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CMS Energy（CMS）与CVR ENERGY INC（CVI）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CVR ENERGY INC的1.2倍（$2.1B vs $1.8B），CMS Energy净利率更高（13.5% vs -6.1%，领先19.6%），CMS Energy同比增速更快（13.0% vs -7.0%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -1.4%）
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。
CVR能源是总部位于美国的能源控股企业，主营石油炼制与氮肥制造两大核心业务，生产汽油、柴油、航空燃油及农用化肥等产品，主要面向北美地区的商业、工业及农业客户供货。
CMS vs CVI — 直观对比
营收规模更大
CMS
是对方的1.2倍
$1.8B
营收增速更快
CMS
高出20.0%
-7.0%
净利率更高
CMS
高出19.6%
-6.1%
两年增速更快
CMS
近两年复合增速
-1.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.8B |
| 净利润 | $289.0M | $-110.0M |
| 毛利率 | — | -3.1% |
| 营业利润率 | 20.4% | -5.3% |
| 净利率 | 13.5% | -6.1% |
| 营收同比 | 13.0% | -7.0% |
| 净利润同比 | 9.1% | -492.9% |
| 每股收益（稀释后） | $0.94 | $-1.09 |
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CMSCVI
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.0B | $1.9B | ||
| Q2 25 | $1.8B | $1.8B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $1.9B | $1.9B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $2.1B | $1.9B |
净利润CMSCVI
| Q4 25 | $289.0M | $-110.0M | ||
| Q3 25 | $277.0M | $374.0M | ||
| Q2 25 | $201.0M | $-114.0M | ||
| Q1 25 | $304.0M | $-123.0M | ||
| Q4 24 | $265.0M | $28.0M | ||
| Q3 24 | $253.0M | $-124.0M | ||
| Q2 24 | $198.0M | $21.0M | ||
| Q1 24 | $287.0M | $82.0M |
毛利率CMSCVI
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 8.6% |
营业利润率CMSCVI
| Q4 25 | 20.4% | -5.3% | ||
| Q3 25 | 24.4% | 26.3% | ||
| Q2 25 | 17.6% | -5.8% | ||
| Q1 25 | 20.6% | -8.0% | ||
| Q4 24 | 22.5% | 1.1% | ||
| Q3 24 | 21.4% | -6.2% | ||
| Q2 24 | 18.0% | 1.4% | ||
| Q1 24 | 19.2% | 6.6% |
净利率CMSCVI
| Q4 25 | 13.5% | -6.1% | ||
| Q3 25 | 14.0% | 19.2% | ||
| Q2 25 | 11.2% | -6.5% | ||
| Q1 25 | 12.7% | -7.5% | ||
| Q4 24 | 14.0% | 1.4% | ||
| Q3 24 | 14.8% | -6.8% | ||
| Q2 24 | 12.6% | 1.1% | ||
| Q1 24 | 13.4% | 4.4% |
每股收益（稀释后）CMSCVI
| Q4 25 | $0.94 | $-1.09 | ||
| Q3 25 | $0.92 | $3.72 | ||
| Q2 25 | $0.66 | $-1.14 | ||
| Q1 25 | $1.01 | $-1.22 | ||
| Q4 24 | $0.88 | $0.28 | ||
| Q3 24 | $0.84 | $-1.24 | ||
| Q2 24 | $0.65 | $0.21 | ||
| Q1 24 | $0.96 | $0.81 |
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 | $511.0M |
| 总债务越低越好 | — | $1.8B |
| 股东权益账面价值 | $9.1B | $730.0M |
| 总资产 | $39.9B | $3.7B |
| 负债/权益比越低杠杆越低 | — | 2.40× |
8季度趋势，按日历期对齐
现金及短期投资CMSCVI
| Q4 25 | $509.0M | $511.0M | ||
| Q3 25 | $362.0M | $670.0M | ||
| Q2 25 | $844.0M | $596.0M | ||
| Q1 25 | $465.0M | $695.0M | ||
| Q4 24 | $103.0M | $987.0M | ||
| Q3 24 | $412.0M | $534.0M | ||
| Q2 24 | $699.0M | $586.0M | ||
| Q1 24 | $802.0M | $644.0M |
总债务CMSCVI
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益CMSCVI
| Q4 25 | $9.1B | $730.0M | ||
| Q3 25 | $8.9B | $840.0M | ||
| Q2 25 | $8.4B | $466.0M | ||
| Q1 25 | $8.3B | $580.0M | ||
| Q4 24 | $8.2B | $703.0M | ||
| Q3 24 | $8.1B | $675.0M | ||
| Q2 24 | $8.0B | $849.0M | ||
| Q1 24 | $7.9B | $879.0M |
总资产CMSCVI
| Q4 25 | $39.9B | $3.7B | ||
| Q3 25 | $38.0B | $4.0B | ||
| Q2 25 | $37.7B | $4.0B | ||
| Q1 25 | $36.3B | $4.3B | ||
| Q4 24 | $35.9B | $4.3B | ||
| Q3 24 | $34.8B | $3.9B | ||
| Q2 24 | $34.4B | $4.0B | ||
| Q1 24 | $33.9B | $4.1B |
负债/权益比CMSCVI
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 2.17× | ||
| Q2 25 | — | 3.97× | ||
| Q1 25 | — | 3.29× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.33× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | — | 1.79× |
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 | $0 |
| 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 | — | 3.0% |
| 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CMSCVI
| Q4 25 | $478.0M | $0 | ||
| Q3 25 | $343.0M | $163.0M | ||
| Q2 25 | $414.0M | $176.0M | ||
| Q1 25 | $1.0B | $-195.0M | ||
| Q4 24 | $403.0M | $98.0M | ||
| Q3 24 | $304.0M | $48.0M | ||
| Q2 24 | $707.0M | $81.0M | ||
| Q1 24 | $956.0M | $177.0M |
自由现金流CMSCVI
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | $125.0M | ||
| Q2 25 | $-470.0M | $135.0M | ||
| Q1 25 | $112.0M | $-246.0M | ||
| Q4 24 | — | $43.0M | ||
| Q3 24 | $-502.0M | $14.0M | ||
| Q2 24 | $26.0M | $38.0M | ||
| Q1 24 | $343.0M | $130.0M |
自由现金流率CMSCVI
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | 6.4% | ||
| Q2 25 | -26.1% | 7.7% | ||
| Q1 25 | 4.7% | -14.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | -29.3% | 0.8% | ||
| Q2 24 | 1.6% | 1.9% | ||
| Q1 24 | 16.0% | 7.0% |
资本支出强度CMSCVI
| Q4 25 | — | 3.0% | ||
| Q3 25 | 49.5% | 2.0% | ||
| Q2 25 | 49.2% | 2.3% | ||
| Q1 25 | 37.0% | 3.1% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 47.1% | 1.9% | ||
| Q2 24 | 43.2% | 2.2% | ||
| Q1 24 | 28.6% | 2.5% |
现金转化率CMSCVI
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 0.44× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 3.50× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | 3.86× | ||
| Q1 24 | 3.33× | 2.16× |
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% |
CVI
| Petroleum Segment | $1.6B | 91% |
| Product UAN | $64.0M | 4% |
| Product Ammonia | $51.0M | 3% |
| Renewables Diesel | $27.0M | 1% |
| Product Urea Products | $8.0M | 0% |
| Renewable Fuel Credits | $7.0M | 0% |
