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Side-by-side financial comparison of CMS Energy (CMS) and NCR Atleos Corp (NATL). 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 1.9× NCR Atleos Corp). CMS Energy runs the higher net margin — 13.5% vs 7.2%, a 6.3% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 4.0%). Over the past eight quarters, NCR Atleos Corp's revenue compounded faster (4.9% 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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
CMS vs NATL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.2B |
| Net Profit | $289.0M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 13.5% |
| Net Margin | 13.5% | 7.2% |
| Revenue YoY | 13.0% | 4.0% |
| Net Profit YoY | 9.1% | 102.4% |
| EPS (diluted) | $0.94 | $1.09 |
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 | $979.0M | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $2.1B | $1.0B |
| Q4 25 | $289.0M | $83.0M | ||
| Q3 25 | $277.0M | $26.0M | ||
| Q2 25 | $201.0M | $39.0M | ||
| Q1 25 | $304.0M | $14.0M | ||
| Q4 24 | $265.0M | $41.0M | ||
| Q3 24 | $253.0M | $21.0M | ||
| Q2 24 | $198.0M | $27.0M | ||
| Q1 24 | $287.0M | $-9.0M |
| Q4 25 | 20.4% | 13.5% | ||
| Q3 25 | 24.4% | 9.8% | ||
| Q2 25 | 17.6% | 10.8% | ||
| Q1 25 | 20.6% | 9.5% | ||
| Q4 24 | 22.5% | 13.4% | ||
| Q3 24 | 21.4% | 10.6% | ||
| Q2 24 | 18.0% | 9.8% | ||
| Q1 24 | 19.2% | 6.5% |
| Q4 25 | 13.5% | 7.2% | ||
| Q3 25 | 14.0% | 2.3% | ||
| Q2 25 | 11.2% | 3.5% | ||
| Q1 25 | 12.7% | 1.4% | ||
| Q4 24 | 14.0% | 3.7% | ||
| Q3 24 | 14.8% | 2.0% | ||
| Q2 24 | 12.6% | 2.5% | ||
| Q1 24 | 13.4% | -0.9% |
| Q4 25 | $0.94 | $1.09 | ||
| Q3 25 | $0.92 | $0.34 | ||
| Q2 25 | $0.66 | $0.52 | ||
| Q1 25 | $1.01 | $0.19 | ||
| Q4 24 | $0.88 | $0.56 | ||
| Q3 24 | $0.84 | $0.28 | ||
| Q2 24 | $0.65 | $0.37 | ||
| Q1 24 | $0.96 | $-0.13 |
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 | $456.0M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $9.1B | $403.0M |
| Total Assets | $39.9B | $5.7B |
| Debt / EquityLower = less leverage | — | 6.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $456.0M | ||
| Q3 25 | $362.0M | $412.0M | ||
| Q2 25 | $844.0M | $357.0M | ||
| Q1 25 | $465.0M | $352.0M | ||
| Q4 24 | $103.0M | $419.0M | ||
| Q3 24 | $412.0M | $395.0M | ||
| Q2 24 | $699.0M | $374.0M | ||
| Q1 24 | $802.0M | $343.0M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $9.1B | $403.0M | ||
| Q3 25 | $8.9B | $330.0M | ||
| Q2 25 | $8.4B | $350.0M | ||
| Q1 25 | $8.3B | $275.0M | ||
| Q4 24 | $8.2B | $219.0M | ||
| Q3 24 | $8.1B | $264.0M | ||
| Q2 24 | $8.0B | $250.0M | ||
| Q1 24 | $7.9B | $283.0M |
| Q4 25 | $39.9B | $5.7B | ||
| Q3 25 | $38.0B | $5.7B | ||
| Q2 25 | $37.7B | $5.8B | ||
| Q1 25 | $36.3B | $5.7B | ||
| Q4 24 | $35.9B | $5.5B | ||
| Q3 24 | $34.8B | $5.7B | ||
| Q2 24 | $34.4B | $5.8B | ||
| Q1 24 | $33.9B | $5.8B |
| Q4 25 | — | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $231.0M |
| Free Cash FlowOCF − Capex | — | $194.0M |
| FCF MarginFCF / Revenue | — | 16.8% |
| Capex IntensityCapex / Revenue | — | 3.2% |
| Cash ConversionOCF / Net Profit | 1.65× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $231.0M | ||
| Q3 25 | $343.0M | $25.0M | ||
| Q2 25 | $414.0M | $-23.0M | ||
| Q1 25 | $1.0B | $123.0M | ||
| Q4 24 | $403.0M | $80.0M | ||
| Q3 24 | $304.0M | $107.0M | ||
| Q2 24 | $707.0M | $9.0M | ||
| Q1 24 | $956.0M | $148.0M |
| Q4 25 | — | $194.0M | ||
| Q3 25 | $-635.0M | $-5.0M | ||
| Q2 25 | $-470.0M | $-44.0M | ||
| Q1 25 | $112.0M | $94.0M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | $-502.0M | $85.0M | ||
| Q2 24 | $26.0M | $-14.0M | ||
| Q1 24 | $343.0M | $124.0M |
| Q4 25 | — | 16.8% | ||
| Q3 25 | -32.2% | -0.4% | ||
| Q2 25 | -26.1% | -4.0% | ||
| Q1 25 | 4.7% | 9.6% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | -29.3% | 7.9% | ||
| Q2 24 | 1.6% | -1.3% | ||
| Q1 24 | 16.0% | 11.9% |
| Q4 25 | — | 3.2% | ||
| Q3 25 | 49.5% | 2.7% | ||
| Q2 25 | 49.2% | 1.9% | ||
| Q1 25 | 37.0% | 3.0% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 47.1% | 2.1% | ||
| Q2 24 | 43.2% | 2.1% | ||
| Q1 24 | 28.6% | 2.3% |
| Q4 25 | 1.65× | 2.78× | ||
| Q3 25 | 1.24× | 0.96× | ||
| Q2 25 | 2.06× | -0.59× | ||
| Q1 25 | 3.29× | 8.79× | ||
| Q4 24 | 1.52× | 1.95× | ||
| Q3 24 | 1.20× | 5.10× | ||
| Q2 24 | 3.57× | 0.33× | ||
| 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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
