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Constellation Energy（CEG）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是Constellation Energy的1.3倍（$7.4B vs $5.7B），美国合众银行净利率更高（27.8% vs 7.6%，领先20.2%），Constellation Energy同比增速更快（25.8% vs 5.1%），过去两年美国合众银行的营收复合增速更高（4.7% vs 4.0%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
CEG vs USB — 直观对比
营收规模更大
USB
是对方的1.3倍
$5.7B
营收增速更快
CEG
高出20.7%
5.1%
净利率更高
USB
高出20.2%
7.6%
两年增速更快
USB
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $7.4B |
| 净利润 | $432.0M | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | 34.4% |
| 净利率 | 7.6% | 27.8% |
| 营收同比 | 25.8% | 5.1% |
| 净利润同比 | -49.3% | 23.0% |
| 每股收益（稀释后） | $1.38 | $1.26 |
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CEGUSB
| Q4 25 | $5.7B | $7.4B | ||
| Q3 25 | $5.7B | $7.3B | ||
| Q2 25 | $5.2B | $7.0B | ||
| Q1 25 | $6.1B | $7.0B | ||
| Q4 24 | $4.5B | $7.0B | ||
| Q3 24 | $4.8B | $6.9B | ||
| Q2 24 | $4.4B | $6.9B | ||
| Q1 24 | $5.3B | $6.7B |
净利润CEGUSB
| Q4 25 | $432.0M | $2.0B | ||
| Q3 25 | $930.0M | $2.0B | ||
| Q2 25 | $839.0M | $1.8B | ||
| Q1 25 | $118.0M | $1.7B | ||
| Q4 24 | $852.0M | $1.7B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $814.0M | $1.6B | ||
| Q1 24 | $883.0M | $1.3B |
营业利润率CEGUSB
| Q4 25 | 10.5% | 34.4% | ||
| Q3 25 | 19.0% | 34.5% | ||
| Q2 25 | 18.4% | 32.7% | ||
| Q1 25 | 7.4% | 31.0% | ||
| Q4 24 | 21.5% | 30.1% | ||
| Q3 24 | 30.7% | 30.2% | ||
| Q2 24 | 25.0% | 29.9% | ||
| Q1 24 | 15.5% | 24.9% |
净利率CEGUSB
| Q4 25 | 7.6% | 27.8% | ||
| Q3 25 | 16.3% | 27.3% | ||
| Q2 25 | 16.3% | 25.9% | ||
| Q1 25 | 1.9% | 24.6% | ||
| Q4 24 | 18.8% | 23.7% | ||
| Q3 24 | 25.1% | 25.0% | ||
| Q2 24 | 18.5% | 23.3% | ||
| Q1 24 | 16.8% | 19.6% |
每股收益（稀释后）CEGUSB
| Q4 25 | $1.38 | $1.26 | ||
| Q3 25 | $2.97 | $1.22 | ||
| Q2 25 | $2.67 | $1.11 | ||
| Q1 25 | $0.38 | $1.03 | ||
| Q4 24 | $2.71 | $1.01 | ||
| Q3 24 | $3.82 | $1.03 | ||
| Q2 24 | $2.58 | $0.97 | ||
| Q1 24 | $2.78 | $0.78 |
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 | $3.6B | — |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $14.5B | $65.2B |
| 总资产 | $57.2B | $692.3B |
| 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CEGUSB
| Q4 25 | $3.6B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $311.0M | — | ||
| Q1 24 | $562.0M | — |
总债务CEGUSB
| Q4 25 | $7.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CEGUSB
| Q4 25 | $14.5B | $65.2B | ||
| Q3 25 | $14.3B | $63.3B | ||
| Q2 25 | $13.4B | $61.4B | ||
| Q1 25 | $13.0B | $60.1B | ||
| Q4 24 | $13.2B | $58.6B | ||
| Q3 24 | $12.6B | $58.9B | ||
| Q2 24 | $11.4B | $56.4B | ||
| Q1 24 | $11.2B | $55.6B |
总资产CEGUSB
| Q4 25 | $57.2B | $692.3B | ||
| Q3 25 | $56.2B | $695.4B | ||
| Q2 25 | $53.0B | $686.4B | ||
| Q1 25 | $52.3B | $676.5B | ||
| Q4 24 | $52.9B | $678.3B | ||
| Q3 24 | $51.8B | $686.5B | ||
| Q2 24 | $51.3B | $680.1B | ||
| Q1 24 | $52.0B | $683.6B |
负债/权益比CEGUSB
| 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 | $805.0M | $2.8B |
| 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× | 1.39× |
| 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CEGUSB
| Q4 25 | $805.0M | $2.8B | ||
| Q3 25 | $1.8B | $3.4B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $107.0M | $-285.0M | ||
| Q4 24 | $-1.0B | $4.8B | ||
| Q3 24 | $-112.0M | $972.0M | ||
| Q2 24 | $-613.0M | $2.9B | ||
| Q1 24 | $-723.0M | $2.7B |
自由现金流CEGUSB
| 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 | — | ||
| Q1 24 | $-1.5B | — |
自由现金流率CEGUSB
| 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% | — | ||
| Q1 24 | -27.8% | — |
资本支出强度CEGUSB
| 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% | — | ||
| Q1 24 | 14.0% | — |
现金转化率CEGUSB
| Q4 25 | 1.86× | 1.39× | ||
| Q3 25 | 1.99× | 1.69× | ||
| Q2 25 | 1.76× | 1.12× | ||
| Q1 25 | 0.91× | -0.17× | ||
| Q4 24 | -1.19× | 2.87× | ||
| Q3 24 | -0.09× | 0.57× | ||
| Q2 24 | -0.75× | 1.79× | ||
| Q1 24 | -0.82× | 2.02× |
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% |
USB
暂无分部数据
