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AES Corporation（AES）与Constellation Energy（CEG）财务数据对比。点击上方公司名可切换其他公司
Constellation Energy的季度营收约是AES Corporation的1.8倍（$5.7B vs $3.1B）。AES Corporation净利率更高（10.3% vs 7.6%，领先2.7%）。Constellation Energy同比增速更快（25.8% vs 4.7%）。AES Corporation自由现金流更多（$-47.0M vs $-181.0M）。过去两年Constellation Energy的营收复合增速更高（4.0% vs 0.3%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
AES vs CEG — 直观对比
营收规模更大
CEG
是对方的1.8倍
$3.1B
营收增速更快
CEG
高出21.1%
4.7%
净利率更高
AES
高出2.7%
7.6%
自由现金流更多
AES
多$134.0M
$-181.0M
两年增速更快
CEG
近两年复合增速
0.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $5.7B |
| 净利润 | $320.0M | $432.0M |
| 毛利率 | 18.8% | — |
| 营业利润率 | -8.7% | 10.5% |
| 净利率 | 10.3% | 7.6% |
| 营收同比 | 4.7% | 25.8% |
| 净利润同比 | -42.9% | -49.3% |
| 每股收益（稀释后） | $0.45 | $1.38 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AESCEG
| Q4 25 | $3.1B | $5.7B | ||
| Q3 25 | $3.4B | $5.7B | ||
| Q2 25 | $2.9B | $5.2B | ||
| Q1 25 | $2.9B | $6.1B | ||
| Q4 24 | $3.0B | $4.5B | ||
| Q3 24 | $3.3B | $4.8B | ||
| Q2 24 | $2.9B | $4.4B | ||
| Q1 24 | $3.1B | $5.3B |
净利润AESCEG
| Q4 25 | $320.0M | $432.0M | ||
| Q3 25 | $639.0M | $930.0M | ||
| Q2 25 | $-95.0M | $839.0M | ||
| Q1 25 | $46.0M | $118.0M | ||
| Q4 24 | $560.0M | $852.0M | ||
| Q3 24 | $502.0M | $1.2B | ||
| Q2 24 | $185.0M | $814.0M | ||
| Q1 24 | $432.0M | $883.0M |
毛利率AESCEG
| Q4 25 | 18.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 18.8% | — | ||
| Q1 24 | 20.1% | — |
营业利润率AESCEG
| Q4 25 | -8.7% | 10.5% | ||
| Q3 25 | 9.8% | 19.0% | ||
| Q2 25 | 1.4% | 18.4% | ||
| Q1 25 | -0.8% | 7.4% | ||
| Q4 24 | 12.3% | 21.5% | ||
| Q3 24 | 10.0% | 30.7% | ||
| Q2 24 | -2.6% | 25.0% | ||
| Q1 24 | 9.0% | 15.5% |
净利率AESCEG
| Q4 25 | 10.3% | 7.6% | ||
| Q3 25 | 19.1% | 16.3% | ||
| Q2 25 | -3.3% | 16.3% | ||
| Q1 25 | 1.6% | 1.9% | ||
| Q4 24 | 18.9% | 18.8% | ||
| Q3 24 | 15.3% | 25.1% | ||
| Q2 24 | 6.3% | 18.5% | ||
| Q1 24 | 14.0% | 16.8% |
每股收益（稀释后）AESCEG
| Q4 25 | $0.45 | $1.38 | ||
| Q3 25 | $0.89 | $2.97 | ||
| Q2 25 | $-0.15 | $2.67 | ||
| Q1 25 | $0.07 | $0.38 | ||
| Q4 24 | $0.78 | $2.71 | ||
| Q3 24 | $0.71 | $3.82 | ||
| Q2 24 | $0.27 | $2.58 | ||
| Q1 24 | $0.60 | $2.78 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.6B | $3.6B |
| 总债务越低越好 | — | $7.4B |
| 股东权益账面价值 | $4.1B | $14.5B |
| 总资产 | $51.8B | $57.2B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资AESCEG
| Q4 25 | $1.6B | $3.6B | ||
