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CMS Energy（CMS）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是CMS Energy的2.0倍（$4.3B vs $2.1B），皇家加勒比集团净利率更高（17.7% vs 13.5%，领先4.1%），皇家加勒比集团同比增速更快（13.3% vs 13.0%），过去两年皇家加勒比集团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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
CMS vs RCL — 直观对比
营收规模更大
RCL
是对方的2.0倍
$2.1B
营收增速更快
RCL
高出0.3%
13.0%
净利率更高
RCL
高出4.1%
13.5%
两年增速更快
RCL
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.3B |
| 净利润 | $289.0M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 20.4% | 21.9% |
| 净利率 | 13.5% | 17.7% |
| 营收同比 | 13.0% | 13.3% |
| 净利润同比 | 9.1% | 36.4% |
| 每股收益（稀释后） | $0.94 | $2.76 |
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CMSRCL
| Q4 25 | $2.1B | $4.3B | ||
| Q3 25 | $2.0B | $5.1B | ||
| Q2 25 | $1.8B | $4.5B | ||
| Q1 25 | $2.4B | $4.0B | ||
| Q4 24 | $1.9B | $3.8B | ||
| Q3 24 | $1.7B | $4.9B | ||
| Q2 24 | $1.6B | $4.1B | ||
| Q1 24 | $2.1B | $3.7B |
净利润CMSRCL
| Q4 25 | $289.0M | $753.0M | ||
| Q3 25 | $277.0M | $1.6B | ||
| Q2 25 | $201.0M | $1.2B | ||
| Q1 25 | $304.0M | $730.0M | ||
| Q4 24 | $265.0M | $552.0M | ||
| Q3 24 | $253.0M | $1.1B | ||
| Q2 24 | $198.0M | $854.0M | ||
| Q1 24 | $287.0M | $360.0M |
毛利率CMSRCL
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% | ||
| Q1 24 | — | 44.8% |
营业利润率CMSRCL
| Q4 25 | 20.4% | 21.9% | ||
| Q3 25 | 24.4% | 33.1% | ||
| Q2 25 | 17.6% | 29.3% | ||
| Q1 25 | 20.6% | 23.6% | ||
| Q4 24 | 22.5% | 16.6% | ||
| Q3 24 | 21.4% | 33.4% | ||
| Q2 24 | 18.0% | 26.7% | ||
| Q1 24 | 19.2% | 20.1% |
净利率CMSRCL
| Q4 25 | 13.5% | 17.7% | ||
| Q3 25 | 14.0% | 30.6% | ||
| Q2 25 | 11.2% | 26.7% | ||
| Q1 25 | 12.7% | 18.3% | ||
| Q4 24 | 14.0% | 14.7% | ||
| Q3 24 | 14.8% | 22.7% | ||
| Q2 24 | 12.6% | 20.8% | ||
| Q1 24 | 13.4% | 9.7% |
每股收益（稀释后）CMSRCL
| Q4 25 | $0.94 | $2.76 | ||
| Q3 25 | $0.92 | $5.74 | ||
| Q2 25 | $0.66 | $4.41 | ||
| Q1 25 | $1.01 | $2.70 | ||
| Q4 24 | $0.88 | $2.27 | ||
| Q3 24 | $0.84 | $4.21 | ||
| Q2 24 | $0.65 | $3.11 | ||
| Q1 24 | $0.96 | $1.35 |
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 | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $9.1B | $10.0B |
| 总资产 | $39.9B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资CMSRCL
| Q4 25 | $509.0M | $825.0M | ||
| Q3 25 | $362.0M | $432.0M | ||
| Q2 25 | $844.0M | $735.0M | ||
| Q1 25 | $465.0M | $386.0M | ||
| Q4 24 | $103.0M | $388.0M | ||
| Q3 24 | $412.0M | $418.0M | ||
| Q2 24 | $699.0M | $391.0M | ||
| Q1 24 | $802.0M | $437.0M |
总债务CMSRCL
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益CMSRCL
| Q4 25 | $9.1B | $10.0B | ||
| Q3 25 | $8.9B | $10.1B | ||
| Q2 25 | $8.4B | $9.2B | ||
| Q1 25 | $8.3B | $8.0B | ||
| Q4 24 | $8.2B | $7.6B | ||
| Q3 24 | $8.1B | $7.0B | ||
| Q2 24 | $8.0B | $6.0B | ||
| Q1 24 | $7.9B | $5.2B |
总资产CMSRCL
| Q4 25 | $39.9B | $41.6B | ||
| Q3 25 | $38.0B | $40.1B | ||
| Q2 25 | $37.7B | $38.5B | ||
| Q1 25 | $36.3B | $37.5B | ||
| Q4 24 | $35.9B | $37.1B | ||
| Q3 24 | $34.8B | $37.1B | ||
| Q2 24 | $34.4B | $37.0B | ||
| Q1 24 | $33.9B | $35.2B |
负债/权益比CMSRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 3.66× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | 1.65× | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CMSRCL
| Q4 25 | $478.0M | $1.6B | ||
| Q3 25 | $343.0M | $1.5B | ||
| Q2 25 | $414.0M | $1.7B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $403.0M | $1.5B | ||
| Q3 24 | $304.0M | $897.0M | ||
| Q2 24 | $707.0M | $1.6B | ||
| Q1 24 | $956.0M | $1.3B |
自由现金流CMSRCL
| Q4 25 | — | $116.0M | ||
| Q3 25 | $-635.0M | $-989.0M | ||
| Q2 25 | $-470.0M | $910.0M | ||
| Q1 25 | $112.0M | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | $-502.0M | $563.0M | ||
| Q2 24 | $26.0M | $-567.0M | ||
| Q1 24 | $343.0M | $1.1B |
自由现金流率CMSRCL
| Q4 25 | — | 2.7% | ||
| Q3 25 | -32.2% | -19.2% | ||
| Q2 25 | -26.1% | 20.1% | ||
| Q1 25 | 4.7% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | -29.3% | 11.5% | ||
| Q2 24 | 1.6% | -13.8% | ||
| Q1 24 | 16.0% | 29.1% |
资本支出强度CMSRCL
| Q4 25 | — | 35.4% | ||
| Q3 25 | 49.5% | 47.8% | ||
| Q2 25 | 49.2% | 18.4% | ||
| Q1 25 | 37.0% | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 47.1% | 6.8% | ||
| Q2 24 | 43.2% | 52.1% | ||
| Q1 24 | 28.6% | 6.5% |
现金转化率CMSRCL
| Q4 25 | 1.65× | 2.16× | ||
| Q3 25 | 1.24× | 0.93× | ||
| Q2 25 | 2.06× | 1.44× | ||
| Q1 25 | 3.29× | 2.23× | ||
| Q4 24 | 1.52× | 2.66× | ||
| Q3 24 | 1.20× | 0.81× | ||
| Q2 24 | 3.57× | 1.84× | ||
| Q1 24 | 3.33× | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
