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Side-by-side financial comparison of CMS Energy (CMS) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.1B, roughly 1.7× CMS Energy). SHOPIFY INC. runs the higher net margin — 20.2% vs 13.5%, a 6.7% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 13.0%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
CMS vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.7B |
| Net Profit | $289.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 20.4% | 17.2% |
| Net Margin | 13.5% | 20.2% |
| Revenue YoY | 13.0% | 30.6% |
| Net Profit YoY | 9.1% | -42.5% |
| EPS (diluted) | $0.94 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $2.4B | $2.4B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $2.1B | $1.9B |
| Q4 25 | $289.0M | $743.0M | ||
| Q3 25 | $277.0M | $264.0M | ||
| Q2 25 | $201.0M | $906.0M | ||
| Q1 25 | $304.0M | $-682.0M | ||
| Q4 24 | $265.0M | $1.3B | ||
| Q3 24 | $253.0M | $828.0M | ||
| Q2 24 | $198.0M | $171.0M | ||
| Q1 24 | $287.0M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 20.4% | 17.2% | ||
| Q3 25 | 24.4% | 12.1% | ||
| Q2 25 | 17.6% | 10.9% | ||
| Q1 25 | 20.6% | 8.6% | ||
| Q4 24 | 22.5% | 16.5% | ||
| Q3 24 | 21.4% | 13.1% | ||
| Q2 24 | 18.0% | 11.8% | ||
| Q1 24 | 19.2% | 4.6% |
| Q4 25 | 13.5% | 20.2% | ||
| Q3 25 | 14.0% | 9.3% | ||
| Q2 25 | 11.2% | 33.8% | ||
| Q1 25 | 12.7% | -28.9% | ||
| Q4 24 | 14.0% | 46.0% | ||
| Q3 24 | 14.8% | 38.3% | ||
| Q2 24 | 12.6% | 8.4% | ||
| Q1 24 | 13.4% | -14.7% |
| Q4 25 | $0.94 | $0.58 | ||
| Q3 25 | $0.92 | $0.20 | ||
| Q2 25 | $0.66 | $0.69 | ||
| Q1 25 | $1.01 | $-0.53 | ||
| Q4 24 | $0.88 | $0.99 | ||
| Q3 24 | $0.84 | $0.64 | ||
| Q2 24 | $0.65 | $0.13 | ||
| Q1 24 | $0.96 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $13.5B |
| Total Assets | $39.9B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $5.8B | ||
| Q3 25 | $362.0M | $6.3B | ||
| Q2 25 | $844.0M | $5.8B | ||
| Q1 25 | $465.0M | $5.5B | ||
| Q4 24 | $103.0M | $5.5B | ||
| Q3 24 | $412.0M | — | ||
| Q2 24 | $699.0M | — | ||
| Q1 24 | $802.0M | — |
| Q4 25 | $9.1B | $13.5B | ||
| Q3 25 | $8.9B | $12.5B | ||
| Q2 25 | $8.4B | $12.1B | ||
| Q1 25 | $8.3B | $11.1B | ||
| Q4 24 | $8.2B | $11.6B | ||
| Q3 24 | $8.1B | $10.1B | ||
| Q2 24 | $8.0B | $9.2B | ||
| Q1 24 | $7.9B | $8.9B |
| Q4 25 | $39.9B | $15.2B | ||
| Q3 25 | $38.0B | $15.0B | ||
| Q2 25 | $37.7B | $14.6B | ||
| Q1 25 | $36.3B | $13.4B | ||
| Q4 24 | $35.9B | $13.9B | ||
| Q3 24 | $34.8B | — | ||
| Q2 24 | $34.4B | — | ||
| Q1 24 | $33.9B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $725.0M | ||
| Q3 25 | $343.0M | $513.0M | ||
| Q2 25 | $414.0M | $428.0M | ||
| Q1 25 | $1.0B | $367.0M | ||
| Q4 24 | $403.0M | $615.0M | ||
| Q3 24 | $304.0M | $423.0M | ||
| Q2 24 | $707.0M | $340.0M | ||
| Q1 24 | $956.0M | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | $-635.0M | $507.0M | ||
| Q2 25 | $-470.0M | $422.0M | ||
| Q1 25 | $112.0M | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | $-502.0M | $421.0M | ||
| Q2 24 | $26.0M | $333.0M | ||
| Q1 24 | $343.0M | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | -32.2% | 17.8% | ||
| Q2 25 | -26.1% | 15.7% | ||
| Q1 25 | 4.7% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | -29.3% | 19.5% | ||
| Q2 24 | 1.6% | 16.3% | ||
| Q1 24 | 16.0% | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | 49.5% | 0.2% | ||
| Q2 25 | 49.2% | 0.2% | ||
| Q1 25 | 37.0% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 47.1% | 0.1% | ||
| Q2 24 | 43.2% | 0.3% | ||
| Q1 24 | 28.6% | 0.3% |
| Q4 25 | 1.65× | 0.98× | ||
| Q3 25 | 1.24× | 1.94× | ||
| Q2 25 | 2.06× | 0.47× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 0.48× | ||
| Q3 24 | 1.20× | 0.51× | ||
| Q2 24 | 3.57× | 1.99× | ||
| Q1 24 | 3.33× | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
