vs
CMS Energy（CMS）与COMFORT SYSTEMS USA INC（FIX）财务数据对比。点击上方公司名可切换其他公司
COMFORT SYSTEMS USA INC的季度营收约是CMS Energy的1.2倍（$2.6B vs $2.1B），CMS Energy净利率更高（13.5% vs 12.5%，领先1.0%），COMFORT SYSTEMS USA INC同比增速更快（41.7% vs 13.0%），过去两年COMFORT SYSTEMS USA INC的营收复合增速更高（31.2% 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。
Comfort Systems USA Inc.是一家美国企业，主营机电工程承包服务，核心业务覆盖暖通空调、给排水、管道工程、控制系统、场外预制建造、监测服务、消防系统，以及电气系统的安装与运维，为各类客户提供一体化机电设施解决方案。
CMS vs FIX — 直观对比
营收规模更大
FIX
是对方的1.2倍
$2.1B
营收增速更快
FIX
高出28.7%
13.0%
净利率更高
CMS
高出1.0%
12.5%
两年增速更快
FIX
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.6B |
| 净利润 | $289.0M | $330.8M |
| 毛利率 | — | 25.5% |
| 营业利润率 | 20.4% | 16.1% |
| 净利率 | 13.5% | 12.5% |
| 营收同比 | 13.0% | 41.7% |
| 净利润同比 | 9.1% | 126.8% |
| 每股收益（稀释后） | $0.94 | $9.35 |
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CMSFIX
| Q4 25 | $2.1B | $2.6B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $2.4B | $1.8B | ||
| Q4 24 | $1.9B | $1.9B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $2.1B | $1.5B |
净利润CMSFIX
| Q4 25 | $289.0M | $330.8M | ||
| Q3 25 | $277.0M | $291.6M | ||
| Q2 25 | $201.0M | $230.8M | ||
| Q1 25 | $304.0M | $169.3M | ||
| Q4 24 | $265.0M | $145.9M | ||
| Q3 24 | $253.0M | $146.2M | ||
| Q2 24 | $198.0M | $134.0M | ||
| Q1 24 | $287.0M | $96.3M |
毛利率CMSFIX
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 24.8% | ||
| Q2 25 | — | 23.5% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 23.2% | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | 20.1% | ||
| Q1 24 | — | 19.3% |
营业利润率CMSFIX
| Q4 25 | 20.4% | 16.1% | ||
| Q3 25 | 24.4% | 15.5% | ||
| Q2 25 | 17.6% | 13.8% | ||
| Q1 25 | 20.6% | 11.4% | ||
| Q4 24 | 22.5% | 12.1% | ||
| Q3 24 | 21.4% | 11.2% | ||
| Q2 24 | 18.0% | 10.2% | ||
| Q1 24 | 19.2% | 8.8% |
净利率CMSFIX
| Q4 25 | 13.5% | 12.5% | ||
| Q3 25 | 14.0% | 11.9% | ||
| Q2 25 | 11.2% | 10.6% | ||
| Q1 25 | 12.7% | 9.2% | ||
| Q4 24 | 14.0% | 7.8% | ||
| Q3 24 | 14.8% | 8.1% | ||
| Q2 24 | 12.6% | 7.4% | ||
| Q1 24 | 13.4% | 6.3% |
每股收益（稀释后）CMSFIX
| Q4 25 | $0.94 | $9.35 | ||
| Q3 25 | $0.92 | $8.25 | ||
| Q2 25 | $0.66 | $6.53 | ||
| Q1 25 | $1.01 | $4.75 | ||
| Q4 24 | $0.88 | $4.08 | ||
| Q3 24 | $0.84 | $4.09 | ||
| Q2 24 | $0.65 | $3.74 | ||
| Q1 24 | $0.96 | $2.69 |
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 | $981.9M |
| 总债务越低越好 | — | $145.2M |
| 股东权益账面价值 | $9.1B | $2.4B |
| 总资产 | $39.9B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资CMSFIX
| Q4 25 | $509.0M | $981.9M | ||
| Q3 25 | $362.0M | $860.5M | ||
| Q2 25 | $844.0M | $331.7M | ||
| Q1 25 | $465.0M | $204.8M | ||
