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芝商所（CME）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的季度营收约是芝商所的1.1倍（$2.1B vs $1.9B），CMS Energy净利率更高（13.5% vs 0.1%，领先13.5%），芝商所同比增速更快（14.5% vs 13.0%），过去两年芝商所的营收复合增速更高（10.8% vs -0.2%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
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。
CME vs CMS — 直观对比
营收规模更大
CMS
是对方的1.1倍
$1.9B
营收增速更快
CME
高出1.5%
13.0%
净利率更高
CMS
高出13.5%
0.1%
两年增速更快
CME
近两年复合增速
-0.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.1B |
| 净利润 | $1.2M | $289.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 20.4% |
| 净利率 | 0.1% | 13.5% |
| 营收同比 | 14.5% | 13.0% |
| 净利润同比 | 20.7% | 9.1% |
| 每股收益（稀释后） | — | $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CMECMS
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.6B |
净利润CMECMS
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $289.0M | ||
| Q3 25 | $908.0M | $277.0M | ||
| Q2 25 | $1.0B | $201.0M | ||
| Q1 25 | $956.2M | $304.0M | ||
| Q4 24 | $874.6M | $265.0M | ||
| Q3 24 | $912.8M | $253.0M | ||
| Q2 24 | $883.2M | $198.0M |
营业利润率CMECMS
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 20.4% | ||
| Q3 25 | 63.3% | 24.4% | ||
| Q2 25 | 66.7% | 17.6% | ||
| Q1 25 | 67.5% | 20.6% | ||
| Q4 24 | 62.1% | 22.5% | ||
| Q3 24 | 64.6% | 21.4% | ||
| Q2 24 | 65.3% | 18.0% |
净利率CMECMS
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 13.5% | ||
| Q3 25 | 59.1% | 14.0% | ||
| Q2 25 | 60.6% | 11.2% | ||
| Q1 25 | 58.2% | 12.7% | ||
| Q4 24 | 57.3% | 14.0% | ||
| Q3 24 | 57.6% | 14.8% | ||
| Q2 24 | 57.6% | 12.6% |
每股收益（稀释后）CMECMS
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $0.94 | ||
| Q3 25 | $2.49 | $0.92 | ||
| Q2 25 | $2.81 | $0.66 | ||
| Q1 25 | $2.62 | $1.01 | ||
| Q4 24 | $2.40 | $0.88 | ||
| Q3 24 | $2.50 | $0.84 | ||
| Q2 24 | $2.42 | $0.65 |
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 | $2.4B | $509.0M |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $9.1B |
| 总资产 | $202.0B | $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CMECMS
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $509.0M | ||
| Q3 25 | $2.6B | $362.0M | ||
| Q2 25 | $2.1B | $844.0M | ||
| Q1 25 | $1.5B | $465.0M | ||
| Q4 24 | $3.0B | $103.0M | ||
| Q3 24 | $2.4B | $412.0M | ||
| Q2 24 | $1.9B | $699.0M |
总债务CMECMS
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMECMS
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $9.1B | ||
| Q3 25 | $28.2B | $8.9B | ||
| Q2 25 | $27.7B | $8.4B | ||
| Q1 25 | $27.0B | $8.3B | ||
| Q4 24 | $26.5B | $8.2B | ||
| Q3 24 | $28.2B | $8.1B | ||
| Q2 24 | $27.6B | $8.0B |
总资产CMECMS
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $39.9B | ||
| Q3 25 | $187.1B | $38.0B | ||
| Q2 25 | $179.9B | $37.7B | ||
| Q1 25 | $157.8B | $36.3B | ||
| Q4 24 | $137.4B | $35.9B | ||
| Q3 24 | $137.8B | $34.8B | ||
| Q2 24 | $123.4B | $34.4B |
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 | — | $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 | — | 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CMECMS
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $478.0M | ||
| Q3 25 | $968.1M | $343.0M | ||
| Q2 25 | $1.1B | $414.0M | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.0B | $403.0M | ||
| Q3 24 | $1.0B | $304.0M | ||
| Q2 24 | $776.9M | $707.0M |
自由现金流CMECMS
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $949.7M | $-635.0M | ||
| Q2 25 | $1.0B | $-470.0M | ||
| Q1 25 | $1.1B | $112.0M | ||
| Q4 24 | $991.7M | — | ||
| Q3 24 | $973.2M | $-502.0M | ||
| Q2 24 | $758.7M | $26.0M |
自由现金流率CMECMS
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 61.8% | -32.2% | ||
| Q2 25 | 61.5% | -26.1% | ||
| Q1 25 | 67.1% | 4.7% | ||
| Q4 24 | 65.0% | — | ||
| Q3 24 | 61.4% | -29.3% | ||
| Q2 24 | 49.5% | 1.6% |
资本支出强度CMECMS
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.2% | 49.5% | ||
| Q2 25 | 1.1% | 49.2% | ||
| Q1 25 | 0.9% | 37.0% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | 47.1% | ||
| Q2 24 | 1.2% | 43.2% |
现金转化率CMECMS
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.65× | ||
| Q3 25 | 1.07× | 1.24× | ||
| Q2 25 | 1.03× | 2.06× | ||
| Q1 25 | 1.17× | 3.29× | ||
| Q4 24 | 1.16× | 1.52× | ||
| Q3 24 | 1.10× | 1.20× | ||
| Q2 24 | 0.88× | 3.57× |
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
CME
暂无分部数据
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
