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CMS Energy（CMS）与Camping World Holdings, Inc.（CWH）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Camping World Holdings, Inc.的1.8倍（$2.1B vs $1.2B），CMS Energy净利率更高（13.5% vs -9.3%，领先22.8%），CMS Energy同比增速更快（13.0% vs -2.6%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -7.2%）
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。
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
CMS vs CWH — 直观对比
营收规模更大
CMS
是对方的1.8倍
$1.2B
营收增速更快
CMS
高出15.5%
-2.6%
净利率更高
CMS
高出22.8%
-9.3%
两年增速更快
CMS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | $-109.1M |
| 毛利率 | — | 28.8% |
| 营业利润率 | 20.4% | -4.3% |
| 净利率 | 13.5% | -9.3% |
| 营收同比 | 13.0% | -2.6% |
| 净利润同比 | 9.1% | -83.3% |
| 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CMSCWH
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $2.1B | $1.4B |
净利润CMSCWH
| Q4 25 | $289.0M | $-109.1M | ||
| Q3 25 | $277.0M | $-40.4M | ||
| Q2 25 | $201.0M | $30.2M | ||
| Q1 25 | $304.0M | $-12.3M | ||
| Q4 24 | $265.0M | $-59.5M | ||
| Q3 24 | $253.0M | $5.5M | ||
| Q2 24 | $198.0M | $9.8M | ||
| Q1 24 | $287.0M | $-22.3M |
毛利率CMSCWH
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 28.6% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 30.4% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | — | 28.9% | ||
| Q2 24 | — | 30.3% | ||
| Q1 24 | — | 29.5% |
营业利润率CMSCWH
| Q4 25 | 20.4% | -4.3% | ||
| Q3 25 | 24.4% | 4.4% | ||
| Q2 25 | 17.6% | 6.6% | ||
| Q1 25 | 20.6% | 1.5% | ||
| Q4 24 | 22.5% | -1.3% | ||
| Q3 24 | 21.4% | 3.7% | ||
| Q2 24 | 18.0% | 5.3% | ||
| Q1 24 | 19.2% | 0.3% |
净利率CMSCWH
| Q4 25 | 13.5% | -9.3% | ||
| Q3 25 | 14.0% | -2.2% | ||
| Q2 25 | 11.2% | 1.5% | ||
| Q1 25 | 12.7% | -0.9% | ||
| Q4 24 | 14.0% | -4.9% | ||
| Q3 24 | 14.8% | 0.3% | ||
| Q2 24 | 12.6% | 0.5% | ||
| Q1 24 | 13.4% | -1.6% |
每股收益（稀释后）CMSCWH
| 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 | $215.0M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $9.1B | $228.6M |
| 总资产 | $39.9B | $5.0B |
| 负债/权益比越低杠杆越低 | — | 6.44× |
8季度趋势，按日历期对齐
现金及短期投资CMSCWH
| Q4 25 | $509.0M | $215.0M | ||
| Q3 25 | $362.0M | $230.5M | ||
| Q2 25 | $844.0M | $118.1M | ||
| Q1 25 | $465.0M | $20.9M | ||
| Q4 24 | $103.0M | $208.4M | ||
| Q3 24 | $412.0M | $28.4M | ||
| Q2 24 | $699.0M | $23.7M | ||
| Q1 24 | $802.0M | $29.7M |
总债务CMSCWH
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.6B |
股东权益CMSCWH
| Q4 25 | $9.1B | $228.6M | ||
| Q3 25 | $8.9B | $296.2M | ||
| Q2 25 | $8.4B | $340.5M | ||
| Q1 25 | $8.3B | $310.5M | ||
| Q4 24 | $8.2B | $326.6M | ||
| Q3 24 | $8.1B | $151.6M | ||
| Q2 24 | $8.0B | $149.7M | ||
| Q1 24 | $7.9B | $142.8M |
总资产CMSCWH
| Q4 25 | $39.9B | $5.0B | ||
| Q3 25 | $38.0B | $5.0B | ||
| Q2 25 | $37.7B | $5.2B | ||
| Q1 25 | $36.3B | $5.1B | ||
| Q4 24 | $35.9B | $4.9B | ||
| Q3 24 | $34.8B | $4.7B | ||
| Q2 24 | $34.4B | $5.0B | ||
| Q1 24 | $33.9B | $5.1B |
负债/权益比CMSCWH
| Q4 25 | — | 6.44× | ||
| Q3 25 | — | 5.00× | ||
| Q2 25 | — | 4.42× | ||
| Q1 25 | — | 4.87× | ||
| Q4 24 | — | 4.64× | ||
| Q3 24 | — | 10.09× | ||
| Q2 24 | — | 10.28× | ||
| Q1 24 | — | 11.00× |
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 | $-227.2M |
| 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CMSCWH
| Q4 25 | $478.0M | $-227.2M | ||
| Q3 25 | $343.0M | $139.8M | ||
| Q2 25 | $414.0M | $187.9M | ||
| Q1 25 | $1.0B | $-232.5M | ||
| Q4 24 | $403.0M | $-163.4M | ||
| Q3 24 | $304.0M | $324.2M | ||
| Q2 24 | $707.0M | $152.3M | ||
| Q1 24 | $956.0M | $-68.0M |
自由现金流CMSCWH
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | — | ||
| Q2 24 | $26.0M | — | ||
| Q1 24 | $343.0M | — |
自由现金流率CMSCWH
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.0% | — |
资本支出强度CMSCWH
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 28.6% | — |
现金转化率CMSCWH
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 2.06× | 6.22× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 58.93× | ||
| Q2 24 | 3.57× | 15.59× | ||
| Q1 24 | 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
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
