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Side-by-side financial comparison of CMS Energy (CMS) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $2.1B, roughly 1.1× CMS Energy). Zoetis runs the higher net margin — 25.3% vs 13.5%, a 11.7% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 3.0%). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% 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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
CMS vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.4B |
| Net Profit | $289.0M | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | 20.4% | 31.9% |
| Net Margin | 13.5% | 25.3% |
| Revenue YoY | 13.0% | 3.0% |
| Net Profit YoY | 9.1% | 3.8% |
| EPS (diluted) | $0.94 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $2.1B | $2.2B |
| Q4 25 | $289.0M | $603.0M | ||
| Q3 25 | $277.0M | $721.0M | ||
| Q2 25 | $201.0M | $718.0M | ||
| Q1 25 | $304.0M | $631.0M | ||
| Q4 24 | $265.0M | $581.0M | ||
| Q3 24 | $253.0M | $682.0M | ||
| Q2 24 | $198.0M | $624.0M | ||
| Q1 24 | $287.0M | $599.0M |
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% | ||
| Q1 24 | — | 70.6% |
| Q4 25 | 20.4% | 31.9% | ||
| Q3 25 | 24.4% | 37.0% | ||
| Q2 25 | 17.6% | 36.7% | ||
| Q1 25 | 20.6% | 36.5% | ||
| Q4 24 | 22.5% | 31.6% | ||
| Q3 24 | 21.4% | 36.6% | ||
| Q2 24 | 18.0% | 33.0% | ||
| Q1 24 | 19.2% | 34.1% |
| Q4 25 | 13.5% | 25.3% | ||
| Q3 25 | 14.0% | 30.0% | ||
| Q2 25 | 11.2% | 29.2% | ||
| Q1 25 | 12.7% | 28.4% | ||
| Q4 24 | 14.0% | 25.1% | ||
| Q3 24 | 14.8% | 28.6% | ||
| Q2 24 | 12.6% | 26.4% | ||
| Q1 24 | 13.4% | 27.4% |
| Q4 25 | $0.94 | $1.37 | ||
| Q3 25 | $0.92 | $1.63 | ||
| Q2 25 | $0.66 | $1.61 | ||
| Q1 25 | $1.01 | $1.41 | ||
| Q4 24 | $0.88 | $1.29 | ||
| Q3 24 | $0.84 | $1.50 | ||
| Q2 24 | $0.65 | $1.37 | ||
| Q1 24 | $0.96 | $1.31 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $3.3B |
| Total Assets | $39.9B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | $2.1B | ||
| Q2 25 | $844.0M | $1.4B | ||
| Q1 25 | $465.0M | $1.7B | ||
| Q4 24 | $103.0M | $2.0B | ||
| Q3 24 | $412.0M | $1.7B | ||
| Q2 24 | $699.0M | $1.6B | ||
| Q1 24 | $802.0M | $2.0B |
| Q4 25 | $9.1B | $3.3B | ||
| Q3 25 | $8.9B | $5.4B | ||
| Q2 25 | $8.4B | $5.0B | ||
| Q1 25 | $8.3B | $4.7B | ||
| Q4 24 | $8.2B | $4.8B | ||
| Q3 24 | $8.1B | $5.2B | ||
| Q2 24 | $8.0B | $5.0B | ||
| Q1 24 | $7.9B | $5.1B |
| Q4 25 | $39.9B | $15.5B | ||
| Q3 25 | $38.0B | $15.2B | ||
| Q2 25 | $37.7B | $14.5B | ||
| Q1 25 | $36.3B | $14.1B | ||
| Q4 24 | $35.9B | $14.2B | ||
| Q3 24 | $34.8B | $14.4B | ||
| Q2 24 | $34.4B | $14.2B | ||
| Q1 24 | $33.9B | $14.3B |
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 | $893.0M |
| Free Cash FlowOCF − Capex | — | $732.0M |
| FCF MarginFCF / Revenue | — | 30.7% |
| Capex IntensityCapex / Revenue | — | 6.7% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $893.0M | ||
| Q3 25 | $343.0M | $938.0M | ||
| Q2 25 | $414.0M | $486.0M | ||
| Q1 25 | $1.0B | $587.0M | ||
| Q4 24 | $403.0M | $905.0M | ||
| Q3 24 | $304.0M | $951.0M | ||
| Q2 24 | $707.0M | $502.0M | ||
| Q1 24 | $956.0M | $595.0M |
| Q4 25 | — | $732.0M | ||
| Q3 25 | $-635.0M | $805.0M | ||
| Q2 25 | $-470.0M | $308.0M | ||
| Q1 25 | $112.0M | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | $-502.0M | $784.0M | ||
| Q2 24 | $26.0M | $370.0M | ||
| Q1 24 | $343.0M | $455.0M |
| Q4 25 | — | 30.7% | ||
| Q3 25 | -32.2% | 33.5% | ||
| Q2 25 | -26.1% | 12.5% | ||
| Q1 25 | 4.7% | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | -29.3% | 32.8% | ||
| Q2 24 | 1.6% | 15.7% | ||
| Q1 24 | 16.0% | 20.8% |
| Q4 25 | — | 6.7% | ||
| Q3 25 | 49.5% | 5.5% | ||
| Q2 25 | 49.2% | 7.2% | ||
| Q1 25 | 37.0% | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | 47.1% | 7.0% | ||
| Q2 24 | 43.2% | 5.6% | ||
| Q1 24 | 28.6% | 6.4% |
| Q4 25 | 1.65× | 1.48× | ||
| Q3 25 | 1.24× | 1.30× | ||
| Q2 25 | 2.06× | 0.68× | ||
| Q1 25 | 3.29× | 0.93× | ||
| Q4 24 | 1.52× | 1.56× | ||
| Q3 24 | 1.20× | 1.39× | ||
| Q2 24 | 3.57× | 0.80× | ||
| Q1 24 | 3.33× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
