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APA Corporation（APA）与CMS Energy（CMS）财务数据对比。点击上方公司名可切换其他公司
APA Corporation的季度营收约是CMS Energy的1.0倍（$2.2B vs $2.1B），APA Corporation净利率更高（15.0% vs 13.5%，领先1.5%），CMS Energy同比增速更快（13.0% vs -24.3%），过去两年APA Corporation的营收复合增速更高（1.4% vs -0.2%）
APA Corporation是美国能源企业阿帕奇公司的控股主体，主要从事碳氢化合物资源勘探相关业务，在特拉华州注册成立，总部位于得克萨斯州休斯敦，是北美地区拥有丰富项目经验的能源勘探运营企业。
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。
APA vs CMS — 直观对比
营收规模更大
APA
是对方的1.0倍
$2.1B
营收增速更快
CMS
高出37.3%
-24.3%
净利率更高
APA
高出1.5%
13.5%
两年增速更快
APA
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.1B |
| 净利润 | $331.0M | $289.0M |
| 毛利率 | — | — |
| 营业利润率 | 32.5% | 20.4% |
| 净利率 | 15.0% | 13.5% |
| 营收同比 | -24.3% | 13.0% |
| 净利润同比 | -22.1% | 9.1% |
| 每股收益（稀释后） | $0.79 | $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APACMS
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.3B | $2.0B | ||
| Q2 25 | $2.3B | $1.8B | ||
| Q1 25 | $2.7B | $2.4B | ||
| Q4 24 | $2.9B | $1.9B | ||
| Q3 24 | $2.7B | $1.7B | ||
| Q2 24 | $2.8B | $1.6B | ||
| Q1 24 | $2.1B | $2.1B |
净利润APACMS
| Q4 25 | $331.0M | $289.0M | ||
| Q3 25 | $205.0M | $277.0M | ||
| Q2 25 | $603.0M | $201.0M | ||
| Q1 25 | $418.0M | $304.0M | ||
| Q4 24 | $425.0M | $265.0M | ||
| Q3 24 | $-223.0M | $253.0M | ||
| Q2 24 | $541.0M | $198.0M | ||
| Q1 24 | $212.0M | $287.0M |
营业利润率APACMS
| Q4 25 | 32.5% | 20.4% | ||
| Q3 25 | 33.7% | 24.4% | ||
| Q2 25 | 31.8% | 17.6% | ||
| Q1 25 | 31.9% | 20.6% | ||
| Q4 24 | 31.4% | 22.5% | ||
| Q3 24 | -5.2% | 21.4% | ||
| Q2 24 | 34.4% | 18.0% | ||
| Q1 24 | 32.2% | 19.2% |
净利率APACMS
| Q4 25 | 15.0% | 13.5% | ||
| Q3 25 | 9.0% | 14.0% | ||
| Q2 25 | 26.0% | 11.2% | ||
| Q1 25 | 15.4% | 12.7% | ||
| Q4 24 | 14.6% | 14.0% | ||
| Q3 24 | -8.1% | 14.8% | ||
| Q2 24 | 19.0% | 12.6% | ||
| Q1 24 | 9.9% | 13.4% |
每股收益（稀释后）APACMS
| Q4 25 | $0.79 | $0.94 | ||
| Q3 25 | $0.57 | $0.92 | ||
| Q2 25 | $1.67 | $0.66 | ||
| Q1 25 | $0.96 | $1.01 | ||
| Q4 24 | $0.97 | $0.88 | ||
| Q3 24 | $-0.60 | $0.84 | ||
| Q2 24 | $1.46 | $0.65 | ||
| Q1 24 | $0.44 | $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 | $516.0M | $509.0M |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $6.1B | $9.1B |
| 总资产 | $17.8B | $39.9B |
| 负债/权益比越低杠杆越低 | 0.70× | — |
8季度趋势，按日历期对齐
现金及短期投资APACMS
| Q4 25 | $516.0M | $509.0M | ||
| Q3 25 | $475.0M | $362.0M | ||
| Q2 25 | $107.0M | $844.0M | ||
| Q1 25 | $67.0M | $465.0M | ||
| Q4 24 | $625.0M | $103.0M | ||
| Q3 24 | $64.0M | $412.0M | ||
| Q2 24 | $160.0M | $699.0M | ||
| Q1 24 | $102.0M | $802.0M |
总债务APACMS
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $6.0B | — | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.7B | — | ||
| Q1 24 | $5.2B | — |
股东权益APACMS
| Q4 25 | $6.1B | $9.1B | ||
| Q3 25 | $6.0B | $8.9B | ||
| Q2 25 | $5.9B | $8.4B | ||
| Q1 25 | $5.4B | $8.3B | ||
| Q4 24 | $5.3B | $8.2B | ||
| Q3 24 | $5.1B | $8.1B | ||
| Q2 24 | $5.4B | $8.0B | ||
| Q1 24 | $2.6B | $7.9B |
总资产APACMS
| Q4 25 | $17.8B | $39.9B | ||
| Q3 25 | $17.7B | $38.0B | ||
| Q2 25 | $18.1B | $37.7B | ||
| Q1 25 | $18.5B | $36.3B | ||
| Q4 24 | $19.4B | $35.9B | ||
| Q3 24 | $19.4B | $34.8B | ||
| Q2 24 | $20.2B | $34.4B | ||
| Q1 24 | $15.0B | $33.9B |
负债/权益比APACMS
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | 1.13× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 1.99× | — |
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 | $808.0M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 2.44× | 1.65× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APACMS
| Q4 25 | $808.0M | $478.0M | ||
| Q3 25 | $1.5B | $343.0M | ||
| Q2 25 | $1.2B | $414.0M | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.0B | $403.0M | ||
| Q3 24 | $1.3B | $304.0M | ||
| Q2 24 | $877.0M | $707.0M | ||
| Q1 24 | $368.0M | $956.0M |
自由现金流APACMS
| Q4 25 | — | — | ||
| Q3 25 | — | $-635.0M | ||
| Q2 25 | — | $-470.0M | ||
| Q1 25 | — | $112.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-502.0M | ||
| Q2 24 | — | $26.0M | ||
| Q1 24 | — | $343.0M |
自由现金流率APACMS
| Q4 25 | — | — | ||
| Q3 25 | — | -32.2% | ||
| Q2 25 | — | -26.1% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.3% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 16.0% |
资本支出强度APACMS
| Q4 25 | — | — | ||
| Q3 25 | — | 49.5% | ||
| Q2 25 | — | 49.2% | ||
| Q1 25 | — | 37.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 47.1% | ||
| Q2 24 | — | 43.2% | ||
| Q1 24 | — | 28.6% |
现金转化率APACMS
| Q4 25 | 2.44× | 1.65× | ||
| Q3 25 | 7.12× | 1.24× | ||
| Q2 25 | 1.96× | 2.06× | ||
| Q1 25 | 2.62× | 3.29× | ||
| Q4 24 | 2.44× | 1.52× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | 1.62× | 3.57× | ||
| Q1 24 | 1.74× | 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
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
