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CMS Energy（CMS）与Sunrun Inc.（RUN）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Sunrun Inc.的1.8倍（$2.1B vs $1.2B），CMS Energy净利率更高（13.5% vs 8.9%，领先4.6%），Sunrun Inc.同比增速更快（123.5% vs 13.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CMS vs RUN — 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
RUN
高出110.5%
13.0%
净利率更高
CMS
高出4.6%
8.9%
两年增速更快
RUN
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 | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 8.4% |
| 净利率 | 13.5% | 8.9% |
| 营收同比 | 13.0% | 123.5% |
| 净利润同比 | 9.1% | 103.7% |
| 每股收益（稀释后） | $0.94 | $0.38 |
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CMSRUN
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $724.6M | ||
| Q2 25 | $1.8B | $569.3M | ||
| Q1 25 | $2.4B | $504.3M | ||
| Q4 24 | $1.9B | $518.5M | ||
| Q3 24 | $1.7B | $537.2M | ||
| Q2 24 | $1.6B | $523.9M | ||
| Q1 24 | $2.1B | $458.2M |
净利润CMSRUN
| Q4 25 | $289.0M | $103.6M | ||
| Q3 25 | $277.0M | $16.6M | ||
| Q2 25 | $201.0M | $279.8M | ||
| Q1 25 | $304.0M | $50.0M | ||
| Q4 24 | $265.0M | $-2.8B | ||
| Q3 24 | $253.0M | $-83.8M | ||
| Q2 24 | $198.0M | $139.1M | ||
| Q1 24 | $287.0M | $-87.8M |
营业利润率CMSRUN
| Q4 25 | 20.4% | 8.4% | ||
| Q3 25 | 24.4% | 0.5% | ||
| Q2 25 | 17.6% | -19.7% | ||
| Q1 25 | 20.6% | -22.8% | ||
| Q4 24 | 22.5% | -628.0% | ||
| Q3 24 | 21.4% | -23.8% | ||
| Q2 24 | 18.0% | -24.4% | ||
| Q1 24 | 19.2% | -40.0% |
净利率CMSRUN
| Q4 25 | 13.5% | 8.9% | ||
| Q3 25 | 14.0% | 2.3% | ||
| Q2 25 | 11.2% | 49.1% | ||
| Q1 25 | 12.7% | 9.9% | ||
| Q4 24 | 14.0% | -542.7% | ||
| Q3 24 | 14.8% | -15.6% | ||
| Q2 24 | 12.6% | 26.5% | ||
| Q1 24 | 13.4% | -19.2% |
每股收益（稀释后）CMSRUN
| Q4 25 | $0.94 | $0.38 | ||
| Q3 25 | $0.92 | $0.06 | ||
| Q2 25 | $0.66 | $1.07 | ||
| Q1 25 | $1.01 | $0.20 | ||
| Q4 24 | $0.88 | $-12.59 | ||
| Q3 24 | $0.84 | $-0.37 | ||
| Q2 24 | $0.65 | $0.55 | ||
| Q1 24 | $0.96 | $-0.40 |
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 | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $9.1B | $3.1B |
| 总资产 | $39.9B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CMSRUN
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | — | ||
| Q2 25 | $844.0M | — | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $103.0M | — | ||
| Q3 24 | $412.0M | — | ||
| Q2 24 | $699.0M | — | ||
| Q1 24 | $802.0M | — |
总债务CMSRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CMSRUN
| Q4 25 | $9.1B | $3.1B | ||
| Q3 25 | $8.9B | $3.0B | ||
| Q2 25 | $8.4B | $2.9B | ||
| Q1 25 | $8.3B | $2.6B | ||
| Q4 24 | $8.2B | $2.6B | ||
| Q3 24 | $8.1B | $5.3B | ||
| Q2 24 | $8.0B | $5.4B | ||
| Q1 24 | $7.9B | $5.2B |
总资产CMSRUN
| Q4 25 | $39.9B | $22.6B | ||
| Q3 25 | $38.0B | $22.2B | ||
| Q2 25 | $37.7B | $21.2B | ||
| Q1 25 | $36.3B | $20.4B | ||
| Q4 24 | $35.9B | $19.9B | ||
| Q3 24 | $34.8B | $22.1B | ||
| Q2 24 | $34.4B | $21.4B | ||
| Q1 24 | $33.9B | $20.8B |
负债/权益比CMSRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.65× | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CMSRUN
| Q4 25 | $478.0M | $96.9M | ||
| Q3 25 | $343.0M | $-121.5M | ||
| Q2 25 | $414.0M | $-292.7M | ||
| Q1 25 | $1.0B | $-104.2M | ||
| Q4 24 | $403.0M | $-258.4M | ||
| Q3 24 | $304.0M | $-156.2M | ||
| Q2 24 | $707.0M | $-208.5M | ||
| Q1 24 | $956.0M | $-143.1M |
自由现金流CMSRUN
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | $-156.4M | ||
| Q2 24 | $26.0M | — | ||
| Q1 24 | $343.0M | — |
自由现金流率CMSRUN
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | -29.1% | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.0% | — |
资本支出强度CMSRUN
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | 0.0% | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 28.6% | — |
现金转化率CMSRUN
| Q4 25 | 1.65× | 0.94× | ||
| Q3 25 | 1.24× | -7.33× | ||
| Q2 25 | 2.06× | -1.05× | ||
| Q1 25 | 3.29× | -2.08× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
