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CMS Energy（CMS）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.7倍（$2.1B vs $1.3B），CMS Energy净利率更高（13.5% vs -63.1%，领先76.6%），CMS Energy同比增速更快（13.0% vs -25.8%），过去两年Rivian Automotive, Inc.的营收复合增速更高（3.3% 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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
CMS vs RIVN — 直观对比
营收规模更大
CMS
是对方的1.7倍
$1.3B
营收增速更快
CMS
高出38.8%
-25.8%
净利率更高
CMS
高出76.6%
-63.1%
两年增速更快
RIVN
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.3B |
| 净利润 | $289.0M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 20.4% | -64.8% |
| 净利率 | 13.5% | -63.1% |
| 营收同比 | 13.0% | -25.8% |
| 净利润同比 | 9.1% | -9.0% |
| 每股收益（稀释后） | $0.94 | $-0.66 |
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CMSRIVN
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.7B | $874.0M | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.2B |
净利润CMSRIVN
| Q4 25 | $289.0M | $-811.0M | ||
| Q3 25 | $277.0M | $-1.2B | ||
| Q2 25 | $201.0M | $-1.1B | ||
| Q1 25 | $304.0M | $-545.0M | ||
| Q4 24 | $265.0M | $-744.0M | ||
| Q3 24 | $253.0M | $-1.1B | ||
| Q2 24 | $198.0M | $-1.5B | ||
| Q1 24 | $287.0M | $-1.4B |
毛利率CMSRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率CMSRIVN
| Q4 25 | 20.4% | -64.8% | ||
| Q3 25 | 24.4% | -63.1% | ||
| Q2 25 | 17.6% | -85.5% | ||
| Q1 25 | 20.6% | -52.8% | ||
| Q4 24 | 22.5% | -38.1% | ||
| Q3 24 | 21.4% | -133.8% | ||
| Q2 24 | 18.0% | -118.7% | ||
| Q1 24 | 19.2% | -123.3% |
净利率CMSRIVN
| Q4 25 | 13.5% | -63.1% | ||
| Q3 25 | 14.0% | -75.3% | ||
| Q2 25 | 11.2% | -85.7% | ||
| Q1 25 | 12.7% | -44.0% | ||
| Q4 24 | 14.0% | -42.9% | ||
| Q3 24 | 14.8% | -125.9% | ||
| Q2 24 | 12.6% | -125.8% | ||
| Q1 24 | 13.4% | -120.1% |
每股收益（稀释后）CMSRIVN
| Q4 25 | $0.94 | $-0.66 | ||
| Q3 25 | $0.92 | $-0.96 | ||
| Q2 25 | $0.66 | $-0.97 | ||
| Q1 25 | $1.01 | $-0.48 | ||
| Q4 24 | $0.88 | $-0.67 | ||
| Q3 24 | $0.84 | $-1.08 | ||
| Q2 24 | $0.65 | $-1.46 | ||
| Q1 24 | $0.96 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $4.6B |
| 总资产 | $39.9B | $14.9B |
| 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CMSRIVN
| Q4 25 | $509.0M | $6.1B | ||
| Q3 25 | $362.0M | $7.1B | ||
| Q2 25 | $844.0M | $7.5B | ||
| Q1 25 | $465.0M | $7.2B | ||
| Q4 24 | $103.0M | $7.7B | ||
| Q3 24 | $412.0M | $6.7B | ||
| Q2 24 | $699.0M | $7.9B | ||
| Q1 24 | $802.0M | $7.9B |
总债务CMSRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.4B |
股东权益CMSRIVN
| Q4 25 | $9.1B | $4.6B | ||
| Q3 25 | $8.9B | $5.1B | ||
| Q2 25 | $8.4B | $6.1B | ||
| Q1 25 | $8.3B | $6.2B | ||
| Q4 24 | $8.2B | $6.6B | ||
| Q3 24 | $8.1B | $5.9B | ||
| Q2 24 | $8.0B | $6.8B | ||
| Q1 24 | $7.9B | $8.1B |
总资产CMSRIVN
| Q4 25 | $39.9B | $14.9B | ||
| Q3 25 | $38.0B | $15.2B | ||
| Q2 25 | $37.7B | $15.6B | ||
| Q1 25 | $36.3B | $15.5B | ||
| Q4 24 | $35.9B | $15.4B | ||
| Q3 24 | $34.8B | $14.3B | ||
| Q2 24 | $34.4B | $15.4B | ||
| Q1 24 | $33.9B | $15.7B |
负债/权益比CMSRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-1.1B |
| 自由现金流率自由现金流/营收 | — | -89.0% |
| 资本支出强度资本支出/营收 | — | 36.0% |
| 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 | — | $-2.5B |
8季度趋势，按日历期对齐
经营现金流CMSRIVN
| Q4 25 | $478.0M | $-681.0M | ||
| Q3 25 | $343.0M | $26.0M | ||
| Q2 25 | $414.0M | $64.0M | ||
| Q1 25 | $1.0B | $-188.0M | ||
| Q4 24 | $403.0M | $1.2B | ||
| Q3 24 | $304.0M | $-876.0M | ||
| Q2 24 | $707.0M | $-754.0M | ||
| Q1 24 | $956.0M | $-1.3B |
自由现金流CMSRIVN
| Q4 25 | — | $-1.1B | ||
| Q3 25 | $-635.0M | $-421.0M | ||
| Q2 25 | $-470.0M | $-398.0M | ||
| Q1 25 | $112.0M | $-526.0M | ||
| Q4 24 | — | $856.0M | ||
| Q3 24 | $-502.0M | $-1.2B | ||
| Q2 24 | $26.0M | $-1.0B | ||
| Q1 24 | $343.0M | $-1.5B |
自由现金流率CMSRIVN
| Q4 25 | — | -89.0% | ||
| Q3 25 | -32.2% | -27.0% | ||
| Q2 25 | -26.1% | -30.5% | ||
| Q1 25 | 4.7% | -42.4% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | -29.3% | -131.9% | ||
| Q2 24 | 1.6% | -89.6% | ||
| Q1 24 | 16.0% | -126.5% |
资本支出强度CMSRIVN
| Q4 25 | — | 36.0% | ||
| Q3 25 | 49.5% | 28.7% | ||
| Q2 25 | 49.2% | 35.5% | ||
| Q1 25 | 37.0% | 27.3% | ||
| Q4 24 | — | 18.9% | ||
| Q3 24 | 47.1% | 31.7% | ||
| Q2 24 | 43.2% | 24.4% | ||
| Q1 24 | 28.6% | 21.1% |
现金转化率CMSRIVN
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
