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奥尼兰姆制药（ALNY）与CMS Energy（CMS）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是奥尼兰姆制药的1.9倍（$2.1B vs $1.1B），奥尼兰姆制药净利率更高（17.0% vs 13.5%，领先3.5%），奥尼兰姆制药同比增速更快（84.9% vs 13.0%），过去两年奥尼兰姆制药的营收复合增速更高（49.0% vs -0.2%）
奥尼兰姆制药是美国生物制药企业，2002年成立，总部位于马萨诸塞州剑桥市，专注于研发及商业化针对基因明确疾病的RNA干扰（RNAi）疗法，2016年入选福布斯「100家最具创新力成长企业」榜单。
CMS Energy是总部位于美国密歇根州杰克逊市的能源企业，业务核心聚焦密歇根州公用事业运营。旗下核心主体Consumers Energy成立于1886年，为全州超600万居民提供电力及天然气服务，非公用事业板块则主要开展美国本土独立发电业务。
ALNY vs CMS — 直观对比
营收规模更大
CMS
是对方的1.9倍
$1.1B
营收增速更快
ALNY
高出72.0%
13.0%
净利率更高
ALNY
高出3.5%
13.5%
两年增速更快
ALNY
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $2.1B |
| 净利润 | $186.4M | $289.0M |
| 毛利率 | 75.6% | — |
| 营业利润率 | 12.0% | 20.4% |
| 净利率 | 17.0% | 13.5% |
| 营收同比 | 84.9% | 13.0% |
| 净利润同比 | 322.6% | 9.1% |
| 每股收益（稀释后） | $1.44 | $0.94 |
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ALNYCMS
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $1.2B | $2.0B | ||
| Q2 25 | $773.7M | $1.8B | ||
| Q1 25 | $594.2M | $2.4B | ||
| Q4 24 | $593.2M | $1.9B | ||
| Q3 24 | $500.9M | $1.7B | ||
| Q2 24 | $659.8M | $1.6B | ||
| Q1 24 | $494.3M | $2.1B |
净利润ALNYCMS
| Q4 25 | $186.4M | $289.0M | ||
| Q3 25 | $251.1M | $277.0M | ||
| Q2 25 | $-66.3M | $201.0M | ||
| Q1 25 | $-57.5M | $304.0M | ||
| Q4 24 | $-83.8M | $265.0M | ||
| Q3 24 | $-111.6M | $253.0M | ||
| Q2 24 | $-16.9M | $198.0M | ||
| Q1 24 | $-65.9M | $287.0M |
毛利率ALNYCMS
| Q4 25 | 75.6% | — | ||
| Q3 25 | 84.2% | — | ||
| Q2 25 | 81.6% | — | ||
| Q1 25 | 88.2% | — | ||
| Q4 24 | 82.7% | — | ||
| Q3 24 | 83.6% | — | ||
| Q2 24 | 89.8% | — | ||
| Q1 24 | 89.0% | — |
营业利润率ALNYCMS
| Q4 25 | 12.0% | 20.4% | ||
| Q3 25 | 29.5% | 24.4% | ||
| Q2 25 | -2.1% | 17.6% | ||
| Q1 25 | 3.0% | 20.6% | ||
| Q4 24 | -17.7% | 22.5% | ||
| Q3 24 | -15.4% | 21.4% | ||
| Q2 24 | 7.4% | 18.0% | ||
| Q1 24 | -8.8% | 19.2% |
净利率ALNYCMS
| Q4 25 | 17.0% | 13.5% | ||
| Q3 25 | 20.1% | 14.0% | ||
| Q2 25 | -8.6% | 11.2% | ||
| Q1 25 | -9.7% | 12.7% | ||
| Q4 24 | -14.1% | 14.0% | ||
| Q3 24 | -22.3% | 14.8% | ||
| Q2 24 | -2.6% | 12.6% | ||
| Q1 24 | -13.3% | 13.4% |
每股收益（稀释后）ALNYCMS
| Q4 25 | $1.44 | $0.94 | ||
| Q3 25 | $1.84 | $0.92 | ||
| Q2 25 | $-0.51 | $0.66 | ||
| Q1 25 | $-0.44 | $1.01 | ||
| Q4 24 | $-0.66 | $0.88 | ||
| Q3 24 | $-0.87 | $0.84 | ||
| Q2 24 | $-0.13 | $0.65 | ||
| Q1 24 | $-0.52 | $0.96 |
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 | $1.7B | $509.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $789.2M | $9.1B |
