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Side-by-side financial comparison of CMS Energy (CMS) and OPEN TEXT CORP (OTEX). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.3B, roughly 1.6× OPEN TEXT CORP). CMS Energy runs the higher net margin — 13.5% vs 12.7%, a 0.9% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -0.6%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -4.3%).
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.
Open Text Corporation is a global software company that develops and sells information management software.
CMS vs OTEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.3B |
| Net Profit | $289.0M | $168.1M |
| Gross Margin | — | 74.0% |
| Operating Margin | 20.4% | 22.0% |
| Net Margin | 13.5% | 12.7% |
| Revenue YoY | 13.0% | -0.6% |
| Net Profit YoY | 9.1% | -26.9% |
| EPS (diluted) | $0.94 | $0.66 |
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 | $1.3B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.6B | $1.4B | ||
| Q1 24 | $2.1B | $1.4B |
| Q4 25 | $289.0M | $168.1M | ||
| Q3 25 | $277.0M | $146.6M | ||
| Q2 25 | $201.0M | $28.8M | ||
| Q1 25 | $304.0M | $92.8M | ||
| Q4 24 | $265.0M | $229.9M | ||
| Q3 24 | $253.0M | $84.4M | ||
| Q2 24 | $198.0M | $248.2M | ||
| Q1 24 | $287.0M | $98.3M |
| Q4 25 | — | 74.0% | ||
| Q3 25 | — | 72.8% | ||
| Q2 25 | — | 72.3% | ||
| Q1 25 | — | 71.6% | ||
| Q4 24 | — | 73.3% | ||
| Q3 24 | — | 71.7% | ||
| Q2 24 | — | 72.5% | ||
| Q1 24 | — | 73.0% |
| Q4 25 | 20.4% | 22.0% | ||
| Q3 25 | 24.4% | 21.0% | ||
| Q2 25 | 17.6% | 13.9% | ||
| Q1 25 | 20.6% | 16.7% | ||
| Q4 24 | 22.5% | 22.2% | ||
| Q3 24 | 21.4% | 16.3% | ||
| Q2 24 | 18.0% | 14.2% | ||
| Q1 24 | 19.2% | 15.7% |
| Q4 25 | 13.5% | 12.7% | ||
| Q3 25 | 14.0% | 11.4% | ||
| Q2 25 | 11.2% | 2.2% | ||
| Q1 25 | 12.7% | 7.4% | ||
| Q4 24 | 14.0% | 17.2% | ||
| Q3 24 | 14.8% | 6.6% | ||
| Q2 24 | 12.6% | 18.2% | ||
| Q1 24 | 13.4% | 6.8% |
| Q4 25 | $0.94 | $0.66 | ||
| Q3 25 | $0.92 | $0.58 | ||
| Q2 25 | $0.66 | $0.11 | ||
| Q1 25 | $1.01 | $0.35 | ||
| Q4 24 | $0.88 | $0.87 | ||
| Q3 24 | $0.84 | $0.32 | ||
| Q2 24 | $0.65 | $0.91 | ||
| Q1 24 | $0.96 | $0.36 |
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 | $1.3B |
| Total DebtLower is stronger | — | $6.4B |
| Stockholders' EquityBook value | $9.1B | $4.0B |
| Total Assets | $39.9B | $13.6B |
| Debt / EquityLower = less leverage | — | 1.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $1.3B | ||
| Q3 25 | $362.0M | $1.1B | ||
| Q2 25 | $844.0M | $1.2B | ||
| Q1 25 | $465.0M | $1.3B | ||
| Q4 24 | $103.0M | $1.1B | ||
| Q3 24 | $412.0M | $1.0B | ||
| Q2 24 | $699.0M | $1.3B | ||
| Q1 24 | $802.0M | $1.1B |
| Q4 25 | — | $6.4B | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.4B | ||
