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Side-by-side financial comparison of CMS Energy (CMS) and RENAISSANCERE HOLDINGS LTD (RNR). Click either name above to swap in a different company.
RENAISSANCERE HOLDINGS LTD is the larger business by last-quarter revenue ($2.2B vs $2.1B, roughly 1.0× CMS Energy). RENAISSANCERE HOLDINGS LTD runs the higher net margin — 23.5% vs 13.5%, a 10.0% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -36.8%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -11.9%).
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.
RenaissanceRe Holdings Ltd is a Bermudian provider of reinsurance, insurance and other related business services. The company operates in reinsurance, insurance and ventures.
CMS vs RNR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.2B |
| Net Profit | $289.0M | $515.8M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | — |
| Net Margin | 13.5% | 23.5% |
| Revenue YoY | 13.0% | -36.8% |
| Net Profit YoY | 9.1% | 72.6% |
| EPS (diluted) | $0.94 | $6.57 |
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 | — | $2.2B | ||
| Q4 25 | $2.1B | $3.0B | ||
| Q3 25 | $2.0B | $3.2B | ||
| Q2 25 | $1.8B | $3.2B | ||
| Q1 25 | $2.4B | $3.5B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.7B | $4.0B | ||
| Q2 24 | $1.6B | $2.8B |
| Q1 26 | — | $515.8M | ||
| Q4 25 | $289.0M | $760.5M | ||
| Q3 25 | $277.0M | $916.5M | ||
| Q2 25 | $201.0M | $835.4M | ||
| Q1 25 | $304.0M | $170.0M | ||
| Q4 24 | $265.0M | $-189.7M | ||
| Q3 24 | $253.0M | $1.2B | ||
| Q2 24 | $198.0M | $503.9M |
| Q1 26 | — | — | ||
| Q4 25 | 20.4% | 42.5% | ||
| Q3 25 | 24.4% | 46.3% | ||
| Q2 25 | 17.6% | 41.8% | ||
| Q1 25 | 20.6% | -2.0% | ||
| Q4 24 | 22.5% | -3.6% | ||
| Q3 24 | 21.4% | 43.7% | ||
| Q2 24 | 18.0% | 25.0% |
| Q1 26 | — | 23.5% | ||
| Q4 25 | 13.5% | 25.6% | ||
| Q3 25 | 14.0% | 28.7% | ||
| Q2 25 | 11.2% | 26.1% | ||
| Q1 25 | 12.7% | 4.9% | ||
| Q4 24 | 14.0% | -8.3% | ||
| Q3 24 | 14.8% | 29.8% | ||
| Q2 24 | 12.6% | 17.8% |
| Q1 26 | — | $6.57 | ||
| Q4 25 | $0.94 | $16.16 | ||
| Q3 25 | $0.92 | $19.40 | ||
| Q2 25 | $0.66 | $17.20 | ||
| Q1 25 | $1.01 | $3.27 | ||
| Q4 24 | $0.88 | $-3.76 | ||
| Q3 24 | $0.84 | $22.62 | ||
| Q2 24 | $0.65 | $9.41 |
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 | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $4.3B |
| Total Assets | $39.9B | $53.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | $509.0M | $1.7B | ||
| Q3 25 | $362.0M | $1.7B | ||
| Q2 25 | $844.0M | $1.4B | ||
| Q1 25 | $465.0M | $1.6B | ||
| Q4 24 | $103.0M | $1.7B | ||
| Q3 24 | $412.0M | $1.6B | ||
| Q2 24 | $699.0M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $9.1B | $11.6B | ||
| Q3 25 | $8.9B | $11.5B | ||
| Q2 25 | $8.4B | $10.8B | ||
| Q1 25 | $8.3B | $10.3B | ||
| Q4 24 | $8.2B | $10.6B | ||
| Q3 24 | $8.1B | $11.2B | ||
| Q2 24 | $8.0B | $10.2B |
| Q1 26 | — | $53.7B | ||
| Q4 25 | $39.9B | $53.8B | ||
| Q3 25 | $38.0B | $54.5B | ||
| Q2 25 | $37.7B | $54.7B | ||
| Q1 25 | $36.3B | $53.6B | ||
| Q4 24 | $35.9B | $50.7B | ||
| Q3 24 | $34.8B | $52.8B | ||
| Q2 24 | $34.4B | $51.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.19× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $483.0M | ||
| Q3 25 | $343.0M | $1.6B | ||
| Q2 25 | $414.0M | $1.5B | ||
| Q1 25 | $1.0B | $157.8M | ||
| Q4 24 | $403.0M | $778.9M | ||
| Q3 24 | $304.0M | $1.5B | ||
| Q2 24 | $707.0M | $1.2B |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.65× | 0.64× | ||
| Q3 25 | 1.24× | 1.73× | ||
| Q2 25 | 2.06× | 1.76× | ||
| Q1 25 | 3.29× | 0.93× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 1.26× | ||
| Q2 24 | 3.57× | 2.41× |
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% |
RNR
Segment breakdown not available.
