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CMS Energy（CMS）与Globe Life（GL）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Globe Life的1.4倍（$2.1B vs $1.6B），Globe Life净利率更高（17.3% vs 13.5%，领先3.8%），CMS Energy同比增速更快（13.0% vs 5.3%），过去两年Globe Life的营收复合增速更高（4.1% 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。
Globe Life Inc.（股票代码：GL）是总部位于美国得克萨斯州麦金尼的金融服务控股公司，在纽约证券交易所上市，通过旗下全资子公司开展业务，主营人寿保险、年金产品及补充健康保险产品。
CMS vs GL — 直观对比
营收规模更大
CMS
是对方的1.4倍
$1.6B
营收增速更快
CMS
高出7.6%
5.3%
净利率更高
GL
高出3.8%
13.5%
两年增速更快
GL
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.6B |
| 净利润 | $289.0M | $270.5M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | — |
| 净利率 | 13.5% | 17.3% |
| 营收同比 | 13.0% | 5.3% |
| 净利润同比 | 9.1% | 6.3% |
| 每股收益（稀释后） | $0.94 | $3.39 |
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CMSGL
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.6B | $1.4B |
净利润CMSGL
| Q1 26 | — | $270.5M | ||
| Q4 25 | $289.0M | $266.1M | ||
| Q3 25 | $277.0M | $387.8M | ||
| Q2 25 | $201.0M | $252.7M | ||
| Q1 25 | $304.0M | $254.6M | ||
| Q4 24 | $265.0M | $255.2M | ||
| Q3 24 | $253.0M | $303.0M | ||
| Q2 24 | $198.0M | $258.4M |
毛利率CMSGL
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 26.1% | ||
| Q2 24 | — | 23.3% |
营业利润率CMSGL
| Q1 26 | — | — | ||
| Q4 25 | 20.4% | 21.7% | ||
| Q3 25 | 24.4% | 31.5% | ||
| Q2 25 | 17.6% | 21.2% | ||
| Q1 25 | 20.6% | 21.4% | ||
| Q4 24 | 22.5% | 21.3% | ||
| Q3 24 | 21.4% | 26.3% | ||
| Q2 24 | 18.0% | 23.5% |
净利率CMSGL
| Q1 26 | — | 17.3% | ||
| Q4 25 | 13.5% | 17.5% | ||
| Q3 25 | 14.0% | 25.6% | ||
| Q2 25 | 11.2% | 17.1% | ||
| Q1 25 | 12.7% | 17.2% | ||
| Q4 24 | 14.0% | 17.4% | ||
| Q3 24 | 14.8% | 20.8% | ||
| Q2 24 | 12.6% | 17.9% |
每股收益（稀释后）CMSGL
| Q1 26 | — | $3.39 | ||
| Q4 25 | $0.94 | $3.28 | ||
| Q3 25 | $0.92 | $4.73 | ||
| Q2 25 | $0.66 | $3.05 | ||
| Q1 25 | $1.01 | $3.01 | ||
| Q4 24 | $0.88 | $3.00 | ||
| Q3 24 | $0.84 | $3.44 | ||
| Q2 24 | $0.65 | $2.83 |
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 | $183.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $6.1B |
| 总资产 | $39.9B | — |
| 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CMSGL
| Q1 26 | — | $183.8M | ||
| Q4 25 | $509.0M | $314.7M | ||
| Q3 25 | $362.0M | $62.8M | ||
| Q2 25 | $844.0M | $116.7M | ||
| Q1 25 | $465.0M | $134.1M | ||
| Q4 24 | $103.0M | $85.0M | ||
| Q3 24 | $412.0M | $100.5M | ||
| Q2 24 | $699.0M | $100.6M |
股东权益CMSGL
| Q1 26 | — | $6.1B | ||
| Q4 25 | $9.1B | $6.0B | ||
| Q3 25 | $8.9B | $5.7B | ||
| Q2 25 | $8.4B | $5.4B | ||
| Q1 25 | $8.3B | $5.4B | ||
| Q4 24 | $8.2B | $5.3B | ||
| Q3 24 | $8.1B | $4.6B | ||
| Q2 24 | $8.0B | $5.2B |
总资产CMSGL
| Q1 26 | — | — | ||
| Q4 25 | $39.9B | $30.8B | ||
| Q3 25 | $38.0B | $30.5B | ||
| Q2 25 | $37.7B | $29.8B | ||
| Q1 25 | $36.3B | $29.7B | ||
| Q4 24 | $35.9B | $29.1B | ||
| Q3 24 | $34.8B | $29.6B | ||
| Q2 24 | $34.4B | $28.3B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CMSGL
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $350.6M | ||
| Q3 25 | $343.0M | $306.0M | ||
| Q2 25 | $414.0M | $307.9M | ||
| Q1 25 | $1.0B | $431.9M | ||
| Q4 24 | $403.0M | $336.9M | ||
| Q3 24 | $304.0M | $340.6M | ||
| Q2 24 | $707.0M | $374.1M |
自由现金流CMSGL
| Q1 26 | — | — | ||
| Q4 25 | — | $330.1M | ||
| Q3 25 | $-635.0M | $208.7M | ||
| Q2 25 | $-470.0M | $295.0M | ||
| Q1 25 | $112.0M | $420.1M | ||
| Q4 24 | — | $321.9M | ||
| Q3 24 | $-502.0M | $311.3M | ||
| Q2 24 | $26.0M | $356.5M |
自由现金流率CMSGL
| Q1 26 | — | — | ||
| Q4 25 | — | 21.7% | ||
| Q3 25 | -32.2% | 13.8% | ||
| Q2 25 | -26.1% | 19.9% | ||
| Q1 25 | 4.7% | 28.4% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | -29.3% | 21.4% | ||
| Q2 24 | 1.6% | 24.8% |
资本支出强度CMSGL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.3% | ||
| Q3 25 | 49.5% | 6.4% | ||
| Q2 25 | 49.2% | 0.9% | ||
| Q1 25 | 37.0% | 0.8% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | 47.1% | 2.0% | ||
| Q2 24 | 43.2% | 1.2% |
现金转化率CMSGL
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 1.32× | ||
| Q3 25 | 1.24× | 0.79× | ||
| Q2 25 | 2.06× | 1.22× | ||
| Q1 25 | 3.29× | 1.70× | ||
| Q4 24 | 1.52× | 1.32× | ||
| Q3 24 | 1.20× | 1.12× | ||
| Q2 24 | 3.57× | 1.45× |
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% |
GL
| Life premium | $853.2M | 55% |
| Health premium | $416.9M | 27% |
| Other | $289.5M | 19% |
