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CMS Energy（CMS）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
托尔工业的季度营收约是CMS Energy的1.1倍（$2.4B vs $2.1B），CMS Energy净利率更高（13.5% vs 0.9%，领先12.6%），CMS Energy同比增速更快（13.0% vs 11.5%），过去两年托尔工业的营收复合增速更高（4.0% 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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
CMS vs THO — 直观对比
营收规模更大
THO
是对方的1.1倍
$2.1B
营收增速更快
CMS
高出1.5%
11.5%
净利率更高
CMS
高出12.6%
0.9%
两年增速更快
THO
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $289.0M | $21.7M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 20.4% | 1.4% |
| 净利率 | 13.5% | 0.9% |
| 营收同比 | 13.0% | 11.5% |
| 净利润同比 | 9.1% | 1282.8% |
| 每股收益（稀释后） | $0.94 | $0.41 |
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CMSTHO
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $1.8B | $2.9B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.7B | $2.5B | ||
| Q2 24 | $1.6B | $2.8B | ||
| Q1 24 | $2.1B | $2.2B |
净利润CMSTHO
| Q4 25 | $289.0M | $21.7M | ||
| Q3 25 | $277.0M | $125.8M | ||
| Q2 25 | $201.0M | $135.2M | ||
| Q1 25 | $304.0M | $-551.0K | ||
| Q4 24 | $265.0M | $-1.8M | ||
| Q3 24 | $253.0M | $90.0M | ||
| Q2 24 | $198.0M | $114.5M | ||
| Q1 24 | $287.0M | $7.2M |
毛利率CMSTHO
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 12.3% |
营业利润率CMSTHO
| Q4 25 | 20.4% | 1.4% | ||
| Q3 25 | 24.4% | 5.7% | ||
| Q2 25 | 17.6% | 5.4% | ||
| Q1 25 | 20.6% | -0.1% | ||
| Q4 24 | 22.5% | -0.1% | ||
| Q3 24 | 21.4% | 5.0% | ||
| Q2 24 | 18.0% | 5.1% | ||
| Q1 24 | 19.2% | 0.3% |
净利率CMSTHO
| Q4 25 | 13.5% | 0.9% | ||
| Q3 25 | 14.0% | 5.0% | ||
| Q2 25 | 11.2% | 4.7% | ||
| Q1 25 | 12.7% | -0.0% | ||
| Q4 24 | 14.0% | -0.1% | ||
| Q3 24 | 14.8% | 3.6% | ||
| Q2 24 | 12.6% | 4.1% | ||
| Q1 24 | 13.4% | 0.3% |
每股收益（稀释后）CMSTHO
| Q4 25 | $0.94 | $0.41 | ||
| Q3 25 | $0.92 | $2.35 | ||
| Q2 25 | $0.66 | $2.53 | ||
| Q1 25 | $1.01 | $-0.01 | ||
| Q4 24 | $0.88 | $-0.03 | ||
| Q3 24 | $0.84 | $1.69 | ||
| Q2 24 | $0.65 | $2.13 | ||
| 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 | $509.9M |
| 总债务越低越好 | — | $916.0M |
| 股东权益账面价值 | $9.1B | $4.3B |
| 总资产 | $39.9B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资CMSTHO
| Q4 25 | $509.0M | $509.9M | ||
| Q3 25 | $362.0M | $586.6M | ||
| Q2 25 | $844.0M | $508.3M | ||
| Q1 25 | $465.0M | $373.8M | ||
| Q4 24 | $103.0M | $445.2M | ||
| Q3 24 | $412.0M | $501.3M | ||
| Q2 24 | $699.0M | $371.8M | ||
| Q1 24 | $802.0M | $340.2M |
总债务CMSTHO
| Q4 25 | — | $916.0M | ||
| Q3 25 | — | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
股东权益CMSTHO
| Q4 25 | $9.1B | $4.3B | ||
| Q3 25 | $8.9B | $4.3B | ||
| Q2 25 | $8.4B | $4.2B | ||
| Q1 25 | $8.3B | $4.0B | ||
| Q4 24 | $8.2B | $4.1B | ||
| Q3 24 | $8.1B | $4.1B | ||
| Q2 24 | $8.0B | $4.0B | ||
| Q1 24 | $7.9B | $3.9B |
总资产CMSTHO
| Q4 25 | $39.9B | $7.0B | ||
| Q3 25 | $38.0B | $7.1B | ||
| Q2 25 | $37.7B | $7.2B | ||
| Q1 25 | $36.3B | $6.7B | ||
| Q4 24 | $35.9B | $6.9B | ||
| Q3 24 | $34.8B | $7.0B | ||
| Q2 24 | $34.4B | $7.2B | ||
| Q1 24 | $33.9B | $7.2B |
负债/权益比CMSTHO
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-74.8M |
| 自由现金流率自由现金流/营收 | — | -3.1% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 1.65× | -2.07× |
| 过去12个月自由现金流最近4个季度 | — | $375.1M |
8季度趋势，按日历期对齐
经营现金流CMSTHO
| Q4 25 | $478.0M | $-44.9M | ||
| Q3 25 | $343.0M | $258.7M | ||
| Q2 25 | $414.0M | $257.7M | ||
| Q1 25 | $1.0B | $30.8M | ||
| Q4 24 | $403.0M | $30.7M | ||
| Q3 24 | $304.0M | $338.0M | ||
| Q2 24 | $707.0M | $251.7M | ||
| Q1 24 | $956.0M | $-103.9M |
自由现金流CMSTHO
| Q4 25 | — | $-74.8M | ||
| Q3 25 | $-635.0M | $221.6M | ||
| Q2 25 | $-470.0M | $222.5M | ||
| Q1 25 | $112.0M | $5.8M | ||
| Q4 24 | — | $6.4M | ||
| Q3 24 | $-502.0M | $301.3M | ||
| Q2 24 | $26.0M | $225.4M | ||
| Q1 24 | $343.0M | $-140.2M |
自由现金流率CMSTHO
| Q4 25 | — | -3.1% | ||
| Q3 25 | -32.2% | 8.8% | ||
| Q2 25 | -26.1% | 7.7% | ||
| Q1 25 | 4.7% | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | -29.3% | 11.9% | ||
| Q2 24 | 1.6% | 8.0% | ||
| Q1 24 | 16.0% | -6.4% |
资本支出强度CMSTHO
| Q4 25 | — | 1.3% | ||
| Q3 25 | 49.5% | 1.5% | ||
| Q2 25 | 49.2% | 1.2% | ||
| Q1 25 | 37.0% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 47.1% | 1.4% | ||
| Q2 24 | 43.2% | 0.9% | ||
| Q1 24 | 28.6% | 1.6% |
现金转化率CMSTHO
| Q4 25 | 1.65× | -2.07× | ||
| Q3 25 | 1.24× | 2.06× | ||
| Q2 25 | 2.06× | 1.91× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 3.76× | ||
| Q2 24 | 3.57× | 2.20× | ||
| Q1 24 | 3.33× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
