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Side-by-side financial comparison of CMS Energy (CMS) and UGI CORP (UGI). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $2.1B, roughly 1.0× UGI CORP). UGI CORP runs the higher net margin — 14.4% vs 13.5%, a 0.8% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 3.9%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -7.5%).
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.
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
CMS vs UGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.1B |
| Net Profit | $289.0M | $297.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 22.0% |
| Net Margin | 13.5% | 14.4% |
| Revenue YoY | 13.0% | 3.9% |
| Net Profit YoY | 9.1% | -20.8% |
| EPS (diluted) | $0.94 | $1.34 |
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 | $2.1B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $2.4B | $2.6B | ||
| Q4 24 | $1.9B | $2.0B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.4B | ||
| Q1 24 | $2.1B | $2.4B |
| Q4 25 | $289.0M | $297.0M | ||
| Q3 25 | $277.0M | $-13.0M | ||
| Q2 25 | $201.0M | $-163.0M | ||
| Q1 25 | $304.0M | $479.0M | ||
| Q4 24 | $265.0M | $375.0M | ||
| Q3 24 | $253.0M | $-273.0M | ||
| Q2 24 | $198.0M | $-48.0M | ||
| Q1 24 | $287.0M | $496.0M |
| Q4 25 | 20.4% | 22.0% | ||
| Q3 25 | 24.4% | 1.1% | ||
| Q2 25 | 17.6% | -6.8% | ||
| Q1 25 | 20.6% | 26.6% | ||
| Q4 24 | 22.5% | 24.5% | ||
| Q3 24 | 21.4% | -20.4% | ||
| Q2 24 | 18.0% | 5.0% | ||
| Q1 24 | 19.2% | 29.7% |
| Q4 25 | 13.5% | 14.4% | ||
| Q3 25 | 14.0% | -1.1% | ||
| Q2 25 | 11.2% | -12.0% | ||
| Q1 25 | 12.7% | 18.2% | ||
| Q4 24 | 14.0% | 18.9% | ||
| Q3 24 | 14.8% | -22.6% | ||
| Q2 24 | 12.6% | -3.6% | ||
| Q1 24 | 13.4% | 20.6% |
| Q4 25 | $0.94 | $1.34 | ||
| Q3 25 | $0.92 | $-0.08 | ||
| Q2 25 | $0.66 | $-0.76 | ||
| Q1 25 | $1.01 | $2.19 | ||
| Q4 24 | $0.88 | $1.74 | ||
| Q3 24 | $0.84 | $-1.26 | ||
| Q2 24 | $0.65 | $-0.23 | ||
| Q1 24 | $0.96 | $2.30 |
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 | $251.0M |
| Total DebtLower is stronger | — | $6.0B |
| Stockholders' EquityBook value | $9.1B | $5.0B |
| Total Assets | $39.9B | $15.8B |
| Debt / EquityLower = less leverage | — | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $251.0M | ||
| Q3 25 | $362.0M | $335.0M | ||
| Q2 25 | $844.0M | $350.0M | ||
| Q1 25 | $465.0M | $426.0M | ||
| Q4 24 | $103.0M | $240.0M | ||
| Q3 24 | $412.0M | $213.0M | ||
| Q2 24 | $699.0M | $183.0M | ||
| Q1 24 | $802.0M | $263.0M |
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $6.6B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.7B |
| Q4 25 | $9.1B | $5.0B | ||
| Q3 25 | $8.9B | $4.8B | ||
| Q2 25 | $8.4B | $4.9B | ||
| Q1 25 | $8.3B | $5.0B | ||
| Q4 24 | $8.2B | $4.6B | ||
| Q3 24 | $8.1B | $4.3B | ||
| Q2 24 | $8.0B | $4.7B | ||
| Q1 24 | $7.9B | $4.8B |
| Q4 25 | $39.9B | $15.8B | ||
| Q3 25 | $38.0B | $15.5B | ||
| Q2 25 | $37.7B | $15.4B | ||
| Q1 25 | $36.3B | $15.7B | ||
| Q4 24 | $35.9B | $15.4B | ||
| Q3 24 | $34.8B | $15.1B | ||
| Q2 24 | $34.4B | $15.1B | ||
| Q1 24 | $33.9B | $15.6B |
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.40× |
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 | $66.0M |
| Free Cash FlowOCF − Capex | — | $-155.0M |
| FCF MarginFCF / Revenue | — | -7.5% |
| Capex IntensityCapex / Revenue | — | 10.7% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $282.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $66.0M | ||
| Q3 25 | $343.0M | $90.0M | ||
| Q2 25 | $414.0M | $289.0M | ||
| Q1 25 | $1.0B | $684.0M | ||
| Q4 24 | $403.0M | $164.0M | ||
| Q3 24 | $304.0M | $151.0M | ||
| Q2 24 | $707.0M | $390.0M | ||
| Q1 24 | $956.0M | $522.0M |
| Q4 25 | — | $-155.0M | ||
| Q3 25 | $-635.0M | $-168.0M | ||
| Q2 25 | $-470.0M | $67.0M | ||
| Q1 25 | $112.0M | $538.0M | ||
| Q4 24 | — | $-47.0M | ||
| Q3 24 | $-502.0M | $-115.0M | ||
| Q2 24 | $26.0M | $185.0M | ||
| Q1 24 | $343.0M | $353.0M |
| Q4 25 | — | -7.5% | ||
| Q3 25 | -32.2% | -14.4% | ||
| Q2 25 | -26.1% | 4.9% | ||
| Q1 25 | 4.7% | 20.4% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | -29.3% | -9.5% | ||
| Q2 24 | 1.6% | 13.7% | ||
| Q1 24 | 16.0% | 14.6% |
| Q4 25 | — | 10.7% | ||
| Q3 25 | 49.5% | 22.1% | ||
| Q2 25 | 49.2% | 16.3% | ||
| Q1 25 | 37.0% | 5.5% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | 47.1% | 22.0% | ||
| Q2 24 | 43.2% | 15.2% | ||
| Q1 24 | 28.6% | 7.0% |
| Q4 25 | 1.65× | 0.22× | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | 1.43× | ||
| Q4 24 | 1.52× | 0.44× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | — | ||
| Q1 24 | 3.33× | 1.05× |
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% |
UGI
Segment breakdown not available.
