vs
Side-by-side financial comparison of CMS Energy (CMS) and Public Storage (PSA). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.8× Public Storage). Public Storage runs the higher net margin — 41.7% vs 13.5%, a 28.2% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 3.3%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% 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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
CMS vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.2B |
| Net Profit | $289.0M | $507.1M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 40.7% |
| Net Margin | 13.5% | 41.7% |
| Revenue YoY | 13.0% | 3.3% |
| Net Profit YoY | 9.1% | -17.5% |
| EPS (diluted) | $0.94 | $2.59 |
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 | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.2B |
| Q4 25 | $289.0M | $507.1M | ||
| Q3 25 | $277.0M | $511.1M | ||
| Q2 25 | $201.0M | $358.4M | ||
| Q1 25 | $304.0M | $407.8M | ||
| Q4 24 | $265.0M | $614.6M | ||
| Q3 24 | $253.0M | $430.3M | ||
| Q2 24 | $198.0M | $518.1M | ||
| Q1 24 | $287.0M | $508.9M |
| Q4 25 | 20.4% | 40.7% | ||
| Q3 25 | 24.4% | 42.3% | ||
| Q2 25 | 17.6% | 30.4% | ||
| Q1 25 | 20.6% | 34.8% | ||
| Q4 24 | 22.5% | 52.4% | ||
| Q3 24 | 21.4% | 36.7% | ||
| Q2 24 | 18.0% | 44.6% | ||
| Q1 24 | 19.2% | 44.3% |
| Q4 25 | 13.5% | 41.7% | ||
| Q3 25 | 14.0% | 41.8% | ||
| Q2 25 | 11.2% | 29.8% | ||
| Q1 25 | 12.7% | 34.5% | ||
| Q4 24 | 14.0% | 52.2% | ||
| Q3 24 | 14.8% | 36.2% | ||
| Q2 24 | 12.6% | 44.2% | ||
| Q1 24 | 13.4% | 44.0% |
| Q4 25 | $0.94 | $2.59 | ||
| Q3 25 | $0.92 | $2.62 | ||
| Q2 25 | $0.66 | $1.76 | ||
| Q1 25 | $1.01 | $2.04 | ||
| Q4 24 | $0.88 | $3.22 | ||
| Q3 24 | $0.84 | $2.16 | ||
| Q2 24 | $0.65 | $2.66 | ||
| Q1 24 | $0.96 | $2.60 |
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 | $318.1M |
| Total DebtLower is stronger | — | $10.3B |
| Stockholders' EquityBook value | $9.1B | $9.2B |
| Total Assets | $39.9B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $318.1M | ||
| Q3 25 | $362.0M | $296.5M | ||
| Q2 25 | $844.0M | $1.1B | ||
| Q1 25 | $465.0M | $287.2M | ||
| Q4 24 | $103.0M | $447.4M | ||
| Q3 24 | $412.0M | $599.0M | ||
| Q2 24 | $699.0M | $542.3M | ||
| Q1 24 | $802.0M | $271.6M |
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | $9.1B | $9.2B | ||
| Q3 25 | $8.9B | $9.3B | ||
| Q2 25 | $8.4B | $9.4B | ||
| Q1 25 | $8.3B | $9.6B | ||
| Q4 24 | $8.2B | $9.7B | ||
| Q3 24 | $8.1B | $9.6B | ||
| Q2 24 | $8.0B | $9.7B | ||
| Q1 24 | $7.9B | $9.9B |
| Q4 25 | $39.9B | $20.2B | ||
| Q3 25 | $38.0B | $20.1B | ||
| Q2 25 | $37.7B | $20.5B | ||
| Q1 25 | $36.3B | $19.6B | ||
| Q4 24 | $35.9B | $19.8B | ||
| Q3 24 | $34.8B | $19.8B | ||
| Q2 24 | $34.4B | $19.8B | ||
| Q1 24 | $33.9B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $733.6M | ||
| Q3 25 | $343.0M | $875.1M | ||
| Q2 25 | $414.0M | $872.7M | ||
| Q1 25 | $1.0B | $705.1M | ||
| Q4 24 | $403.0M | $768.6M | ||
| Q3 24 | $304.0M | $798.8M | ||
| Q2 24 | $707.0M | $895.3M | ||
| Q1 24 | $956.0M | $665.6M |
| 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× | 1.45× | ||
| Q3 25 | 1.24× | 1.71× | ||
| Q2 25 | 2.06× | 2.43× | ||
| Q1 25 | 3.29× | 1.73× | ||
| Q4 24 | 1.52× | 1.25× | ||
| Q3 24 | 1.20× | 1.86× | ||
| Q2 24 | 3.57× | 1.73× | ||
| Q1 24 | 3.33× | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