| Q1 24 | — | $8.4B |
| Q4 25 | $9.1B | $4.0B | ||
| Q3 25 | $8.9B | $4.0B | ||
| Q2 25 | $8.4B | $3.9B | ||
| Q1 25 | $8.3B | $4.1B | ||
| Q4 24 | $8.2B | $4.2B | ||
| Q3 24 | $8.1B | $4.1B | ||
| Q2 24 | $8.0B | $4.2B | ||
| Q1 24 | $7.9B | $4.1B |
| Q4 25 | $39.9B | $13.6B | ||
| Q3 25 | $38.0B | $13.5B | ||
| Q2 25 | $37.7B | $13.8B | ||
| Q1 25 | $36.3B | $13.8B | ||
| Q4 24 | $35.9B | $13.7B | ||
| Q3 24 | $34.8B | $13.8B | ||
| Q2 24 | $34.4B | $14.2B | ||
| Q1 24 | $33.9B | $16.4B |
| Q4 25 | — | 1.58× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 1.52× | ||
| Q1 24 | — | 2.02× |
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 | $318.7M |
| Free Cash FlowOCF − Capex | — | $279.4M |
| FCF MarginFCF / Revenue | — | 21.1% |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.90× |
| TTM Free Cash FlowTrailing 4 quarters | — | $878.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $318.7M | ||
| Q3 25 | $343.0M | $147.8M | ||
| Q2 25 | $414.0M | $158.2M | ||
| Q1 25 | $1.0B | $402.2M | ||
| Q4 24 | $403.0M | $348.0M | ||
| Q3 24 | $304.0M | $-77.8M | ||
| Q2 24 | $707.0M | $185.2M | ||
| Q1 24 | $956.0M | $384.7M |
| Q4 25 | — | $279.4M | ||
| Q3 25 | $-635.0M | $101.2M | ||
| Q2 25 | $-470.0M | $124.0M | ||
| Q1 25 | $112.0M | $373.8M | ||
| Q4 24 | — | $306.7M | ||
| Q3 24 | $-502.0M | $-117.1M | ||
| Q2 24 | $26.0M | $145.2M | ||
| Q1 24 | $343.0M | $348.2M |
| Q4 25 | — | 21.1% | ||
| Q3 25 | -32.2% | 7.9% | ||
| Q2 25 | -26.1% | 9.5% | ||
| Q1 25 | 4.7% | 29.8% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | -29.3% | -9.2% | ||
| Q2 24 | 1.6% | 10.7% | ||
| Q1 24 | 16.0% | 24.1% |
| Q4 25 | — | 3.0% | ||
| Q3 25 | 49.5% | 3.6% | ||
| Q2 25 | 49.2% | 2.6% | ||
| Q1 25 | 37.0% | 2.3% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 47.1% | 3.1% | ||
| Q2 24 | 43.2% | 2.9% | ||
| Q1 24 | 28.6% | 2.5% |
| Q4 25 | 1.65× | 1.90× | ||
| Q3 25 | 1.24× | 1.01× | ||
| Q2 25 | 2.06× | 5.49× | ||
| Q1 25 | 3.29× | 4.33× | ||
| Q4 24 | 1.52× | 1.51× | ||
| Q3 24 | 1.20× | -0.92× | ||
| Q2 24 | 3.57× | 0.75× | ||
| Q1 24 | 3.33× | 3.91× |
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% |
OTEX
| Transferred At Point In Time | $184.2M | 14% |
| Cybersecurity Enterprise Product | $174.5M | 13% |
| Business Network Product | $159.8M | 12% |
| Business Network Cloud Services And Subscriptions | $151.4M | 11% |
| Content Cloud Services And Subscriptions | $137.9M | 10% |
| Cybersecurity SMB Consumer Product | $127.6M | 10% |
| Application Delivery Management Product | $120.1M | 9% |
| IT Operations Management Product | $113.3M | 9% |
| Professional Service And Other | $82.5M | 6% |
| Analytics Product | $58.1M | 4% |
| IT Operations Management Cloud Services And Subscriptions | $7.8M | 1% |
