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Side-by-side financial comparison of CMS Energy (CMS) and SS&C Technologies Holdings Inc (SSNC). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.6B, roughly 1.3× SS&C Technologies Holdings Inc). SS&C Technologies Holdings Inc runs the higher net margin — 13.7% vs 13.5%, a 0.2% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 8.8%). Over the past eight quarters, SS&C Technologies Holdings Inc's revenue compounded faster (6.5% 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.
SS&C Technologies Holdings, Inc. is an American multinational holding company headquartered in Windsor, Connecticut, that sells software and software as a service to the financial services industry. The company has offices in the Americas, Europe, Asia, Africa and Australia.
CMS vs SSNC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.6B |
| Net Profit | $289.0M | $226.1M |
| Gross Margin | — | 48.7% |
| Operating Margin | 20.4% | 24.2% |
| Net Margin | 13.5% | 13.7% |
| Revenue YoY | 13.0% | 8.8% |
| Net Profit YoY | 9.1% | 6.2% |
| EPS (diluted) | $0.94 | $0.91 |
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 | — | $1.6B | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B |
| Q1 26 | — | $226.1M | ||
| Q4 25 | $289.0M | $193.1M | ||
| Q3 25 | $277.0M | $210.0M | ||
| Q2 25 | $201.0M | $180.8M | ||
| Q1 25 | $304.0M | $213.0M | ||
| Q4 24 | $265.0M | $248.2M | ||
| Q3 24 | $253.0M | $164.4M | ||
| Q2 24 | $198.0M | $190.3M |
| Q1 26 | — | 48.7% | ||
| Q4 25 | — | 47.8% | ||
| Q3 25 | — | 47.7% | ||
| Q2 25 | — | 48.0% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 49.3% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 48.1% |
| Q1 26 | — | 24.2% | ||
| Q4 25 | 20.4% | 22.3% | ||
| Q3 25 | 24.4% | 23.3% | ||
| Q2 25 | 17.6% | 22.4% | ||
| Q1 25 | 20.6% | 23.6% | ||
| Q4 24 | 22.5% | 23.4% | ||
| Q3 24 | 21.4% | 22.2% | ||
| Q2 24 | 18.0% | 22.6% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 13.5% | 11.7% | ||
| Q3 25 | 14.0% | 13.4% | ||
| Q2 25 | 11.2% | 11.8% | ||
| Q1 25 | 12.7% | 14.1% | ||
| Q4 24 | 14.0% | 16.2% | ||
| Q3 24 | 14.8% | 11.2% | ||
| Q2 24 | 12.6% | 13.1% |
| Q1 26 | — | $0.91 | ||
| Q4 25 | $0.94 | $0.76 | ||
| Q3 25 | $0.92 | $0.83 | ||
| Q2 25 | $0.66 | $0.72 | ||
| Q1 25 | $1.01 | $0.84 | ||
| Q4 24 | $0.88 | $0.98 | ||
| Q3 24 | $0.84 | $0.65 | ||
| Q2 24 | $0.65 | $0.75 |
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 | $420.9M |
| Total DebtLower is stronger | — | $7.4B |
| Stockholders' EquityBook value | $9.1B | $6.9B |
| Total Assets | $39.9B | $20.3B |
| Debt / EquityLower = less leverage | — | 1.08× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $420.9M | ||
| Q4 25 | $509.0M | $462.1M | ||
| Q3 25 | $362.0M | $388.3M | ||
| Q2 25 | $844.0M | $480.3M | ||
| Q1 25 | $465.0M | $515.0M | ||
| Q4 24 | $103.0M | $567.1M | ||
| Q3 24 | $412.0M | $694.7M | ||
| Q2 24 | $699.0M | $462.7M |
| Q1 26 | — | $7.4B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $9.1B | $6.9B | ||
| Q3 25 | $8.9B | $6.9B | ||
| Q2 25 | $8.4B | $6.9B | ||
| Q1 25 | $8.3B | $6.8B | ||
| Q4 24 | $8.2B | $6.5B | ||
| Q3 24 | $8.1B | $6.8B | ||
| Q2 24 | $8.0B | $6.4B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $39.9B | $20.7B | ||
| Q3 25 | $38.0B | $19.5B | ||
| Q2 25 | $37.7B | $19.0B | ||
| Q1 25 | $36.3B | $20.4B | ||
| Q4 24 | $35.9B | $19.0B | ||
| Q3 24 | $34.8B | $18.4B | ||
| Q2 24 | $34.4B | $16.9B |
| Q1 26 | — | 1.08× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $299.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $299.7M | ||
| Q4 25 | $478.0M | $643.5M | ||
| Q3 25 | $343.0M | $456.2M | ||
| Q2 25 | $414.0M | $372.9M | ||
| Q1 25 | $1.0B | $272.2M | ||
| Q4 24 | $403.0M | $486.6M | ||
| Q3 24 | $304.0M | $336.6M | ||
| Q2 24 | $707.0M | $384.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $633.0M | ||
| Q3 25 | $-635.0M | $421.5M | ||
| Q2 25 | $-470.0M | $350.0M | ||
| Q1 25 | $112.0M | $259.5M | ||
| Q4 24 | — | $466.9M | ||
| Q3 24 | $-502.0M | $310.7M | ||
| Q2 24 | $26.0M | $374.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 38.3% | ||
| Q3 25 | -32.2% | 26.9% | ||
| Q2 25 | -26.1% | 22.8% | ||
| Q1 25 | 4.7% | 17.1% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | -29.3% | 21.2% | ||
| Q2 24 | 1.6% | 25.8% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 0.6% | ||
| Q3 25 | 49.5% | 2.2% | ||
| Q2 25 | 49.2% | 1.5% | ||
| Q1 25 | 37.0% | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 47.1% | 1.8% | ||
| Q2 24 | 43.2% | 0.7% |
| Q1 26 | — | 1.33× | ||
| Q4 25 | 1.65× | 3.33× | ||
| Q3 25 | 1.24× | 2.17× | ||
| Q2 25 | 2.06× | 2.06× | ||
| Q1 25 | 3.29× | 1.28× | ||
| Q4 24 | 1.52× | 1.96× | ||
| Q3 24 | 1.20× | 2.05× | ||
| Q2 24 | 3.57× | 2.02× |
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% |
SSNC
| Technology-enabled services | $1.4B | 85% |
| License, maintenance and related | $239.8M | 15% |
