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Side-by-side financial comparison of CMS Energy (CMS) and PulteGroup (PHM). Click either name above to swap in a different company.
PulteGroup is the larger business by last-quarter revenue ($3.4B vs $2.1B, roughly 1.6× CMS Energy). CMS Energy runs the higher net margin — 13.5% vs 10.2%, a 3.4% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -12.4%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -13.9%).
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.
PulteGroup, Inc. is an American residential home-construction company based in Atlanta, Georgia, United States. As of 2023, the company is the third-largest home-construction company in the United States based on the number of homes closed. In total, the company has built over 775,000 homes.
CMS vs PHM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.4B |
| Net Profit | $289.0M | $347.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | — |
| Net Margin | 13.5% | 10.2% |
| Revenue YoY | 13.0% | -12.4% |
| Net Profit YoY | 9.1% | — |
| EPS (diluted) | $0.94 | — |
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.
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.1B | $4.6B | ||
| Q3 25 | $2.0B | $4.4B | ||
| Q2 25 | $1.8B | $4.4B | ||
| Q1 25 | $2.4B | $3.9B | ||
| Q4 24 | $1.9B | $4.9B | ||
| Q3 24 | $1.7B | $4.5B | ||
| Q2 24 | $1.6B | $4.6B |
| Q1 26 | — | $347.0M | ||
| Q4 25 | $289.0M | $501.6M | ||
| Q3 25 | $277.0M | $585.8M | ||
| Q2 25 | $201.0M | $608.5M | ||
| Q1 25 | $304.0M | $522.8M | ||
| Q4 24 | $265.0M | $913.2M | ||
| Q3 24 | $253.0M | $697.9M | ||
| Q2 24 | $198.0M | $809.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 27.8% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 31.4% |
| Q1 26 | — | — | ||
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 21.4% | — | ||
| Q2 24 | 18.0% | — |
| Q1 26 | — | 10.2% | ||
| Q4 25 | 13.5% | 10.9% | ||
| Q3 25 | 14.0% | 13.3% | ||
| Q2 25 | 11.2% | 13.8% | ||
| Q1 25 | 12.7% | 13.4% | ||
| Q4 24 | 14.0% | 18.6% | ||
| Q3 24 | 14.8% | 15.6% | ||
| Q2 24 | 12.6% | 17.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.94 | $2.56 | ||
| Q3 25 | $0.92 | $2.96 | ||
| Q2 25 | $0.66 | $3.03 | ||
| Q1 25 | $1.01 | $2.57 | ||
| Q4 24 | $0.88 | $4.41 | ||
| Q3 24 | $0.84 | $3.35 | ||
| Q2 24 | $0.65 | $3.83 |
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 | $1.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $13.0B |
| Total Assets | $39.9B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $509.0M | $2.0B | ||
| Q3 25 | $362.0M | $1.5B | ||
| Q2 25 | $844.0M | $1.2B | ||
| Q1 25 | $465.0M | $1.2B | ||
| Q4 24 | $103.0M | $1.6B | ||
| Q3 24 | $412.0M | $1.4B | ||
| Q2 24 | $699.0M | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | $43.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $31.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $13.0B | ||
| Q4 25 | $9.1B | $13.0B | ||
| Q3 25 | $8.9B | $12.8B | ||
| Q2 25 | $8.4B | $12.6B | ||
| Q1 25 | $8.3B | $12.3B | ||
| Q4 24 | $8.2B | $12.1B | ||
| Q3 24 | $8.1B | $11.6B | ||
| Q2 24 | $8.0B | $11.2B |
| Q1 26 | — | $5.2B | ||
| Q4 25 | $39.9B | $18.0B | ||
| Q3 25 | $38.0B | $17.9B | ||
| Q2 25 | $37.7B | $17.6B | ||
| Q1 25 | $36.3B | $17.3B | ||
| Q4 24 | $35.9B | $17.4B | ||
| Q3 24 | $34.8B | $17.0B | ||
| Q2 24 | $34.4B | $16.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 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 | $159.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.46× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $159.8M | ||
| Q4 25 | $478.0M | $771.1M | ||
| Q3 25 | $343.0M | $678.4M | ||
| Q2 25 | $414.0M | $287.5M | ||
| Q1 25 | $1.0B | $134.2M | ||
| Q4 24 | $403.0M | $567.6M | ||
| Q3 24 | $304.0M | $455.9M | ||
| Q2 24 | $707.0M | $417.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $739.8M | ||
| Q3 25 | $-635.0M | $651.1M | ||
| Q2 25 | $-470.0M | $253.0M | ||
| Q1 25 | $112.0M | $104.6M | ||
| Q4 24 | — | $543.1M | ||
| Q3 24 | $-502.0M | $417.2M | ||
| Q2 24 | $26.0M | $386.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.0% | ||
| Q3 25 | -32.2% | 14.8% | ||
| Q2 25 | -26.1% | 5.7% | ||
| Q1 25 | 4.7% | 2.7% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | -29.3% | 9.3% | ||
| Q2 24 | 1.6% | 8.4% |
| Q1 26 | — | 0.7% | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | 49.5% | 0.6% | ||
| Q2 25 | 49.2% | 0.8% | ||
| Q1 25 | 37.0% | 0.8% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 47.1% | 0.9% | ||
| Q2 24 | 43.2% | 0.7% |
| Q1 26 | — | 0.46× | ||
| Q4 25 | 1.65× | 1.54× | ||
| Q3 25 | 1.24× | 1.16× | ||
| Q2 25 | 2.06× | 0.47× | ||
| Q1 25 | 3.29× | 0.26× | ||
| Q4 24 | 1.52× | 0.62× | ||
| Q3 24 | 1.20× | 0.65× | ||
| Q2 24 | 3.57× | 0.52× |
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% |
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