| Q3 25 | $1.8B | $4.0B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $1.8B | $1.8B | ||
| Q4 24 | $1.6B | $3.0B | ||
| Q3 24 | $2.0B | $1.8B | ||
| Q2 24 | $1.8B | $311.0M | ||
| Q1 24 | $2.4B | $562.0M |
总债务AESCEG
| Q4 25 | — | $7.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AESCEG
| Q4 25 | $4.1B | $14.5B | ||
| Q3 25 | $3.9B | $14.3B | ||
| Q2 25 | $3.4B | $13.4B | ||
| Q1 25 | $3.5B | $13.0B | ||
| Q4 24 | $3.6B | $13.2B | ||
| Q3 24 | $3.3B | $12.6B | ||
| Q2 24 | $3.1B | $11.4B | ||
| Q1 24 | $2.9B | $11.2B |
总资产AESCEG
| Q4 25 | $51.8B | $57.2B | ||
| Q3 25 | $50.8B | $56.2B | ||
| Q2 25 | $48.5B | $53.0B | ||
| Q1 25 | $48.6B | $52.3B | ||
| Q4 24 | $47.4B | $52.9B | ||
| Q3 24 | $50.1B | $51.8B | ||
| Q2 24 | $47.7B | $51.3B | ||
| Q1 24 | $47.0B | $52.0B |
负债/权益比AESCEG
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.5B | $805.0M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $-181.0M |
| 自由现金流率自由现金流/营收 | -1.5% | -3.2% |
| 资本支出强度资本支出/营收 | 49.5% | 17.3% |
| 现金转化率经营现金流/净利润 | 4.65× | 1.86× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $1.3B |
8季度趋势，按日历期对齐
经营现金流AESCEG
| Q4 25 | $1.5B | $805.0M | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $976.0M | $1.5B | ||
| Q1 25 | $545.0M | $107.0M | ||
| Q4 24 | $1.1B | $-1.0B | ||
| Q3 24 | $985.0M | $-112.0M | ||
| Q2 24 | $392.0M | $-613.0M | ||
| Q1 24 | $287.0M | $-723.0M |
自由现金流AESCEG
| Q4 25 | $-47.0M | $-181.0M | ||
| Q3 25 | $-511.0M | $1.5B | ||
| Q2 25 | $-356.0M | $710.0M | ||
| Q1 25 | $-709.0M | $-699.0M | ||
| Q4 24 | $-639.0M | $-1.7B | ||
| Q3 24 | $-847.0M | $-664.0M | ||
| Q2 24 | $-1.3B | $-1.2B | ||
| Q1 24 | $-1.9B | $-1.5B |
自由现金流率AESCEG
| Q4 25 | -1.5% | -3.2% | ||
| Q3 25 | -15.2% | 25.6% | ||
| Q2 25 | -12.5% | 13.8% | ||
| Q1 25 | -24.2% | -11.4% | ||
| Q4 24 | -21.6% | -38.6% | ||
| Q3 24 | -25.8% | -13.9% | ||
| Q2 24 | -43.9% | -26.3% | ||
| Q1 24 | -60.3% | -27.8% |
资本支出强度AESCEG
| Q4 25 | 49.5% | 17.3% | ||
| Q3 25 | 54.0% | 6.8% | ||
| Q2 25 | 46.7% | 14.9% | ||
| Q1 25 | 42.9% | 13.2% | ||
| Q4 24 | 58.3% | 16.1% | ||
| Q3 24 | 55.7% | 11.6% | ||
| Q2 24 | 57.3% | 12.4% | ||
| Q1 24 | 69.6% | 14.0% |
现金转化率AESCEG
| Q4 25 | 4.65× | 1.86× | ||
| Q3 25 | 2.03× | 1.99× | ||
| Q2 25 | — | 1.76× | ||
| Q1 25 | 11.85× | 0.91× | ||
| Q4 24 | 1.94× | -1.19× | ||
| Q3 24 | 1.96× | -0.09× | ||
| Q2 24 | 2.12× | -0.75× | ||
| Q1 24 | 0.66× | -0.82× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
