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CLEAN HARBORS INC（CLH）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CLEAN HARBORS INC的1.4倍（$2.1B vs $1.5B），CMS Energy净利率更高（13.5% vs 5.8%，领先7.8%），CMS Energy同比增速更快（13.0% vs 4.8%），过去两年CLEAN HARBORS INC的营收复合增速更高（4.4% vs -0.2%）
总部位于美国马萨诸塞州诺韦尔的Clean Harbors是专业的商业客户废弃物管理与工业服务提供商，主营危险废弃物的收集、运输、处理及处置业务，同时提供非危险废弃物相关服务，目前在美加两国拥有870个运营网点，及包含焚烧厂、填埋场在内的100余座废弃物处置设施。
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。
CLH vs CMS — 直观对比
营收规模更大
CMS
是对方的1.4倍
$1.5B
营收增速更快
CMS
高出8.2%
4.8%
净利率更高
CMS
高出7.8%
5.8%
两年增速更快
CLH
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.1B |
| 净利润 | $86.6M | $289.0M |
| 毛利率 | 30.6% | — |
| 营业利润率 | 10.6% | 20.4% |
| 净利率 | 5.8% | 13.5% |
| 营收同比 | 4.8% | 13.0% |
| 净利润同比 | 3.1% | 9.1% |
| 每股收益（稀释后） | $1.62 | $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CLHCMS
| Q4 25 | $1.5B | $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 | $1.4B | $2.1B |
净利润CLHCMS
| Q4 25 | $86.6M | $289.0M | ||
| Q3 25 | $118.8M | $277.0M | ||
| Q2 25 | $126.9M | $201.0M | ||
| Q1 25 | $58.7M | $304.0M | ||
| Q4 24 | $84.0M | $265.0M | ||
| Q3 24 | $115.2M | $253.0M | ||
| Q2 24 | $133.3M | $198.0M | ||
| Q1 24 | $69.8M | $287.0M |
毛利率CLHCMS
| Q4 25 | 30.6% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 33.3% | — | ||
| Q1 25 | 28.6% | — | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 31.0% | — | ||
| Q2 24 | 33.3% | — | ||
| Q1 24 | 29.5% | — |
营业利润率CLHCMS
| Q4 25 | 10.6% | 20.4% | ||
| Q3 25 | 12.5% | 24.4% | ||
| Q2 25 | 13.6% | 17.6% | ||
| Q1 25 | 7.8% | 20.6% | ||
| Q4 24 | 9.6% | 22.5% | ||
| Q3 24 | 12.6% | 21.4% | ||
| Q2 24 | 13.9% | 18.0% | ||
| Q1 24 | 9.1% | 19.2% |
净利率CLHCMS
| Q4 25 | 5.8% | 13.5% | ||
| Q3 25 | 7.7% | 14.0% | ||
| Q2 25 | 8.2% | 11.2% | ||
| Q1 25 | 4.1% | 12.7% | ||
| Q4 24 | 5.9% | 14.0% | ||
| Q3 24 | 7.5% | 14.8% | ||
| Q2 24 | 8.6% | 12.6% | ||
| Q1 24 | 5.1% | 13.4% |
每股收益（稀释后）CLHCMS
| Q4 25 | $1.62 | $0.94 | ||
| Q3 25 | $2.21 | $0.92 | ||
| Q2 25 | $2.36 | $0.66 | ||
| Q1 25 | $1.09 | $1.01 | ||
| Q4 24 | $1.55 | $0.88 | ||
| Q3 24 | $2.12 | $0.84 | ||
| Q2 24 | $2.46 | $0.65 | ||
| Q1 24 | $1.29 | $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 | $127.4M | $509.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.7B | $9.1B |
| 总资产 | $7.6B | $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CLHCMS
| Q4 25 | $127.4M | $509.0M | ||
| Q3 25 | $91.2M | $362.0M | ||
| Q2 25 | $98.9M | $844.0M | ||
| Q1 25 | $105.9M | $465.0M | ||
| Q4 24 | $102.6M | $103.0M | ||
| Q3 24 | $82.4M | $412.0M | ||
| Q2 24 | $91.3M | $699.0M | ||
| Q1 24 | $104.8M | $802.0M |
股东权益CLHCMS
| Q4 25 | $2.7B | $9.1B | ||
| Q3 25 | $2.8B | $8.9B | ||
| Q2 25 | $2.7B | $8.4B | ||
| Q1 25 | $2.6B | $8.3B | ||
| Q4 24 | $2.6B | $8.2B | ||
| Q3 24 | $2.5B | $8.1B | ||
| Q2 24 | $2.4B | $8.0B | ||
| Q1 24 | $2.3B | $7.9B |
总资产CLHCMS
| Q4 25 | $7.6B | $39.9B | ||
| Q3 25 | $7.5B | $38.0B | ||
| Q2 25 | $7.4B | $37.7B | ||
| Q1 25 | $7.2B | $36.3B | ||
| Q4 24 | $7.4B | $35.9B | ||
| Q3 24 | $7.3B | $34.8B | ||
| Q2 24 | $7.1B | $34.4B | ||
| Q1 24 | $6.9B | $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 | $355.1M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $233.3M | — |
| 自由现金流率自由现金流/营收 | 15.6% | — |
| 资本支出强度资本支出/营收 | 8.1% | — |
| 现金转化率经营现金流/净利润 | 4.10× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $441.8M | — |
8季度趋势，按日历期对齐
经营现金流CLHCMS
| Q4 25 | $355.1M | $478.0M | ||
| Q3 25 | $302.0M | $343.0M | ||
| Q2 25 | $208.0M | $414.0M | ||
| Q1 25 | $1.6M | $1.0B | ||
| Q4 24 | $303.9M | $403.0M | ||
| Q3 24 | $239.2M | $304.0M | ||
| Q2 24 | $216.0M | $707.0M | ||
| Q1 24 | $18.5M | $956.0M |
自由现金流CLHCMS
| Q4 25 | $233.3M | — | ||
| Q3 25 | $207.5M | $-635.0M | ||
| Q2 25 | $118.0M | $-470.0M | ||
| Q1 25 | $-117.1M | $112.0M | ||
| Q4 24 | $241.5M | — | ||
| Q3 24 | $142.4M | $-502.0M | ||
| Q2 24 | $80.9M | $26.0M | ||
| Q1 24 | $-119.4M | $343.0M |
自由现金流率CLHCMS
| Q4 25 | 15.6% | — | ||
| Q3 25 | 13.4% | -32.2% | ||
| Q2 25 | 7.6% | -26.1% | ||
| Q1 25 | -8.2% | 4.7% | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 9.3% | -29.3% | ||
| Q2 24 | 5.2% | 1.6% | ||
| Q1 24 | -8.7% | 16.0% |
资本支出强度CLHCMS
| Q4 25 | 8.1% | — | ||
| Q3 25 | 6.1% | 49.5% | ||
| Q2 25 | 5.8% | 49.2% | ||
| Q1 25 | 8.3% | 37.0% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 6.3% | 47.1% | ||
| Q2 24 | 8.7% | 43.2% | ||
| Q1 24 | 10.0% | 28.6% |
现金转化率CLHCMS
| Q4 25 | 4.10× | 1.65× | ||
| Q3 25 | 2.54× | 1.24× | ||
| Q2 25 | 1.64× | 2.06× | ||
| Q1 25 | 0.03× | 3.29× | ||
| Q4 24 | 3.62× | 1.52× | ||
| Q3 24 | 2.08× | 1.20× | ||
| Q2 24 | 1.62× | 3.57× | ||
| Q1 24 | 0.27× | 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
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
