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Side-by-side financial comparison of CMS Energy (CMS) and SELECT MEDICAL HOLDINGS CORP (SEM). 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× SELECT MEDICAL HOLDINGS CORP). CMS Energy runs the higher net margin — 13.5% vs 4.5%, a 9.1% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 5.0%). Over the past eight quarters, SELECT MEDICAL HOLDINGS CORP's revenue compounded faster (5.3% 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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
CMS vs SEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.4B |
| Net Profit | $289.0M | $63.8M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 6.9% |
| Net Margin | 13.5% | 4.5% |
| Revenue YoY | 13.0% | 5.0% |
| Net Profit YoY | 9.1% | -14.7% |
| EPS (diluted) | $0.94 | $0.35 |
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 | — | $1.4B | ||
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B |
| Q1 26 | — | $63.8M | ||
| Q4 25 | $289.0M | $20.2M | ||
| Q3 25 | $277.0M | $28.8M | ||
| Q2 25 | $201.0M | $40.6M | ||
| Q1 25 | $304.0M | $56.7M | ||
| Q4 24 | $265.0M | $-16.1M | ||
| Q3 24 | $253.0M | $55.6M | ||
| Q2 24 | $198.0M | $77.6M |
| Q1 26 | — | 6.9% | ||
| Q4 25 | 20.4% | 4.6% | ||
| Q3 25 | 24.4% | 5.4% | ||
| Q2 25 | 17.6% | 6.5% | ||
| Q1 25 | 20.6% | 8.3% | ||
| Q4 24 | 22.5% | 1.6% | ||
| Q3 24 | 21.4% | 4.3% | ||
| Q2 24 | 18.0% | 5.8% |
| Q1 26 | — | 4.5% | ||
| Q4 25 | 13.5% | 1.4% | ||
| Q3 25 | 14.0% | 2.1% | ||
| Q2 25 | 11.2% | 3.0% | ||
| Q1 25 | 12.7% | 4.2% | ||
| Q4 24 | 14.0% | -1.2% | ||
| Q3 24 | 14.8% | 4.4% | ||
| Q2 24 | 12.6% | 6.1% |
| Q1 26 | — | $0.35 | ||
| Q4 25 | $0.94 | $0.17 | ||
| Q3 25 | $0.92 | $0.23 | ||
| Q2 25 | $0.66 | $0.32 | ||
| Q1 25 | $1.01 | $0.44 | ||
| Q4 24 | $0.88 | $-0.12 | ||
| Q3 24 | $0.84 | $0.43 | ||
| Q2 24 | $0.65 | $0.60 |
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 | $25.7M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $9.1B | $2.1B |
| Total Assets | $39.9B | $6.0B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $25.7M | ||
| Q4 25 | $509.0M | $26.5M | ||
| Q3 25 | $362.0M | $60.1M | ||
| Q2 25 | $844.0M | $52.3M | ||
| Q1 25 | $465.0M | $53.2M | ||
| Q4 24 | $103.0M | $59.7M | ||
| Q3 24 | $412.0M | $191.5M | ||
| Q2 24 | $699.0M | $111.2M |
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $9.1B | $1.7B | ||
| Q3 25 | $8.9B | $1.7B | ||
| Q2 25 | $8.4B | $1.7B | ||
| Q1 25 | $8.3B | $1.7B | ||
| Q4 24 | $8.2B | $1.7B | ||
| Q3 24 | $8.1B | $1.9B | ||
| Q2 24 | $8.0B | $1.4B |
| Q1 26 | — | $6.0B | ||
| Q4 25 | $39.9B | $5.9B | ||
| Q3 25 | $38.0B | $5.7B | ||
| Q2 25 | $37.7B | $5.7B | ||
| Q1 25 | $36.3B | $5.7B | ||
| Q4 24 | $35.9B | $5.6B | ||
| Q3 24 | $34.8B | $8.0B | ||
| Q2 24 | $34.4B | $7.9B |
| Q1 26 | — | 0.88× | ||
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× |
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 | $64.3M | ||
| Q3 25 | $343.0M | $175.3M | ||
| Q2 25 | $414.0M | $110.3M | ||
| Q1 25 | $1.0B | $-3.5M | ||
| Q4 24 | $403.0M | $125.4M | ||
| Q3 24 | $304.0M | $181.0M | ||
| Q2 24 | $707.0M | $278.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2M | ||
| Q3 25 | $-635.0M | $122.2M | ||
| Q2 25 | $-470.0M | $45.6M | ||
| Q1 25 | $112.0M | $-55.8M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | $-502.0M | $130.3M | ||
| Q2 24 | $26.0M | $222.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.4% | ||
| Q3 25 | -32.2% | 9.0% | ||
| Q2 25 | -26.1% | 3.4% | ||
| Q1 25 | 4.7% | -4.1% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | -29.3% | 10.2% | ||
| Q2 24 | 1.6% | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | 49.5% | 3.9% | ||
| Q2 25 | 49.2% | 4.8% | ||
| Q1 25 | 37.0% | 3.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | 47.1% | 4.0% | ||
| Q2 24 | 43.2% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 3.19× | ||
| Q3 25 | 1.24× | 6.09× | ||
| Q2 25 | 2.06× | 2.72× | ||
| Q1 25 | 3.29× | -0.06× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 3.25× | ||
| Q2 24 | 3.57× | 3.59× |
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% |
SEM
Segment breakdown not available.
