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Side-by-side financial comparison of CMS Energy (CMS) and SEALED AIR CORP (SEE). 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 1.5× SEALED AIR CORP). CMS Energy runs the higher net margin — 13.5% vs 3.1%, a 10.4% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 2.6%). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% 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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
CMS vs SEE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.4B |
| Net Profit | $289.0M | $43.8M |
| Gross Margin | — | 28.6% |
| Operating Margin | 20.4% | 11.4% |
| Net Margin | 13.5% | 3.1% |
| Revenue YoY | 13.0% | 2.6% |
| Net Profit YoY | 9.1% | 700.0% |
| EPS (diluted) | $0.94 | $0.30 |
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 | $1.4B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $2.1B | $1.3B |
| Q4 25 | $289.0M | $43.8M | ||
| Q3 25 | $277.0M | $255.1M | ||
| Q2 25 | $201.0M | $93.1M | ||
| Q1 25 | $304.0M | $113.5M | ||
| Q4 24 | $265.0M | $-7.3M | ||
| Q3 24 | $253.0M | $91.7M | ||
| Q2 24 | $198.0M | $98.3M | ||
| Q1 24 | $287.0M | $82.0M |
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 30.3% |
| Q4 25 | 20.4% | 11.4% | ||
| Q3 25 | 24.4% | 13.8% | ||
| Q2 25 | 17.6% | 15.0% | ||
| Q1 25 | 20.6% | 14.5% | ||
| Q4 24 | 22.5% | 11.7% | ||
| Q3 24 | 21.4% | 13.9% | ||
| Q2 24 | 18.0% | 15.4% | ||
| Q1 24 | 19.2% | 14.0% |
| Q4 25 | 13.5% | 3.1% | ||
| Q3 25 | 14.0% | 19.0% | ||
| Q2 25 | 11.2% | 7.0% | ||
| Q1 25 | 12.7% | 9.0% | ||
| Q4 24 | 14.0% | -0.5% | ||
| Q3 24 | 14.8% | 6.9% | ||
| Q2 24 | 12.6% | 7.4% | ||
| Q1 24 | 13.4% | 6.2% |
| Q4 25 | $0.94 | $0.30 | ||
| Q3 25 | $0.92 | $1.73 | ||
| Q2 25 | $0.66 | $0.63 | ||
| Q1 25 | $1.01 | $0.77 | ||
| Q4 24 | $0.88 | $-0.05 | ||
| Q3 24 | $0.84 | $0.63 | ||
| Q2 24 | $0.65 | $0.67 | ||
| Q1 24 | $0.96 | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $9.1B | $1.2B |
| Total Assets | $39.9B | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $344.0M | ||
| Q3 25 | $362.0M | $282.5M | ||
| Q2 25 | $844.0M | $354.4M | ||
| Q1 25 | $465.0M | $335.2M | ||
| Q4 24 | $103.0M | $371.8M | ||
| Q3 24 | $412.0M | $386.0M | ||
| Q2 24 | $699.0M | $388.6M | ||
| Q1 24 | $802.0M | $352.8M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $9.1B | $1.2B | ||
| Q3 25 | $8.9B | $1.2B | ||
| Q2 25 | $8.4B | $953.1M | ||
| Q1 25 | $8.3B | $797.9M | ||
| Q4 24 | $8.2B | $624.5M | ||
| Q3 24 | $8.1B | $771.2M | ||
| Q2 24 | $8.0B | $650.1M | ||
| Q1 24 | $7.9B | $598.3M |
| Q4 25 | $39.9B | $7.0B | ||
| Q3 25 | $38.0B | $7.1B | ||
| Q2 25 | $37.7B | $7.2B | ||
| Q1 25 | $36.3B | $7.0B | ||
| Q4 24 | $35.9B | $7.0B | ||
| Q3 24 | $34.8B | $7.3B | ||
| Q2 24 | $34.4B | $7.3B | ||
| Q1 24 | $33.9B | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | — | $257.7M |
| FCF MarginFCF / Revenue | — | 18.5% |
| Capex IntensityCapex / Revenue | — | 2.6% |
| Cash ConversionOCF / Net Profit | 1.65× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $293.6M | ||
| Q3 25 | $343.0M | $165.9M | ||
| Q2 25 | $414.0M | $136.6M | ||
| Q1 25 | $1.0B | $31.9M | ||
| Q4 24 | $403.0M | $244.2M | ||
| Q3 24 | $304.0M | $170.5M | ||
| Q2 24 | $707.0M | $188.2M | ||
| Q1 24 | $956.0M | $125.1M |
| Q4 25 | — | $257.7M | ||
| Q3 25 | $-635.0M | $119.6M | ||
| Q2 25 | $-470.0M | $93.2M | ||
| Q1 25 | $112.0M | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | $-502.0M | $115.2M | ||
| Q2 24 | $26.0M | $129.5M | ||
| Q1 24 | $343.0M | $78.0M |
| Q4 25 | — | 18.5% | ||
| Q3 25 | -32.2% | 8.9% | ||
| Q2 25 | -26.1% | 7.0% | ||
| Q1 25 | 4.7% | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | -29.3% | 8.6% | ||
| Q2 24 | 1.6% | 9.7% | ||
| Q1 24 | 16.0% | 5.9% |
| Q4 25 | — | 2.6% | ||
| Q3 25 | 49.5% | 3.4% | ||
| Q2 25 | 49.2% | 3.3% | ||
| Q1 25 | 37.0% | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | 47.1% | 4.1% | ||
| Q2 24 | 43.2% | 4.4% | ||
| Q1 24 | 28.6% | 3.6% |
| Q4 25 | 1.65× | 6.70× | ||
| Q3 25 | 1.24× | 0.65× | ||
| Q2 25 | 2.06× | 1.47× | ||
| Q1 25 | 3.29× | 0.28× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 1.86× | ||
| Q2 24 | 3.57× | 1.91× | ||
| Q1 24 | 3.33× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
