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CMS Energy（CMS）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是CMS Energy的1.0倍（$2.2B vs $2.1B），CMS Energy净利率更高（13.5% vs 1.1%，领先12.4%），CMS Energy同比增速更快（13.0% vs 7.0%），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% 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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CMS vs GLP — 直观对比
营收规模更大
GLP
是对方的1.0倍
$2.1B
营收增速更快
CMS
高出6.0%
7.0%
净利率更高
CMS
高出12.4%
1.1%
两年增速更快
GLP
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.2B |
| 净利润 | $289.0M | $25.1M |
| 毛利率 | — | 11.9% |
| 营业利润率 | 20.4% | 2.6% |
| 净利率 | 13.5% | 1.1% |
| 营收同比 | 13.0% | 7.0% |
| 净利润同比 | 9.1% | 5.0% |
| 每股收益（稀释后） | $0.94 | — |
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CMSGLP
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.7B | $2.1B | ||
| Q2 24 | $1.6B | $2.3B | ||
| Q1 24 | $2.1B | $2.2B |
净利润CMSGLP
| Q4 25 | $289.0M | $25.1M | ||
| Q3 25 | $277.0M | $29.0M | ||
| Q2 25 | $201.0M | $25.2M | ||
| Q1 25 | $304.0M | $18.7M | ||
| Q4 24 | $265.0M | $23.9M | ||
| Q3 24 | $253.0M | $45.9M | ||
| Q2 24 | $198.0M | $46.1M | ||
| Q1 24 | $287.0M | $-5.6M |
毛利率CMSGLP
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 9.8% |
营业利润率CMSGLP
| Q4 25 | 20.4% | 2.6% | ||
| Q3 25 | 24.4% | 2.7% | ||
| Q2 25 | 17.6% | 2.9% | ||
| Q1 25 | 20.6% | 2.6% | ||
| Q4 24 | 22.5% | 2.8% | ||
| Q3 24 | 21.4% | 3.9% | ||
| Q2 24 | 18.0% | 3.7% | ||
| Q1 24 | 19.2% | 1.2% |
净利率CMSGLP
| Q4 25 | 13.5% | 1.1% | ||
| Q3 25 | 14.0% | 1.3% | ||
| Q2 25 | 11.2% | 1.2% | ||
| Q1 25 | 12.7% | 0.9% | ||
| Q4 24 | 14.0% | 1.2% | ||
| Q3 24 | 14.8% | 2.1% | ||
| Q2 24 | 12.6% | 2.0% | ||
| Q1 24 | 13.4% | -0.3% |
每股收益（稀释后）CMSGLP
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | — | ||
| Q2 25 | $0.66 | — | ||
| Q1 25 | $1.01 | — | ||
| Q4 24 | $0.88 | — | ||
| Q3 24 | $0.84 | — | ||
| Q2 24 | $0.65 | — | ||
| Q1 24 | $0.96 | — |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | — |
| 总资产 | $39.9B | $3.9B |
| 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CMSGLP
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | — | ||
| Q2 25 | $844.0M | — | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $103.0M | — | ||
| Q3 24 | $412.0M | — | ||
| Q2 24 | $699.0M | — | ||
| Q1 24 | $802.0M | — |
股东权益CMSGLP
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | — | ||
| Q2 25 | $8.4B | — | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.0B | — | ||
| Q1 24 | $7.9B | — |
总资产CMSGLP
| Q4 25 | $39.9B | $3.9B | ||
| Q3 25 | $38.0B | $3.7B | ||
| Q2 25 | $37.7B | $3.8B | ||
| Q1 25 | $36.3B | $3.8B | ||
| Q4 24 | $35.9B | $3.8B | ||
| Q3 24 | $34.8B | $3.7B | ||
| Q2 24 | $34.4B | $3.8B | ||
| Q1 24 | $33.9B | $3.5B |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | — | $62.2M |
| 自由现金流率自由现金流/营收 | — | 2.8% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | 1.65× | 4.03× |
| 过去12个月自由现金流最近4个季度 | — | $193.3M |
8季度趋势，按日历期对齐
经营现金流CMSGLP
| Q4 25 | $478.0M | $101.0M | ||
| Q3 25 | $343.0M | $19.0M | ||
| Q2 25 | $414.0M | $216.3M | ||
| Q1 25 | $1.0B | $-51.6M | ||
| Q4 24 | $403.0M | $67.2M | ||
| Q3 24 | $304.0M | $122.7M | ||
| Q2 24 | $707.0M | $24.3M | ||
| Q1 24 | $956.0M | $-182.7M |
自由现金流CMSGLP
| Q4 25 | — | $62.2M | ||
| Q3 25 | $-635.0M | $-678.0K | ||
| Q2 25 | $-470.0M | $201.3M | ||
| Q1 25 | $112.0M | $-69.5M | ||
| Q4 24 | — | $20.4M | ||
| Q3 24 | $-502.0M | $98.4M | ||
| Q2 24 | $26.0M | $8.7M | ||
| Q1 24 | $343.0M | $-199.3M |
自由现金流率CMSGLP
| Q4 25 | — | 2.8% | ||
| Q3 25 | -32.2% | -0.0% | ||
| Q2 25 | -26.1% | 9.7% | ||
| Q1 25 | 4.7% | -3.2% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | -29.3% | 4.6% | ||
| Q2 24 | 1.6% | 0.4% | ||
| Q1 24 | 16.0% | -9.0% |
资本支出强度CMSGLP
| Q4 25 | — | 1.8% | ||
| Q3 25 | 49.5% | 0.9% | ||
| Q2 25 | 49.2% | 0.7% | ||
| Q1 25 | 37.0% | 0.8% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | 47.1% | 1.1% | ||
| Q2 24 | 43.2% | 0.7% | ||
| Q1 24 | 28.6% | 0.8% |
现金转化率CMSGLP
| Q4 25 | 1.65× | 4.03× | ||
| Q3 25 | 1.24× | 0.66× | ||
| Q2 25 | 2.06× | 8.58× | ||
| Q1 25 | 3.29× | -2.76× | ||
| Q4 24 | 1.52× | 2.82× | ||
| Q3 24 | 1.20× | 2.67× | ||
| Q2 24 | 3.57× | 0.53× | ||
| Q1 24 | 3.33× | — |
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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
