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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）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AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.5倍（$2.1B vs $1.4B），CMS Energy净利率更高（13.5% vs -5.4%，领先19.0%），CMS Energy同比增速更快（13.0% vs 0.2%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs CMS — 直观对比
营收规模更大
CMS
是对方的1.5倍
$1.4B
营收增速更快
CMS
高出12.7%
0.2%
净利率更高
CMS
高出19.0%
-5.4%
两年增速更快
CMS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.1B |
| 净利润 | $-75.3M | $289.0M |
| 毛利率 | 10.2% | — |
| 营业利润率 | -2.4% | 20.4% |
| 净利率 | -5.4% | 13.5% |
| 营收同比 | 0.2% | 13.0% |
| 净利润同比 | -449.6% | 9.1% |
| 每股收益（稀释后） | $-0.62 | $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AXLCMS
| Q4 25 | $1.4B | $2.1B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.6B | $2.1B |
净利润AXLCMS
| Q4 25 | $-75.3M | $289.0M | ||
| Q3 25 | $9.2M | $277.0M | ||
| Q2 25 | $39.3M | $201.0M | ||
| Q1 25 | $7.1M | $304.0M | ||
| Q4 24 | $-13.7M | $265.0M | ||
| Q3 24 | $10.0M | $253.0M | ||
| Q2 24 | $18.2M | $198.0M | ||
| Q1 24 | $20.5M | $287.0M |
毛利率AXLCMS
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 13.3% | — | ||
| Q1 24 | 12.4% | — |
营业利润率AXLCMS
| Q4 25 | -2.4% | 20.4% | ||
| Q3 25 | 3.2% | 24.4% | ||
| Q2 25 | 3.6% | 17.6% | ||
| Q1 25 | 3.0% | 20.6% | ||
| Q4 24 | 2.6% | 22.5% | ||
| Q3 24 | 2.8% | 21.4% | ||
| Q2 24 | 5.3% | 18.0% | ||
| Q1 24 | 4.8% | 19.2% |
净利率AXLCMS
| Q4 25 | -5.4% | 13.5% | ||
| Q3 25 | 0.6% | 14.0% | ||
| Q2 25 | 2.6% | 11.2% | ||
| Q1 25 | 0.5% | 12.7% | ||
| Q4 24 | -1.0% | 14.0% | ||
| Q3 24 | 0.7% | 14.8% | ||
| Q2 24 | 1.1% | 12.6% | ||
| Q1 24 | 1.3% | 13.4% |
每股收益（稀释后）AXLCMS
| Q4 25 | $-0.62 | $0.94 | ||
| Q3 25 | $0.07 | $0.92 | ||
| Q2 25 | $0.32 | $0.66 | ||
| Q1 25 | $0.06 | $1.01 | ||
| Q4 24 | $-0.11 | $0.88 | ||
| Q3 24 | $0.08 | $0.84 | ||
| Q2 24 | $0.15 | $0.65 | ||
| Q1 24 | $0.17 | $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 | $708.9M | $509.0M |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $640.0M | $9.1B |
| 总资产 | $6.7B | $39.9B |
| 负债/权益比越低杠杆越低 | 6.31× | — |
8季度趋势，按日历期对齐
现金及短期投资AXLCMS
| Q4 25 | $708.9M | $509.0M | ||
| Q3 25 | $714.1M | $362.0M | ||
| Q2 25 | $586.5M | $844.0M | ||
| Q1 25 | $549.2M | $465.0M | ||
| Q4 24 | $552.9M | $103.0M | ||
| Q3 24 | $542.5M | $412.0M | ||
| Q2 24 | $519.9M | $699.0M | ||
| Q1 24 | $469.8M | $802.0M |
总债务AXLCMS
| Q4 25 | $4.0B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益AXLCMS
| Q4 25 | $640.0M | $9.1B | ||
| Q3 25 | $718.4M | $8.9B | ||
| Q2 25 | $673.0M | $8.4B | ||
| Q1 25 | $596.3M | $8.3B | ||
| Q4 24 | $562.8M | $8.2B | ||
| Q3 24 | $616.3M | $8.1B | ||
| Q2 24 | $609.6M | $8.0B | ||
| Q1 24 | $621.4M | $7.9B |
总资产AXLCMS
| Q4 25 | $6.7B | $39.9B | ||
| Q3 25 | $5.3B | $38.0B | ||
| Q2 25 | $5.3B | $37.7B | ||
| Q1 25 | $5.1B | $36.3B | ||
| Q4 24 | $5.1B | $35.9B | ||
| Q3 24 | $5.3B | $34.8B | ||
| Q2 24 | $5.3B | $34.4B | ||
| Q1 24 | $5.4B | $33.9B |
负债/权益比AXLCMS
| Q4 25 | 6.31× | — | ||
| Q3 25 | 3.61× | — | ||
| Q2 25 | 3.86× | — | ||
| Q1 25 | 4.38× | — | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 4.42× | — | ||
| Q1 24 | 4.40× | — |
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 | $120.5M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 4.8% | — |
| 现金转化率经营现金流/净利润 | — | 1.65× |
| 过去12个月自由现金流最近4个季度 | $155.1M | — |
8季度趋势，按日历期对齐
经营现金流AXLCMS
| Q4 25 | $120.5M | $478.0M | ||
| Q3 25 | $143.3M | $343.0M | ||
| Q2 25 | $91.9M | $414.0M | ||
| Q1 25 | $55.9M | $1.0B | ||
| Q4 24 | $151.2M | $403.0M | ||
| Q3 24 | $143.6M | $304.0M | ||
| Q2 24 | $142.8M | $707.0M | ||
| Q1 24 | $17.8M | $956.0M |
自由现金流AXLCMS
| Q4 25 | $54.7M | — | ||
| Q3 25 | $79.2M | $-635.0M | ||
| Q2 25 | $34.6M | $-470.0M | ||
| Q1 25 | $-13.4M | $112.0M | ||
| Q4 24 | $73.2M | — | ||
| Q3 24 | $70.4M | $-502.0M | ||
| Q2 24 | $94.0M | $26.0M | ||
| Q1 24 | $-30.2M | $343.0M |
自由现金流率AXLCMS
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.3% | -32.2% | ||
| Q2 25 | 2.3% | -26.1% | ||
| Q1 25 | -0.9% | 4.7% | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 4.7% | -29.3% | ||
| Q2 24 | 5.8% | 1.6% | ||
| Q1 24 | -1.9% | 16.0% |
资本支出强度AXLCMS
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.3% | 49.5% | ||
| Q2 25 | 3.7% | 49.2% | ||
| Q1 25 | 4.9% | 37.0% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 4.9% | 47.1% | ||
| Q2 24 | 3.0% | 43.2% | ||
| Q1 24 | 3.0% | 28.6% |
现金转化率AXLCMS
| Q4 25 | — | 1.65× | ||
| Q3 25 | 15.58× | 1.24× | ||
| Q2 25 | 2.34× | 2.06× | ||
| Q1 25 | 7.87× | 3.29× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | 14.36× | 1.20× | ||
| Q2 24 | 7.85× | 3.57× | ||
| Q1 24 | 0.87× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
