vs
CMS Energy（CMS）与帕兰提尔科技（PLTR）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是帕兰提尔科技的1.5倍（$2.1B vs $1.4B），帕兰提尔科技净利率更高（43.3% vs 13.5%，领先29.7%），帕兰提尔科技同比增速更快（70.0% vs 13.0%），过去两年帕兰提尔科技的营收复合增速更高（48.9% 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。
帕兰提尔科技是美国上市企业，专注研发数据集成与分析平台，为政府机构、军方及各行业企业提供多源数据整合分析能力。旗下核心产品Gotham与Foundry可打通相互孤立的数据库，广泛支撑情报作业、反恐分析、执法工作及企业级数据分析场景。
CMS vs PLTR — 直观对比
营收规模更大
CMS
是对方的1.5倍
$1.4B
营收增速更快
PLTR
高出57.0%
13.0%
净利率更高
PLTR
高出29.7%
13.5%
两年增速更快
PLTR
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.4B |
| 净利润 | $289.0M | $608.7M |
| 毛利率 | — | 84.6% |
| 营业利润率 | 20.4% | 40.9% |
| 净利率 | 13.5% | 43.3% |
| 营收同比 | 13.0% | 70.0% |
| 净利润同比 | 9.1% | 670.4% |
| 每股收益（稀释后） | $0.94 | $0.24 |
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CMSPLTR
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.0B | ||
| Q1 25 | $2.4B | $883.9M | ||
| Q4 24 | $1.9B | $827.5M | ||
| Q3 24 | $1.7B | $725.5M | ||
| Q2 24 | $1.6B | $678.1M | ||
| Q1 24 | $2.1B | $634.3M |
净利润CMSPLTR
| Q4 25 | $289.0M | $608.7M | ||
| Q3 25 | $277.0M | $475.6M | ||
| Q2 25 | $201.0M | $326.7M | ||
| Q1 25 | $304.0M | $214.0M | ||
| Q4 24 | $265.0M | $79.0M | ||
| Q3 24 | $253.0M | $143.5M | ||
| Q2 24 | $198.0M | $134.1M | ||
| Q1 24 | $287.0M | $105.5M |
毛利率CMSPLTR
| Q4 25 | — | 84.6% | ||
| Q3 25 | — | 82.4% | ||
| Q2 25 | — | 80.8% | ||
| Q1 25 | — | 80.4% | ||
| Q4 24 | — | 78.9% | ||
| Q3 24 | — | 79.8% | ||
| Q2 24 | — | 81.0% | ||
| Q1 24 | — | 81.7% |
营业利润率CMSPLTR
| Q4 25 | 20.4% | 40.9% | ||
| Q3 25 | 24.4% | 33.3% | ||
| Q2 25 | 17.6% | 26.8% | ||
| Q1 25 | 20.6% | 19.9% | ||
| Q4 24 | 22.5% | 1.3% | ||
| Q3 24 | 21.4% | 15.6% | ||
| Q2 24 | 18.0% | 15.5% | ||
| Q1 24 | 19.2% | 12.8% |
净利率CMSPLTR
| Q4 25 | 13.5% | 43.3% | ||
| Q3 25 | 14.0% | 40.3% | ||
| Q2 25 | 11.2% | 32.6% | ||
| Q1 25 | 12.7% | 24.2% | ||
| Q4 24 | 14.0% | 9.5% | ||
| Q3 24 | 14.8% | 19.8% | ||
| Q2 24 | 12.6% | 19.8% | ||
| Q1 24 | 13.4% | 16.6% |
每股收益（稀释后）CMSPLTR
| Q4 25 | $0.94 | $0.24 | ||
| Q3 25 | $0.92 | $0.18 | ||
| Q2 25 | $0.66 | $0.13 | ||
| Q1 25 | $1.01 | $0.08 | ||
| Q4 24 | $0.88 | $0.03 | ||
| Q3 24 | $0.84 | $0.06 | ||
| Q2 24 | $0.65 | $0.06 | ||
| Q1 24 | $0.96 | $0.04 |
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 | $7.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $7.4B |
| 总资产 | $39.9B | $8.9B |
| 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CMSPLTR
