vs
CMS Energy（CMS）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是雷诺士国际的1.8倍（$2.1B vs $1.2B），雷诺士国际净利率更高（13.6% vs 13.5%，领先0.0%），CMS Energy同比增速更快（13.0% vs -11.2%），过去两年雷诺士国际的营收复合增速更高（6.8% 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。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
CMS vs LII — 直观对比
营收规模更大
CMS
是对方的1.8倍
$1.2B
营收增速更快
CMS
高出24.1%
-11.2%
净利率更高
LII
高出0.0%
13.5%
两年增速更快
LII
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | $162.1M |
| 毛利率 | — | 34.7% |
| 营业利润率 | 20.4% | 18.6% |
| 净利率 | 13.5% | 13.6% |
| 营收同比 | 13.0% | -11.2% |
| 净利润同比 | 9.1% | -18.0% |
| 每股收益（稀释后） | $0.94 | $4.62 |
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CMSLII
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.1B | $1.0B |
净利润CMSLII
| Q4 25 | $289.0M | $162.1M | ||
| Q3 25 | $277.0M | $245.8M | ||
| Q2 25 | $201.0M | $277.6M | ||
| Q1 25 | $304.0M | $120.3M | ||
| Q4 24 | $265.0M | $197.7M | ||
| Q3 24 | $253.0M | $239.0M | ||
| Q2 24 | $198.0M | $245.9M | ||
| Q1 24 | $287.0M | $124.3M |
毛利率CMSLII
| Q4 25 | — | 34.7% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 34.8% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 33.6% | ||
| Q1 24 | — | 32.5% |
营业利润率CMSLII
| Q4 25 | 20.4% | 18.6% | ||
| Q3 25 | 24.4% | 21.7% | ||
| Q2 25 | 17.6% | 23.6% | ||
| Q1 25 | 20.6% | 14.5% | ||
| Q4 24 | 22.5% | 18.2% | ||
| Q3 24 | 21.4% | 20.2% | ||
| Q2 24 | 18.0% | 22.1% | ||
| Q1 24 | 19.2% | 15.9% |
净利率CMSLII
| Q4 25 | 13.5% | 13.6% | ||
| Q3 25 | 14.0% | 17.2% | ||
| Q2 25 | 11.2% | 18.5% | ||
| Q1 25 | 12.7% | 11.2% | ||
| Q4 24 | 14.0% | 14.7% | ||
| Q3 24 | 14.8% | 16.0% | ||
| Q2 24 | 12.6% | 16.9% | ||
| Q1 24 | 13.4% | 11.9% |
每股收益（稀释后）CMSLII
| Q4 25 | $0.94 | $4.62 | ||
| Q3 25 | $0.92 | $6.98 | ||
| Q2 25 | $0.66 | $7.82 | ||
| Q1 25 | $1.01 | $3.37 | ||
| Q4 24 | $0.88 | $5.52 | ||
| Q3 24 | $0.84 | $6.68 | ||
| Q2 24 | $0.65 | $6.87 | ||
| Q1 24 | $0.96 | $3.47 |
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 | $34.7M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $9.1B | $1.2B |
| 总资产 | $39.9B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资CMSLII
| Q4 25 | $509.0M | $34.7M | ||
| Q3 25 | $362.0M | $59.2M | ||
| Q2 25 | $844.0M | $55.1M | ||
| Q1 25 | $465.0M | $222.9M | ||
| Q4 24 | $103.0M | $422.3M | ||
| Q3 24 | $412.0M | $255.7M | ||
| Q2 24 | $699.0M | $57.8M | ||
| Q1 24 | $802.0M | $57.6M |
总债务CMSLII
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.2B |
股东权益CMSLII
| Q4 25 | $9.1B | $1.2B | ||
| Q3 25 | $8.9B | $1.1B | ||
| Q2 25 | $8.4B | $900.5M | ||
| Q1 25 | $8.3B | $852.5M | ||
| Q4 24 | $8.2B | $850.2M | ||
| Q3 24 | $8.1B | $754.0M | ||
| Q2 24 | $8.0B | $577.4M | ||
| Q1 24 | $7.9B | $368.8M |
总资产CMSLII
| Q4 25 | $39.9B | $4.1B | ||
| Q3 25 | $38.0B | $3.5B | ||
| Q2 25 | $37.7B | $3.7B | ||
| Q1 25 | $36.3B | $3.5B | ||
| Q4 24 | $35.9B | $3.5B | ||
| Q3 24 | $34.8B | $3.3B | ||
| Q2 24 | $34.4B | $3.2B | ||
| Q1 24 | $33.9B | $3.0B |
负债/权益比CMSLII
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $405.9M |
| 自由现金流经营现金流 - 资本支出 | — | $376.7M |
| 自由现金流率自由现金流/营收 | — | 31.5% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 1.65× | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $638.8M |
8季度趋势，按日历期对齐
经营现金流CMSLII
| Q4 25 | $478.0M | $405.9M | ||
| Q3 25 | $343.0M | $300.7M | ||
| Q2 25 | $414.0M | $86.8M | ||
| Q1 25 | $1.0B | $-35.8M | ||
| Q4 24 | $403.0M | $332.4M | ||
| Q3 24 | $304.0M | $452.1M | ||
| Q2 24 | $707.0M | $184.0M | ||
| Q1 24 | $956.0M | $-22.8M |
自由现金流CMSLII
| Q4 25 | — | $376.7M | ||
| Q3 25 | $-635.0M | $265.1M | ||
| Q2 25 | $-470.0M | $58.3M | ||
| Q1 25 | $112.0M | $-61.3M | ||
| Q4 24 | — | $272.2M | ||
| Q3 24 | $-502.0M | $410.9M | ||
| Q2 24 | $26.0M | $151.3M | ||
| Q1 24 | $343.0M | $-52.3M |
自由现金流率CMSLII
| Q4 25 | — | 31.5% | ||
| Q3 25 | -32.2% | 18.6% | ||
| Q2 25 | -26.1% | 3.9% | ||
| Q1 25 | 4.7% | -5.7% | ||
| Q4 24 | — | 20.2% | ||
| Q3 24 | -29.3% | 27.4% | ||
| Q2 24 | 1.6% | 10.4% | ||
| Q1 24 | 16.0% | -5.0% |
资本支出强度CMSLII
| Q4 25 | — | 2.4% | ||
| Q3 25 | 49.5% | 2.5% | ||
| Q2 25 | 49.2% | 1.9% | ||
| Q1 25 | 37.0% | 2.4% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | 47.1% | 2.8% | ||
| Q2 24 | 43.2% | 2.3% | ||
| Q1 24 | 28.6% | 2.8% |
现金转化率CMSLII
| Q4 25 | 1.65× | 2.50× | ||
| Q3 25 | 1.24× | 1.22× | ||
| Q2 25 | 2.06× | 0.31× | ||
| Q1 25 | 3.29× | -0.30× | ||
| Q4 24 | 1.52× | 1.68× | ||
| Q3 24 | 1.20× | 1.89× | ||
| Q2 24 | 3.57× | 0.75× | ||
| Q1 24 | 3.33× | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
