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Side-by-side financial comparison of CMS Energy (CMS) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.9B, roughly 1.1× Primoris Services Corp). CMS Energy runs the higher net margin — 13.5% vs 2.8%, a 10.8% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 6.7%). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% 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.
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
CMS vs PRIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.9B |
| Net Profit | $289.0M | $51.7M |
| Gross Margin | — | 9.4% |
| Operating Margin | 20.4% | 4.2% |
| Net Margin | 13.5% | 2.8% |
| Revenue YoY | 13.0% | 6.7% |
| Net Profit YoY | 9.1% | -4.2% |
| EPS (diluted) | $0.94 | $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.
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $2.1B | $1.4B |
| Q4 25 | $289.0M | $51.7M | ||
| Q3 25 | $277.0M | $94.6M | ||
| Q2 25 | $201.0M | $84.3M | ||
| Q1 25 | $304.0M | $44.2M | ||
| Q4 24 | $265.0M | $54.0M | ||
| Q3 24 | $253.0M | $58.4M | ||
| Q2 24 | $198.0M | $49.5M | ||
| Q1 24 | $287.0M | $18.9M |
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | — | 9.4% |
| Q4 25 | 20.4% | 4.2% | ||
| Q3 25 | 24.4% | 6.3% | ||
| Q2 25 | 17.6% | 6.7% | ||
| Q1 25 | 20.6% | 4.3% | ||
| Q4 24 | 22.5% | 5.0% | ||
| Q3 24 | 21.4% | 6.0% | ||
| Q2 24 | 18.0% | 5.5% | ||
| Q1 24 | 19.2% | 3.1% |
| Q4 25 | 13.5% | 2.8% | ||
| Q3 25 | 14.0% | 4.3% | ||
| Q2 25 | 11.2% | 4.5% | ||
| Q1 25 | 12.7% | 2.7% | ||
| Q4 24 | 14.0% | 3.1% | ||
| Q3 24 | 14.8% | 3.5% | ||
| Q2 24 | 12.6% | 3.2% | ||
| Q1 24 | 13.4% | 1.3% |
| Q4 25 | $0.94 | $0.94 | ||
| Q3 25 | $0.92 | $1.73 | ||
| Q2 25 | $0.66 | $1.54 | ||
| Q1 25 | $1.01 | $0.81 | ||
| Q4 24 | $0.88 | $0.98 | ||
| Q3 24 | $0.84 | $1.07 | ||
| Q2 24 | $0.65 | $0.91 | ||
| Q1 24 | $0.96 | $0.35 |
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 | $535.5M |
| Total DebtLower is stronger | — | $469.9M |
| Stockholders' EquityBook value | $9.1B | $1.7B |
| Total Assets | $39.9B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $535.5M | ||
| Q3 25 | $362.0M | $431.4M | ||
| Q2 25 | $844.0M | $390.3M | ||
| Q1 25 | $465.0M | $351.6M | ||
| Q4 24 | $103.0M | $455.8M | ||
| Q3 24 | $412.0M | $352.7M | ||
| Q2 24 | $699.0M | $207.4M | ||
| Q1 24 | $802.0M | $177.6M |
| Q4 25 | — | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
| Q4 25 | $9.1B | $1.7B | ||
| Q3 25 | $8.9B | $1.6B | ||
| Q2 25 | $8.4B | $1.5B | ||
| Q1 25 | $8.3B | $1.4B | ||
| Q4 24 | $8.2B | $1.4B | ||
| Q3 24 | $8.1B | $1.4B | ||
| Q2 24 | $8.0B | $1.3B | ||
| Q1 24 | $7.9B | $1.2B |
| Q4 25 | $39.9B | $4.4B | ||
| Q3 25 | $38.0B | $4.6B | ||
| Q2 25 | $37.7B | $4.5B | ||
| Q1 25 | $36.3B | $4.2B | ||
| Q4 24 | $35.9B | $4.2B | ||
| Q3 24 | $34.8B | $4.2B | ||
| Q2 24 | $34.4B | $4.0B | ||
| Q1 24 | $33.9B | $4.0B |
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| Free Cash FlowOCF − Capex | — | $121.1M |
| FCF MarginFCF / Revenue | — | 6.5% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 1.65× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $142.9M | ||
| Q3 25 | $343.0M | $182.9M | ||
| Q2 25 | $414.0M | $78.5M | ||
| Q1 25 | $1.0B | $66.2M | ||
| Q4 24 | $403.0M | $298.3M | ||
| Q3 24 | $304.0M | $222.5M | ||
| Q2 24 | $707.0M | $16.1M | ||
| Q1 24 | $956.0M | $-28.5M |
| Q4 25 | — | $121.1M | ||
| Q3 25 | $-635.0M | $148.4M | ||
| Q2 25 | $-470.0M | $45.3M | ||
| Q1 25 | $112.0M | $25.6M | ||
| Q4 24 | — | $270.0M | ||
| Q3 24 | $-502.0M | $158.8M | ||
| Q2 24 | $26.0M | $-8.1M | ||
| Q1 24 | $343.0M | $-38.9M |
| Q4 25 | — | 6.5% | ||
| Q3 25 | -32.2% | 6.8% | ||
| Q2 25 | -26.1% | 2.4% | ||
| Q1 25 | 4.7% | 1.6% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | -29.3% | 9.6% | ||
| Q2 24 | 1.6% | -0.5% | ||
| Q1 24 | 16.0% | -2.8% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | 49.5% | 1.6% | ||
| Q2 25 | 49.2% | 1.8% | ||
| Q1 25 | 37.0% | 2.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 47.1% | 3.9% | ||
| Q2 24 | 43.2% | 1.5% | ||
| Q1 24 | 28.6% | 0.7% |
| Q4 25 | 1.65× | 2.76× | ||
| Q3 25 | 1.24× | 1.93× | ||
| Q2 25 | 2.06× | 0.93× | ||
| Q1 25 | 3.29× | 1.50× | ||
| Q4 24 | 1.52× | 5.53× | ||
| Q3 24 | 1.20× | 3.81× | ||
| Q2 24 | 3.57× | 0.32× | ||
| Q1 24 | 3.33× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