| Q4 25 | $509.0M | $7.2B | ||
| Q3 25 | $362.0M | $6.4B | ||
| Q2 25 | $844.0M | $6.0B | ||
| Q1 25 | $465.0M | $5.4B | ||
| Q4 24 | $103.0M | $5.2B | ||
| Q3 24 | $412.0M | $4.6B | ||
| Q2 24 | $699.0M | $4.0B | ||
| Q1 24 | $802.0M | $3.9B |
股东权益CMSPLTR
| Q4 25 | $9.1B | $7.4B | ||
| Q3 25 | $8.9B | $6.6B | ||
| Q2 25 | $8.4B | $5.9B | ||
| Q1 25 | $8.3B | $5.4B | ||
| Q4 24 | $8.2B | $5.0B | ||
| Q3 24 | $8.1B | $4.5B | ||
| Q2 24 | $8.0B | $4.1B | ||
| Q1 24 | $7.9B | $3.8B |
总资产CMSPLTR
| Q4 25 | $39.9B | $8.9B | ||
| Q3 25 | $38.0B | $8.1B | ||
| Q2 25 | $37.7B | $7.4B | ||
| Q1 25 | $36.3B | $6.7B | ||
| Q4 24 | $35.9B | $6.3B | ||
| Q3 24 | $34.8B | $5.8B | ||
| Q2 24 | $34.4B | $5.2B | ||
| Q1 24 | $33.9B | $4.8B |
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 | $777.3M |
| 自由现金流经营现金流 - 资本支出 | — | $764.0M |
| 自由现金流率自由现金流/营收 | — | 54.3% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.28× |
| 过去12个月自由现金流最近4个季度 | — | $2.1B |
8季度趋势，按日历期对齐
经营现金流CMSPLTR
| Q4 25 | $478.0M | $777.3M | ||
| Q3 25 | $343.0M | $507.7M | ||
| Q2 25 | $414.0M | $539.3M | ||
| Q1 25 | $1.0B | $310.3M | ||
| Q4 24 | $403.0M | $460.3M | ||
| Q3 24 | $304.0M | $419.8M | ||
| Q2 24 | $707.0M | $144.2M | ||
| Q1 24 | $956.0M | $129.6M |
自由现金流CMSPLTR
| Q4 25 | — | $764.0M | ||
| Q3 25 | $-635.0M | $500.9M | ||
| Q2 25 | $-470.0M | $531.6M | ||
| Q1 25 | $112.0M | $304.1M | ||
| Q4 24 | — | $457.2M | ||
| Q3 24 | $-502.0M | $415.8M | ||
| Q2 24 | $26.0M | $141.3M | ||
| Q1 24 | $343.0M | $126.9M |
自由现金流率CMSPLTR
| Q4 25 | — | 54.3% | ||
| Q3 25 | -32.2% | 42.4% | ||
| Q2 25 | -26.1% | 53.0% | ||
| Q1 25 | 4.7% | 34.4% | ||
| Q4 24 | — | 55.3% | ||
| Q3 24 | -29.3% | 57.3% | ||
| Q2 24 | 1.6% | 20.8% | ||
| Q1 24 | 16.0% | 20.0% |
资本支出强度CMSPLTR
| Q4 25 | — | 0.9% | ||
| Q3 25 | 49.5% | 0.6% | ||
| Q2 25 | 49.2% | 0.8% | ||
| Q1 25 | 37.0% | 0.7% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 47.1% | 0.5% | ||
| Q2 24 | 43.2% | 0.4% | ||
| Q1 24 | 28.6% | 0.4% |
现金转化率CMSPLTR
| Q4 25 | 1.65× | 1.28× | ||
| Q3 25 | 1.24× | 1.07× | ||
| Q2 25 | 2.06× | 1.65× | ||
| Q1 25 | 3.29× | 1.45× | ||
| Q4 24 | 1.52× | 5.83× | ||
| Q3 24 | 1.20× | 2.92× | ||
| Q2 24 | 3.57× | 1.08× | ||
| Q1 24 | 3.33× | 1.23× |
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% |
PLTR
| Geographic Concentration Risk | $1.1B | 77% |
| Other | $330.4M | 23% |
