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Side-by-side financial comparison of CMS Energy (CMS) and PACS Group, Inc. (PACS). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.4B, roughly 1.6× PACS Group, Inc.). CMS Energy runs the higher net margin — 13.5% vs 4.4%, a 9.1% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 13.0%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% 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.
CMS vs PACS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.4B |
| Net Profit | $289.0M | $59.7M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 7.0% |
| Net Margin | 13.5% | 4.4% |
| Revenue YoY | 13.0% | 18.4% |
| Net Profit YoY | 9.1% | 3022.5% |
| EPS (diluted) | $0.94 | $0.42 |
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 | $1.4B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $981.4M | ||
| Q1 24 | $2.1B | $934.3M |
| Q4 25 | $289.0M | $59.7M | ||
| Q3 25 | $277.0M | $52.4M | ||
| Q2 25 | $201.0M | $51.0M | ||
| Q1 25 | $304.0M | $28.5M | ||
| Q4 24 | $265.0M | $1.9M | ||
| Q3 24 | $253.0M | $15.6M | ||
| Q2 24 | $198.0M | $-10.9M | ||
| Q1 24 | $287.0M | $49.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 21.2% |
| Q4 25 | 20.4% | 7.0% | ||
| Q3 25 | 24.4% | 6.4% | ||
| Q2 25 | 17.6% | 6.2% | ||
| Q1 25 | 20.6% | 3.8% | ||
| Q4 24 | 22.5% | 1.7% | ||
| Q3 24 | 21.4% | 2.2% | ||
| Q2 24 | 18.0% | 0.1% | ||
| Q1 24 | 19.2% | 8.6% |
| Q4 25 | 13.5% | 4.4% | ||
| Q3 25 | 14.0% | 3.9% | ||
| Q2 25 | 11.2% | 3.9% | ||
| Q1 25 | 12.7% | 2.2% | ||
| Q4 24 | 14.0% | 0.2% | ||
| Q3 24 | 14.8% | 1.5% | ||
| Q2 24 | 12.6% | -1.1% | ||
| Q1 24 | 13.4% | 5.3% |
| Q4 25 | $0.94 | $0.42 | ||
| Q3 25 | $0.92 | $0.32 | ||
| Q2 25 | $0.66 | $0.31 | ||
| Q1 25 | $1.01 | $0.17 | ||
| Q4 24 | $0.88 | $-0.03 | ||
| Q3 24 | $0.84 | $0.10 | ||
| Q2 24 | $0.65 | $-0.07 | ||
| Q1 24 | $0.96 | $0.38 |
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 | $197.0M |
| Total DebtLower is stronger | — | $353.2M |
| Stockholders' EquityBook value | $9.1B | $946.8M |
| Total Assets | $39.9B | $5.6B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $197.0M | ||
| Q3 25 | $362.0M | $355.7M | ||
| Q2 25 | $844.0M | $294.2M | ||
| Q1 25 | $465.0M | $287.5M | ||
| Q4 24 | $103.0M | $157.7M | ||
| Q3 24 | $412.0M | $49.5M | ||
| Q2 24 | $699.0M | $73.4M | ||
| Q1 24 | $802.0M | $81.2M |
| Q4 25 | — | $353.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $411.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $9.1B | $946.8M | ||
| Q3 25 | $8.9B | $871.3M | ||
| Q2 25 | $8.4B | $806.8M | ||
| Q1 25 | $8.3B | $750.2M | ||
| Q4 24 | $8.2B | $709.6M | ||
| Q3 24 | $8.1B | $660.0M | ||
| Q2 24 | $8.0B | $572.1M | ||
| Q1 24 | $7.9B | $128.0M |
| Q4 25 | $39.9B | $5.6B | ||
| Q3 25 | $38.0B | $5.6B | ||
| Q2 25 | $37.7B | $5.5B | ||
| Q1 25 | $36.3B | $5.5B | ||
| Q4 24 | $35.9B | $5.2B | ||
| Q3 24 | $34.8B | $4.5B | ||
| Q2 24 | $34.4B | $3.9B | ||
| Q1 24 | $33.9B | $3.9B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| 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 | $-3.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | -0.06× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $-3.4M | ||
| Q3 25 | $343.0M | $204.8M | ||
| Q2 25 | $414.0M | $52.6M | ||
| Q1 25 | $1.0B | $150.2M | ||
| Q4 24 | $403.0M | $64.6M | ||
| Q3 24 | $304.0M | $209.2M | ||
| Q2 24 | $707.0M | $34.8M | ||
| Q1 24 | $956.0M | $58.8M |
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | — | ||
| Q2 24 | $26.0M | — | ||
| Q1 24 | $343.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 28.6% | — |
| Q4 25 | 1.65× | -0.06× | ||
| Q3 25 | 1.24× | 3.91× | ||
| Q2 25 | 2.06× | 1.03× | ||
| Q1 25 | 3.29× | 5.28× | ||
| Q4 24 | 1.52× | 33.78× | ||
| Q3 24 | 1.20× | 13.39× | ||
| Q2 24 | 3.57× | — | ||
| Q1 24 | 3.33× | 1.20× |
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% |
PACS
Segment breakdown not available.
