vs
CMS Energy（CMS）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是北极星的1.3倍（$2.1B vs $1.7B），CMS Energy净利率更高（13.5% vs -2.8%，领先16.4%），CMS Energy同比增速更快（13.0% vs 8.0%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
CMS vs PII — 直观对比
营收规模更大
CMS
是对方的1.3倍
$1.7B
营收增速更快
CMS
高出5.0%
8.0%
净利率更高
CMS
高出16.4%
-2.8%
两年增速更快
CMS
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.7B |
| 净利润 | $289.0M | $-47.2M |
| 毛利率 | — | 20.2% |
| 营业利润率 | 20.4% | 76.5% |
| 净利率 | 13.5% | -2.8% |
| 营收同比 | 13.0% | 8.0% |
| 净利润同比 | 9.1% | 29.0% |
| 每股收益（稀释后） | $0.94 | $-0.83 |
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CMSPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.9B | $1.8B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.6B | $2.0B |
净利润CMSPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $289.0M | $-303.6M | ||
| Q3 25 | $277.0M | $-15.8M | ||
| Q2 25 | $201.0M | $-79.3M | ||
| Q1 25 | $304.0M | $-66.8M | ||
| Q4 24 | $265.0M | $10.6M | ||
| Q3 24 | $253.0M | $27.7M | ||
| Q2 24 | $198.0M | $68.7M |
毛利率CMSPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | 21.6% |
营业利润率CMSPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | 20.4% | -16.7% | ||
| Q3 25 | 24.4% | 1.1% | ||
| Q2 25 | 17.6% | -0.7% | ||
| Q1 25 | 20.6% | -2.4% | ||
| Q4 24 | 22.5% | 3.7% | ||
| Q3 24 | 21.4% | 3.8% | ||
| Q2 24 | 18.0% | 6.1% |
净利率CMSPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 13.5% | -15.8% | ||
| Q3 25 | 14.0% | -0.9% | ||
| Q2 25 | 11.2% | -4.3% | ||
| Q1 25 | 12.7% | -4.3% | ||
| Q4 24 | 14.0% | 0.6% | ||
| Q3 24 | 14.8% | 1.6% | ||
| Q2 24 | 12.6% | 3.5% |
每股收益（稀释后）CMSPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $0.94 | $-5.34 | ||
| Q3 25 | $0.92 | $-0.28 | ||
| Q2 25 | $0.66 | $-1.39 | ||
| Q1 25 | $1.01 | $-1.17 | ||
| Q4 24 | $0.88 | $0.18 | ||
| Q3 24 | $0.84 | $0.49 | ||
| Q2 24 | $0.65 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $750.4M |
| 总资产 | $39.9B | $5.2B |
| 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CMSPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $509.0M | $138.0M | ||
| Q3 25 | $362.0M | $335.5M | ||
| Q2 25 | $844.0M | $324.3M | ||
| Q1 25 | $465.0M | $291.7M | ||
| Q4 24 | $103.0M | $287.8M | ||
| Q3 24 | $412.0M | $291.3M | ||
| Q2 24 | $699.0M | $322.7M |
总债务CMSPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益CMSPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $9.1B | $828.4M | ||
| Q3 25 | $8.9B | $1.1B | ||
| Q2 25 | $8.4B | $1.2B | ||
| Q1 25 | $8.3B | $1.2B | ||
| Q4 24 | $8.2B | $1.3B | ||
| Q3 24 | $8.1B | $1.3B | ||
| Q2 24 | $8.0B | $1.3B |
总资产CMSPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $39.9B | $4.9B | ||
| Q3 25 | $38.0B | $5.3B | ||
| Q2 25 | $37.7B | $5.4B | ||
| Q1 25 | $36.3B | $5.5B | ||
| Q4 24 | $35.9B | $5.5B | ||
| Q3 24 | $34.8B | $5.6B | ||
| Q2 24 | $34.4B | $5.7B |
负债/权益比CMSPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $-342.5M |
| 自由现金流率自由现金流/营收 | — | -20.6% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | — | $168.0M |
8季度趋势，按日历期对齐
经营现金流CMSPII
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $178.7M | ||
| Q3 25 | $343.0M | $158.8M | ||
| Q2 25 | $414.0M | $320.3M | ||
| Q1 25 | $1.0B | $83.2M | ||
| Q4 24 | $403.0M | $206.3M | ||
| Q3 24 | $304.0M | $21.0M | ||
| Q2 24 | $707.0M | $146.3M |
自由现金流CMSPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | — | $114.0M | ||
| Q3 25 | $-635.0M | $116.7M | ||
| Q2 25 | $-470.0M | $279.8M | ||
| Q1 25 | $112.0M | $47.6M | ||
| Q4 24 | — | $137.3M | ||
| Q3 24 | $-502.0M | $-32.4M | ||
| Q2 24 | $26.0M | $79.1M |
自由现金流率CMSPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | — | 5.9% | ||
| Q3 25 | -32.2% | 6.3% | ||
| Q2 25 | -26.1% | 15.1% | ||
| Q1 25 | 4.7% | 3.1% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | -29.3% | -1.9% | ||
| Q2 24 | 1.6% | 4.0% |
资本支出强度CMSPII
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 49.5% | 2.3% | ||
| Q2 25 | 49.2% | 2.2% | ||
| Q1 25 | 37.0% | 2.3% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | 47.1% | 3.1% | ||
| Q2 24 | 43.2% | 3.4% |
现金转化率CMSPII
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | 19.46× | ||
| Q3 24 | 1.20× | 0.76× | ||
| Q2 24 | 3.57× | 2.13× |
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% |
PII
暂无分部数据
