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Side-by-side financial comparison of CMS Energy (CMS) and Organon & Co. (OGN). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.5B, roughly 1.4× Organon & Co.). CMS Energy runs the higher net margin — 13.5% vs -13.6%, a 27.1% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -5.3%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -3.6%).
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.
Organon & Co. is an American pharmaceutical company headquartered in Jersey City, New Jersey. Organon specializes in the following core therapeutic fields: reproductive medicine, contraception, psychiatry, hormone replacement therapy (HRT), and anesthesia. Organon produces all its products outside of the United States but receives a third of its revenue from the United States.
CMS vs OGN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.5B |
| Net Profit | $289.0M | $-205.0M |
| Gross Margin | — | 49.2% |
| Operating Margin | 20.4% | -9.8% |
| Net Margin | 13.5% | -13.6% |
| Revenue YoY | 13.0% | -5.3% |
| Net Profit YoY | 9.1% | -288.1% |
| EPS (diluted) | $0.94 | $-0.78 |
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 | $1.5B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $2.1B | $1.6B |
| Q4 25 | $289.0M | $-205.0M | ||
| Q3 25 | $277.0M | $160.0M | ||
| Q2 25 | $201.0M | $145.0M | ||
| Q1 25 | $304.0M | $87.0M | ||
| Q4 24 | $265.0M | $109.0M | ||
| Q3 24 | $253.0M | $359.0M | ||
| Q2 24 | $198.0M | $195.0M | ||
| Q1 24 | $287.0M | $201.0M |
| Q4 25 | — | 49.2% | ||
| Q3 25 | — | 53.5% | ||
| Q2 25 | — | 54.8% | ||
| Q1 25 | — | 55.6% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | — | 58.3% | ||
| Q2 24 | — | 58.4% | ||
| Q1 24 | — | 59.0% |
| Q4 25 | 20.4% | -9.8% | ||
| Q3 25 | 24.4% | 15.2% | ||
| Q2 25 | 17.6% | 14.4% | ||
| Q1 25 | 20.6% | 6.7% | ||
| Q4 24 | 22.5% | 8.1% | ||
| Q3 24 | 21.4% | 13.1% | ||
| Q2 24 | 18.0% | 14.6% | ||
| Q1 24 | 19.2% | 14.5% |
| Q4 25 | 13.5% | -13.6% | ||
| Q3 25 | 14.0% | 10.0% | ||
| Q2 25 | 11.2% | 9.1% | ||
| Q1 25 | 12.7% | 5.8% | ||
| Q4 24 | 14.0% | 6.8% | ||
| Q3 24 | 14.8% | 22.7% | ||
| Q2 24 | 12.6% | 12.1% | ||
| Q1 24 | 13.4% | 12.4% |
| Q4 25 | $0.94 | $-0.78 | ||
| Q3 25 | $0.92 | $0.61 | ||
| Q2 25 | $0.66 | $0.56 | ||
| Q1 25 | $1.01 | $0.33 | ||
| Q4 24 | $0.88 | $0.42 | ||
| Q3 24 | $0.84 | $1.38 | ||
| Q2 24 | $0.65 | $0.75 | ||
| Q1 24 | $0.96 | $0.78 |
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 | $574.0M |
| Total DebtLower is stronger | — | $8.6B |
| Stockholders' EquityBook value | $9.1B | $752.0M |
| Total Assets | $39.9B | $12.9B |
| Debt / EquityLower = less leverage | — | 11.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $574.0M | ||
| Q3 25 | $362.0M | $672.0M | ||
| Q2 25 | $844.0M | $599.0M | ||
| Q1 25 | $465.0M | $547.0M | ||
| Q4 24 | $103.0M | $675.0M | ||
| Q3 24 | $412.0M | $763.0M | ||
| Q2 24 | $699.0M | $704.0M | ||
| Q1 24 | $802.0M | $575.0M |
| Q4 25 | — | $8.6B | ||
| Q3 25 | — | $8.8B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.7B | ||
| Q2 24 | — | $8.7B | ||
| Q1 24 | — | $8.7B |
| Q4 25 | $9.1B | $752.0M | ||
| Q3 25 | $8.9B | $906.0M | ||
| Q2 25 | $8.4B | $733.0M | ||
| Q1 25 | $8.3B | $542.0M | ||
| Q4 24 | $8.2B | $472.0M | ||
| Q3 24 | $8.1B | $493.0M | ||
| Q2 24 | $8.0B | $144.0M | ||
| Q1 24 | $7.9B | $48.0M |
| Q4 25 | $39.9B | $12.9B | ||
| Q3 25 | $38.0B | $13.6B | ||
| Q2 25 | $37.7B | $13.5B | ||
| Q1 25 | $36.3B | $13.2B | ||
| Q4 24 | $35.9B | $13.1B | ||
| Q3 24 | $34.8B | $12.8B | ||
| Q2 24 | $34.4B | $12.2B | ||
| Q1 24 | $33.9B | $11.9B |
| Q4 25 | — | 11.49× | ||
| Q3 25 | — | 9.74× | ||
| Q2 25 | — | 12.14× | ||
| Q1 25 | — | 16.52× | ||
| Q4 24 | — | 18.81× | ||
| Q3 24 | — | 17.75× | ||
| Q2 24 | — | 60.11× | ||
| Q1 24 | — | 181.54× |
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 | $141.0M |
| Free Cash FlowOCF − Capex | — | $96.0M |
| FCF MarginFCF / Revenue | — | 6.4% |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $538.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $141.0M | ||
| Q3 25 | $343.0M | $264.0M | ||
| Q2 25 | $414.0M | $220.0M | ||
| Q1 25 | $1.0B | $75.0M | ||
| Q4 24 | $403.0M | $390.0M | ||
| Q3 24 | $304.0M | $141.0M | ||
| Q2 24 | $707.0M | $332.0M | ||
| Q1 24 | $956.0M | $76.0M |
| Q4 25 | — | $96.0M | ||
| Q3 25 | $-635.0M | $218.0M | ||
| Q2 25 | $-470.0M | $181.0M | ||
| Q1 25 | $112.0M | $43.0M | ||
| Q4 24 | — | $335.0M | ||
| Q3 24 | $-502.0M | $99.0M | ||
| Q2 24 | $26.0M | $300.0M | ||
| Q1 24 | $343.0M | $30.0M |
| Q4 25 | — | 6.4% | ||
| Q3 25 | -32.2% | 13.6% | ||
| Q2 25 | -26.1% | 11.4% | ||
| Q1 25 | 4.7% | 2.8% | ||
| Q4 24 | — | 21.0% | ||
| Q3 24 | -29.3% | 6.3% | ||
| Q2 24 | 1.6% | 18.7% | ||
| Q1 24 | 16.0% | 1.8% |
| Q4 25 | — | 3.0% | ||
| Q3 25 | 49.5% | 2.9% | ||
| Q2 25 | 49.2% | 2.4% | ||
| Q1 25 | 37.0% | 2.1% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | 47.1% | 2.7% | ||
| Q2 24 | 43.2% | 2.0% | ||
| Q1 24 | 28.6% | 2.8% |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 1.65× | ||
| Q2 25 | 2.06× | 1.52× | ||
| Q1 25 | 3.29× | 0.86× | ||
| Q4 24 | 1.52× | 3.58× | ||
| Q3 24 | 1.20× | 0.39× | ||
| Q2 24 | 3.57× | 1.70× | ||
| Q1 24 | 3.33× | 0.38× |
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% |
OGN
Segment breakdown not available.
