vs
Side-by-side financial comparison of CMS Energy (CMS) and Toast, Inc. (TOST). 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× Toast, Inc.). CMS Energy runs the higher net margin — 13.5% vs 6.2%, a 7.4% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 13.0%). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
CMS vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.6B |
| Net Profit | $289.0M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 20.4% | 5.2% |
| Net Margin | 13.5% | 6.2% |
| Revenue YoY | 13.0% | 22.0% |
| Net Profit YoY | 9.1% | 215.6% |
| EPS (diluted) | $0.94 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.1B |
| Q4 25 | $289.0M | $101.0M | ||
| Q3 25 | $277.0M | $105.0M | ||
| Q2 25 | $201.0M | $80.0M | ||
| Q1 25 | $304.0M | $56.0M | ||
| Q4 24 | $265.0M | $32.0M | ||
| Q3 24 | $253.0M | $56.0M | ||
| Q2 24 | $198.0M | $14.0M | ||
| Q1 24 | $287.0M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 20.4% | 5.2% | ||
| Q3 25 | 24.4% | 5.1% | ||
| Q2 25 | 17.6% | 5.2% | ||
| Q1 25 | 20.6% | 3.2% | ||
| Q4 24 | 22.5% | 2.5% | ||
| Q3 24 | 21.4% | 2.6% | ||
| Q2 24 | 18.0% | 0.4% | ||
| Q1 24 | 19.2% | -5.2% |
| Q4 25 | 13.5% | 6.2% | ||
| Q3 25 | 14.0% | 6.4% | ||
| Q2 25 | 11.2% | 5.2% | ||
| Q1 25 | 12.7% | 4.2% | ||
| Q4 24 | 14.0% | 2.4% | ||
| Q3 24 | 14.8% | 4.3% | ||
| Q2 24 | 12.6% | 1.1% | ||
| Q1 24 | 13.4% | -7.7% |
| Q4 25 | $0.94 | $0.18 | ||
| Q3 25 | $0.92 | $0.16 | ||
| Q2 25 | $0.66 | $0.13 | ||
| Q1 25 | $1.01 | $0.09 | ||
| Q4 24 | $0.88 | $0.09 | ||
| Q3 24 | $0.84 | $0.07 | ||
| Q2 24 | $0.65 | $0.02 | ||
| Q1 24 | $0.96 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $2.1B |
| Total Assets | $39.9B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $1.4B | ||
| Q3 25 | $362.0M | $1.4B | ||
| Q2 25 | $844.0M | $1.2B | ||
| Q1 25 | $465.0M | $1.0B | ||
| Q4 24 | $103.0M | $903.0M | ||
| Q3 24 | $412.0M | $761.0M | ||
| Q2 24 | $699.0M | $691.0M | ||
| Q1 24 | $802.0M | $578.0M |
| Q4 25 | $9.1B | $2.1B | ||
| Q3 25 | $8.9B | $2.0B | ||
| Q2 25 | $8.4B | $1.8B | ||
| Q1 25 | $8.3B | $1.7B | ||
| Q4 24 | $8.2B | $1.5B | ||
| Q3 24 | $8.1B | $1.4B | ||
| Q2 24 | $8.0B | $1.3B | ||
| Q1 24 | $7.9B | $1.2B |
| Q4 25 | $39.9B | $3.1B | ||
| Q3 25 | $38.0B | $3.0B | ||
| Q2 25 | $37.7B | $2.8B | ||
| Q1 25 | $36.3B | $2.6B | ||
| Q4 24 | $35.9B | $2.4B | ||
| Q3 24 | $34.8B | $2.2B | ||
| Q2 24 | $34.4B | $2.2B | ||
| Q1 24 | $33.9B | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | — | $178.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $194.0M | ||
| Q3 25 | $343.0M | $165.0M | ||
| Q2 25 | $414.0M | $223.0M | ||
| Q1 25 | $1.0B | $79.0M | ||
| Q4 24 | $403.0M | $147.0M | ||
| Q3 24 | $304.0M | $109.0M | ||
| Q2 24 | $707.0M | $124.0M | ||
| Q1 24 | $956.0M | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | $-635.0M | $153.0M | ||
| Q2 25 | $-470.0M | $208.0M | ||
| Q1 25 | $112.0M | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | $-502.0M | $97.0M | ||
| Q2 24 | $26.0M | $108.0M | ||
| Q1 24 | $343.0M | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | -32.2% | 9.4% | ||
| Q2 25 | -26.1% | 13.4% | ||
| Q1 25 | 4.7% | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | -29.3% | 7.4% | ||
| Q2 24 | 1.6% | 8.7% | ||
| Q1 24 | 16.0% | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 49.5% | 0.7% | ||
| Q2 25 | 49.2% | 1.0% | ||
| Q1 25 | 37.0% | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | 47.1% | 0.9% | ||
| Q2 24 | 43.2% | 1.3% | ||
| Q1 24 | 28.6% | 1.2% |
| Q4 25 | 1.65× | 1.92× | ||
| Q3 25 | 1.24× | 1.57× | ||
| Q2 25 | 2.06× | 2.79× | ||
| Q1 25 | 3.29× | 1.41× | ||
| Q4 24 | 1.52× | 4.59× | ||
| Q3 24 | 1.20× | 1.95× | ||
| Q2 24 | 3.57× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
