vs
CMS Energy（CMS）与史丹利百得（SWK）财务数据对比。点击上方公司名可切换其他公司
史丹利百得的季度营收约是CMS Energy的1.8倍（$3.8B vs $2.1B），CMS Energy净利率更高（13.5% vs 1.4%，领先12.2%），CMS Energy同比增速更快（13.0% vs 0.1%），过去两年史丹利百得的营收复合增速更高（0.3% 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。
史丹利百得是美国知名的工业工具、家用五金产品制造商，同时提供安防类产品，前身为史丹利工具有限公司，由史丹利与百得于2010年3月12日合并而来，总部位于康涅狄格州大哈特福德地区的新不列颠市。
CMS vs SWK — 直观对比
营收规模更大
SWK
是对方的1.8倍
$2.1B
营收增速更快
CMS
高出12.8%
0.1%
净利率更高
CMS
高出12.2%
1.4%
两年增速更快
SWK
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.8B |
| 净利润 | $289.0M | $51.4M |
| 毛利率 | — | 31.4% |
| 营业利润率 | 20.4% | — |
| 净利率 | 13.5% | 1.4% |
| 营收同比 | 13.0% | 0.1% |
| 净利润同比 | 9.1% | -43.6% |
| 每股收益（稀释后） | $0.94 | $0.34 |
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CMSSWK
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.0B | $3.8B | ||
| Q2 25 | $1.8B | $3.9B | ||
| Q1 25 | $2.4B | $3.7B | ||
| Q4 24 | $1.9B | $3.7B | ||
| Q3 24 | $1.7B | $3.8B | ||
| Q2 24 | $1.6B | $4.0B | ||
| Q1 24 | $2.1B | $3.9B |
净利润CMSSWK
| Q4 25 | $289.0M | — | ||
| Q3 25 | $277.0M | $51.4M | ||
| Q2 25 | $201.0M | $101.9M | ||
| Q1 25 | $304.0M | $90.4M | ||
| Q4 24 | $265.0M | $194.9M | ||
| Q3 24 | $253.0M | $91.1M | ||
| Q2 24 | $198.0M | $-11.2M | ||
| Q1 24 | $287.0M | $19.5M |
毛利率CMSSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 31.4% | ||
| Q2 25 | — | 27.0% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | — | 30.8% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | — | 28.6% |
营业利润率CMSSWK
| Q4 25 | 20.4% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 22.5% | 3.4% | ||
| Q3 24 | 21.4% | 10.6% | ||
| Q2 24 | 18.0% | 9.5% | ||
| Q1 24 | 19.2% | 8.3% |
净利率CMSSWK
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.0% | 1.4% | ||
| Q2 25 | 11.2% | 2.6% | ||
| Q1 25 | 12.7% | 2.4% | ||
| Q4 24 | 14.0% | 5.2% | ||
| Q3 24 | 14.8% | 2.4% | ||
| Q2 24 | 12.6% | -0.3% | ||
| Q1 24 | 13.4% | 0.5% |
每股收益（稀释后）CMSSWK
| Q4 25 | $0.94 | — | ||
| Q3 25 | $0.92 | $0.34 | ||
| Q2 25 | $0.66 | $0.67 | ||
| Q1 25 | $1.01 | $0.60 | ||
| Q4 24 | $0.88 | $1.29 | ||
| Q3 24 | $0.84 | $0.60 | ||
| Q2 24 | $0.65 | $-0.07 | ||
| 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 | $268.3M |
| 总债务越低越好 | — | $5.3B |
| 股东权益账面价值 | $9.1B | $9.0B |
| 总资产 | $39.9B | $21.8B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资CMSSWK
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | $268.3M | ||
| Q2 25 | $844.0M | $311.8M | ||
| Q1 25 | $465.0M | $344.8M | ||
| Q4 24 | $103.0M | $290.5M | ||
| Q3 24 | $412.0M | $298.7M | ||
| Q2 24 | $699.0M | $318.5M | ||
| Q1 24 | $802.0M | $476.6M |
总债务CMSSWK
| Q4 25 | — | — | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $6.1B |
股东权益CMSSWK
| Q4 25 | $9.1B | — | ||
| Q3 25 | $8.9B | $9.0B | ||
| Q2 25 | $8.4B | $9.1B | ||
| Q1 25 | $8.3B | $8.8B | ||
| Q4 24 | $8.2B | $8.7B | ||
| Q3 24 | $8.1B | $8.9B | ||
| Q2 24 | $8.0B | $8.7B | ||
| Q1 24 | $7.9B | $8.9B |
总资产CMSSWK
| Q4 25 | $39.9B | — | ||
| Q3 25 | $38.0B | $21.8B | ||
| Q2 25 | $37.7B | $22.5B | ||
| Q1 25 | $36.3B | $22.5B | ||
| Q4 24 | $35.9B | $21.8B | ||
| Q3 24 | $34.8B | $22.5B | ||
| Q2 24 | $34.4B | $22.5B | ||
| Q1 24 | $33.9B | $23.9B |
负债/权益比CMSSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.69× |
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 | $221.2M |
| 自由现金流经营现金流 - 资本支出 | — | $155.3M |
| 自由现金流率自由现金流/营收 | — | 4.1% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | 1.65× | 4.30× |
| 过去12个月自由现金流最近4个季度 | — | $369.6M |
8季度趋势，按日历期对齐
经营现金流CMSSWK
| Q4 25 | $478.0M | — | ||
| Q3 25 | $343.0M | $221.2M | ||
| Q2 25 | $414.0M | $214.3M | ||
| Q1 25 | $1.0B | $-420.0M | ||
| Q4 24 | $403.0M | $679.1M | ||
| Q3 24 | $304.0M | $285.8M | ||
| Q2 24 | $707.0M | $573.0M | ||
| Q1 24 | $956.0M | $-431.0M |
自由现金流CMSSWK
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | $155.3M | ||
| Q2 25 | $-470.0M | $134.7M | ||
| Q1 25 | $112.0M | $-485.0M | ||
| Q4 24 | — | $564.6M | ||
| Q3 24 | $-502.0M | $199.3M | ||
| Q2 24 | $26.0M | $485.8M | ||
| Q1 24 | $343.0M | $-496.7M |
自由现金流率CMSSWK
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | 4.1% | ||
| Q2 25 | -26.1% | 3.4% | ||
| Q1 25 | 4.7% | -13.0% | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | -29.3% | 5.3% | ||
| Q2 24 | 1.6% | 12.1% | ||
| Q1 24 | 16.0% | -12.8% |
资本支出强度CMSSWK
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | 1.8% | ||
| Q2 25 | 49.2% | 2.0% | ||
| Q1 25 | 37.0% | 1.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 47.1% | 2.3% | ||
| Q2 24 | 43.2% | 2.2% | ||
| Q1 24 | 28.6% | 1.7% |
现金转化率CMSSWK
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 4.30× | ||
| Q2 25 | 2.06× | 2.10× | ||
| Q1 25 | 3.29× | -4.65× | ||
| Q4 24 | 1.52× | 3.48× | ||
| Q3 24 | 1.20× | 3.14× | ||
| Q2 24 | 3.57× | — | ||
| Q1 24 | 3.33× | -22.10× |
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% |
SWK
| Tools And Outdoor Segment | $3.3B | 87% |
| Engineered Fastening Segment | $500.5M | 13% |
