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CMS Energy（CMS）与Dream Finders Homes, Inc.（DFH）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Dream Finders Homes, Inc.的1.8倍（$2.1B vs $1.2B），CMS Energy净利率更高（13.5% vs 4.8%，领先8.7%），CMS Energy同比增速更快（13.0% vs -22.3%），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% 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。
美国住宅建筑商Dream Finders Homes主要建造并销售独栋住宅、联排别墅等覆盖入门级到高端档次的居住物业，业务布局美国多个高速增长区域，同时为购房者提供按揭融资、产权保险、房屋保修等配套服务，覆盖各类客户群体。
CMS vs DFH — 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35.2%
-22.3%
净利率更高
CMS
高出8.7%
4.8%
两年增速更快
DFH
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | $58.8M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 6.4% |
| 净利率 | 13.5% | 4.8% |
| 营收同比 | 13.0% | -22.3% |
| 净利润同比 | 9.1% | -54.9% |
| 每股收益（稀释后） | $0.94 | $0.57 |
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CMSDFH
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $969.8M | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $989.9M | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $2.1B | $827.8M |
净利润CMSDFH
| Q4 25 | $289.0M | $58.8M | ||
| Q3 25 | $277.0M | $47.0M | ||
| Q2 25 | $201.0M | $56.6M | ||
| Q1 25 | $304.0M | $54.9M | ||
| Q4 24 | $265.0M | $130.5M | ||
| Q3 24 | $253.0M | $70.7M | ||
| Q2 24 | $198.0M | $80.9M | ||
| Q1 24 | $287.0M | $54.5M |
毛利率CMSDFH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 18.0% |
营业利润率CMSDFH
| Q4 25 | 20.4% | 6.4% | ||
| Q3 25 | 24.4% | 6.3% | ||
| Q2 25 | 17.6% | 6.4% | ||
| Q1 25 | 20.6% | 7.2% | ||
| Q4 24 | 22.5% | 10.8% | ||
| Q3 24 | 21.4% | 9.2% | ||
| Q2 24 | 18.0% | 10.0% | ||
| Q1 24 | 19.2% | 8.6% |
净利率CMSDFH
| Q4 25 | 13.5% | 4.8% | ||
| Q3 25 | 14.0% | 4.8% | ||
| Q2 25 | 11.2% | 4.9% | ||
| Q1 25 | 12.7% | 5.5% | ||
| Q4 24 | 14.0% | 8.4% | ||
| Q3 24 | 14.8% | 7.0% | ||
| Q2 24 | 12.6% | 7.7% | ||
| Q1 24 | 13.4% | 6.6% |
每股收益（稀释后）CMSDFH
| Q4 25 | $0.94 | $0.57 | ||
| Q3 25 | $0.92 | $0.47 | ||
| Q2 25 | $0.66 | $0.56 | ||
| Q1 25 | $1.01 | $0.54 | ||
| Q4 24 | $0.88 | $1.28 | ||
| Q3 24 | $0.84 | $0.70 | ||
| Q2 24 | $0.65 | $0.81 | ||
| Q1 24 | $0.96 | $0.55 |
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 | $234.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $9.1B | $1.4B |
| 总资产 | $39.9B | $3.7B |
| 负债/权益比越低杠杆越低 | — | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资CMSDFH
| Q4 25 | $509.0M | $234.8M | ||
| Q3 25 | $362.0M | $251.0M | ||
| Q2 25 | $844.0M | $210.3M | ||
| Q1 25 | $465.0M | $297.5M | ||
| Q4 24 | $103.0M | $274.4M | ||
| Q3 24 | $412.0M | $204.9M | ||
| Q2 24 | $699.0M | $274.8M | ||
| Q1 24 | $802.0M | $239.4M |
总债务CMSDFH
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMSDFH
| Q4 25 | $9.1B | $1.4B | ||
| Q3 25 | $8.9B | $1.4B | ||
| Q2 25 | $8.4B | $1.3B | ||
| Q1 25 | $8.3B | $1.3B | ||
| Q4 24 | $8.2B | $1.2B | ||
| Q3 24 | $8.1B | $1.1B | ||
| Q2 24 | $8.0B | $1.0B | ||
| Q1 24 | $7.9B | $968.7M |
总资产CMSDFH
| Q4 25 | $39.9B | $3.7B | ||
| Q3 25 | $38.0B | $3.8B | ||
| Q2 25 | $37.7B | $3.7B | ||
| Q1 25 | $36.3B | $3.5B | ||
| Q4 24 | $35.9B | $3.3B | ||
| Q3 24 | $34.8B | $3.3B | ||
| Q2 24 | $34.4B | $3.0B | ||
| Q1 24 | $33.9B | $2.7B |
负债/权益比CMSDFH
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $143.6M |
| 自由现金流经营现金流 - 资本支出 | — | $136.0M |
| 自由现金流率自由现金流/营收 | — | 11.2% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 现金转化率经营现金流/净利润 | 1.65× | 2.44× |
| 过去12个月自由现金流最近4个季度 | — | $-126.4M |
8季度趋势，按日历期对齐
经营现金流CMSDFH
| Q4 25 | $478.0M | $143.6M | ||
| Q3 25 | $343.0M | $-131.0M | ||
| Q2 25 | $414.0M | $-68.5M | ||
| Q1 25 | $1.0B | $-44.7M | ||
| Q4 24 | $403.0M | $306.5M | ||
| Q3 24 | $304.0M | $-205.0M | ||
| Q2 24 | $707.0M | $-110.6M | ||
| Q1 24 | $956.0M | $-247.5M |
自由现金流CMSDFH
| Q4 25 | — | $136.0M | ||
| Q3 25 | $-635.0M | $-135.7M | ||
| Q2 25 | $-470.0M | $-78.8M | ||
| Q1 25 | $112.0M | $-47.9M | ||
| Q4 24 | — | $302.6M | ||
| Q3 24 | $-502.0M | $-222.5M | ||
| Q2 24 | $26.0M | $-112.4M | ||
| Q1 24 | $343.0M | $-249.6M |
自由现金流率CMSDFH
| Q4 25 | — | 11.2% | ||
| Q3 25 | -32.2% | -14.0% | ||
| Q2 25 | -26.1% | -6.8% | ||
| Q1 25 | 4.7% | -4.8% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | -29.3% | -22.1% | ||
| Q2 24 | 1.6% | -10.6% | ||
| Q1 24 | 16.0% | -30.2% |
资本支出强度CMSDFH
| Q4 25 | — | 0.6% | ||
| Q3 25 | 49.5% | 0.5% | ||
| Q2 25 | 49.2% | 0.9% | ||
| Q1 25 | 37.0% | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 47.1% | 1.7% | ||
| Q2 24 | 43.2% | 0.2% | ||
| Q1 24 | 28.6% | 0.3% |
现金转化率CMSDFH
| Q4 25 | 1.65× | 2.44× | ||
| Q3 25 | 1.24× | -2.79× | ||
| Q2 25 | 2.06× | -1.21× | ||
| Q1 25 | 3.29× | -0.81× | ||
| Q4 24 | 1.52× | 2.35× | ||
| Q3 24 | 1.20× | -2.90× | ||
| Q2 24 | 3.57× | -1.37× | ||
| Q1 24 | 3.33× | -4.54× |
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% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
