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Constellation Energy（CEG）与摩根士丹利（MS）财务数据对比。点击上方公司名可切换其他公司
摩根士丹利的季度营收约是Constellation Energy的1.9倍（$10.7B vs $5.7B），摩根士丹利净利率更高（52.6% vs 7.6%，领先45.0%），Constellation Energy同比增速更快（25.8% vs 16.0%），过去两年Constellation Energy的营收复合增速更高（4.0% vs -15.8%）
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。
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
CEG vs MS — 直观对比
营收规模更大
MS
是对方的1.9倍
$5.7B
营收增速更快
CEG
高出9.8%
16.0%
净利率更高
MS
高出45.0%
7.6%
两年增速更快
CEG
近两年复合增速
-15.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $10.7B |
| 净利润 | $432.0M | $5.6B |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | — |
| 净利率 | 7.6% | 52.6% |
| 营收同比 | 25.8% | 16.0% |
| 净利润同比 | -49.3% | — |
| 每股收益（稀释后） | $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CEGMS
| Q1 26 | — | $10.7B | ||
| Q4 25 | $5.7B | $17.9B | ||
| Q3 25 | $5.7B | $18.2B | ||
| Q2 25 | $5.2B | $16.8B | ||
| Q1 25 | $6.1B | $17.7B | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.8B | $15.4B | ||
| Q2 24 | $4.4B | $15.0B |
净利润CEGMS
| Q1 26 | — | $5.6B | ||
| Q4 25 | $432.0M | $4.4B | ||
| Q3 25 | $930.0M | $4.6B | ||
| Q2 25 | $839.0M | $3.5B | ||
| Q1 25 | $118.0M | $4.3B | ||
| Q4 24 | $852.0M | — | ||
| Q3 24 | $1.2B | $3.2B | ||
| Q2 24 | $814.0M | $3.1B |
营业利润率CEGMS
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | 32.2% | ||
| Q3 25 | 19.0% | 33.1% | ||
| Q2 25 | 18.4% | 27.5% | ||
| Q1 25 | 7.4% | 31.3% | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 30.7% | 27.4% | ||
| Q2 24 | 25.0% | 27.1% |
净利率CEGMS
| Q1 26 | — | 52.6% | ||
| Q4 25 | 7.6% | 24.6% | ||
| Q3 25 | 16.3% | 25.3% | ||
| Q2 25 | 16.3% | 21.1% | ||
| Q1 25 | 1.9% | 24.3% | ||
| Q4 24 | 18.8% | — | ||
| Q3 24 | 25.1% | 20.7% | ||
| Q2 24 | 18.5% | 20.5% |
每股收益（稀释后）CEGMS
| Q1 26 | — | — | ||
| Q4 25 | $1.38 | $2.68 | ||
| Q3 25 | $2.97 | $2.80 | ||
| Q2 25 | $2.67 | $2.13 | ||
| Q1 25 | $0.38 | $2.60 | ||
| Q4 24 | $2.71 | — | ||
| Q3 24 | $3.82 | $1.88 | ||
| Q2 24 | $2.58 | $1.82 |
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 | $3.6B | — |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $14.5B | $5.1M |
| 总资产 | $57.2B | $1581.4B |
| 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CEGMS
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $111.7B | ||
| Q3 25 | $4.0B | $103.7B | ||
| Q2 25 | $2.0B | $109.1B | ||
| Q1 25 | $1.8B | $90.7B | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $1.8B | $91.1B | ||
| Q2 24 | $311.0M | $90.2B |
总债务CEGMS
| Q1 26 | — | — | ||
| Q4 25 | $7.4B | $341.7B | ||
| Q3 25 | — | $324.1B | ||
| Q2 25 | — | $320.1B | ||
| Q1 25 | — | $297.0B | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | — | $291.2B | ||
| Q2 24 | — | $269.9B |
股东权益CEGMS
| Q1 26 | — | $5.1M | ||
| Q4 25 | $14.5B | $111.6B | ||
| Q3 25 | $14.3B | $110.0B | ||
| Q2 25 | $13.4B | $108.2B | ||
| Q1 25 | $13.0B | $106.8B | ||
| Q4 24 | $13.2B | — | ||
| Q3 24 | $12.6B | $103.6B | ||
| Q2 24 | $11.4B | $100.7B |
总资产CEGMS
| Q1 26 | — | $1581.4B | ||
| Q4 25 | $57.2B | $1420.3B | ||
| Q3 25 | $56.2B | $1364.8B | ||
| Q2 25 | $53.0B | $1353.9B | ||
| Q1 25 | $52.3B | $1300.3B | ||
| Q4 24 | $52.9B | — | ||
| Q3 24 | $51.8B | $1258.0B | ||
| Q2 24 | $51.3B | $1212.4B |
负债/权益比CEGMS
| Q1 26 | — | — | ||
| Q4 25 | 0.51× | 3.06× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 2.78× | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | — | 2.81× | ||
| Q2 24 | — | 2.68× |
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 | $805.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | — |
| 自由现金流率自由现金流/营收 | -3.2% | — |
| 资本支出强度资本支出/营收 | 17.3% | — |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CEGMS
| Q1 26 | — | — | ||
| Q4 25 | $805.0M | $-2.4B | ||
| Q3 25 | $1.8B | $-3.3B | ||
| Q2 25 | $1.5B | $11.8B | ||
| Q1 25 | $107.0M | $-24.0B | ||
| Q4 24 | $-1.0B | — | ||
| Q3 24 | $-112.0M | — | ||
| Q2 24 | $-613.0M | — |
自由现金流CEGMS
| Q1 26 | — | — | ||
| Q4 25 | $-181.0M | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $710.0M | — | ||
| Q1 25 | $-699.0M | — | ||
| Q4 24 | $-1.7B | — | ||
| Q3 24 | $-664.0M | — | ||
| Q2 24 | $-1.2B | — |
自由现金流率CEGMS
| Q1 26 | — | — | ||
| Q4 25 | -3.2% | — | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 13.8% | — | ||
| Q1 25 | -11.4% | — | ||
| Q4 24 | -38.6% | — | ||
| Q3 24 | -13.9% | — | ||
| Q2 24 | -26.3% | — |
资本支出强度CEGMS
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | — | ||
| Q3 25 | 6.8% | — | ||
| Q2 25 | 14.9% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 12.4% | — |
现金转化率CEGMS
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | -0.55× | ||
| Q3 25 | 1.99× | -0.72× | ||
| Q2 25 | 1.76× | 3.34× | ||
| Q1 25 | 0.91× | -5.56× | ||
| Q4 24 | -1.19× | — | ||
| Q3 24 | -0.09× | — | ||
| Q2 24 | -0.75× | — |
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
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% |
MS
暂无分部数据
