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CMS Energy（CMS）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
摩托罗拉解决方案的季度营收约是CMS Energy的1.6倍（$3.4B vs $2.1B），摩托罗拉解决方案净利率更高（19.2% vs 13.5%，领先5.7%），CMS Energy同比增速更快（13.0% vs 12.3%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% 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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
CMS vs MSI — 直观对比
营收规模更大
MSI
是对方的1.6倍
$2.1B
营收增速更快
CMS
高出0.7%
12.3%
净利率更高
MSI
高出5.7%
13.5%
两年增速更快
MSI
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.4B |
| 净利润 | $289.0M | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 20.4% | 27.9% |
| 净利率 | 13.5% | 19.2% |
| 营收同比 | 13.0% | 12.3% |
| 净利润同比 | 9.1% | 6.2% |
| 每股收益（稀释后） | $0.94 | $3.85 |
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CMSMSI
| Q4 25 | $2.1B | $3.4B | ||
| Q3 25 | $2.0B | $3.0B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $2.4B | $2.5B | ||
| Q4 24 | $1.9B | $3.0B | ||
| Q3 24 | $1.7B | $2.8B | ||
| Q2 24 | $1.6B | $2.6B | ||
| Q1 24 | $2.1B | $2.4B |
净利润CMSMSI
| Q4 25 | $289.0M | $649.0M | ||
| Q3 25 | $277.0M | $562.0M | ||
| Q2 25 | $201.0M | $513.0M | ||
| Q1 25 | $304.0M | $430.0M | ||
| Q4 24 | $265.0M | $611.0M | ||
| Q3 24 | $253.0M | $562.0M | ||
| Q2 24 | $198.0M | $443.0M | ||
| Q1 24 | $287.0M | $-39.0M |
毛利率CMSMSI
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率CMSMSI
| Q4 25 | 20.4% | 27.9% | ||
| Q3 25 | 24.4% | 25.6% | ||
| Q2 25 | 17.6% | 25.0% | ||
| Q1 25 | 20.6% | 23.0% | ||
| Q4 24 | 22.5% | 27.0% | ||
| Q3 24 | 21.4% | 25.5% | ||
| Q2 24 | 18.0% | 24.5% | ||
| Q1 24 | 19.2% | 21.7% |
净利率CMSMSI
| Q4 25 | 13.5% | 19.2% | ||
| Q3 25 | 14.0% | 18.7% | ||
| Q2 25 | 11.2% | 18.6% | ||
| Q1 25 | 12.7% | 17.0% | ||
| Q4 24 | 14.0% | 20.3% | ||
| Q3 24 | 14.8% | 20.1% | ||
| Q2 24 | 12.6% | 16.9% | ||
| Q1 24 | 13.4% | -1.6% |
每股收益（稀释后）CMSMSI
| Q4 25 | $0.94 | $3.85 | ||
| Q3 25 | $0.92 | $3.33 | ||
| Q2 25 | $0.66 | $3.04 | ||
| Q1 25 | $1.01 | $2.53 | ||
| Q4 24 | $0.88 | $3.57 | ||
| Q3 24 | $0.84 | $3.29 | ||
| Q2 24 | $0.65 | $2.60 | ||
| Q1 24 | $0.96 | $-0.23 |
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 | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $2.4B |
| 总资产 | $39.9B | $19.4B |
| 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CMSMSI
| Q4 25 | $509.0M | $1.2B | ||
| Q3 25 | $362.0M | $894.0M | ||
| Q2 25 | $844.0M | $3.2B | ||
| Q1 25 | $465.0M | $1.6B | ||
| Q4 24 | $103.0M | $2.1B | ||
| Q3 24 | $412.0M | $1.4B | ||
| Q2 24 | $699.0M | $1.4B | ||
| Q1 24 | $802.0M | $1.5B |
股东权益CMSMSI
| Q4 25 | $9.1B | $2.4B | ||
| Q3 25 | $8.9B | $2.3B | ||
| Q2 25 | $8.4B | $2.0B | ||
| Q1 25 | $8.3B | $1.6B | ||
| Q4 24 | $8.2B | $1.7B | ||
| Q3 24 | $8.1B | $1.3B | ||
| Q2 24 | $8.0B | $802.0M | ||
| Q1 24 | $7.9B | $521.0M |
总资产CMSMSI
| Q4 25 | $39.9B | $19.4B | ||
| Q3 25 | $38.0B | $18.8B | ||
| Q2 25 | $37.7B | $16.4B | ||
| Q1 25 | $36.3B | $14.4B | ||
| Q4 24 | $35.9B | $14.6B | ||
| Q3 24 | $34.8B | $13.9B | ||
| Q2 24 | $34.4B | $13.3B | ||
| Q1 24 | $33.9B | $13.3B |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 33.8% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.94× |
| 过去12个月自由现金流最近4个季度 | — | $2.6B |
8季度趋势，按日历期对齐
经营现金流CMSMSI
| Q4 25 | $478.0M | $1.3B | ||
| Q3 25 | $343.0M | $798.0M | ||
| Q2 25 | $414.0M | $273.0M | ||
| Q1 25 | $1.0B | $510.0M | ||
| Q4 24 | $403.0M | $1.1B | ||
| Q3 24 | $304.0M | $759.0M | ||
| Q2 24 | $707.0M | $180.0M | ||
| Q1 24 | $956.0M | $382.0M |
自由现金流CMSMSI
| Q4 25 | — | $1.1B | ||
| Q3 25 | $-635.0M | $732.0M | ||
| Q2 25 | $-470.0M | $225.0M | ||
| Q1 25 | $112.0M | $473.0M | ||
| Q4 24 | — | $984.0M | ||
| Q3 24 | $-502.0M | $702.0M | ||
| Q2 24 | $26.0M | $112.0M | ||
| Q1 24 | $343.0M | $336.0M |
自由现金流率CMSMSI
| Q4 25 | — | 33.8% | ||
| Q3 25 | -32.2% | 24.3% | ||
| Q2 25 | -26.1% | 8.1% | ||
| Q1 25 | 4.7% | 18.7% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | -29.3% | 25.2% | ||
| Q2 24 | 1.6% | 4.3% | ||
| Q1 24 | 16.0% | 14.1% |
资本支出强度CMSMSI
| Q4 25 | — | 3.4% | ||
| Q3 25 | 49.5% | 2.2% | ||
| Q2 25 | 49.2% | 1.7% | ||
| Q1 25 | 37.0% | 1.5% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | 47.1% | 2.0% | ||
| Q2 24 | 43.2% | 2.6% | ||
| Q1 24 | 28.6% | 1.9% |
现金转化率CMSMSI
| Q4 25 | 1.65× | 1.94× | ||
| Q3 25 | 1.24× | 1.42× | ||
| Q2 25 | 2.06× | 0.53× | ||
| Q1 25 | 3.29× | 1.19× | ||
| Q4 24 | 1.52× | 1.75× | ||
| Q3 24 | 1.20× | 1.35× | ||
| Q2 24 | 3.57× | 0.41× | ||
| 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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