| 总资产 | $5.0B | $39.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ALNYCMS
| Q4 25 | $1.7B | $509.0M | ||
| Q3 25 | $1.5B | $362.0M | ||
| Q2 25 | $1.1B | $844.0M | ||
| Q1 25 | $1.0B | $465.0M | ||
| Q4 24 | $966.4M | $103.0M | ||
| Q3 24 | $1.1B | $412.0M | ||
| Q2 24 | $968.5M | $699.0M | ||
| Q1 24 | $681.9M | $802.0M |
股东权益ALNYCMS
| Q4 25 | $789.2M | $9.1B | ||
| Q3 25 | $233.9M | $8.9B | ||
| Q2 25 | $250.6M | $8.4B | ||
| Q1 25 | $115.4M | $8.3B | ||
| Q4 24 | $67.1M | $8.2B | ||
| Q3 24 | $32.4M | $8.1B | ||
| Q2 24 | $-3.1M | $8.0B | ||
| Q1 24 | $-219.3M | $7.9B |
总资产ALNYCMS
| Q4 25 | $5.0B | $39.9B | ||
| Q3 25 | $4.9B | $38.0B | ||
| Q2 25 | $4.6B | $37.7B | ||
| Q1 25 | $4.2B | $36.3B | ||
| Q4 24 | $4.2B | $35.9B | ||
| Q3 24 | $4.2B | $34.8B | ||
| Q2 24 | $4.0B | $34.4B | ||
| Q1 24 | $3.8B | $33.9B |
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 | $163.6M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 0.88× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $465.4M | — |
8季度趋势，按日历期对齐
经营现金流ALNYCMS
| Q4 25 | $163.6M | $478.0M | ||
| Q3 25 | $325.1M | $343.0M | ||
| Q2 25 | $153.7M | $414.0M | ||
| Q1 25 | $-118.3M | $1.0B | ||
| Q4 24 | $-94.7M | $403.0M | ||
| Q3 24 | $43.7M | $304.0M | ||
| Q2 24 | $124.2M | $707.0M | ||
| Q1 24 | $-81.5M | $956.0M |
自由现金流ALNYCMS
| Q4 25 | $140.3M | — | ||
| Q3 25 | $313.0M | $-635.0M | ||
| Q2 25 | $139.4M | $-470.0M | ||
| Q1 25 | $-127.3M | $112.0M | ||
| Q4 24 | $-103.8M | — | ||
| Q3 24 | $39.5M | $-502.0M | ||
| Q2 24 | $116.1M | $26.0M | ||
| Q1 24 | $-94.5M | $343.0M |
自由现金流率ALNYCMS
| Q4 25 | 12.8% | — | ||
| Q3 25 | 25.1% | -32.2% | ||
| Q2 25 | 18.0% | -26.1% | ||
| Q1 25 | -21.4% | 4.7% | ||
| Q4 24 | -17.5% | — | ||
| Q3 24 | 7.9% | -29.3% | ||
| Q2 24 | 17.6% | 1.6% | ||
| Q1 24 | -19.1% | 16.0% |
资本支出强度ALNYCMS
| Q4 25 | 2.1% | — | ||
| Q3 25 | 1.0% | 49.5% | ||
| Q2 25 | 1.8% | 49.2% | ||
| Q1 25 | 1.5% | 37.0% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 0.8% | 47.1% | ||
| Q2 24 | 1.2% | 43.2% | ||
| Q1 24 | 2.6% | 28.6% |
现金转化率ALNYCMS
| Q4 25 | 0.88× | 1.65× | ||
| Q3 25 | 1.29× | 1.24× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 3.29× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | — | 3.57× | ||
| Q1 24 | — | 3.33× |
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
ALNY
| TTR | $858.3M | 78% |
| Rare | $136.4M | 12% |
| GIVLAARI | $56.3M | 5% |
| Collaborative Arrangement | $40.9M | 4% |
| ONPATTRO | $12.0M | 1% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
