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CMS Energy（CMS）与QVC Group, Inc.（QVCGA）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.的季度营收约是CMS Energy的1.3倍（$2.7B vs $2.1B），CMS Energy净利率更高（13.5% vs -1.4%，领先14.9%），CMS Energy同比增速更快（13.0% vs -9.1%），过去两年QVC Group, Inc.的营收复合增速更高（6.9% 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。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
CMS vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.3倍
$2.1B
营收增速更快
CMS
高出22.1%
-9.1%
净利率更高
CMS
高出14.9%
-1.4%
两年增速更快
QVCGA
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.7B |
| 净利润 | $289.0M | $-37.0M |
| 毛利率 | — | 32.9% |
| 营业利润率 | 20.4% | 3.7% |
| 净利率 | 13.5% | -1.4% |
| 营收同比 | 13.0% | -9.1% |
| 净利润同比 | 9.1% | 97.1% |
| 每股收益（稀释后） | $0.94 | $-17.37 |
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CMSQVCGA
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $1.9B | $2.9B | ||
| Q3 24 | $1.7B | $2.3B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $2.1B | $2.3B |
净利润CMSQVCGA
| Q4 25 | $289.0M | $-37.0M | ||
| Q3 25 | $277.0M | $-80.0M | ||
| Q2 25 | $201.0M | $-2.2B | ||
| Q1 25 | $304.0M | $-100.0M | ||
| Q4 24 | $265.0M | $-1.3B | ||
| Q3 24 | $253.0M | $-23.0M | ||
| Q2 24 | $198.0M | $20.0M | ||
| Q1 24 | $287.0M | $-1.0M |
毛利率CMSQVCGA
| Q4 25 | — | 32.9% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 36.4% | ||
| Q1 25 | — | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | — | 35.3% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 35.5% |
营业利润率CMSQVCGA
| Q4 25 | 20.4% | 3.7% | ||
| Q3 25 | 24.4% | 2.7% | ||
| Q2 25 | 17.6% | -101.6% | ||
| Q1 25 | 20.6% | 0.7% | ||
| Q4 24 | 22.5% | -43.2% | ||
| Q3 24 | 21.4% | 6.5% | ||
| Q2 24 | 18.0% | 6.9% | ||
| Q1 24 | 19.2% | 6.2% |
净利率CMSQVCGA
| Q4 25 | 13.5% | -1.4% | ||
| Q3 25 | 14.0% | -3.6% | ||
| Q2 25 | 11.2% | -99.4% | ||
| Q1 25 | 12.7% | -4.8% | ||
| Q4 24 | 14.0% | -43.7% | ||
| Q3 24 | 14.8% | -1.0% | ||
| Q2 24 | 12.6% | 0.8% | ||
| Q1 24 | 13.4% | -0.0% |
每股收益（稀释后）CMSQVCGA
| Q4 25 | $0.94 | $-17.37 | ||
| Q3 25 | $0.92 | $-9.89 | ||
| Q2 25 | $0.66 | $-275.46 | ||
| Q1 25 | $1.01 | $-0.25 | ||
| Q4 24 | $0.88 | — | ||
| Q3 24 | $0.84 | $-0.06 | ||
| Q2 24 | $0.65 | $2.57 | ||
| 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 | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | $9.1B | $-3.1B |
| 总资产 | $39.9B | $7.6B |
| 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CMSQVCGA
| Q4 25 | $509.0M | $2.0B | ||
| Q3 25 | $362.0M | $1.8B | ||
| Q2 25 | $844.0M | $897.0M | ||
| Q1 25 | $465.0M | $833.0M | ||
| Q4 24 | $103.0M | $905.0M | ||
| Q3 24 | $412.0M | $873.0M | ||
| Q2 24 | $699.0M | $1.2B | ||
| Q1 24 | $802.0M | $1.1B |
总债务CMSQVCGA
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
股东权益CMSQVCGA
| Q4 25 | $9.1B | $-3.1B | ||
| Q3 25 | $8.9B | $-3.1B | ||
| Q2 25 | $8.4B | $-3.0B | ||
| Q1 25 | $8.3B | $-981.0M | ||
| Q4 24 | $8.2B | $-971.0M | ||
| Q3 24 | $8.1B | $397.0M | ||
| Q2 24 | $8.0B | $328.0M | ||
| Q1 24 | $7.9B | $255.0M |
总资产CMSQVCGA
| Q4 25 | $39.9B | $7.6B | ||
| Q3 25 | $38.0B | $7.6B | ||
| Q2 25 | $37.7B | $6.7B | ||
| Q1 25 | $36.3B | $9.0B | ||
| Q4 24 | $35.9B | $9.2B | ||
| Q3 24 | $34.8B | $10.8B | ||
| Q2 24 | $34.4B | $10.9B | ||
| Q1 24 | $33.9B | $11.0B |
负债/权益比CMSQVCGA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | $244.0M |
| 自由现金流经营现金流 - 资本支出 | — | $191.0M |
| 自由现金流率自由现金流/营收 | — | 7.1% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 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 | — | $118.0M |
8季度趋势，按日历期对齐
经营现金流CMSQVCGA
| Q4 25 | $478.0M | $244.0M | ||
| Q3 25 | $343.0M | $4.0M | ||
| Q2 25 | $414.0M | $86.0M | ||
| Q1 25 | $1.0B | $-60.0M | ||
| Q4 24 | $403.0M | $212.0M | ||
| Q3 24 | $304.0M | $20.0M | ||
| Q2 24 | $707.0M | $267.0M | ||
| Q1 24 | $956.0M | $26.0M |
自由现金流CMSQVCGA
| Q4 25 | — | $191.0M | ||
| Q3 25 | $-635.0M | $-27.0M | ||
| Q2 25 | $-470.0M | $48.0M | ||
| Q1 25 | $112.0M | $-94.0M | ||
| Q4 24 | — | $150.0M | ||
| Q3 24 | $-502.0M | $-23.0M | ||
| Q2 24 | $26.0M | $213.0M | ||
| Q1 24 | $343.0M | $-14.0M |
自由现金流率CMSQVCGA
| Q4 25 | — | 7.1% | ||
| Q3 25 | -32.2% | -1.2% | ||
| Q2 25 | -26.1% | 2.1% | ||
| Q1 25 | 4.7% | -4.5% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | -29.3% | -1.0% | ||
| Q2 24 | 1.6% | 8.8% | ||
| Q1 24 | 16.0% | -0.6% |
资本支出强度CMSQVCGA
| Q4 25 | — | 2.0% | ||
| Q3 25 | 49.5% | 1.4% | ||
| Q2 25 | 49.2% | 1.7% | ||
| Q1 25 | 37.0% | 1.6% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 47.1% | 1.8% | ||
| Q2 24 | 43.2% | 2.2% | ||
| Q1 24 | 28.6% | 1.7% |
现金转化率CMSQVCGA
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | 13.35× | ||
| Q1 24 | 3.33× | — |
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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
