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CMS Energy（CMS）与DoorDash（DASH）财务数据对比。点击上方公司名可切换其他公司
DoorDash的季度营收约是CMS Energy的1.9倍（$4.0B vs $2.1B），CMS Energy净利率更高（13.5% vs 7.1%，领先6.5%），CMS Energy同比增速更快（13.0% vs 8.3%），过去两年DoorDash的营收复合增速更高（23.9% 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。
DoorDash是美国头部在线订餐及配送平台，也是美国规模最大的外卖配送服务商，占据当地外卖配送市场56%的份额，便民配送品类市场占比更是高达60%。截至2020年12月31日，平台合作商户超45万家，服务消费者超2000万，注册配送员数量突破100万。
CMS vs DASH — 直观对比
营收规模更大
DASH
是对方的1.9倍
$2.1B
营收增速更快
CMS
高出4.7%
8.3%
净利率更高
CMS
高出6.5%
7.1%
两年增速更快
DASH
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.0B |
| 净利润 | $289.0M | $285.0M |
| 毛利率 | — | 39.8% |
| 营业利润率 | 20.4% | 3.7% |
| 净利率 | 13.5% | 7.1% |
| 营收同比 | 13.0% | 8.3% |
| 净利润同比 | 9.1% | 47.7% |
| 每股收益（稀释后） | $0.94 | $0.42 |
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CMSDASH
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.1B | $4.0B | ||
| Q3 25 | $2.0B | $3.4B | ||
| Q2 25 | $1.8B | $3.3B | ||
| Q1 25 | $2.4B | $3.0B | ||
| Q4 24 | $1.9B | $2.9B | ||
| Q3 24 | $1.7B | $2.7B | ||
| Q2 24 | $1.6B | $2.6B |
净利润CMSDASH
| Q1 26 | — | $285.0M | ||
| Q4 25 | $289.0M | $213.0M | ||
| Q3 25 | $277.0M | $244.0M | ||
| Q2 25 | $201.0M | $285.0M | ||
| Q1 25 | $304.0M | $193.0M | ||
| Q4 24 | $265.0M | $141.0M | ||
| Q3 24 | $253.0M | $162.0M | ||
| Q2 24 | $198.0M | $-157.0M |
毛利率CMSDASH
| Q1 26 | — | 39.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率CMSDASH
| Q1 26 | — | 3.7% | ||
| Q4 25 | 20.4% | 3.7% | ||
| Q3 25 | 24.4% | 7.5% | ||
| Q2 25 | 17.6% | 5.0% | ||
| Q1 25 | 20.6% | 5.1% | ||
| Q4 24 | 22.5% | 4.1% | ||
| Q3 24 | 21.4% | 4.0% | ||
| Q2 24 | 18.0% | -7.6% |
净利率CMSDASH
| Q1 26 | — | 7.1% | ||
| Q4 25 | 13.5% | 5.4% | ||
| Q3 25 | 14.0% | 7.1% | ||
| Q2 25 | 11.2% | 8.7% | ||
| Q1 25 | 12.7% | 6.4% | ||
| Q4 24 | 14.0% | 4.9% | ||
| Q3 24 | 14.8% | 6.0% | ||
| Q2 24 | 12.6% | -6.0% |
每股收益（稀释后）CMSDASH
| Q1 26 | — | $0.42 | ||
| Q4 25 | $0.94 | $0.49 | ||
| Q3 25 | $0.92 | $0.55 | ||
| Q2 25 | $0.66 | $0.65 | ||
| Q1 25 | $1.01 | $0.44 | ||
| Q4 24 | $0.88 | $0.35 | ||
| Q3 24 | $0.84 | $0.38 | ||
| Q2 24 | $0.65 | $-0.38 |
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 | $5.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $10.2B |
| 总资产 | $39.9B | $19.7B |
| 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CMSDASH
| Q1 26 | — | $5.5B | ||
| Q4 25 | $509.0M | $4.4B | ||
| Q3 25 | $362.0M | $3.3B | ||
| Q2 25 | $844.0M | $3.9B | ||
| Q1 25 | $465.0M | $4.5B | ||
| Q4 24 | $103.0M | $4.0B | ||
| Q3 24 | $412.0M | $3.7B | ||
| Q2 24 | $699.0M | $3.4B |
股东权益CMSDASH
| Q1 26 | — | $10.2B | ||
| Q4 25 | $9.1B | $10.0B | ||
| Q3 25 | $8.9B | $9.5B | ||
| Q2 25 | $8.4B | $8.9B | ||
| Q1 25 | $8.3B | $8.4B | ||
| Q4 24 | $8.2B | $7.8B | ||
| Q3 24 | $8.1B | $7.6B | ||
| Q2 24 | $8.0B | $7.2B |
总资产CMSDASH
| Q1 26 | — | $19.7B | ||
| Q4 25 | $39.9B | $19.7B | ||
| Q3 25 | $38.0B | $18.0B | ||
| Q2 25 | $37.7B | $16.9B | ||
| Q1 25 | $36.3B | $13.6B | ||
| Q4 24 | $35.9B | $12.8B | ||
| Q3 24 | $34.8B | $12.3B | ||
| Q2 24 | $34.4B | $11.8B |
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 | $504.0M |
| 自由现金流经营现金流 - 资本支出 | — | $355.0M |
| 自由现金流率自由现金流/营收 | — | 8.8% |
| 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× | 1.77× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流CMSDASH
| Q1 26 | — | $504.0M | ||
| Q4 25 | $478.0M | $421.0M | ||
| Q3 25 | $343.0M | $871.0M | ||
| Q2 25 | $414.0M | $504.0M | ||
| Q1 25 | $1.0B | $635.0M | ||
| Q4 24 | $403.0M | $518.0M | ||
| Q3 24 | $304.0M | $531.0M | ||
| Q2 24 | $707.0M | $530.0M |
自由现金流CMSDASH
| Q1 26 | — | $355.0M | ||
| Q4 25 | — | $367.0M | ||
| Q3 25 | $-635.0M | $808.0M | ||
| Q2 25 | $-470.0M | $438.0M | ||
| Q1 25 | $112.0M | $561.0M | ||
| Q4 24 | — | $486.0M | ||
| Q3 24 | $-502.0M | $499.0M | ||
| Q2 24 | $26.0M | $507.0M |
自由现金流率CMSDASH
| Q1 26 | — | 8.8% | ||
| Q4 25 | — | 9.3% | ||
| Q3 25 | -32.2% | 23.4% | ||
| Q2 25 | -26.1% | 13.3% | ||
| Q1 25 | 4.7% | 18.5% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | -29.3% | 18.4% | ||
| Q2 24 | 1.6% | 19.3% |
资本支出强度CMSDASH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | 49.5% | 1.8% | ||
| Q2 25 | 49.2% | 2.0% | ||
| Q1 25 | 37.0% | 2.4% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 47.1% | 1.2% | ||
| Q2 24 | 43.2% | 0.9% |
现金转化率CMSDASH
| Q1 26 | — | 1.77× | ||
| Q4 25 | 1.65× | 1.98× | ||
| Q3 25 | 1.24× | 3.57× | ||
| Q2 25 | 2.06× | 1.77× | ||
| Q1 25 | 3.29× | 3.29× | ||
| Q4 24 | 1.52× | 3.67× | ||
| Q3 24 | 1.20× | 3.28× | ||
| Q2 24 | 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
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
DASH
暂无分部数据
