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CMS Energy（CMS）与Cheniere Energy Partners, L.P.（CQP）财务数据对比。点击上方公司名可切换其他公司
Cheniere Energy Partners, L.P.的季度营收约是CMS Energy的1.4倍（$2.9B vs $2.1B）。Cheniere Energy Partners, L.P.净利率更高（44.2% vs 13.5%，领先30.7%）。Cheniere Energy Partners, L.P.同比增速更快（18.3% vs 13.0%）。过去两年Cheniere Energy Partners, L.P.的营收复合增速更高（12.6% vs -0.2%）
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。
本公司为油气领域经营主体，营收数据以十亿美元为统计单位，通常由企业自行披露，同时也会由中立可靠的权威媒体公开报道。受汇率波动、合同结算、年中产品或服务调整等因素影响，已发布数据后续可能进行修订或重述。除特殊说明外，财年区间为每年1月1日至12月31日。
CMS vs CQP — 直观对比
营收规模更大
CQP
是对方的1.4倍
$2.1B
营收增速更快
CQP
高出5.3%
13.0%
净利率更高
CQP
高出30.7%
13.5%
两年增速更快
CQP
近两年复合增速
-0.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.9B |
| 净利润 | $289.0M | $1.3B |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 50.5% |
| 净利率 | 13.5% | 44.2% |
| 营收同比 | 13.0% | 18.3% |
| 净利润同比 | 9.1% | 106.6% |
| 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CMSCQP
| Q4 25 | $2.1B | $2.9B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $2.4B | $3.0B | ||
| Q4 24 | $1.9B | $2.5B | ||
| Q3 24 | $1.7B | $2.1B | ||
| Q2 24 | $1.6B | $1.9B | ||
| Q1 24 | $2.1B | $2.3B |
净利润CMSCQP
| Q4 25 | $289.0M | $1.3B | ||
| Q3 25 | $277.0M | $506.0M | ||
| Q2 25 | $201.0M | $553.0M | ||
| Q1 25 | $304.0M | $641.0M | ||
| Q4 24 | $265.0M | $623.0M | ||
| Q3 24 | $253.0M | $635.0M | ||
| Q2 24 | $198.0M | $570.0M | ||
| Q1 24 | $287.0M | $682.0M |
营业利润率CMSCQP
| Q4 25 | 20.4% | 50.5% | ||
| Q3 25 | 24.4% | 29.0% | ||
| Q2 25 | 17.6% | 29.1% | ||
| Q1 25 | 20.6% | 27.6% | ||
| Q4 24 | 22.5% | 33.0% | ||
| Q3 24 | 21.4% | 40.2% | ||
| Q2 24 | 18.0% | 40.4% | ||
| Q1 24 | 19.2% | 38.1% |
净利率CMSCQP
| Q4 25 | 13.5% | 44.2% | ||
| Q3 25 | 14.0% | 21.0% | ||
| Q2 25 | 11.2% | 22.5% | ||
| Q1 25 | 12.7% | 21.4% | ||
| Q4 24 | 14.0% | 25.3% | ||
| Q3 24 | 14.8% | 30.9% | ||
| Q2 24 | 12.6% | 30.1% | ||
| Q1 24 | 13.4% | 29.7% |
每股收益（稀释后）CMSCQP
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | — | ||
| Q2 25 | $0.66 | — | ||
| Q1 25 | $1.01 | — | ||
| Q4 24 | $0.88 | — | ||
| Q3 24 | $0.84 | — | ||
| Q2 24 | $0.65 | — | ||
| Q1 24 | $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 | $509.0M | $182.0M |
| 总债务越低越好 | — | $14.2B |
| 股东权益账面价值 | $9.1B | — |
| 总资产 | $39.9B | $17.4B |
| 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CMSCQP
| Q4 25 | $509.0M | $182.0M | ||
| Q3 25 | $362.0M | $121.0M | ||
| Q2 25 | $844.0M | $108.0M | ||
| Q1 25 | $465.0M | $94.0M | ||
