vs
CMS Energy（CMS）与Fabrinet（FN）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Fabrinet的1.9倍（$2.1B vs $1.1B），CMS Energy净利率更高（13.5% vs 9.9%，领先3.6%），Fabrinet同比增速更快（35.9% vs 13.0%），过去两年Fabrinet的营收复合增速更高（24.4% 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。
Fabrinet（股票代码FN）为标普中型股400指数成分股。该指数由标普道琼斯指数公司维护，覆盖400家以美企为主的中等市值企业，若成分企业存在多类流通股，指数的成分股总量有时会超过400只。
CMS vs FN — 直观对比
营收规模更大
CMS
是对方的1.9倍
$1.1B
营收增速更快
FN
高出22.9%
13.0%
净利率更高
CMS
高出3.6%
9.9%
两年增速更快
FN
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.1B |
| 净利润 | $289.0M | $112.6M |
| 毛利率 | — | 12.2% |
| 营业利润率 | 20.4% | 10.1% |
| 净利率 | 13.5% | 9.9% |
| 营收同比 | 13.0% | 35.9% |
| 净利润同比 | 9.1% | 30.0% |
| 每股收益（稀释后） | $0.94 | $3.11 |
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CMSFN
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $2.0B | $978.1M | ||
| Q2 25 | $1.8B | $909.7M | ||
| Q1 25 | $2.4B | $871.8M | ||
| Q4 24 | $1.9B | $833.6M | ||
| Q3 24 | $1.7B | $804.2M | ||
| Q2 24 | $1.6B | $753.3M | ||
| Q1 24 | $2.1B | $731.5M |
净利润CMSFN
| Q4 25 | $289.0M | $112.6M | ||
| Q3 25 | $277.0M | $95.9M | ||
| Q2 25 | $201.0M | $87.2M | ||
| Q1 25 | $304.0M | $81.3M | ||
| Q4 24 | $265.0M | $86.6M | ||
| Q3 24 | $253.0M | $77.4M | ||
| Q2 24 | $198.0M | $81.1M | ||
| Q1 24 | $287.0M | $80.9M |
毛利率CMSFN
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | 11.9% | ||
| Q2 25 | — | 12.2% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | — | 12.3% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | — | 12.4% |
营业利润率CMSFN
| Q4 25 | 20.4% | 10.1% | ||
| Q3 25 | 24.4% | 9.6% | ||
| Q2 25 | 17.6% | 9.8% | ||
| Q1 25 | 20.6% | 9.0% | ||
| Q4 24 | 22.5% | 9.5% | ||
| Q3 24 | 21.4% | 9.6% | ||
| Q2 24 | 18.0% | 9.7% | ||
| Q1 24 | 19.2% | 9.7% |
净利率CMSFN
| Q4 25 | 13.5% | 9.9% | ||
| Q3 25 | 14.0% | 9.8% | ||
| Q2 25 | 11.2% | 9.6% | ||
| Q1 25 | 12.7% | 9.3% | ||
| Q4 24 | 14.0% | 10.4% | ||
| Q3 24 | 14.8% | 9.6% | ||
| Q2 24 | 12.6% | 10.8% | ||
| Q1 24 | 13.4% | 11.1% |
每股收益（稀释后）CMSFN
| Q4 25 | $0.94 | $3.11 | ||
| Q3 25 | $0.92 | $2.66 | ||
| Q2 25 | $0.66 | $2.41 | ||
| Q1 25 | $1.01 | $2.25 | ||
| Q4 24 | $0.88 | $2.38 | ||
| Q3 24 | $0.84 | $2.13 | ||
| Q2 24 | $0.65 | $2.22 | ||
| Q1 24 | $0.96 | $2.21 |
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 | $960.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $2.2B |
| 总资产 | $39.9B | $3.3B |
