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CMS Energy（CMS）与DARLING INGREDIENTS INC.（DAR）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DARLING INGREDIENTS INC.的1.4倍（$2.1B vs $1.6B），CMS Energy净利率更高（13.5% vs 1.2%，领先12.3%），CMS Energy同比增速更快（13.0% vs 10.0%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -1.6%）
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。
Darling Ingredients Inc.是全球领先的可持续天然原料生产商，将可食用及不可食用有机副产品加工为食品级营养成分、动物饲料添加剂、制药原料、生物燃料组分等高价值产品，服务全球食品、农业、制药、可再生能源领域客户。
CMS vs DAR — 直观对比
营收规模更大
CMS
是对方的1.4倍
$1.6B
营收增速更快
CMS
高出3.0%
10.0%
净利率更高
CMS
高出12.3%
1.2%
两年增速更快
CMS
近两年复合增速
-1.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.6B |
| 净利润 | $289.0M | $19.4M |
| 毛利率 | — | 24.7% |
| 营业利润率 | 20.4% | 4.6% |
| 净利率 | 13.5% | 1.2% |
| 营收同比 | 13.0% | 10.0% |
| 净利润同比 | 9.1% | 14.2% |
| 每股收益（稀释后） | $0.94 | $0.12 |
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CMSDAR
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
净利润CMSDAR
| Q4 25 | $289.0M | — | ||
| Q3 25 | $277.0M | $19.4M | ||
| Q2 25 | $201.0M | $12.7M | ||
| Q1 25 | $304.0M | $-26.2M | ||
| Q4 24 | $265.0M | $101.9M | ||
| Q3 24 | $253.0M | $16.9M | ||
| Q2 24 | $198.0M | $78.9M | ||
| Q1 24 | $287.0M | $81.2M |
毛利率CMSDAR
| Q4 25 | — | — | ||
| Q3 25 | — | 24.7% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 21.4% |
营业利润率CMSDAR
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | 4.6% | ||
| Q2 25 | 17.6% | 5.1% | ||
| Q1 25 | 20.6% | 2.1% | ||
| Q4 24 | 22.5% | 8.6% | ||
| Q3 24 | 21.4% | 4.2% | ||
| Q2 24 | 18.0% | 10.2% | ||
| Q1 24 | 19.2% | 9.7% |
净利率CMSDAR
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.0% | 1.2% | ||
| Q2 25 | 11.2% | 0.9% | ||
| Q1 25 | 12.7% | -1.9% | ||
| Q4 24 | 14.0% | 7.2% | ||
| Q3 24 | 14.8% | 1.2% | ||
| Q2 24 | 12.6% | 5.4% | ||
| Q1 24 | 13.4% | 5.7% |
每股收益（稀释后）CMSDAR
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | $0.12 | ||
| Q2 25 | $0.66 | $0.08 | ||
| Q1 25 | $1.01 | $-0.16 | ||
| Q4 24 | $0.88 | $0.63 | ||
| Q3 24 | $0.84 | $0.11 | ||
| Q2 24 | $0.65 | $0.49 | ||
| Q1 24 | $0.96 | $0.50 |
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 | $91.5M |
| 总债务越低越好 | — | $4.0B |
| 股东权益账面价值 | $9.1B | $4.7B |
| 总资产 | $39.9B | $10.5B |
| 负债/权益比越低杠杆越低 | — | 0.86× |
8季度趋势，按日历期对齐
现金及短期投资CMSDAR
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | $91.5M | ||
| Q2 25 | $844.0M | $94.6M | ||
| Q1 25 | $465.0M | $81.5M | ||
| Q4 24 | $103.0M | $76.0M | ||
| Q3 24 | $412.0M | $114.8M | ||
| Q2 24 | $699.0M | $121.6M | ||
| Q1 24 | $802.0M | $145.5M |
总债务CMSDAR
| Q4 25 | — | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
股东权益CMSDAR
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | $4.7B | ||
| Q2 25 | $8.4B | $4.6B | ||
| Q1 25 | $8.3B | $4.4B | ||
| Q4 24 | $8.2B | $4.4B | ||
| Q3 24 | $8.1B | $4.6B | ||
| Q2 24 | $8.0B | $4.5B | ||
| Q1 24 | $7.9B | $4.6B |
总资产CMSDAR
| Q4 25 | $39.9B | — | ||
| Q3 25 | $38.0B | $10.5B | ||
| Q2 25 | $37.7B | $10.3B | ||
| Q1 25 | $36.3B | $10.0B | ||
| Q4 24 | $35.9B | $10.1B | ||
| Q3 24 | $34.8B | $10.6B | ||
| Q2 24 | $34.4B | $10.6B | ||
| Q1 24 | $33.9B | $10.9B |
负债/权益比CMSDAR
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
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 | $224.3M |
| 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× | 11.59× |
| 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CMSDAR
| Q4 25 | $478.0M | — | ||
| Q3 25 | $343.0M | $224.3M | ||
| Q2 25 | $414.0M | $145.8M | ||
| Q1 25 | $1.0B | $249.0M | ||
| Q4 24 | $403.0M | $154.4M | ||
| Q3 24 | $304.0M | $274.5M | ||
| Q2 24 | $707.0M | $146.5M | ||
| Q1 24 | $956.0M | $263.9M |
自由现金流CMSDAR
| 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CMSDAR
| 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CMSDAR
| 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CMSDAR
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 11.59× | ||
| Q2 25 | 2.06× | 11.52× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 1.52× | ||
| Q3 24 | 1.20× | 16.19× | ||
| Q2 24 | 3.57× | 1.86× | ||
| Q1 24 | 3.33× | 3.25× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