| Q4 24 | $103.0M | $549.9M | ||
| Q3 24 | $412.0M | $415.6M | ||
| Q2 24 | $699.0M | $199.4M | ||
| Q1 24 | $802.0M | $100.8M |
总债务CMSFIX
| Q4 25 | — | $145.2M | ||
| Q3 25 | — | $136.0M | ||
| Q2 25 | — | $73.0M | ||
| Q1 25 | — | $67.8M | ||
| Q4 24 | — | $68.3M | ||
| Q3 24 | — | $62.3M | ||
| Q2 24 | — | $73.4M | ||
| Q1 24 | — | $77.0M |
股东权益CMSFIX
| Q4 25 | $9.1B | $2.4B | ||
| Q3 25 | $8.9B | $2.2B | ||
| Q2 25 | $8.4B | $2.0B | ||
| Q1 25 | $8.3B | $1.8B | ||
| Q4 24 | $8.2B | $1.7B | ||
| Q3 24 | $8.1B | $1.6B | ||
| Q2 24 | $8.0B | $1.5B | ||
| Q1 24 | $7.9B | $1.4B |
总资产CMSFIX
| Q4 25 | $39.9B | $6.4B | ||
| Q3 25 | $38.0B | $5.8B | ||
| Q2 25 | $37.7B | $5.1B | ||
| Q1 25 | $36.3B | $4.6B | ||
| Q4 24 | $35.9B | $4.7B | ||
| Q3 24 | $34.8B | $4.4B | ||
| Q2 24 | $34.4B | $4.2B | ||
| Q1 24 | $33.9B | $3.9B |
负债/权益比CMSFIX
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | 0.06× |
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 | $468.5M |
| 自由现金流经营现金流 - 资本支出 | — | $402.4M |
| 自由现金流率自由现金流/营收 | — | 15.2% |
| 资本支出强度资本支出/营收 | — | 2.5% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.42× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流CMSFIX
| Q4 25 | $478.0M | $468.5M | ||
| Q3 25 | $343.0M | $553.3M | ||
| Q2 25 | $414.0M | $252.5M | ||
| Q1 25 | $1.0B | $-88.0M | ||
| Q4 24 | $403.0M | $210.5M | ||
| Q3 24 | $304.0M | $302.2M | ||
| Q2 24 | $707.0M | $189.9M | ||
| Q1 24 | $956.0M | $146.6M |
自由现金流CMSFIX
| Q4 25 | — | $402.4M | ||
| Q3 25 | $-635.0M | $517.9M | ||
| Q2 25 | $-470.0M | $221.2M | ||
| Q1 25 | $112.0M | $-110.2M | ||
| Q4 24 | — | $169.8M | ||
| Q3 24 | $-502.0M | $280.1M | ||
| Q2 24 | $26.0M | $166.5M | ||
| Q1 24 | $343.0M | $121.6M |
自由现金流率CMSFIX
| Q4 25 | — | 15.2% | ||
| Q3 25 | -32.2% | 21.1% | ||
| Q2 25 | -26.1% | 10.2% | ||
| Q1 25 | 4.7% | -6.0% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | -29.3% | 15.5% | ||
| Q2 24 | 1.6% | 9.2% | ||
| Q1 24 | 16.0% | 7.9% |
资本支出强度CMSFIX
| Q4 25 | — | 2.5% | ||
| Q3 25 | 49.5% | 1.4% | ||
| Q2 25 | 49.2% | 1.4% | ||
| Q1 25 | 37.0% | 1.2% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 47.1% | 1.2% | ||
| Q2 24 | 43.2% | 1.3% | ||
| Q1 24 | 28.6% | 1.6% |
现金转化率CMSFIX
| Q4 25 | 1.65× | 1.42× | ||
| Q3 25 | 1.24× | 1.90× | ||
| Q2 25 | 2.06× | 1.09× | ||
| Q1 25 | 3.29× | -0.52× | ||
| Q4 24 | 1.52× | 1.44× | ||
| Q3 24 | 1.20× | 2.07× | ||
| Q2 24 | 3.57× | 1.42× | ||
| Q1 24 | 3.33× | 1.52× |
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% |
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
