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CMS Energy（CMS）与HANOVER INSURANCE GROUP, INC.（THG）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HANOVER INSURANCE GROUP, INC.的1.3倍（$2.1B vs $1.7B），CMS Energy净利率更高（13.5% vs 11.9%，领先1.7%），CMS Energy同比增速更快（13.0% vs 5.5%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% 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。
汉诺威保险集团是总部位于美国马萨诸塞州伍斯特市的保险企业，1852年成立时主营财产责任保险，以原名公开上市交易，直至上世纪90年代初更名为Allmerica财产意外伤害保险公司。
CMS vs THG — 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7.4%
5.5%
净利率更高
CMS
高出1.7%
11.9%
两年增速更快
THG
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.7B |
| 净利润 | $289.0M | $198.5M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 17.3% |
| 净利率 | 13.5% | 11.9% |
| 营收同比 | 13.0% | 5.5% |
| 净利润同比 | 9.1% | 18.2% |
| 每股收益（稀释后） | $0.94 | $5.46 |
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CMSTHG
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.1B | $1.6B |
净利润CMSTHG
| Q4 25 | $289.0M | $198.5M | ||
| Q3 25 | $277.0M | $178.7M | ||
| Q2 25 | $201.0M | $157.1M | ||
| Q1 25 | $304.0M | $128.2M | ||
| Q4 24 | $265.0M | $167.9M | ||
| Q3 24 | $253.0M | $102.1M | ||
| Q2 24 | $198.0M | $40.5M | ||
| Q1 24 | $287.0M | $115.5M |
营业利润率CMSTHG
| Q4 25 | 20.4% | 17.3% | ||
| Q3 25 | 24.4% | 14.9% | ||
| Q2 25 | 17.6% | 12.7% | ||
| Q1 25 | 20.6% | 11.6% | ||
| Q4 24 | 22.5% | 16.1% | ||
| Q3 24 | 21.4% | 9.6% | ||
| Q2 24 | 18.0% | 6.2% | ||
| Q1 24 | 19.2% | 9.7% |
净利率CMSTHG
| Q4 25 | 13.5% | 11.9% | ||
| Q3 25 | 14.0% | 10.7% | ||
| Q2 25 | 11.2% | 9.5% | ||
| Q1 25 | 12.7% | 8.0% | ||
| Q4 24 | 14.0% | 10.6% | ||
| Q3 24 | 14.8% | 6.5% | ||
| Q2 24 | 12.6% | 2.6% | ||
| Q1 24 | 13.4% | 7.4% |
每股收益（稀释后）CMSTHG
| Q4 25 | $0.94 | $5.46 | ||
| Q3 25 | $0.92 | $4.90 | ||
| Q2 25 | $0.66 | $4.30 | ||
| Q1 25 | $1.01 | $3.50 | ||
| Q4 24 | $0.88 | $4.60 | ||
| Q3 24 | $0.84 | $2.80 | ||
| Q2 24 | $0.65 | $1.12 | ||
| Q1 24 | $0.96 | $3.18 |
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 | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $9.1B | $3.6B |
| 总资产 | $39.9B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资CMSTHG
| Q4 25 | $509.0M | $1.1B | ||
| Q3 25 | $362.0M | $915.7M | ||
| Q2 25 | $844.0M | $244.1M | ||
| Q1 25 | $465.0M | $315.1M | ||
| Q4 24 | $103.0M | $435.5M | ||
| Q3 24 | $412.0M | $427.1M | ||
| Q2 24 | $699.0M | $337.6M | ||
| Q1 24 | $802.0M | $264.6M |
总债务CMSTHG
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMSTHG
| Q4 25 | $9.1B | $3.6B | ||
| Q3 25 | $8.9B | $3.4B | ||
| Q2 25 | $8.4B | $3.2B | ||
| Q1 25 | $8.3B | $3.0B | ||
| Q4 24 | $8.2B | $2.8B | ||
| Q3 24 | $8.1B | $2.9B | ||
| Q2 24 | $8.0B | $2.6B | ||
| Q1 24 | $7.9B | $2.5B |
总资产CMSTHG
| Q4 25 | $39.9B | $16.9B | ||
| Q3 25 | $38.0B | $16.8B | ||
| Q2 25 | $37.7B | $15.7B | ||
| Q1 25 | $36.3B | $15.5B | ||
| Q4 24 | $35.9B | $15.3B | ||
| Q3 24 | $34.8B | $15.4B | ||
| Q2 24 | $34.4B | $14.9B | ||
| Q1 24 | $33.9B | $14.6B |
负债/权益比CMSTHG
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $378.2M |
| 自由现金流经营现金流 - 资本支出 | — | $377.0M |
| 自由现金流率自由现金流/营收 | — | 22.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CMSTHG
| Q4 25 | $478.0M | $378.2M | ||
| Q3 25 | $343.0M | $554.4M | ||
| Q2 25 | $414.0M | $206.6M | ||
| Q1 25 | $1.0B | $38.9M | ||
| Q4 24 | $403.0M | $213.5M | ||
| Q3 24 | $304.0M | $394.7M | ||
| Q2 24 | $707.0M | $139.5M | ||
| Q1 24 | $956.0M | $58.7M |
自由现金流CMSTHG
| Q4 25 | — | $377.0M | ||
| Q3 25 | $-635.0M | $551.4M | ||
| Q2 25 | $-470.0M | $204.9M | ||
| Q1 25 | $112.0M | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | $-502.0M | $392.3M | ||
| Q2 24 | $26.0M | $137.3M | ||
| Q1 24 | $343.0M | $56.1M |
自由现金流率CMSTHG
| Q4 25 | — | 22.6% | ||
| Q3 25 | -32.2% | 33.1% | ||
| Q2 25 | -26.1% | 12.4% | ||
| Q1 25 | 4.7% | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | -29.3% | 25.1% | ||
| Q2 24 | 1.6% | 8.9% | ||
| Q1 24 | 16.0% | 3.6% |
资本支出强度CMSTHG
| Q4 25 | — | 0.1% | ||
| Q3 25 | 49.5% | 0.2% | ||
| Q2 25 | 49.2% | 0.1% | ||
| Q1 25 | 37.0% | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 47.1% | 0.2% | ||
| Q2 24 | 43.2% | 0.1% | ||
| Q1 24 | 28.6% | 0.2% |
现金转化率CMSTHG
| Q4 25 | 1.65× | 1.91× | ||
| Q3 25 | 1.24× | 3.10× | ||
| Q2 25 | 2.06× | 1.32× | ||
| Q1 25 | 3.29× | 0.30× | ||
| Q4 24 | 1.52× | 1.27× | ||
| Q3 24 | 1.20× | 3.87× | ||
| Q2 24 | 3.57× | 3.44× | ||
| Q1 24 | 3.33× | 0.51× |
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% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
