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CMS Energy（CMS）与荷美尔食品（HRL）财务数据对比。点击上方公司名可切换其他公司
荷美尔食品的季度营收约是CMS Energy的1.5倍（$3.2B vs $2.1B），CMS Energy净利率更高（13.5% vs -1.8%，领先15.3%），CMS Energy同比增速更快（13.0% vs 1.5%），过去两年荷美尔食品的营收复合增速更高（3.1% 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。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
CMS vs HRL — 直观对比
营收规模更大
HRL
是对方的1.5倍
$2.1B
营收增速更快
CMS
高出11.5%
1.5%
净利率更高
CMS
高出15.3%
-1.8%
两年增速更快
HRL
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.2B |
| 净利润 | $289.0M | $-56.1M |
| 毛利率 | — | 14.0% |
| 营业利润率 | 20.4% | 0.1% |
| 净利率 | 13.5% | -1.8% |
| 营收同比 | 13.0% | 1.5% |
| 净利润同比 | 9.1% | -125.5% |
| 每股收益（稀释后） | $0.94 | $-0.10 |
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CMSHRL
| Q4 25 | $2.1B | $3.2B | ||
| Q3 25 | $2.0B | $3.0B | ||
| Q2 25 | $1.8B | $2.9B | ||
| Q1 25 | $2.4B | $3.0B | ||
| Q4 24 | $1.9B | $3.1B | ||
| Q3 24 | $1.7B | $2.9B | ||
| Q2 24 | $1.6B | $2.9B | ||
| Q1 24 | $2.1B | $3.0B |
净利润CMSHRL
| Q4 25 | $289.0M | $-56.1M | ||
| Q3 25 | $277.0M | $183.7M | ||
| Q2 25 | $201.0M | $180.0M | ||
| Q1 25 | $304.0M | $170.6M | ||
| Q4 24 | $265.0M | $220.2M | ||
| Q3 24 | $253.0M | $176.7M | ||
| Q2 24 | $198.0M | $189.3M | ||
| Q1 24 | $287.0M | $218.9M |
毛利率CMSHRL
| Q4 25 | — | 14.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 16.7% | ||
| Q1 25 | — | 15.9% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | 17.0% |
营业利润率CMSHRL
| Q4 25 | 20.4% | 0.1% | ||
| Q3 25 | 24.4% | 7.9% | ||
| Q2 25 | 17.6% | 8.6% | ||
| Q1 25 | 20.6% | 7.6% | ||
| Q4 24 | 22.5% | 9.4% | ||
| Q3 24 | 21.4% | 8.2% | ||
| Q2 24 | 18.0% | 8.7% | ||
| Q1 24 | 19.2% | 9.5% |
净利率CMSHRL
| Q4 25 | 13.5% | -1.8% | ||
| Q3 25 | 14.0% | 6.1% | ||
| Q2 25 | 11.2% | 6.2% | ||
| Q1 25 | 12.7% | 5.7% | ||
| Q4 24 | 14.0% | 7.0% | ||
| Q3 24 | 14.8% | 6.1% | ||
| Q2 24 | 12.6% | 6.6% | ||
| Q1 24 | 13.4% | 7.3% |
每股收益（稀释后）CMSHRL
| Q4 25 | $0.94 | $-0.10 | ||
| Q3 25 | $0.92 | $0.33 | ||
| Q2 25 | $0.66 | $0.33 | ||
| Q1 25 | $1.01 | $0.31 | ||
| Q4 24 | $0.88 | $0.41 | ||
| Q3 24 | $0.84 | $0.32 | ||
| Q2 24 | $0.65 | $0.34 | ||
| Q1 24 | $0.96 | $0.40 |
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 | $703.6M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $9.1B | $7.9B |
| 总资产 | $39.9B | $13.4B |
| 负债/权益比越低杠杆越低 | — | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资CMSHRL
| Q4 25 | $509.0M | $703.6M | ||
| Q3 25 | $362.0M | $630.7M | ||
| Q2 25 | $844.0M | $699.0M | ||
