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CMS Energy（CMS）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是CMS Energy的2.0倍（$4.2B vs $2.1B），CMS Energy净利率更高（13.5% vs 7.8%，领先5.8%），CMS Energy同比增速更快（13.0% vs -3.5%），过去两年Leidos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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
CMS vs LDOS — 直观对比
营收规模更大
LDOS
是对方的2.0倍
$2.1B
营收增速更快
CMS
高出16.5%
-3.5%
净利率更高
CMS
高出5.8%
7.8%
两年增速更快
LDOS
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.2B |
| 净利润 | $289.0M | $327.0M |
| 毛利率 | — | 17.4% |
| 营业利润率 | 20.4% | 11.3% |
| 净利率 | 13.5% | 7.8% |
| 营收同比 | 13.0% | -3.5% |
| 净利润同比 | 9.1% | 15.1% |
| 每股收益（稀释后） | $0.94 | $2.54 |
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CMSLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.1B | $4.4B | ||
| Q3 25 | $2.0B | $4.2B | ||
| Q2 25 | $1.8B | $4.2B | ||
| Q1 25 | $2.4B | $4.3B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.7B | $4.2B | ||
| Q2 24 | $1.6B | $4.1B |
净利润CMSLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $289.0M | $367.0M | ||
| Q3 25 | $277.0M | $391.0M | ||
| Q2 25 | $201.0M | $363.0M | ||
| Q1 25 | $304.0M | $284.0M | ||
| Q4 24 | $265.0M | — | ||
| Q3 24 | $253.0M | $364.0M | ||
| Q2 24 | $198.0M | $322.0M |
毛利率CMSLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 18.0% | ||
| Q2 25 | — | 17.5% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 16.6% |
营业利润率CMSLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 20.4% | 12.0% | ||
| Q3 25 | 24.4% | 13.5% | ||
| Q2 25 | 17.6% | 12.5% | ||
| Q1 25 | 20.6% | 9.7% | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 21.4% | 12.4% | ||
| Q2 24 | 18.0% | 11.6% |
净利率CMSLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 13.5% | 8.2% | ||
| Q3 25 | 14.0% | 9.2% | ||
| Q2 25 | 11.2% | 8.6% | ||
| Q1 25 | 12.7% | 6.5% | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 14.8% | 8.7% | ||
| Q2 24 | 12.6% | 7.8% |
每股收益（稀释后）CMSLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $0.94 | $2.82 | ||
| Q3 25 | $0.92 | $3.01 | ||
| Q2 25 | $0.66 | $2.77 | ||
| Q1 25 | $1.01 | $2.10 | ||
| Q4 24 | $0.88 | — | ||
| Q3 24 | $0.84 | $2.68 | ||
| Q2 24 | $0.65 | $2.37 |
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 | $1.1B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $9.1B | $4.9B |
| 总资产 | $39.9B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资CMSLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $509.0M | $974.0M | ||
| Q3 25 | $362.0M | $930.0M | ||
| Q2 25 | $844.0M | $842.0M | ||
| Q1 25 | $465.0M | $943.0M | ||
| Q4 24 | $103.0M | — | ||
| Q3 24 | $412.0M | $1.2B | ||
| Q2 24 | $699.0M | $823.0M |
总债务CMSLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
股东权益CMSLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $9.1B | $4.9B | ||
| Q3 25 | $8.9B | $4.7B | ||
| Q2 25 | $8.4B | $4.3B | ||
| Q1 25 | $8.3B | $4.4B | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | $8.1B | $4.6B | ||
| Q2 24 | $8.0B | $4.5B |
总资产CMSLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $39.9B | $13.5B | ||
| Q3 25 | $38.0B | $13.5B | ||
| Q2 25 | $37.7B | $13.2B | ||
| Q1 25 | $36.3B | $13.1B | ||
| Q4 24 | $35.9B | — | ||
| Q3 24 | $34.8B | $13.3B | ||
| Q2 24 | $34.4B | $12.9B |
负债/权益比CMSLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 0.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.92× |
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 | $495.0M |
| 自由现金流经营现金流 - 资本支出 | — | $452.0M |
| 自由现金流率自由现金流/营收 | — | 10.8% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.51× |
| 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CMSLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $478.0M | — | ||
| Q3 25 | $343.0M | $711.0M | ||
| Q2 25 | $414.0M | $58.0M | ||
| Q1 25 | $1.0B | $299.0M | ||
| Q4 24 | $403.0M | — | ||
| Q3 24 | $304.0M | $656.0M | ||
| Q2 24 | $707.0M | $374.0M |
自由现金流CMSLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | $680.0M | ||
| Q2 25 | $-470.0M | $36.0M | ||
| Q1 25 | $112.0M | $213.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | $633.0M | ||
| Q2 24 | $26.0M | $351.0M |
自由现金流率CMSLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | 16.1% | ||
| Q2 25 | -26.1% | 0.9% | ||
| Q1 25 | 4.7% | 4.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | 15.2% | ||
| Q2 24 | 1.6% | 8.5% |
资本支出强度CMSLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | 0.7% | ||
| Q2 25 | 49.2% | 0.5% | ||
| Q1 25 | 37.0% | 2.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | 0.6% | ||
| Q2 24 | 43.2% | 0.6% |
现金转化率CMSLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 1.82× | ||
| Q2 25 | 2.06× | 0.16× | ||
| Q1 25 | 3.29× | 1.05× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 1.80× | ||
| Q2 24 | 3.57× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
