vs
CMS Energy（CMS）与罗布乐思（RBLX）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是罗布乐思的1.5倍（$2.1B vs $1.4B），CMS Energy净利率更高（13.5% vs -22.3%，领先35.9%），罗布乐思同比增速更快（43.2% vs 13.0%），过去两年罗布乐思的营收复合增速更高（32.9% 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。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
CMS vs RBLX — 直观对比
营收规模更大
CMS
是对方的1.5倍
$1.4B
营收增速更快
RBLX
高出30.2%
13.0%
净利率更高
CMS
高出35.9%
-22.3%
两年增速更快
RBLX
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.4B |
| 净利润 | $289.0M | $-316.0M |
| 毛利率 | — | 77.7% |
| 营业利润率 | 20.4% | -25.3% |
| 净利率 | 13.5% | -22.3% |
| 营收同比 | 13.0% | 43.2% |
| 净利润同比 | 9.1% | -43.9% |
| 每股收益（稀释后） | $0.94 | $-0.44 |
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CMSRBLX
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $2.4B | $1.0B | ||
| Q4 24 | $1.9B | $988.2M | ||
| Q3 24 | $1.7B | $919.0M | ||
| Q2 24 | $1.6B | $893.5M | ||
| Q1 24 | $2.1B | $801.3M |
净利润CMSRBLX
| Q4 25 | $289.0M | $-316.0M | ||
| Q3 25 | $277.0M | $-255.6M | ||
| Q2 25 | $201.0M | $-278.4M | ||
| Q1 25 | $304.0M | $-215.1M | ||
| Q4 24 | $265.0M | $-219.6M | ||
| Q3 24 | $253.0M | $-239.3M | ||
| Q2 24 | $198.0M | $-205.9M | ||
| Q1 24 | $287.0M | $-270.6M |
毛利率CMSRBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.7% |
营业利润率CMSRBLX
| Q4 25 | 20.4% | -25.3% | ||
| Q3 25 | 24.4% | -21.8% | ||
| Q2 25 | 17.6% | -29.8% | ||
| Q1 25 | 20.6% | -24.6% | ||
| Q4 24 | 22.5% | -24.7% | ||
| Q3 24 | 21.4% | -30.4% | ||
| Q2 24 | 18.0% | -26.6% | ||
| Q1 24 | 19.2% | -37.7% |
净利率CMSRBLX
| Q4 25 | 13.5% | -22.3% | ||
| Q3 25 | 14.0% | -18.8% | ||
| Q2 25 | 11.2% | -25.8% | ||
| Q1 25 | 12.7% | -20.8% | ||
| Q4 24 | 14.0% | -22.2% | ||
| Q3 24 | 14.8% | -26.0% | ||
| Q2 24 | 12.6% | -23.0% | ||
| Q1 24 | 13.4% | -33.8% |
每股收益（稀释后）CMSRBLX
| Q4 25 | $0.94 | $-0.44 | ||
| Q3 25 | $0.92 | $-0.37 | ||
| Q2 25 | $0.66 | $-0.41 | ||
| Q1 25 | $1.01 | $-0.32 | ||
| Q4 24 | $0.88 | $-0.32 | ||
| Q3 24 | $0.84 | $-0.37 | ||
| Q2 24 | $0.65 | $-0.32 | ||
| Q1 24 | $0.96 | $-0.43 |
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 | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $9.1B | $394.5M |
| 总资产 | $39.9B | $9.6B |
| 负债/权益比越低杠杆越低 | — | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资CMSRBLX
| Q4 25 | $509.0M | $3.1B | ||
| Q3 25 | $362.0M | $2.9B | ||
| Q2 25 | $844.0M | $2.6B | ||
| Q1 25 | $465.0M | $2.7B | ||
| Q4 24 | $103.0M | $2.4B | ||
| Q3 24 | $412.0M | $2.3B | ||
| Q2 24 | $699.0M | $2.4B | ||
| Q1 24 | $802.0M | $2.4B |
总债务CMSRBLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMSRBLX
| Q4 25 | $9.1B | $394.5M | ||
| Q3 25 | $8.9B | $407.6M | ||
| Q2 25 | $8.4B | $353.2M | ||
| Q1 25 | $8.3B | $310.7M | ||
| Q4 24 | $8.2B | $221.4M | ||
| Q3 24 | $8.1B | $189.9M | ||
| Q2 24 | $8.0B | $121.5M | ||
| Q1 24 | $7.9B | $71.6M |
总资产CMSRBLX
| Q4 25 | $39.9B | $9.6B | ||
| Q3 25 | $38.0B | $8.6B | ||
| Q2 25 | $37.7B | $7.8B | ||
| Q1 25 | $36.3B | $7.5B | ||
| Q4 24 | $35.9B | $7.2B | ||
| Q3 24 | $34.8B | $6.7B | ||
| Q2 24 | $34.4B | $6.5B | ||
| Q1 24 | $33.9B | $6.3B |
负债/权益比CMSRBLX
| Q4 25 | — | 2.98× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $607.0M |
| 自由现金流经营现金流 - 资本支出 | — | $308.6M |
| 自由现金流率自由现金流/营收 | — | 21.8% |
| 资本支出强度资本支出/营收 | — | 21.1% |
| 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 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流CMSRBLX
| Q4 25 | $478.0M | $607.0M | ||
| Q3 25 | $343.0M | $546.2M | ||
| Q2 25 | $414.0M | $199.3M | ||
| Q1 25 | $1.0B | $443.9M | ||
| Q4 24 | $403.0M | $184.5M | ||
| Q3 24 | $304.0M | $247.4M | ||
| Q2 24 | $707.0M | $151.4M | ||
| Q1 24 | $956.0M | $238.9M |
自由现金流CMSRBLX
| Q4 25 | — | $308.6M | ||
| Q3 25 | $-635.0M | $443.6M | ||
| Q2 25 | $-470.0M | $176.7M | ||
| Q1 25 | $112.0M | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | $-502.0M | $218.0M | ||
| Q2 24 | $26.0M | $111.7M | ||
| Q1 24 | $343.0M | $192.3M |
自由现金流率CMSRBLX
| Q4 25 | — | 21.8% | ||
| Q3 25 | -32.2% | 32.6% | ||
| Q2 25 | -26.1% | 16.3% | ||
| Q1 25 | 4.7% | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | -29.3% | 23.7% | ||
| Q2 24 | 1.6% | 12.5% | ||
| Q1 24 | 16.0% | 24.0% |
资本支出强度CMSRBLX
| Q4 25 | — | 21.1% | ||
| Q3 25 | 49.5% | 7.5% | ||
| Q2 25 | 49.2% | 2.1% | ||
| Q1 25 | 37.0% | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | 47.1% | 3.2% | ||
| Q2 24 | 43.2% | 4.4% | ||
| Q1 24 | 28.6% | 5.8% |
现金转化率CMSRBLX
| 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× | — | ||
| 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% |
RBLX
暂无分部数据