| Q1 25 | $465.0M | $866.4M | ||
| Q4 24 | $103.0M | $766.6M | ||
| Q3 24 | $412.0M | $561.9M | ||
| Q2 24 | $699.0M | $1.5B | ||
| Q1 24 | $802.0M | $981.9M |
总债务CMSHRL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.4B |
股东权益CMSHRL
| Q4 25 | $9.1B | $7.9B | ||
| Q3 25 | $8.9B | $8.1B | ||
| Q2 25 | $8.4B | $8.0B | ||
| Q1 25 | $8.3B | $8.0B | ||
| Q4 24 | $8.2B | $8.0B | ||
| Q3 24 | $8.1B | $7.9B | ||
| Q2 24 | $8.0B | $7.9B | ||
| Q1 24 | $7.9B | $7.8B |
总资产CMSHRL
| Q4 25 | $39.9B | $13.4B | ||
| Q3 25 | $38.0B | $13.5B | ||
| Q2 25 | $37.7B | $13.4B | ||
| Q1 25 | $36.3B | $13.4B | ||
| Q4 24 | $35.9B | $13.4B | ||
| Q3 24 | $34.8B | $13.1B | ||
| Q2 24 | $34.4B | $14.1B | ||
| Q1 24 | $33.9B | $13.5B |
负债/权益比CMSHRL
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.36× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 0.30× |
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 | $322.9M |
| 自由现金流经营现金流 - 资本支出 | — | $231.4M |
| 自由现金流率自由现金流/营收 | — | 7.3% |
| 资本支出强度资本支出/营收 | — | 2.9% |
| 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 | — | $534.3M |
8季度趋势，按日历期对齐
经营现金流CMSHRL
| Q4 25 | $478.0M | $322.9M | ||
| Q3 25 | $343.0M | $156.7M | ||
| Q2 25 | $414.0M | $56.4M | ||
| Q1 25 | $1.0B | $309.2M | ||
| Q4 24 | $403.0M | $408.6M | ||
| Q3 24 | $304.0M | $218.0M | ||
| Q2 24 | $707.0M | $236.1M | ||
| Q1 24 | $956.0M | $404.0M |
自由现金流CMSHRL
| Q4 25 | — | $231.4M | ||
| Q3 25 | $-635.0M | $84.5M | ||
| Q2 25 | $-470.0M | $-18.6M | ||
| Q1 25 | $112.0M | $237.0M | ||
| Q4 24 | — | $324.8M | ||
| Q3 24 | $-502.0M | $152.5M | ||
| Q2 24 | $26.0M | $176.2M | ||
| Q1 24 | $343.0M | $356.8M |
自由现金流率CMSHRL
| Q4 25 | — | 7.3% | ||
| Q3 25 | -32.2% | 2.8% | ||
| Q2 25 | -26.1% | -0.6% | ||
| Q1 25 | 4.7% | 7.9% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | -29.3% | 5.3% | ||
| Q2 24 | 1.6% | 6.1% | ||
| Q1 24 | 16.0% | 11.9% |
资本支出强度CMSHRL
| Q4 25 | — | 2.9% | ||
| Q3 25 | 49.5% | 2.4% | ||
| Q2 25 | 49.2% | 2.6% | ||
| Q1 25 | 37.0% | 2.4% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | 47.1% | 2.3% | ||
| Q2 24 | 43.2% | 2.1% | ||
| Q1 24 | 28.6% | 1.6% |
现金转化率CMSHRL
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 0.85× | ||
| Q2 25 | 2.06× | 0.31× | ||
| Q1 25 | 3.29× | 1.81× | ||
| Q4 24 | 1.52× | 1.86× | ||
| Q3 24 | 1.20× | 1.23× | ||
| Q2 24 | 3.57× | 1.25× | ||
| Q1 24 | 3.33× | 1.85× |
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% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
