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CMS Energy（CMS）与RXO, Inc.（RXO）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RXO, Inc.的1.5倍（$2.1B vs $1.5B），CMS Energy净利率更高（13.5% vs -3.1%，领先16.7%），CMS Energy同比增速更快（13.0% vs -11.9%），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
CMS vs RXO — 直观对比
营收规模更大
CMS
是对方的1.5倍
$1.5B
营收增速更快
CMS
高出24.8%
-11.9%
净利率更高
CMS
高出16.7%
-3.1%
两年增速更快
RXO
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $289.0M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | -2.9% |
| 净利率 | 13.5% | -3.1% |
| 营收同比 | 13.0% | -11.9% |
| 净利润同比 | 9.1% | -84.0% |
| 每股收益（稀释后） | $0.94 | $-0.28 |
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CMSRXO
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $930.0M | ||
| Q1 24 | $2.1B | $913.0M |
净利润CMSRXO
| Q4 25 | $289.0M | $-46.0M | ||
| Q3 25 | $277.0M | $-14.0M | ||
| Q2 25 | $201.0M | $-9.0M | ||
| Q1 25 | $304.0M | $-31.0M | ||
| Q4 24 | $265.0M | $-25.0M | ||
| Q3 24 | $253.0M | $-243.0M | ||
| Q2 24 | $198.0M | $-7.0M | ||
| Q1 24 | $287.0M | $-15.0M |
营业利润率CMSRXO
| Q4 25 | 20.4% | -2.9% | ||
| Q3 25 | 24.4% | -0.5% | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 20.6% | -2.1% | ||
| Q4 24 | 22.5% | -1.4% | ||
| Q3 24 | 21.4% | -1.9% | ||
| Q2 24 | 18.0% | — | ||
| Q1 24 | 19.2% | -1.3% |
净利率CMSRXO
| Q4 25 | 13.5% | -3.1% | ||
| Q3 25 | 14.0% | -1.0% | ||
| Q2 25 | 11.2% | -0.6% | ||
| Q1 25 | 12.7% | -2.2% | ||
| Q4 24 | 14.0% | -1.5% | ||
| Q3 24 | 14.8% | -23.4% | ||
| Q2 24 | 12.6% | -0.8% | ||
| Q1 24 | 13.4% | -1.6% |
每股收益（稀释后）CMSRXO
| Q4 25 | $0.94 | $-0.28 | ||
| Q3 25 | $0.92 | $-0.08 | ||
| Q2 25 | $0.66 | $-0.05 | ||
| Q1 25 | $1.01 | $-0.18 | ||
| Q4 24 | $0.88 | $-0.17 | ||
| Q3 24 | $0.84 | $-1.81 | ||
| Q2 24 | $0.65 | $-0.06 | ||
| Q1 24 | $0.96 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $9.1B | $1.5B |
| 总资产 | $39.9B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CMSRXO
| Q4 25 | $509.0M | $17.0M | ||
| Q3 25 | $362.0M | $25.0M | ||
| Q2 25 | $844.0M | $18.0M | ||
| Q1 25 | $465.0M | $16.0M | ||
| Q4 24 | $103.0M | $35.0M | ||
| Q3 24 | $412.0M | $55.0M | ||
| Q2 24 | $699.0M | $7.0M | ||
| Q1 24 | $802.0M | $7.0M |
总债务CMSRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益CMSRXO
| Q4 25 | $9.1B | $1.5B | ||
| Q3 25 | $8.9B | $1.6B | ||
| Q2 25 | $8.4B | $1.6B | ||
| Q1 25 | $8.3B | $1.6B | ||
| Q4 24 | $8.2B | $1.6B | ||
| Q3 24 | $8.1B | $1.7B | ||
| Q2 24 | $8.0B | $579.0M | ||
| Q1 24 | $7.9B | $582.0M |
总资产CMSRXO
| Q4 25 | $39.9B | $3.3B | ||
| Q3 25 | $38.0B | $3.2B | ||
| Q2 25 | $37.7B | $3.2B | ||
| Q1 25 | $36.3B | $3.3B | ||
| Q4 24 | $35.9B | $3.4B | ||
| Q3 24 | $34.8B | $3.4B | ||
| Q2 24 | $34.4B | $1.8B | ||
| Q1 24 | $33.9B | $1.8B |
负债/权益比CMSRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 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 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流CMSRXO
| Q4 25 | $478.0M | $7.0M | ||
| Q3 25 | $343.0M | $23.0M | ||
| Q2 25 | $414.0M | $23.0M | ||
| Q1 25 | $1.0B | $-2.0M | ||
| Q4 24 | $403.0M | $-7.0M | ||
| Q3 24 | $304.0M | $-7.0M | ||
| Q2 24 | $707.0M | $-5.0M | ||
| Q1 24 | $956.0M | $7.0M |
自由现金流CMSRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | $-635.0M | $9.0M | ||
| Q2 25 | $-470.0M | $9.0M | ||
| Q1 25 | $112.0M | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | $-502.0M | $-18.0M | ||
| Q2 24 | $26.0M | $-16.0M | ||
| Q1 24 | $343.0M | $-4.0M |
自由现金流率CMSRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | -32.2% | 0.6% | ||
| Q2 25 | -26.1% | 0.6% | ||
| Q1 25 | 4.7% | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | -29.3% | -1.7% | ||
| Q2 24 | 1.6% | -1.7% | ||
| Q1 24 | 16.0% | -0.4% |
资本支出强度CMSRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | 49.5% | 1.0% | ||
| Q2 25 | 49.2% | 1.0% | ||
| Q1 25 | 37.0% | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 47.1% | 1.1% | ||
| Q2 24 | 43.2% | 1.2% | ||
| Q1 24 | 28.6% | 1.2% |
现金转化率CMSRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
