vs
CMS Energy（CMS）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是达美乐的1.9倍（$2.1B vs $1.2B），CMS Energy净利率更高（13.5% vs 12.2%，领先1.4%），CMS Energy同比增速更快（13.0% vs 3.5%），过去两年达美乐的营收复合增速更高（3.0% 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。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
CMS vs DPZ — 直观对比
营收规模更大
CMS
是对方的1.9倍
$1.2B
营收增速更快
CMS
高出9.5%
3.5%
净利率更高
CMS
高出1.4%
12.2%
两年增速更快
DPZ
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | $139.8M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 20.4% | 20.0% |
| 净利率 | 13.5% | 12.2% |
| 营收同比 | 13.0% | 3.5% |
| 净利润同比 | 9.1% | -6.6% |
| 每股收益（稀释后） | $0.94 | $4.13 |
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CMSDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B |
净利润CMSDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $289.0M | — | ||
| Q3 25 | $277.0M | $139.3M | ||
| Q2 25 | $201.0M | $131.1M | ||
| Q1 25 | $304.0M | $149.7M | ||
| Q4 24 | $265.0M | $169.4M | ||
| Q3 24 | $253.0M | $146.9M | ||
| Q2 24 | $198.0M | $142.0M |
毛利率CMSDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 40.1% | ||
| Q2 25 | — | 40.3% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 39.8% |
营业利润率CMSDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | 19.5% | ||
| Q2 25 | 17.6% | 19.7% | ||
| Q1 25 | 20.6% | 18.9% | ||
| Q4 24 | 22.5% | 19.0% | ||
| Q3 24 | 21.4% | 18.4% | ||
| Q2 24 | 18.0% | 17.9% |
净利率CMSDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.0% | 12.1% | ||
| Q2 25 | 11.2% | 11.4% | ||
| Q1 25 | 12.7% | 13.5% | ||
| Q4 24 | 14.0% | 11.7% | ||
| Q3 24 | 14.8% | 13.6% | ||
| Q2 24 | 12.6% | 12.9% |
每股收益（稀释后）CMSDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | $4.08 | ||
| Q2 25 | $0.66 | $3.81 | ||
| Q1 25 | $1.01 | $4.33 | ||
| Q4 24 | $0.88 | $4.89 | ||
| Q3 24 | $0.84 | $4.19 | ||
| Q2 24 | $0.65 | $4.03 |
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 | $232.9M |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $9.1B | — |
| 总资产 | $39.9B | $1.8B |
| 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CMSDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | $139.7M | ||
| Q2 25 | $844.0M | $272.9M | ||
| Q1 25 | $465.0M | $304.3M | ||
| Q4 24 | $103.0M | $186.1M | ||
| Q3 24 | $412.0M | $189.1M | ||
| Q2 24 | $699.0M | $283.7M |
总债务CMSDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B |
股东权益CMSDPZ
| Q1 26 | — | — | ||
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | $-4.0B | ||
| Q2 25 | $8.4B | $-4.0B | ||
| Q1 25 | $8.3B | $-3.9B | ||
| Q4 24 | $8.2B | $-4.0B | ||
| Q3 24 | $8.1B | $-4.0B | ||
| Q2 24 | $8.0B | $-3.9B |
总资产CMSDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $39.9B | — | ||
| Q3 25 | $38.0B | $1.7B | ||
| Q2 25 | $37.7B | $1.8B | ||
| Q1 25 | $36.3B | $1.9B | ||
| Q4 24 | $35.9B | $1.7B | ||
| Q3 24 | $34.8B | $1.8B | ||
| Q2 24 | $34.4B | $1.9B |
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 | $162.0M |
| 自由现金流经营现金流 - 资本支出 | — | $147.0M |
| 自由现金流率自由现金流/营收 | — | 12.8% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.16× |
| 过去12个月自由现金流最近4个季度 | — | $642.6M |
8季度趋势，按日历期对齐
经营现金流CMSDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $478.0M | — | ||
| Q3 25 | $343.0M | $185.4M | ||
| Q2 25 | $414.0M | $187.8M | ||
| Q1 25 | $1.0B | $179.1M | ||
| Q4 24 | $403.0M | $178.0M | ||
| Q3 24 | $304.0M | $172.7M | ||
| Q2 24 | $707.0M | $150.7M |
自由现金流CMSDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | $164.0M | ||
| Q2 25 | $-470.0M | $167.3M | ||
| Q1 25 | $112.0M | $164.3M | ||
| Q4 24 | — | $135.9M | ||
| Q3 24 | $-502.0M | $145.6M | ||
| Q2 24 | $26.0M | $127.2M |
自由现金流率CMSDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | 14.3% | ||
| Q2 25 | -26.1% | 14.6% | ||
| Q1 25 | 4.7% | 14.8% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | -29.3% | 13.5% | ||
| Q2 24 | 1.6% | 11.6% |
资本支出强度CMSDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | 1.9% | ||
| Q2 25 | 49.2% | 1.8% | ||
| Q1 25 | 37.0% | 1.3% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | 47.1% | 2.5% | ||
| Q2 24 | 43.2% | 2.1% |
现金转化率CMSDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 1.33× | ||
| Q2 25 | 2.06× | 1.43× | ||
| Q1 25 | 3.29× | 1.20× | ||
| Q4 24 | 1.52× | 1.05× | ||
| Q3 24 | 1.20× | 1.18× | ||
| Q2 24 | 3.57× | 1.06× |
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% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
