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CMS Energy（CMS）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是利氏兄弟拍卖行的1.8倍（$2.1B vs $1.2B），CMS Energy净利率更高（13.5% vs 9.1%，领先4.4%），CMS Energy同比增速更快（13.0% vs 5.4%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CMS vs RBA — 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7.6%
5.4%
净利率更高
CMS
高出4.4%
9.1%
两年增速更快
RBA
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 14.7% |
| 净利率 | 13.5% | 9.1% |
| 营收同比 | 13.0% | 5.4% |
| 净利润同比 | 9.1% | -7.4% |
| 每股收益（稀释后） | $0.94 | $0.53 |
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CMSRBA
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.7B | $981.8M | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $2.1B | $1.1B |
净利润CMSRBA
| Q4 25 | $289.0M | $109.7M | ||
| Q3 25 | $277.0M | $95.5M | ||
| Q2 25 | $201.0M | $109.8M | ||
| Q1 25 | $304.0M | $113.4M | ||
| Q4 24 | $265.0M | $118.5M | ||
| Q3 24 | $253.0M | $76.1M | ||
| Q2 24 | $198.0M | $111.1M | ||
| Q1 24 | $287.0M | $107.4M |
营业利润率CMSRBA
| Q4 25 | 20.4% | 14.7% | ||
| Q3 25 | 24.4% | 14.5% | ||
| Q2 25 | 17.6% | 15.9% | ||
| Q1 25 | 20.6% | 17.1% | ||
| Q4 24 | 22.5% | 18.1% | ||
| Q3 24 | 21.4% | 15.6% | ||
| Q2 24 | 18.0% | 18.4% | ||
| Q1 24 | 19.2% | 18.7% |
净利率CMSRBA
| Q4 25 | 13.5% | 9.1% | ||
| Q3 25 | 14.0% | 8.7% | ||
| Q2 25 | 11.2% | 9.3% | ||
| Q1 25 | 12.7% | 10.2% | ||
| Q4 24 | 14.0% | 10.4% | ||
| Q3 24 | 14.8% | 7.8% | ||
| Q2 24 | 12.6% | 10.1% | ||
| Q1 24 | 13.4% | 10.1% |
每股收益（稀释后）CMSRBA
| Q4 25 | $0.94 | $0.53 | ||
| Q3 25 | $0.92 | $0.43 | ||
| Q2 25 | $0.66 | $0.53 | ||
| Q1 25 | $1.01 | $0.55 | ||
| Q4 24 | $0.88 | $0.58 | ||
| Q3 24 | $0.84 | $0.36 | ||
| Q2 24 | $0.65 | $0.54 | ||
| Q1 24 | $0.96 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $9.1B | $5.6B |
| 总资产 | $39.9B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CMSRBA
| Q4 25 | $509.0M | $531.5M | ||
| Q3 25 | $362.0M | $674.7M | ||
| Q2 25 | $844.0M | $710.2M | ||
| Q1 25 | $465.0M | $578.1M | ||
| Q4 24 | $103.0M | $533.9M | ||
| Q3 24 | $412.0M | $650.7M | ||
| Q2 24 | $699.0M | $599.5M | ||
| Q1 24 | $802.0M | $462.8M |
总债务CMSRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益CMSRBA
| Q4 25 | $9.1B | $5.6B | ||
| Q3 25 | $8.9B | $5.5B | ||
| Q2 25 | $8.4B | $5.5B | ||
| Q1 25 | $8.3B | $5.3B | ||
| Q4 24 | $8.2B | $5.2B | ||
| Q3 24 | $8.1B | $5.2B | ||
| Q2 24 | $8.0B | $5.2B | ||
| Q1 24 | $7.9B | $5.1B |
总资产CMSRBA
| Q4 25 | $39.9B | $12.1B | ||
| Q3 25 | $38.0B | $12.2B | ||
| Q2 25 | $37.7B | $12.2B | ||
| Q1 25 | $36.3B | $11.9B | ||
| Q4 24 | $35.9B | $11.8B | ||
| Q3 24 | $34.8B | $11.9B | ||
| Q2 24 | $34.4B | $12.1B | ||
| Q1 24 | $33.9B | $12.0B |
负债/权益比CMSRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 1.65× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流CMSRBA
| Q4 25 | $478.0M | $255.2M | ||
| Q3 25 | $343.0M | $239.7M | ||
| Q2 25 | $414.0M | $326.5M | ||
| Q1 25 | $1.0B | $156.8M | ||
| Q4 24 | $403.0M | $184.5M | ||
| Q3 24 | $304.0M | $285.4M | ||
| Q2 24 | $707.0M | $337.3M | ||
| Q1 24 | $956.0M | $124.8M |
自由现金流CMSRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | $-635.0M | $188.5M | ||
| Q2 25 | $-470.0M | $241.7M | ||
| Q1 25 | $112.0M | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | $-502.0M | $248.5M | ||
| Q2 24 | $26.0M | $308.6M | ||
| Q1 24 | $343.0M | $79.6M |
自由现金流率CMSRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | -32.2% | 17.3% | ||
| Q2 25 | -26.1% | 20.4% | ||
| Q1 25 | 4.7% | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | -29.3% | 25.3% | ||
| Q2 24 | 1.6% | 28.2% | ||
| Q1 24 | 16.0% | 7.5% |
资本支出强度CMSRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | 49.5% | 4.7% | ||
| Q2 25 | 49.2% | 7.2% | ||
| Q1 25 | 37.0% | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | 47.1% | 3.8% | ||
| Q2 24 | 43.2% | 2.6% | ||
| Q1 24 | 28.6% | 4.2% |
现金转化率CMSRBA
| Q4 25 | 1.65× | 2.33× | ||
| Q3 25 | 1.24× | 2.51× | ||
| Q2 25 | 2.06× | 2.97× | ||
| Q1 25 | 3.29× | 1.38× | ||
| Q4 24 | 1.52× | 1.56× | ||
| Q3 24 | 1.20× | 3.75× | ||
| Q2 24 | 3.57× | 3.04× | ||
| Q1 24 | 3.33× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
