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Side-by-side financial comparison of CMS Energy (CMS) and Ovintiv Inc. (OVV). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $2.1B, roughly 1.0× Ovintiv Inc.). Ovintiv Inc. runs the higher net margin — 46.1% vs 13.5%, a 32.5% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -6.0%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -7.2%).
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.
Ovintiv Inc. is a U.S. petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.
CMS vs OVV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.1B |
| Net Profit | $289.0M | $946.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 21.2% |
| Net Margin | 13.5% | 46.1% |
| Revenue YoY | 13.0% | -6.0% |
| Net Profit YoY | 9.1% | 1676.7% |
| EPS (diluted) | $0.94 | $3.64 |
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 | $2.1B | ||
| Q3 25 | $2.0B | $2.0B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $2.4B | $2.4B | ||
| Q4 24 | $1.9B | $2.2B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.6B | $2.2B | ||
| Q1 24 | $2.1B | $2.4B |
| Q4 25 | $289.0M | $946.0M | ||
| Q3 25 | $277.0M | $148.0M | ||
| Q2 25 | $201.0M | $307.0M | ||
| Q1 25 | $304.0M | $-159.0M | ||
| Q4 24 | $265.0M | $-60.0M | ||
| Q3 24 | $253.0M | $507.0M | ||
| Q2 24 | $198.0M | $340.0M | ||
| Q1 24 | $287.0M | $338.0M |
| Q4 25 | 20.4% | 21.2% | ||
| Q3 25 | 24.4% | 13.5% | ||
| Q2 25 | 17.6% | 23.1% | ||
| Q1 25 | 20.6% | -3.7% | ||
| Q4 24 | 22.5% | 0.1% | ||
| Q3 24 | 21.4% | 24.2% | ||
| Q2 24 | 18.0% | 25.4% | ||
| Q1 24 | 19.2% | 20.7% |
| Q4 25 | 13.5% | 46.1% | ||
| Q3 25 | 14.0% | 7.3% | ||
| Q2 25 | 11.2% | 13.9% | ||
| Q1 25 | 12.7% | -6.7% | ||
| Q4 24 | 14.0% | -2.7% | ||
| Q3 24 | 14.8% | 23.3% | ||
| Q2 24 | 12.6% | 15.5% | ||
| Q1 24 | 13.4% | 14.2% |
| Q4 25 | $0.94 | $3.64 | ||
| Q3 25 | $0.92 | $0.57 | ||
| Q2 25 | $0.66 | $1.18 | ||
| Q1 25 | $1.01 | $-0.61 | ||
| Q4 24 | $0.88 | $-0.22 | ||
| Q3 24 | $0.84 | $1.92 | ||
| Q2 24 | $0.65 | $1.27 | ||
| Q1 24 | $0.96 | $1.24 |
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 | $280.0M |
| Total DebtLower is stronger | — | $5.2B |
| Stockholders' EquityBook value | $9.1B | $11.2B |
| Total Assets | $39.9B | $20.4B |
| Debt / EquityLower = less leverage | — | 0.46× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $280.0M | ||
| Q3 25 | $362.0M | $25.0M | ||
| Q2 25 | $844.0M | $20.0M | ||
| Q1 25 | $465.0M | $8.0M | ||
| Q4 24 | $103.0M | $42.0M | ||
| Q3 24 | $412.0M | $9.0M | ||
| Q2 24 | $699.0M | $8.0M | ||
| Q1 24 | $802.0M | $5.0M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $6.2B |
| Q4 25 | $9.1B | $11.2B | ||
| Q3 25 | $8.9B | $10.2B | ||
| Q2 25 | $8.4B | $10.4B | ||
| Q1 25 | $8.3B | $10.1B | ||
| Q4 24 | $8.2B | $10.3B | ||
| Q3 24 | $8.1B | $10.7B | ||
| Q2 24 | $8.0B | $10.3B | ||
| Q1 24 | $7.9B | $10.3B |
| Q4 25 | $39.9B | $20.4B | ||
| Q3 25 | $38.0B | $19.4B | ||
| Q2 25 | $37.7B | $19.7B | ||
| Q1 25 | $36.3B | $19.6B | ||
| Q4 24 | $35.9B | $19.3B | ||
| Q3 24 | $34.8B | $19.9B | ||
| Q2 24 | $34.4B | $19.8B | ||
| Q1 24 | $33.9B | $19.8B |
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.59× | ||
| Q1 24 | — | 0.60× |
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 | $954.0M |
| Free Cash FlowOCF − Capex | — | $489.0M |
| FCF MarginFCF / Revenue | — | 23.8% |
| Capex IntensityCapex / Revenue | — | 22.6% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.01× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $954.0M | ||
| Q3 25 | $343.0M | $812.0M | ||
| Q2 25 | $414.0M | $1.0B | ||
| Q1 25 | $1.0B | $873.0M | ||
| Q4 24 | $403.0M | $1.0B | ||
| Q3 24 | $304.0M | $1.0B | ||
| Q2 24 | $707.0M | $1.0B | ||
| Q1 24 | $956.0M | $659.0M |
| Q4 25 | — | $489.0M | ||
| Q3 25 | $-635.0M | $268.0M | ||
| Q2 25 | $-470.0M | $492.0M | ||
| Q1 25 | $112.0M | $256.0M | ||
| Q4 24 | — | $468.0M | ||
| Q3 24 | $-502.0M | $484.0M | ||
| Q2 24 | $26.0M | $398.0M | ||
| Q1 24 | $343.0M | $68.0M |
| Q4 25 | — | 23.8% | ||
| Q3 25 | -32.2% | 13.3% | ||
| Q2 25 | -26.1% | 22.2% | ||
| Q1 25 | 4.7% | 10.8% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | -29.3% | 22.2% | ||
| Q2 24 | 1.6% | 18.1% | ||
| Q1 24 | 16.0% | 2.8% |
| Q4 25 | — | 22.6% | ||
| Q3 25 | 49.5% | 26.9% | ||
| Q2 25 | 49.2% | 23.5% | ||
| Q1 25 | 37.0% | 26.0% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | 47.1% | 24.7% | ||
| Q2 24 | 43.2% | 28.4% | ||
| Q1 24 | 28.6% | 24.8% |
| Q4 25 | 1.65× | 1.01× | ||
| Q3 25 | 1.24× | 5.49× | ||
| Q2 25 | 2.06× | 3.30× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 2.02× | ||
| Q2 24 | 3.57× | 3.00× | ||
| Q1 24 | 3.33× | 1.95× |
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% |
OVV
| Product And Service Revenue | $1.7B | 84% |
| Sales Of Purchased Product | $338.0M | 16% |
