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CMS Energy（CMS）与QVC INC（QVCD）财务数据对比。点击上方公司名可切换其他公司
QVC INC的季度营收约是CMS Energy的1.1倍（$2.4B vs $2.1B），CMS Energy净利率更高（13.5% vs 1.5%，领先12.0%），CMS Energy同比增速更快（13.0% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% 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。
QVC集团是一家美国媒体 conglomerate，由公司董事长约翰·C·马龙控股，马龙持有该集团多数有表决权股份，业务覆盖媒体相关领域，是美国颇具影响力的传媒企业集团。
CMS vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.1倍
$2.1B
营收增速更快
CMS
高出21.9%
-8.9%
净利率更高
CMS
高出12.0%
1.5%
两年增速更快
QVCD
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $289.0M | $37.0M |
| 毛利率 | — | 32.5% |
| 营业利润率 | 20.4% | 5.6% |
| 净利率 | 13.5% | 1.5% |
| 营收同比 | 13.0% | -8.9% |
| 净利润同比 | 9.1% | 103.0% |
| 每股收益（稀释后） | $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CMSQVCD
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.0B | $2.0B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $2.4B | $1.9B | ||
| Q4 24 | $1.9B | $2.7B | ||
| Q3 24 | $1.7B | $2.1B | ||
| Q2 24 | $1.6B | $2.1B | ||
| Q1 24 | $2.1B | $2.1B |
净利润CMSQVCD
| Q4 25 | $289.0M | $37.0M | ||
| Q3 25 | $277.0M | $2.0M | ||
| Q2 25 | $201.0M | $-2.2B | ||
| Q1 25 | $304.0M | $-42.0M | ||
| Q4 24 | $265.0M | $-1.2B | ||
| Q3 24 | $253.0M | $51.0M | ||
| Q2 24 | $198.0M | $53.0M | ||
| Q1 24 | $287.0M | $51.0M |
毛利率CMSQVCD
| Q4 25 | — | 32.5% | ||
| Q3 25 | — | 33.6% | ||
| Q2 25 | — | 35.4% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | 32.6% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 35.6% | ||
| Q1 24 | — | 35.0% |
营业利润率CMSQVCD
| Q4 25 | 20.4% | 5.6% | ||
| Q3 25 | 24.4% | 4.6% | ||
| Q2 25 | 17.6% | -114.5% | ||
| Q1 25 | 20.6% | 1.5% | ||
| Q4 24 | 22.5% | -47.1% | ||
| Q3 24 | 21.4% | 7.8% | ||
| Q2 24 | 18.0% | 7.6% | ||
| Q1 24 | 19.2% | 7.4% |
净利率CMSQVCD
| Q4 25 | 13.5% | 1.5% | ||
| Q3 25 | 14.0% | 0.1% | ||
| Q2 25 | 11.2% | -109.1% | ||
| Q1 25 | 12.7% | -2.2% | ||
| Q4 24 | 14.0% | -46.0% | ||
| Q3 24 | 14.8% | 2.4% | ||
| Q2 24 | 12.6% | 2.5% | ||
| Q1 24 | 13.4% | 2.4% |
每股收益（稀释后）CMSQVCD
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | — | ||
| Q2 25 | $0.66 | — | ||
| Q1 25 | $1.01 | — | ||
| Q4 24 | $0.88 | — | ||
| Q3 24 | $0.84 | — | ||
| Q2 24 | $0.65 | — | ||
| Q1 24 | $0.96 | — |
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 | $1.5B |
| 总债务越低越好 | — | $1.0M |
| 股东权益账面价值 | $9.1B | $1.2B |
| 总资产 | $39.9B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资CMSQVCD
| Q4 25 | $509.0M | $1.5B | ||
| Q3 25 | $362.0M | — | ||
| Q2 25 | $844.0M | — | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $103.0M | $297.0M | ||
| Q3 24 | $412.0M | $297.0M | ||
| Q2 24 | $699.0M | $315.0M | ||
| Q1 24 | $802.0M | $311.0M |
总债务CMSQVCD
| Q4 25 | — | $1.0M | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.8B |
股东权益CMSQVCD
| Q4 25 | $9.1B | $1.2B | ||
| Q3 25 | $8.9B | $1.2B | ||
| Q2 25 | $8.4B | $1.2B | ||
| Q1 25 | $8.3B | $3.3B | ||
| Q4 24 | $8.2B | $3.3B | ||
| Q3 24 | $8.1B | $4.6B | ||
| Q2 24 | $8.0B | $4.3B | ||
| Q1 24 | $7.9B | $4.2B |
总资产CMSQVCD
| Q4 25 | $39.9B | $8.5B | ||
| Q3 25 | $38.0B | $8.3B | ||
| Q2 25 | $37.7B | $7.4B | ||
| Q1 25 | $36.3B | $9.7B | ||
| Q4 24 | $35.9B | $9.9B | ||
| Q3 24 | $34.8B | $9.9B | ||
| Q2 24 | $34.4B | $11.2B | ||
| Q1 24 | $33.9B | $11.4B |
负债/权益比CMSQVCD
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.89× |
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 | $245.0M |
| 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× | 6.62× |
| 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CMSQVCD
| Q4 25 | $478.0M | $245.0M | ||
| Q3 25 | $343.0M | $76.0M | ||
| Q2 25 | $414.0M | $52.0M | ||
| Q1 25 | $1.0B | $46.0M | ||
| Q4 24 | $403.0M | $189.0M | ||
| Q3 24 | $304.0M | $98.0M | ||
| Q2 24 | $707.0M | $164.0M | ||
| Q1 24 | $956.0M | $84.0M |
自由现金流CMSQVCD
| 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CMSQVCD
| 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CMSQVCD
| 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CMSQVCD
| Q4 25 | 1.65× | 6.62× | ||
| Q3 25 | 1.24× | 38.00× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 1.92× | ||
| Q2 24 | 3.57× | 3.09× | ||
| Q1 24 | 3.33× | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
