CMS Energy Corporation (CMS)
CMS Energy provides regulated electricity and natural gas across Michigan.
CMS vs FE: how the two businesses compare
- Bigger business: FE, with $15.1B of yearly revenue, about 1.8× CMS's $8.5B.
- More profitable: CMS keeps 13 cents of each sales dollar as profit, against 7 cents at FE.
- More cash from each sale: CMS turns 26 cents of each sales dollar into operating cash flow, against 25 cents at FE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
FirstEnergy (FE) is the larger business by reported revenue: $15.1B in its fiscal year ended Dec 2025, about 1.8× CMS's $8.5B (fiscal year ended Dec 2025). CMS's net margin was 12.5% and FE's 6.8%. The SEC places them in related industries (Electric & Other Services Combined; Electric Services), and both map to the Rates & central banks research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Utilities
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 18, 2026
CMS vs FE: quick comparison
| Company fact | CMS | FE |
|---|---|---|
| Company | CMS Energy Corporation | FirstEnergy Corp. |
| Exchange | NYSE | NYSE |
| SEC industry | Electric & Other Services Combined | Electric Services |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-10 | 10-K · 2026-02-18 |
CMS vs FE: audited financials
- Scale: FE's $15.1B of revenue is about 1.8× CMS's $8.5B.
- Net margin: CMS kept 12.5% of revenue as net income versus 6.8% at FE.
- Cash conversion: operating cash flow equalled CMS 26.2% of revenue, or 2.09× net income; FE 24.5% of revenue, or 3.63× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CMS | FE |
|---|---|---|
| Revenue | $8.5B2025-01-01 to 2025-12-31 · SEC filing | $15.1B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.1B2025-01-01 to 2025-12-31 · SEC filing | $1.0B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.2B2025-01-01 to 2025-12-31 · SEC filing | $3.7B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $3.532025-01-01 to 2025-12-31 · SEC filing | $1.762025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 12.5%2025-01-01 to 2025-12-31 · SEC filing | 6.8%2025-01-01 to 2025-12-31 · SEC filing |
CMS: FY ending 2025-12-31 · FE: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CMS and FE overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 49.
- Shared research theme: Rates & central banks.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: CMS is 4931 (Electric & Other Services Combined); FE is 4911 (Electric Services).
- Scale: FE reported about 1.8× the annual revenue of CMS.
- Profitability: net margin of 12.5% for CMS versus 6.8% for FE.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
FirstEnergy Corp. (FE)
FirstEnergy delivers electricity through regulated utilities across the Midwest and mid-Atlantic.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CMS
We have not yet published a company-specific driver list for CMS. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-10.
What moves FE
We have not yet published a company-specific driver list for FE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-18.
The investment question
You now know FE reports about 1.8× CMS's revenue, and CMS keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 5 matched transaction rows for CMS and 1 matched transaction row for FE. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CMS primary filings
FE primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CMS or FE
CMS vs FE FAQs
Are CMS and FE direct competitors?
Not necessarily. CMS Energy files as Electric & Other Services Combined and FirstEnergy as Electric Services. The pair is compared because both map to the Rates & central banks research theme, not because the filings show head-to-head competition.
Is CMS or FE the bigger company by revenue?
FirstEnergy (FE) is the larger business by reported revenue: $15.1B in its fiscal year ended Dec 2025, about 1.8× CMS's $8.5B (fiscal year ended Dec 2025). CMS's net margin was 12.5% and FE's 6.8%. The SEC places them in related industries (Electric & Other Services Combined; Electric Services), and both map to the Rates & central banks research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CMS or FE?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CMS vs FE comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers CMS Energy Corporation and FirstEnergy Corp. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CMS vs FE compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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