vs
CMS Energy（CMS）与先锋自然资源公司（PR）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是先锋自然资源公司的1.8倍（$2.1B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs 13.5%，领先15.5%），CMS Energy同比增速更快（13.0% vs -9.8%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -3.0%）
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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
CMS vs PR — 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22.7%
-9.8%
净利率更高
PR
高出15.5%
13.5%
两年增速更快
CMS
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | $339.5M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 23.1% |
| 净利率 | 13.5% | 29.0% |
| 营收同比 | 13.0% | -9.8% |
| 净利润同比 | 9.1% | 56.7% |
| 每股收益（稀释后） | $0.94 | $0.48 |
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CMSPR
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.2B |
净利润CMSPR
| Q4 25 | $289.0M | $339.5M | ||
| Q3 25 | $277.0M | $59.2M | ||
| Q2 25 | $201.0M | $207.1M | ||
| Q1 25 | $304.0M | $329.3M | ||
| Q4 24 | $265.0M | $216.7M | ||
| Q3 24 | $253.0M | $386.4M | ||
| Q2 24 | $198.0M | $235.1M | ||
| Q1 24 | $287.0M | $146.6M |
营业利润率CMSPR
| Q4 25 | 20.4% | 23.1% | ||
| Q3 25 | 24.4% | 29.6% | ||
| Q2 25 | 17.6% | 24.8% | ||
| Q1 25 | 20.6% | 36.6% | ||
| Q4 24 | 22.5% | 32.8% | ||
| Q3 24 | 21.4% | 32.5% | ||
| Q2 24 | 18.0% | 36.5% | ||
| Q1 24 | 19.2% | 37.7% |
净利率CMSPR
| Q4 25 | 13.5% | 29.0% | ||
| Q3 25 | 14.0% | 4.5% | ||
| Q2 25 | 11.2% | 17.3% | ||
| Q1 25 | 12.7% | 23.9% | ||
| Q4 24 | 14.0% | 16.7% | ||
| Q3 24 | 14.8% | 31.8% | ||
| Q2 24 | 12.6% | 18.9% | ||
| Q1 24 | 13.4% | 11.8% |
每股收益（稀释后）CMSPR
| Q4 25 | $0.94 | $0.48 | ||
| Q3 25 | $0.92 | $0.08 | ||
| Q2 25 | $0.66 | $0.28 | ||
| Q1 25 | $1.01 | $0.44 | ||
| Q4 24 | $0.88 | $0.31 | ||
| Q3 24 | $0.84 | $0.53 | ||
| Q2 24 | $0.65 | $0.36 | ||
| Q1 24 | $0.96 | $0.25 |
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 | $153.7M |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $9.1B | $10.3B |
| 总资产 | $39.9B | $17.9B |
| 负债/权益比越低杠杆越低 | — | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资CMSPR
| Q4 25 | $509.0M | $153.7M | ||
| Q3 25 | $362.0M | $111.8M | ||
| Q2 25 | $844.0M | $451.0M | ||
| Q1 25 | $465.0M | $702.2M | ||
| Q4 24 | $103.0M | $479.3M | ||
| Q3 24 | $412.0M | $272.0M | ||
| Q2 24 | $699.0M | $47.8M | ||
| Q1 24 | $802.0M | $12.7M |
总债务CMSPR
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.9B |
股东权益CMSPR
| Q4 25 | $9.1B | $10.3B | ||
| Q3 25 | $8.9B | $10.0B | ||
| Q2 25 | $8.4B | $9.5B | ||
| Q1 25 | $8.3B | $9.4B | ||
| Q4 24 | $8.2B | $9.1B | ||
| Q3 24 | $8.1B | $9.0B | ||
| Q2 24 | $8.0B | $8.3B | ||
| Q1 24 | $7.9B | $7.0B |
总资产CMSPR
| Q4 25 | $39.9B | $17.9B | ||
| Q3 25 | $38.0B | $17.3B | ||
| Q2 25 | $37.7B | $17.5B | ||
| Q1 25 | $36.3B | $17.1B | ||
| Q4 24 | $35.9B | $16.9B | ||
| Q3 24 | $34.8B | $16.6B | ||
| Q2 24 | $34.4B | $15.4B | ||
| Q1 24 | $33.9B | $15.1B |
负债/权益比CMSPR
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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× | 2.66× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CMSPR
| Q4 25 | $478.0M | $904.3M | ||
| Q3 25 | $343.0M | $766.5M | ||
| Q2 25 | $414.0M | $1.0B | ||
| Q1 25 | $1.0B | $898.0M | ||
| Q4 24 | $403.0M | $871.6M | ||
| Q3 24 | $304.0M | $954.4M | ||
| Q2 24 | $707.0M | $938.4M | ||
| Q1 24 | $956.0M | $647.6M |
自由现金流CMSPR
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | — | ||
| Q2 24 | $26.0M | — | ||
| Q1 24 | $343.0M | — |
自由现金流率CMSPR
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.0% | — |
资本支出强度CMSPR
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 28.6% | — |
现金转化率CMSPR
| Q4 25 | 1.65× | 2.66× | ||
| Q3 25 | 1.24× | 12.94× | ||
| Q2 25 | 2.06× | 5.01× | ||
| Q1 25 | 3.29× | 2.73× | ||
| Q4 24 | 1.52× | 4.02× | ||
| Q3 24 | 1.20× | 2.47× | ||
| Q2 24 | 3.57× | 3.99× | ||
| Q1 24 | 3.33× | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