| Q4 24 | $103.0M | $270.0M | ||
| Q3 24 | $412.0M | $331.0M | ||
| Q2 24 | $699.0M | $351.0M | ||
| Q1 24 | $802.0M | $333.0M |
总债务CMSCQP
| Q4 25 | — | $14.2B | ||
| Q3 25 | — | $14.2B | ||
| Q2 25 | — | $14.2B | ||
| Q1 25 | — | $14.7B | ||
| Q4 24 | — | $14.8B | ||
| Q3 24 | — | $14.8B | ||
| Q2 24 | — | $14.8B | ||
| Q1 24 | — | $13.6B |
股东权益CMSCQP
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | — | ||
| Q2 25 | $8.4B | — | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.0B | — | ||
| Q1 24 | $7.9B | — |
总资产CMSCQP
| Q4 25 | $39.9B | $17.4B | ||
| Q3 25 | $38.0B | $16.8B | ||
| Q2 25 | $37.7B | $16.9B | ||
| Q1 25 | $36.3B | $17.1B | ||
| Q4 24 | $35.9B | $17.5B | ||
| Q3 24 | $34.8B | $17.4B | ||
| Q2 24 | $34.4B | $17.5B | ||
| Q1 24 | $33.9B | $17.5B |
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 | $887.0M |
| 自由现金流经营现金流 - 资本支出 | — | $864.0M |
| 自由现金流率自由现金流/营收 | — | 29.7% |
| 资本支出强度资本支出/营收 | — | 0.8% |
| 现金转化率经营现金流/净利润 | 1.65× | 0.69× |
| 过去12个月自由现金流最近4个季度 | — | $2.6B |
8季度趋势，按日历期对齐
经营现金流CMSCQP
| Q4 25 | $478.0M | $887.0M | ||
| Q3 25 | $343.0M | $658.0M | ||
| Q2 25 | $414.0M | $558.0M | ||
| Q1 25 | $1.0B | $665.0M | ||
| Q4 24 | $403.0M | $876.0M | ||
| Q3 24 | $304.0M | $691.0M | ||
| Q2 24 | $707.0M | $732.0M | ||
| Q1 24 | $956.0M | $669.0M |
自由现金流CMSCQP
| Q4 25 | — | $864.0M | ||
| Q3 25 | $-635.0M | $610.0M | ||
| Q2 25 | $-470.0M | $490.0M | ||
| Q1 25 | $112.0M | $605.0M | ||
| Q4 24 | — | $827.0M | ||
| Q3 24 | $-502.0M | $652.0M | ||
| Q2 24 | $26.0M | $702.0M | ||
| Q1 24 | $343.0M | $633.0M |
自由现金流率CMSCQP
| Q4 25 | — | 29.7% | ||
| Q3 25 | -32.2% | 25.4% | ||
| Q2 25 | -26.1% | 20.0% | ||
| Q1 25 | 4.7% | 20.2% | ||
| Q4 24 | — | 33.6% | ||
| Q3 24 | -29.3% | 31.7% | ||
| Q2 24 | 1.6% | 37.1% | ||
| Q1 24 | 16.0% | 27.6% |
资本支出强度CMSCQP
| Q4 25 | — | 0.8% | ||
| Q3 25 | 49.5% | 2.0% | ||
| Q2 25 | 49.2% | 2.8% | ||
| Q1 25 | 37.0% | 2.0% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | 47.1% | 1.9% | ||
| Q2 24 | 43.2% | 1.6% | ||
| Q1 24 | 28.6% | 1.6% |
现金转化率CMSCQP
| Q4 25 | 1.65× | 0.69× | ||
| Q3 25 | 1.24× | 1.30× | ||
| Q2 25 | 2.06× | 1.01× | ||
| Q1 25 | 3.29× | 1.04× | ||
| Q4 24 | 1.52× | 1.41× | ||
| Q3 24 | 1.20× | 1.09× | ||
| Q2 24 | 3.57× | 1.28× | ||
| Q1 24 | 3.33× | 0.98× |
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
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
CQP
| Liquefied Natural Gas | $2.9B | 98% |
| Regasification Service | $34.0M | 1% |
| Other | $17.0M | 1% |
