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Side-by-side financial comparison of CMS Energy (CMS) and BeOne Medicines Ltd. (ONC). 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× BeOne Medicines Ltd.). CMS Energy runs the higher net margin — 13.5% vs 4.4%, a 9.1% gap on every dollar of revenue. On growth, BeOne Medicines Ltd. posted the faster year-over-year revenue change (32.8% vs 13.0%). Over the past eight quarters, BeOne Medicines Ltd.'s revenue compounded faster (41.2% 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.
BeOne Medicines Ltd.ONCEarnings & Financial Report
BeOne Medicines, formerly known as BeiGene, Ltd. is a multinational oncology company. It specializes in the development of drugs for cancer treatment.
CMS vs ONC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.5B |
| Net Profit | $289.0M | $66.5M |
| Gross Margin | — | 90.5% |
| Operating Margin | 20.4% | 12.4% |
| Net Margin | 13.5% | 4.4% |
| Revenue YoY | 13.0% | 32.8% |
| Net Profit YoY | 9.1% | 143.8% |
| EPS (diluted) | $0.94 | $0.05 |
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 | $1.4B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $929.2M | ||
| Q1 24 | $2.1B | $751.7M |
| Q4 25 | $289.0M | $66.5M | ||
| Q3 25 | $277.0M | $124.8M | ||
| Q2 25 | $201.0M | $94.3M | ||
| Q1 25 | $304.0M | $1.3M | ||
| Q4 24 | $265.0M | $-151.9M | ||
| Q3 24 | $253.0M | $-121.3M | ||
| Q2 24 | $198.0M | $-120.4M | ||
| Q1 24 | $287.0M | $-251.2M |
| Q4 25 | — | 90.5% | ||
| Q3 25 | — | 86.1% | ||
| Q2 25 | — | 87.5% | ||
| Q1 25 | — | 85.2% | ||
| Q4 24 | — | 85.8% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | — | 85.1% | ||
| Q1 24 | — | 83.4% |
| Q4 25 | 20.4% | 12.4% | ||
| Q3 25 | 24.4% | 11.5% | ||
| Q2 25 | 17.6% | 6.7% | ||
| Q1 25 | 20.6% | 1.0% | ||
| Q4 24 | 22.5% | -7.0% | ||
| Q3 24 | 21.4% | -12.0% | ||
| Q2 24 | 18.0% | -11.5% | ||
| Q1 24 | 19.2% | -34.8% |
| Q4 25 | 13.5% | 4.4% | ||
| Q3 25 | 14.0% | 8.8% | ||
| Q2 25 | 11.2% | 7.2% | ||
| Q1 25 | 12.7% | 0.1% | ||
| Q4 24 | 14.0% | -13.5% | ||
| Q3 24 | 14.8% | -12.1% | ||
| Q2 24 | 12.6% | -13.0% | ||
| Q1 24 | 13.4% | -33.4% |
| Q4 25 | $0.94 | $0.05 | ||
| Q3 25 | $0.92 | $0.08 | ||
| Q2 25 | $0.66 | $0.06 | ||
| Q1 25 | $1.01 | $0.00 | ||
| Q4 24 | $0.88 | $-0.10 | ||
| Q3 24 | $0.84 | $-0.09 | ||
| Q2 24 | $0.65 | $-0.09 | ||
| Q1 24 | $0.96 | $-0.19 |
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 | $4.5B |
| Total DebtLower is stronger | — | $836.4M |
| Stockholders' EquityBook value | $9.1B | $4.4B |
| Total Assets | $39.9B | $8.2B |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $4.5B | ||
| Q3 25 | $362.0M | $4.0B | ||
| Q2 25 | $844.0M | $2.8B | ||
| Q1 25 | $465.0M | $2.5B | ||
| Q4 24 | $103.0M | $2.6B | ||
| Q3 24 | $412.0M | $2.7B | ||
| Q2 24 | $699.0M | $2.6B | ||
| Q1 24 | $802.0M | $2.8B |
| Q4 25 | — | $836.4M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $9.1B | $4.4B | ||
| Q3 25 | $8.9B | $4.1B | ||
| Q2 25 | $8.4B | $3.8B | ||
| Q1 25 | $8.3B | $3.5B | ||
| Q4 24 | $8.2B | $3.3B | ||
| Q3 24 | $8.1B | $3.4B | ||
| Q2 24 | $8.0B | $3.4B | ||
| Q1 24 | $7.9B | $3.4B |
| Q4 25 | $39.9B | $8.2B | ||
| Q3 25 | $38.0B | $7.6B | ||
| Q2 25 | $37.7B | $6.3B | ||
| Q1 25 | $36.3B | $5.8B | ||
| Q4 24 | $35.9B | $5.9B | ||
| Q3 24 | $34.8B | $5.8B | ||
| Q2 24 | $34.4B | $5.7B | ||
| Q1 24 | $33.9B | $5.7B |
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $417.3M |
| Free Cash FlowOCF − Capex | — | $379.8M |
| FCF MarginFCF / Revenue | — | 25.4% |
| Capex IntensityCapex / Revenue | — | 2.5% |
| Cash ConversionOCF / Net Profit | 1.65× | 6.28× |
| TTM Free Cash FlowTrailing 4 quarters | — | $941.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $417.3M | ||
| Q3 25 | $343.0M | $402.6M | ||
| Q2 25 | $414.0M | $263.6M | ||
| Q1 25 | $1.0B | $44.1M | ||
| Q4 24 | $403.0M | $75.2M | ||
| Q3 24 | $304.0M | $188.4M | ||
| Q2 24 | $707.0M | $-95.6M | ||
| Q1 24 | $956.0M | $-308.6M |
| Q4 25 | — | $379.8M | ||
| Q3 25 | $-635.0M | $354.5M | ||
| Q2 25 | $-470.0M | $219.8M | ||
| Q1 25 | $112.0M | $-12.3M | ||
| Q4 24 | — | $-17.3M | ||
| Q3 24 | $-502.0M | $54.7M | ||
| Q2 24 | $26.0M | $-205.5M | ||
| Q1 24 | $343.0M | $-465.1M |
| Q4 25 | — | 25.4% | ||
| Q3 25 | -32.2% | 25.1% | ||
| Q2 25 | -26.1% | 16.7% | ||
| Q1 25 | 4.7% | -1.1% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -29.3% | 5.5% | ||
| Q2 24 | 1.6% | -22.1% | ||
| Q1 24 | 16.0% | -61.9% |
| Q4 25 | — | 2.5% | ||
| Q3 25 | 49.5% | 3.4% | ||
| Q2 25 | 49.2% | 3.3% | ||
| Q1 25 | 37.0% | 5.0% | ||
| Q4 24 | — | 8.2% | ||
| Q3 24 | 47.1% | 13.3% | ||
| Q2 24 | 43.2% | 11.8% | ||
| Q1 24 | 28.6% | 20.8% |
| Q4 25 | 1.65× | 6.28× | ||
| Q3 25 | 1.24× | 3.22× | ||
| Q2 25 | 2.06× | 2.79× | ||
| Q1 25 | 3.29× | 34.71× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | — | ||
| 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% |
ONC
Segment breakdown not available.
