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Side-by-side financial comparison of CMS Energy (CMS) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $2.1B, roughly 1.3× CMS Energy). CMS Energy runs the higher net margin — 13.5% vs 8.1%, a 5.5% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 12.9%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
CMS vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.9B |
| Net Profit | $289.0M | $230.9M |
| Gross Margin | — | 40.4% |
| Operating Margin | 20.4% | 10.8% |
| Net Margin | 13.5% | 8.1% |
| Revenue YoY | 13.0% | 12.9% |
| Net Profit YoY | 9.1% | -4.7% |
| EPS (diluted) | $0.94 | $5.14 |
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 | $2.9B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $1.9B | $2.5B | ||
| Q3 24 | $1.7B | $2.6B | ||
| Q2 24 | $1.6B | $2.7B | ||
| Q1 24 | $2.1B | $3.6B |
| Q4 25 | $289.0M | $230.9M | ||
| Q3 25 | $277.0M | $260.9M | ||
| Q2 25 | $201.0M | $305.1M | ||
| Q1 25 | $304.0M | — | ||
| Q4 24 | $265.0M | $242.2M | ||
| Q3 24 | $253.0M | $252.6M | ||
| Q2 24 | $198.0M | $313.1M | ||
| Q1 24 | $287.0M | $394.4M |
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% |
| Q4 25 | 20.4% | 10.8% | ||
| Q3 25 | 24.4% | 12.4% | ||
| Q2 25 | 17.6% | 14.1% | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 22.5% | 12.6% | ||
| Q3 24 | 21.4% | 12.9% | ||
| Q2 24 | 18.0% | 14.7% | ||
| Q1 24 | 19.2% | 14.5% |
| Q4 25 | 13.5% | 8.1% | ||
| Q3 25 | 14.0% | 9.4% | ||
| Q2 25 | 11.2% | 10.7% | ||
| Q1 25 | 12.7% | — | ||
| Q4 24 | 14.0% | 9.6% | ||
| Q3 24 | 14.8% | 9.9% | ||
| Q2 24 | 12.6% | 11.5% | ||
| Q1 24 | 13.4% | 11.1% |
| Q4 25 | $0.94 | $5.14 | ||
| Q3 25 | $0.92 | $5.78 | ||
| Q2 25 | $0.66 | $6.70 | ||
| Q1 25 | $1.01 | — | ||
| Q4 24 | $0.88 | $5.14 | ||
| Q3 24 | $0.84 | $5.30 | ||
| Q2 24 | $0.65 | $6.47 | ||
| Q1 24 | $0.96 | $8.06 |
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 | $204.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $2.6B |
| Total Assets | $39.9B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $204.9M | ||
| Q3 25 | $362.0M | $242.7M | ||
| Q2 25 | $844.0M | $454.6M | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $103.0M | $177.8M | ||
| Q3 24 | $412.0M | $414.0M | ||
| Q2 24 | $699.0M | $524.6M | ||
| Q1 24 | $802.0M | $766.6M |
| Q4 25 | $9.1B | $2.6B | ||
| Q3 25 | $8.9B | $2.6B | ||
| Q2 25 | $8.4B | $2.4B | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.2B | $2.3B | ||
| Q3 24 | $8.1B | $2.3B | ||
| Q2 24 | $8.0B | $2.3B | ||
| Q1 24 | $7.9B | $2.3B |
| Q4 25 | $39.9B | $7.0B | ||
| Q3 25 | $38.0B | $6.6B | ||
| Q2 25 | $37.7B | $6.0B | ||
| Q1 25 | $36.3B | — | ||
| Q4 24 | $35.9B | $6.0B | ||
| Q3 24 | $34.8B | $5.7B | ||
| Q2 24 | $34.4B | $5.6B | ||
| Q1 24 | $33.9B | $5.7B |
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 | $5.6M |
| Free Cash FlowOCF − Capex | — | $-81.6M |
| FCF MarginFCF / Revenue | — | -2.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $5.6M | ||
| Q3 25 | $343.0M | $96.5M | ||
| Q2 25 | $414.0M | $220.0M | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $403.0M | $-56.8M | ||
| Q3 24 | $304.0M | $199.5M | ||
| Q2 24 | $707.0M | $159.3M | ||
| Q1 24 | $956.0M | $1.1B |
| Q4 25 | — | $-81.6M | ||
| Q3 25 | $-635.0M | $19.6M | ||
| Q2 25 | $-470.0M | $141.0M | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | $-502.0M | $104.3M | ||
| Q2 24 | $26.0M | $68.3M | ||
| Q1 24 | $343.0M | $994.0M |
| Q4 25 | — | -2.9% | ||
| Q3 25 | -32.2% | 0.7% | ||
| Q2 25 | -26.1% | 4.9% | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | -29.3% | 4.1% | ||
| Q2 24 | 1.6% | 2.5% | ||
| Q1 24 | 16.0% | 28.0% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | 49.5% | 2.8% | ||
| Q2 25 | 49.2% | 2.8% | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | 47.1% | 3.7% | ||
| Q2 24 | 43.2% | 3.3% | ||
| Q1 24 | 28.6% | 3.5% |
| Q4 25 | 1.65× | 0.02× | ||
| Q3 25 | 1.24× | 0.37× | ||
| Q2 25 | 2.06× | 0.72× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | -0.23× | ||
| Q3 24 | 1.20× | 0.79× | ||
| Q2 24 | 3.57× | 0.51× | ||
| Q1 24 | 3.33× | 2.84× |
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% |
ULTA
Segment breakdown not available.
