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CMS Energy（CMS）与Primoris Services Corp（PRIM）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Primoris Services Corp的1.1倍（$2.1B vs $1.9B），CMS Energy净利率更高（13.5% vs 2.8%，领先10.8%），CMS Energy同比增速更快（13.0% vs 6.7%），过去两年Primoris Services Corp的营收复合增速更高（14.7% 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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
CMS vs PRIM — 直观对比
营收规模更大
CMS
是对方的1.1倍
$1.9B
营收增速更快
CMS
高出6.3%
6.7%
净利率更高
CMS
高出10.8%
2.8%
两年增速更快
PRIM
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.9B |
| 净利润 | $289.0M | $51.7M |
| 毛利率 | — | 9.4% |
| 营业利润率 | 20.4% | 4.2% |
| 净利率 | 13.5% | 2.8% |
| 营收同比 | 13.0% | 6.7% |
| 净利润同比 | 9.1% | -4.2% |
| 每股收益（稀释后） | $0.94 | $0.94 |
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CMSPRIM
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $2.1B | $1.4B |
净利润CMSPRIM
| Q4 25 | $289.0M | $51.7M | ||
| Q3 25 | $277.0M | $94.6M | ||
| Q2 25 | $201.0M | $84.3M | ||
| Q1 25 | $304.0M | $44.2M | ||
| Q4 24 | $265.0M | $54.0M | ||
| Q3 24 | $253.0M | $58.4M | ||
| Q2 24 | $198.0M | $49.5M | ||
| Q1 24 | $287.0M | $18.9M |
毛利率CMSPRIM
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | — | 9.4% |
营业利润率CMSPRIM
| Q4 25 | 20.4% | 4.2% | ||
| Q3 25 | 24.4% | 6.3% | ||
| Q2 25 | 17.6% | 6.7% | ||
| Q1 25 | 20.6% | 4.3% | ||
| Q4 24 | 22.5% | 5.0% | ||
| Q3 24 | 21.4% | 6.0% | ||
| Q2 24 | 18.0% | 5.5% | ||
| Q1 24 | 19.2% | 3.1% |
净利率CMSPRIM
| Q4 25 | 13.5% | 2.8% | ||
| Q3 25 | 14.0% | 4.3% | ||
| Q2 25 | 11.2% | 4.5% | ||
| Q1 25 | 12.7% | 2.7% | ||
| Q4 24 | 14.0% | 3.1% | ||
| Q3 24 | 14.8% | 3.5% | ||
| Q2 24 | 12.6% | 3.2% | ||
| Q1 24 | 13.4% | 1.3% |
每股收益（稀释后）CMSPRIM
| Q4 25 | $0.94 | $0.94 | ||
| Q3 25 | $0.92 | $1.73 | ||
| Q2 25 | $0.66 | $1.54 | ||
| Q1 25 | $1.01 | $0.81 | ||
| Q4 24 | $0.88 | $0.98 | ||
| Q3 24 | $0.84 | $1.07 | ||
| Q2 24 | $0.65 | $0.91 | ||
| Q1 24 | $0.96 | $0.35 |
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 | $535.5M |
| 总债务越低越好 | — | $469.9M |
| 股东权益账面价值 | $9.1B | $1.7B |
| 总资产 | $39.9B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CMSPRIM
| Q4 25 | $509.0M | $535.5M | ||
| Q3 25 | $362.0M | $431.4M | ||
| Q2 25 | $844.0M | $390.3M | ||
| Q1 25 | $465.0M | $351.6M | ||
| Q4 24 | $103.0M | $455.8M | ||
| Q3 24 | $412.0M | $352.7M | ||
| Q2 24 | $699.0M | $207.4M | ||
| Q1 24 | $802.0M | $177.6M |
总债务CMSPRIM
| Q4 25 | — | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
股东权益CMSPRIM
| Q4 25 | $9.1B | $1.7B | ||
| Q3 25 | $8.9B | $1.6B | ||
| Q2 25 | $8.4B | $1.5B | ||
| Q1 25 | $8.3B | $1.4B | ||
| Q4 24 | $8.2B | $1.4B | ||
| Q3 24 | $8.1B | $1.4B | ||
| Q2 24 | $8.0B | $1.3B | ||
| Q1 24 | $7.9B | $1.2B |
总资产CMSPRIM
| Q4 25 | $39.9B | $4.4B | ||
| Q3 25 | $38.0B | $4.6B | ||
| Q2 25 | $37.7B | $4.5B | ||
| Q1 25 | $36.3B | $4.2B | ||
| Q4 24 | $35.9B | $4.2B | ||
| Q3 24 | $34.8B | $4.2B | ||
| Q2 24 | $34.4B | $4.0B | ||
| Q1 24 | $33.9B | $4.0B |
负债/权益比CMSPRIM
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | — | $121.1M |
| 自由现金流率自由现金流/营收 | — | 6.5% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 1.65× | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $340.5M |
8季度趋势，按日历期对齐
经营现金流CMSPRIM
| Q4 25 | $478.0M | $142.9M | ||
| Q3 25 | $343.0M | $182.9M | ||
| Q2 25 | $414.0M | $78.5M | ||
| Q1 25 | $1.0B | $66.2M | ||
| Q4 24 | $403.0M | $298.3M | ||
| Q3 24 | $304.0M | $222.5M | ||
| Q2 24 | $707.0M | $16.1M | ||
| Q1 24 | $956.0M | $-28.5M |
自由现金流CMSPRIM
| Q4 25 | — | $121.1M | ||
| Q3 25 | $-635.0M | $148.4M | ||
| Q2 25 | $-470.0M | $45.3M | ||
| Q1 25 | $112.0M | $25.6M | ||
| Q4 24 | — | $270.0M | ||
| Q3 24 | $-502.0M | $158.8M | ||
| Q2 24 | $26.0M | $-8.1M | ||
| Q1 24 | $343.0M | $-38.9M |
自由现金流率CMSPRIM
| Q4 25 | — | 6.5% | ||
| Q3 25 | -32.2% | 6.8% | ||
| Q2 25 | -26.1% | 2.4% | ||
| Q1 25 | 4.7% | 1.6% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | -29.3% | 9.6% | ||
| Q2 24 | 1.6% | -0.5% | ||
| Q1 24 | 16.0% | -2.8% |
资本支出强度CMSPRIM
| Q4 25 | — | 1.2% | ||
| Q3 25 | 49.5% | 1.6% | ||
| Q2 25 | 49.2% | 1.8% | ||
| Q1 25 | 37.0% | 2.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 47.1% | 3.9% | ||
| Q2 24 | 43.2% | 1.5% | ||
| Q1 24 | 28.6% | 0.7% |
现金转化率CMSPRIM
| Q4 25 | 1.65× | 2.76× | ||
| Q3 25 | 1.24× | 1.93× | ||
| Q2 25 | 2.06× | 0.93× | ||
| Q1 25 | 3.29× | 1.50× | ||
| Q4 24 | 1.52× | 5.53× | ||
| Q3 24 | 1.20× | 3.81× | ||
| Q2 24 | 3.57× | 0.32× | ||
| Q1 24 | 3.33× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
