vs
CMS Energy（CMS）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是西蒙地产集团的1.2倍（$2.1B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 13.5%，领先184.1%），西蒙地产集团同比增速更快（13.2% vs 13.0%），过去两年西蒙地产集团的营收复合增速更高（11.4% 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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
CMS vs SPG — 直观对比
营收规模更大
CMS
是对方的1.2倍
$1.8B
营收增速更快
SPG
高出0.3%
13.0%
净利率更高
SPG
高出184.1%
13.5%
两年增速更快
SPG
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.8B |
| 净利润 | $289.0M | $3.5B |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 49.7% |
| 净利率 | 13.5% | 197.6% |
| 营收同比 | 13.0% | 13.2% |
| 净利润同比 | 9.1% | 358.7% |
| 每股收益（稀释后） | $0.94 | $9.34 |
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CMSSPG
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
净利润CMSSPG
| Q4 25 | $289.0M | $3.5B | ||
| Q3 25 | $277.0M | $702.7M | ||
| Q2 25 | $201.0M | $643.7M | ||
| Q1 25 | $304.0M | $477.9M | ||
| Q4 24 | $265.0M | $771.8M | ||
| Q3 24 | $253.0M | $546.7M | ||
| Q2 24 | $198.0M | $569.4M | ||
| Q1 24 | $287.0M | $841.2M |
营业利润率CMSSPG
| Q4 25 | 20.4% | 49.7% | ||
| Q3 25 | 24.4% | 50.8% | ||
| Q2 25 | 17.6% | 49.7% | ||
| Q1 25 | 20.6% | 49.4% | ||
| Q4 24 | 22.5% | 52.8% | ||
| Q3 24 | 21.4% | 51.9% | ||
| Q2 24 | 18.0% | 51.7% | ||
| Q1 24 | 19.2% | 51.0% |
净利率CMSSPG
| Q4 25 | 13.5% | 197.6% | ||
| Q3 25 | 14.0% | 43.9% | ||
| Q2 25 | 11.2% | 43.0% | ||
| Q1 25 | 12.7% | 32.4% | ||
| Q4 24 | 14.0% | 48.8% | ||
| Q3 24 | 14.8% | 36.9% | ||
| Q2 24 | 12.6% | 39.0% | ||
| Q1 24 | 13.4% | 58.3% |
每股收益（稀释后）CMSSPG
| Q4 25 | $0.94 | $9.34 | ||
| Q3 25 | $0.92 | $1.86 | ||
| Q2 25 | $0.66 | $1.70 | ||
| Q1 25 | $1.01 | $1.27 | ||
| Q4 24 | $0.88 | $2.04 | ||
| Q3 24 | $0.84 | $1.46 | ||
| Q2 24 | $0.65 | $1.51 | ||
| Q1 24 | $0.96 | $2.25 |
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 | $823.1M |
| 总债务越低越好 | — | $28.4B |
| 股东权益账面价值 | $9.1B | $5.2B |
| 总资产 | $39.9B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资CMSSPG
| Q4 25 | $509.0M | $823.1M | ||
| Q3 25 | $362.0M | $1.6B | ||
| Q2 25 | $844.0M | $1.2B | ||
| Q1 25 | $465.0M | $1.4B | ||
| Q4 24 | $103.0M | $1.4B | ||
| Q3 24 | $412.0M | $2.5B | ||
| Q2 24 | $699.0M | $2.5B | ||
| Q1 24 | $802.0M | $2.6B |
总债务CMSSPG
| Q4 25 | — | $28.4B | ||
| Q3 25 | — | $25.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $24.8B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $25.4B | ||
| Q2 24 | — | $25.3B | ||
| Q1 24 | — | $25.5B |
股东权益CMSSPG
| Q4 25 | $9.1B | $5.2B | ||
| Q3 25 | $8.9B | $2.3B | ||
| Q2 25 | $8.4B | $2.5B | ||
| Q1 25 | $8.3B | $2.6B | ||
| Q4 24 | $8.2B | $2.9B | ||
| Q3 24 | $8.1B | $2.7B | ||
| Q2 24 | $8.0B | $2.9B | ||
| Q1 24 | $7.9B | $3.1B |
总资产CMSSPG
| Q4 25 | $39.9B | $40.6B | ||
| Q3 25 | $38.0B | $33.6B | ||
| Q2 25 | $37.7B | $33.3B | ||
| Q1 25 | $36.3B | $32.5B | ||
| Q4 24 | $35.9B | $32.4B | ||
| Q3 24 | $34.8B | $33.3B | ||
| Q2 24 | $34.4B | $33.4B | ||
| Q1 24 | $33.9B | $33.7B |
负债/权益比CMSSPG
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 10.98× | ||
| Q2 25 | — | 10.36× | ||
| Q1 25 | — | 9.50× | ||
| Q4 24 | — | 8.25× | ||
| Q3 24 | — | 9.37× | ||
| Q2 24 | — | 8.59× | ||
| Q1 24 | — | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | — | 14.2% |
| 现金转化率经营现金流/净利润 | 1.65× | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流CMSSPG
| Q4 25 | $478.0M | $1.2B | ||
| Q3 25 | $343.0M | $890.3M | ||
| Q2 25 | $414.0M | $1.2B | ||
| Q1 25 | $1.0B | $827.2M | ||
| Q4 24 | $403.0M | $1.1B | ||
| Q3 24 | $304.0M | $892.9M | ||
| Q2 24 | $707.0M | $1.1B | ||
| Q1 24 | $956.0M | $773.1M |
自由现金流CMSSPG
| Q4 25 | — | $948.8M | ||
| Q3 25 | $-635.0M | $685.0M | ||
| Q2 25 | $-470.0M | $971.3M | ||
| Q1 25 | $112.0M | $597.0M | ||
| Q4 24 | — | $867.7M | ||
| Q3 24 | $-502.0M | $706.5M | ||
| Q2 24 | $26.0M | $874.8M | ||
| Q1 24 | $343.0M | $610.1M |
自由现金流率CMSSPG
| Q4 25 | — | 53.0% | ||
| Q3 25 | -32.2% | 42.8% | ||
| Q2 25 | -26.1% | 64.8% | ||
| Q1 25 | 4.7% | 40.5% | ||
| Q4 24 | — | 54.8% | ||
| Q3 24 | -29.3% | 47.7% | ||
| Q2 24 | 1.6% | 60.0% | ||
| Q1 24 | 16.0% | 42.3% |
资本支出强度CMSSPG
| Q4 25 | — | 14.2% | ||
| Q3 25 | 49.5% | 12.8% | ||
| Q2 25 | 49.2% | 16.3% | ||
| Q1 25 | 37.0% | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | 47.1% | 12.6% | ||
| Q2 24 | 43.2% | 12.9% | ||
| Q1 24 | 28.6% | 11.3% |
现金转化率CMSSPG
| Q4 25 | 1.65× | 0.34× | ||
| Q3 25 | 1.24× | 1.27× | ||
| Q2 25 | 2.06× | 1.89× | ||
| Q1 25 | 3.29× | 1.73× | ||
| Q4 24 | 1.52× | 1.41× | ||
| Q3 24 | 1.20× | 1.63× | ||
| Q2 24 | 3.57× | 1.87× | ||
| Q1 24 | 3.33× | 0.92× |
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% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
