |
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 | $1.5B |
| Free Cash FlowOCF − Capex | — | $782.0M |
| FCF MarginFCF / Revenue | — | 31.9% |
| Capex IntensityCapex / Revenue | — | 29.1% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.24× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $1.5B | ||
| Q3 25 | $343.0M | $1.4B | ||
| Q2 25 | $414.0M | $1.7B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $403.0M | $1.7B | ||
| Q3 24 | $304.0M | $1.4B | ||
| Q2 24 | $707.0M | $1.6B | ||
| Q1 24 | $956.0M | $1.3B |
| Q4 25 | — | $782.0M | ||
| Q3 25 | $-635.0M | $905.0M | ||
| Q2 25 | $-470.0M | $1.4B | ||
| Q1 25 | $112.0M | $979.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $-502.0M | $1.1B | ||
| Q2 24 | $26.0M | $1.4B | ||
| Q1 24 | $343.0M | $1.0B |
| Q4 25 | — | 31.9% | ||
| Q3 25 | -32.2% | 36.8% | ||
| Q2 25 | -26.1% | 60.9% | ||
| Q1 25 | 4.7% | 39.8% | ||
| Q4 24 | — | 56.6% | ||
| Q3 24 | -29.3% | 48.4% | ||
| Q2 24 | 1.6% | 60.0% | ||
| Q1 24 | 16.0% | 47.7% |
| Q4 25 | — | 29.1% | ||
| Q3 25 | 49.5% | 21.4% | ||
| Q2 25 | 49.2% | 12.8% | ||
| Q1 25 | 37.0% | 10.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | 47.1% | 11.9% | ||
| Q2 24 | 43.2% | 9.4% | ||
| Q1 24 | 28.6% | 11.7% |
| Q4 25 | 1.65× | 1.24× | ||
| Q3 25 | 1.24× | 0.92× | ||
| Q2 25 | 2.06× | 1.64× | ||
| Q1 25 | 3.29× | 1.10× | ||
| Q4 24 | 1.52× | 1.51× | ||
| Q3 24 | 1.20× | 1.35× | ||
| Q2 24 | 3.57× | 1.32× | ||
| Q1 24 | 3.33× | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