| 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CMSFN
| Q4 25 | $509.0M | $960.8M | ||
| Q3 25 | $362.0M | $968.8M | ||
| Q2 25 | $844.0M | $934.2M | ||
| Q1 25 | $465.0M | $950.7M | ||
| Q4 24 | $103.0M | $934.6M | ||
| Q3 24 | $412.0M | $908.9M | ||
| Q2 24 | $699.0M | $858.6M | ||
| Q1 24 | $802.0M | $794.0M |
股东权益CMSFN
| Q4 25 | $9.1B | $2.2B | ||
| Q3 25 | $8.9B | $2.1B | ||
| Q2 25 | $8.4B | $2.0B | ||
| Q1 25 | $8.3B | $1.9B | ||
| Q4 24 | $8.2B | $1.8B | ||
| Q3 24 | $8.1B | $1.8B | ||
| Q2 24 | $8.0B | $1.7B | ||
| Q1 24 | $7.9B | $1.7B |
总资产CMSFN
| Q4 25 | $39.9B | $3.3B | ||
| Q3 25 | $38.0B | $3.0B | ||
| Q2 25 | $37.7B | $2.8B | ||
| Q1 25 | $36.3B | $2.6B | ||
| Q4 24 | $35.9B | $2.5B | ||
| Q3 24 | $34.8B | $2.4B | ||
| Q2 24 | $34.4B | $2.3B | ||
| Q1 24 | $33.9B | $2.2B |
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 | $46.3M |
| 自由现金流经营现金流 - 资本支出 | — | $-5.3M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 4.6% |
| 现金转化率经营现金流/净利润 | 1.65× | 0.41× |
| 过去12个月自由现金流最近4个季度 | — | $102.3M |
8季度趋势，按日历期对齐
经营现金流CMSFN
| Q4 25 | $478.0M | $46.3M | ||
| Q3 25 | $343.0M | $102.6M | ||
| Q2 25 | $414.0M | $55.1M | ||
| Q1 25 | $1.0B | $74.2M | ||
| Q4 24 | $403.0M | $115.9M | ||
| Q3 24 | $304.0M | $83.2M | ||
| Q2 24 | $707.0M | $83.1M | ||
| Q1 24 | $956.0M | $100.9M |
自由现金流CMSFN
| Q4 25 | — | $-5.3M | ||
| Q3 25 | $-635.0M | $57.3M | ||
| Q2 25 | $-470.0M | $4.7M | ||
| Q1 25 | $112.0M | $45.7M | ||
| Q4 24 | — | $94.0M | ||
| Q3 24 | $-502.0M | $62.9M | ||
| Q2 24 | $26.0M | $70.4M | ||
| Q1 24 | $343.0M | $87.3M |
自由现金流率CMSFN
| Q4 25 | — | -0.5% | ||
| Q3 25 | -32.2% | 5.9% | ||
| Q2 25 | -26.1% | 0.5% | ||
| Q1 25 | 4.7% | 5.2% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | -29.3% | 7.8% | ||
| Q2 24 | 1.6% | 9.3% | ||
| Q1 24 | 16.0% | 11.9% |
资本支出强度CMSFN
| Q4 25 | — | 4.6% | ||
| Q3 25 | 49.5% | 4.6% | ||
| Q2 25 | 49.2% | 5.5% | ||
| Q1 25 | 37.0% | 3.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | 47.1% | 2.5% | ||
| Q2 24 | 43.2% | 1.7% | ||
| Q1 24 | 28.6% | 1.9% |
现金转化率CMSFN
| Q4 25 | 1.65× | 0.41× | ||
| Q3 25 | 1.24× | 1.07× | ||
| Q2 25 | 2.06× | 0.63× | ||
| Q1 25 | 3.29× | 0.91× | ||
| Q4 24 | 1.52× | 1.34× | ||
| Q3 24 | 1.20× | 1.07× | ||
| Q2 24 | 3.57× | 1.02× | ||
| Q1 24 | 3.33× | 1.25× |
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% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
