vs
CMS Energy（CMS）与RUSH ENTERPRISES INC \TX\（RUSHA）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RUSH ENTERPRISES INC \TX\的1.3倍（$2.1B vs $1.7B），CMS Energy净利率更高（13.5% vs 3.7%，领先9.9%），CMS Energy同比增速更快（13.0% vs -9.0%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
CMS vs RUSHA — 直观对比
营收规模更大
CMS
是对方的1.3倍
$1.7B
营收增速更快
CMS
高出22.0%
-9.0%
净利率更高
CMS
高出9.9%
3.7%
两年增速更快
CMS
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.7B |
| 净利润 | $289.0M | $61.7M |
| 毛利率 | — | 20.4% |
| 营业利润率 | 20.4% | 4.9% |
| 净利率 | 13.5% | 3.7% |
| 营收同比 | 13.0% | -9.0% |
| 净利润同比 | 9.1% | 1.8% |
| 每股收益（稀释后） | $0.94 | $0.77 |
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CMSRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $1.8B | $1.8B | ||
| Q1 25 | $2.4B | $1.8B | ||
| Q4 24 | $1.9B | $1.9B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.6B | $1.9B |
净利润CMSRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $289.0M | $64.3M | ||
| Q3 25 | $277.0M | $66.7M | ||
| Q2 25 | $201.0M | $72.4M | ||
| Q1 25 | $304.0M | $60.3M | ||
| Q4 24 | $265.0M | $74.8M | ||
| Q3 24 | $253.0M | $79.1M | ||
| Q2 24 | $198.0M | $78.7M |
毛利率CMSRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | — | 20.8% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 20.7% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | — | 20.2% |
营业利润率CMSRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 20.4% | 5.5% | ||
| Q3 25 | 24.4% | 5.6% | ||
| Q2 25 | 17.6% | 6.0% | ||
| Q1 25 | 20.6% | 5.2% | ||
| Q4 24 | 22.5% | 5.8% | ||
| Q3 24 | 21.4% | 6.7% | ||
| Q2 24 | 18.0% | 6.4% |
净利率CMSRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 13.5% | 3.8% | ||
| Q3 25 | 14.0% | 3.7% | ||
| Q2 25 | 11.2% | 3.9% | ||
| Q1 25 | 12.7% | 3.4% | ||
| Q4 24 | 14.0% | 3.9% | ||
| Q3 24 | 14.8% | 4.4% | ||
| Q2 24 | 12.6% | 4.1% |
每股收益（稀释后）CMSRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $0.94 | $0.81 | ||
| Q3 25 | $0.92 | $0.83 | ||
| Q2 25 | $0.66 | $0.90 | ||
| Q1 25 | $1.01 | $0.73 | ||
| Q4 24 | $0.88 | $-95.13 | ||
| Q3 24 | $0.84 | $0.97 | ||
| Q2 24 | $0.65 | $97.00 |
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 | — | $277.8M |
| 股东权益账面价值 | $9.1B | $2.3B |
| 总资产 | $39.9B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资CMSRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $509.0M | $212.6M | ||
| Q3 25 | $362.0M | $242.0M | ||
| Q2 25 | $844.0M | $211.1M | ||
| Q1 25 | $465.0M | $228.7M | ||
| Q4 24 | $103.0M | $228.1M | ||
| Q3 24 | $412.0M | $185.1M | ||
| Q2 24 | $699.0M | $167.3M |
总债务CMSRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | — | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMSRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $9.1B | $2.2B | ||
| Q3 25 | $8.9B | $2.2B | ||
| Q2 25 | $8.4B | $2.2B | ||
| Q1 25 | $8.3B | $2.2B | ||
| Q4 24 | $8.2B | $2.1B | ||
| Q3 24 | $8.1B | $2.1B | ||
| Q2 24 | $8.0B | $2.0B |
总资产CMSRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $39.9B | $4.4B | ||
| Q3 25 | $38.0B | $4.6B | ||
| Q2 25 | $37.7B | $4.7B | ||
| Q1 25 | $36.3B | $4.7B | ||
| Q4 24 | $35.9B | $4.6B | ||
| Q3 24 | $34.8B | $4.6B | ||
| Q2 24 | $34.4B | $4.5B |
负债/权益比CMSRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $411.6M |
| 自由现金流率自由现金流/营收 | — | 24.4% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 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 | — | $828.4M |
8季度趋势，按日历期对齐
经营现金流CMSRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $112.9M | ||
| Q3 25 | $343.0M | $367.8M | ||
| Q2 25 | $414.0M | $227.6M | ||
| Q1 25 | $1.0B | $153.5M | ||
| Q4 24 | $403.0M | $392.3M | ||
| Q3 24 | $304.0M | $111.7M | ||
| Q2 24 | $707.0M | $270.6M |
自由现金流CMSRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | — | $31.9M | ||
| Q3 25 | $-635.0M | $271.2M | ||
| Q2 25 | $-470.0M | $113.8M | ||
| Q1 25 | $112.0M | $45.1M | ||
| Q4 24 | — | $263.5M | ||
| Q3 24 | $-502.0M | $-20.0M | ||
| Q2 24 | $26.0M | $177.2M |
自由现金流率CMSRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | -32.2% | 15.2% | ||
| Q2 25 | -26.1% | 6.2% | ||
| Q1 25 | 4.7% | 2.6% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | -29.3% | -1.1% | ||
| Q2 24 | 1.6% | 9.1% |
资本支出强度CMSRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | 49.5% | 5.4% | ||
| Q2 25 | 49.2% | 6.2% | ||
| Q1 25 | 37.0% | 6.2% | ||
| Q4 24 | — | 6.7% | ||
| Q3 24 | 47.1% | 7.3% | ||
| Q2 24 | 43.2% | 4.8% |
现金转化率CMSRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 1.75× | ||
| Q3 25 | 1.24× | 5.51× | ||
| Q2 25 | 2.06× | 3.14× | ||
| Q1 25 | 3.29× | 2.55× | ||
| Q4 24 | 1.52× | 5.25× | ||
| Q3 24 | 1.20× | 1.41× | ||
| Q2 24 | 3.57× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
