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CMS Energy（CMS）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.7倍（$2.1B vs $1.2B），CMS Energy同比增速更快（13.0% vs -2.2%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CMS vs TNET — 直观对比
营收规模更大
CMS
是对方的1.7倍
$1.2B
营收增速更快
CMS
高出15.2%
-2.2%
两年增速更快
CMS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $289.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 0.1% |
| 净利率 | 13.5% | — |
| 营收同比 | 13.0% | -2.2% |
| 净利润同比 | 9.1% | — |
| 每股收益（稀释后） | $0.94 | $0.02 |
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CMSTNET
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $2.1B | $1.3B |
净利润CMSTNET
| Q4 25 | $289.0M | — | ||
| Q3 25 | $277.0M | $34.0M | ||
| Q2 25 | $201.0M | $37.0M | ||
| Q1 25 | $304.0M | $85.0M | ||
| Q4 24 | $265.0M | — | ||
| Q3 24 | $253.0M | $45.0M | ||
| Q2 24 | $198.0M | $60.0M | ||
| Q1 24 | $287.0M | $91.0M |
营业利润率CMSTNET
| Q4 25 | 20.4% | 0.1% | ||
| Q3 25 | 24.4% | 4.1% | ||
| Q2 25 | 17.6% | 4.1% | ||
| Q1 25 | 20.6% | 8.9% | ||
| Q4 24 | 22.5% | -2.9% | ||
| Q3 24 | 21.4% | 4.7% | ||
| Q2 24 | 18.0% | 6.5% | ||
| Q1 24 | 19.2% | 9.7% |
净利率CMSTNET
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.0% | 2.8% | ||
| Q2 25 | 11.2% | 3.0% | ||
| Q1 25 | 12.7% | 6.6% | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 14.8% | 3.6% | ||
| Q2 24 | 12.6% | 4.9% | ||
| Q1 24 | 13.4% | 7.2% |
每股收益（稀释后）CMSTNET
| Q4 25 | $0.94 | $0.02 | ||
| Q3 25 | $0.92 | $0.70 | ||
| Q2 25 | $0.66 | $0.77 | ||
| Q1 25 | $1.01 | $1.71 | ||
| Q4 24 | $0.88 | $-0.44 | ||
| Q3 24 | $0.84 | $0.89 | ||
| Q2 24 | $0.65 | $1.20 | ||
| Q1 24 | $0.96 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $54.0M |
| 总资产 | $39.9B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CMSTNET
| Q4 25 | $509.0M | $287.0M | ||
| Q3 25 | $362.0M | $321.0M | ||
| Q2 25 | $844.0M | $407.0M | ||
| Q1 25 | $465.0M | $349.0M | ||
| Q4 24 | $103.0M | $360.0M | ||
| Q3 24 | $412.0M | $301.0M | ||
| Q2 24 | $699.0M | $249.0M | ||
| Q1 24 | $802.0M | $383.0M |
股东权益CMSTNET
| Q4 25 | $9.1B | $54.0M | ||
| Q3 25 | $8.9B | $110.0M | ||
| Q2 25 | $8.4B | $107.0M | ||
| Q1 25 | $8.3B | $63.0M | ||
| Q4 24 | $8.2B | $69.0M | ||
| Q3 24 | $8.1B | $129.0M | ||
| Q2 24 | $8.0B | $100.0M | ||
| Q1 24 | $7.9B | $143.0M |
总资产CMSTNET
| Q4 25 | $39.9B | $3.8B | ||
| Q3 25 | $38.0B | $3.4B | ||
| Q2 25 | $37.7B | $3.7B | ||
| Q1 25 | $36.3B | $3.8B | ||
| Q4 24 | $35.9B | $4.1B | ||
| Q3 24 | $34.8B | $3.7B | ||
| Q2 24 | $34.4B | $3.7B | ||
| Q1 24 | $33.9B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流CMSTNET
| Q4 25 | $478.0M | $61.0M | ||
| Q3 25 | $343.0M | $72.0M | ||
| Q2 25 | $414.0M | $75.0M | ||
| Q1 25 | $1.0B | $95.0M | ||
| Q4 24 | $403.0M | $65.0M | ||
| Q3 24 | $304.0M | $84.0M | ||
| Q2 24 | $707.0M | $39.0M | ||
| Q1 24 | $956.0M | $91.0M |
自由现金流CMSTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | $-635.0M | $55.0M | ||
| Q2 25 | $-470.0M | $57.0M | ||
| Q1 25 | $112.0M | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | $-502.0M | $59.0M | ||
| Q2 24 | $26.0M | $22.0M | ||
| Q1 24 | $343.0M | $73.0M |
自由现金流率CMSTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | -32.2% | 4.5% | ||
| Q2 25 | -26.1% | 4.6% | ||
| Q1 25 | 4.7% | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | -29.3% | 4.8% | ||
| Q2 24 | 1.6% | 1.8% | ||
| Q1 24 | 16.0% | 5.8% |
资本支出强度CMSTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | 49.5% | 1.4% | ||
| Q2 25 | 49.2% | 1.5% | ||
| Q1 25 | 37.0% | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 47.1% | 2.0% | ||
| Q2 24 | 43.2% | 1.4% | ||
| Q1 24 | 28.6% | 1.4% |
现金转化率CMSTNET
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | 2.12× | ||
| Q2 25 | 2.06× | 2.03× | ||
| Q1 25 | 3.29× | 1.12× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | 1.87× | ||
| Q2 24 | 3.57× | 0.65× | ||
| Q1 24 | 3.33× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
