CMS Energy vs NiSource
CMS Energy reported revenue of $8.5 billion in fiscal 2025, 1.3 times NiSource's $6.5 billion in fiscal 2025. CMS Energy's revenue grew 13.6% in its latest year, and NiSource's grew 23.5%. CMS Energy had an operating margin of 20.2%, against 28.1% at NiSource.
Side by side
| CMS Energy | NiSource | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $8.5B | $6.5B |
| Revenue growth | 13.6% | 23.5% |
| Revenue growth a year, last 5 years | 5.9% | 7.8% |
| Gross margin | — | — |
| Operating margin | 20.2% | 28.1% |
| Net margin | 12.5% | 14.2% |
| Free cash flow | — | −$420M |
| Free cash flow margin | — | −6.4% |
| Return on capital | 5.2% | 5.8% |
| Net debt to EBITDA | 6.1x | 5.4x |
| Dividends and buybacks | $0M | $530M |
| Change in diluted share count | 0.9% | 4.1% |
| Last close | $69.59 | $43.44 |
| P/E at the last close | 20.9× | 23.1× |
| Insider trades, last 12 months | bought $167,892, sold $2.1 million | sold $4.9 million |
| Piotroski F-score | 5 of 8 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CMS EnergyNiSource
Operating margin
Percent of revenue
CMS EnergyNiSource
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CMS EnergyNiSource
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CMS Energy and NiSource pages.