vs
CMS Energy（CMS）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是CMS Energy的1.8倍（$3.8B vs $2.1B），CMS Energy净利率更高（13.5% vs 12.4%，领先1.1%），CMS Energy同比增速更快（13.0% vs 2.8%），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
CMS vs NOW — 直观对比
营收规模更大
NOW
是对方的1.8倍
$2.1B
营收增速更快
CMS
高出10.2%
2.8%
净利率更高
CMS
高出1.1%
12.4%
两年增速更快
NOW
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.8B |
| 净利润 | $289.0M | $469.0M |
| 毛利率 | — | 75.1% |
| 营业利润率 | 20.4% | 13.3% |
| 净利率 | 13.5% | 12.4% |
| 营收同比 | 13.0% | 2.8% |
| 净利润同比 | 9.1% | -53.7% |
| 每股收益（稀释后） | $0.94 | $1.04 |
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CMSNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.0B | $3.4B | ||
| Q2 25 | $1.8B | $3.2B | ||
| Q1 25 | $2.4B | $3.1B | ||
| Q4 24 | $1.9B | $3.0B | ||
| Q3 24 | $1.7B | $2.8B | ||
| Q2 24 | $1.6B | $2.6B |
净利润CMSNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $289.0M | $401.0M | ||
| Q3 25 | $277.0M | $502.0M | ||
| Q2 25 | $201.0M | $385.0M | ||
| Q1 25 | $304.0M | $460.0M | ||
| Q4 24 | $265.0M | $384.0M | ||
| Q3 24 | $253.0M | $432.0M | ||
| Q2 24 | $198.0M | $262.0M |
毛利率CMSNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 79.0% |
营业利润率CMSNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 20.4% | 12.4% | ||
| Q3 25 | 24.4% | 16.8% | ||
| Q2 25 | 17.6% | 11.1% | ||
| Q1 25 | 20.6% | 14.6% | ||
| Q4 24 | 22.5% | 12.6% | ||
| Q3 24 | 21.4% | 14.9% | ||
| Q2 24 | 18.0% | 9.1% |
净利率CMSNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 13.5% | 11.2% | ||
| Q3 25 | 14.0% | 14.7% | ||
| Q2 25 | 11.2% | 12.0% | ||
| Q1 25 | 12.7% | 14.9% | ||
| Q4 24 | 14.0% | 13.0% | ||
| Q3 24 | 14.8% | 15.4% | ||
| Q2 24 | 12.6% | 10.0% |
每股收益（稀释后）CMSNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $0.94 | $-4.77 | ||
| Q3 25 | $0.92 | $2.40 | ||
| Q2 25 | $0.66 | $1.84 | ||
| Q1 25 | $1.01 | $2.20 | ||
| Q4 24 | $0.88 | $1.84 | ||
| Q3 24 | $0.84 | $2.07 | ||
| Q2 24 | $0.65 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $11.7B |
| 总资产 | $39.9B | $24.4B |
| 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CMSNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $509.0M | $3.7B | ||
| Q3 25 | $362.0M | $2.7B | ||
| Q2 25 | $844.0M | $3.1B | ||
| Q1 25 | $465.0M | $3.4B | ||
| Q4 24 | $103.0M | $2.3B | ||
| Q3 24 | $412.0M | $1.9B | ||
| Q2 24 | $699.0M | $2.2B |
股东权益CMSNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $9.1B | $13.0B | ||
| Q3 25 | $8.9B | $11.3B | ||
| Q2 25 | $8.4B | $10.9B | ||
| Q1 25 | $8.3B | $10.1B | ||
| Q4 24 | $8.2B | $9.6B | ||
| Q3 24 | $8.1B | $9.3B | ||
| Q2 24 | $8.0B | $8.7B |
总资产CMSNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $39.9B | $26.0B | ||
| Q3 25 | $38.0B | $21.8B | ||
| Q2 25 | $37.7B | $22.1B | ||
| Q1 25 | $36.3B | $21.0B | ||
| Q4 24 | $35.9B | $20.4B | ||
| Q3 24 | $34.8B | $18.4B | ||
| Q2 24 | $34.4B | $18.2B |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.7B |
| 自由现金流率自由现金流/营收 | — | 44.2% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.65× | 3.56× |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流CMSNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $478.0M | $2.2B | ||
| Q3 25 | $343.0M | $813.0M | ||
| Q2 25 | $414.0M | $716.0M | ||
| Q1 25 | $1.0B | $1.7B | ||
| Q4 24 | $403.0M | $1.6B | ||
| Q3 24 | $304.0M | $671.0M | ||
| Q2 24 | $707.0M | $620.0M |
自由现金流CMSNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $-635.0M | $578.0M | ||
| Q2 25 | $-470.0M | $526.0M | ||
| Q1 25 | $112.0M | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $-502.0M | $469.0M | ||
| Q2 24 | $26.0M | $358.0M |
自由现金流率CMSNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | — | 56.1% | ||
| Q3 25 | -32.2% | 17.0% | ||
| Q2 25 | -26.1% | 16.4% | ||
| Q1 25 | 4.7% | 47.7% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | -29.3% | 16.8% | ||
| Q2 24 | 1.6% | 13.6% |
资本支出强度CMSNOW
| Q1 26 | — | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | 49.5% | 6.9% | ||
| Q2 25 | 49.2% | 5.9% | ||
| Q1 25 | 37.0% | 6.6% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | 47.1% | 7.2% | ||
| Q2 24 | 43.2% | 10.0% |
现金转化率CMSNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 1.65× | 5.58× | ||
| Q3 25 | 1.24× | 1.62× | ||
| Q2 25 | 2.06× | 1.86× | ||
| Q1 25 | 3.29× | 3.65× | ||
| Q4 24 | 1.52× | 4.26× | ||
| Q3 24 | 1.20× | 1.55× | ||
| Q2 24 | 3.57× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
