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CMS Energy（CMS）与TUTOR PERINI CORP（TPC）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TUTOR PERINI CORP的1.4倍（$2.1B vs $1.5B），CMS Energy净利率更高（13.5% vs 1.9%，领先11.6%），TUTOR PERINI CORP同比增速更快（41.2% vs 13.0%），过去两年TUTOR PERINI CORP的营收复合增速更高（19.9% 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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
CMS vs TPC — 直观对比
营收规模更大
CMS
是对方的1.4倍
$1.5B
营收增速更快
TPC
高出28.2%
13.0%
净利率更高
CMS
高出11.6%
1.9%
两年增速更快
TPC
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $289.0M | $28.8M |
| 毛利率 | — | 9.8% |
| 营业利润率 | 20.4% | 3.3% |
| 净利率 | 13.5% | 1.9% |
| 营收同比 | 13.0% | 41.2% |
| 净利润同比 | 9.1% | 136.3% |
| 每股收益（稀释后） | $0.94 | $0.53 |
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CMSTPC
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $2.1B | $1.0B |
净利润CMSTPC
| Q4 25 | $289.0M | $28.8M | ||
| Q3 25 | $277.0M | $3.6M | ||
| Q2 25 | $201.0M | $20.0M | ||
| Q1 25 | $304.0M | $28.0M | ||
| Q4 24 | $265.0M | $-79.4M | ||
| Q3 24 | $253.0M | $-100.9M | ||
| Q2 24 | $198.0M | $812.0K | ||
| Q1 24 | $287.0M | $15.8M |
毛利率CMSTPC
| Q4 25 | — | 9.8% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | -2.4% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | 11.0% |
营业利润率CMSTPC
| Q4 25 | 20.4% | 3.3% | ||
| Q3 25 | 24.4% | 2.8% | ||
| Q2 25 | 17.6% | 5.6% | ||
| Q1 25 | 20.6% | 5.2% | ||
| Q4 24 | 22.5% | -8.1% | ||
| Q3 24 | 21.4% | -9.9% | ||
| Q2 24 | 18.0% | 3.6% | ||
| Q1 24 | 19.2% | 4.7% |
净利率CMSTPC
| Q4 25 | 13.5% | 1.9% | ||
| Q3 25 | 14.0% | 0.3% | ||
| Q2 25 | 11.2% | 1.5% | ||
| Q1 25 | 12.7% | 2.2% | ||
| Q4 24 | 14.0% | -7.4% | ||
| Q3 24 | 14.8% | -9.3% | ||
| Q2 24 | 12.6% | 0.1% | ||
| Q1 24 | 13.4% | 1.5% |
每股收益（稀释后）CMSTPC
| Q4 25 | $0.94 | $0.53 | ||
| Q3 25 | $0.92 | $0.07 | ||
| Q2 25 | $0.66 | $0.38 | ||
| Q1 25 | $1.01 | $0.53 | ||
| Q4 24 | $0.88 | $-1.53 | ||
| Q3 24 | $0.84 | $-1.92 | ||
| Q2 24 | $0.65 | $0.02 | ||
| Q1 24 | $0.96 | $0.30 |
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 | $734.6M |
| 总债务越低越好 | — | $407.4M |
| 股东权益账面价值 | $9.1B | $1.2B |
| 总资产 | $39.9B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资CMSTPC
| Q4 25 | $509.0M | $734.6M | ||
| Q3 25 | $362.0M | $695.7M | ||
| Q2 25 | $844.0M | $526.1M | ||
| Q1 25 | $465.0M | $276.5M | ||
| Q4 24 | $103.0M | $455.1M | ||
| Q3 24 | $412.0M | $287.4M | ||
| Q2 24 | $699.0M | $267.1M | ||
| Q1 24 | $802.0M | $358.3M |
总债务CMSTPC
| Q4 25 | — | $407.4M | ||
| Q3 25 | — | $413.1M | ||
| Q2 25 | — | $419.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | — | $534.1M | ||
| Q3 24 | — | $681.4M | ||
| Q2 24 | — | $676.4M | ||
| Q1 24 | — | $801.2M |
股东权益CMSTPC
| Q4 25 | $9.1B | $1.2B | ||
| Q3 25 | $8.9B | $1.2B | ||
| Q2 25 | $8.4B | $1.2B | ||
| Q1 25 | $8.3B | $1.2B | ||
| Q4 24 | $8.2B | $1.1B | ||
| Q3 24 | $8.1B | $1.2B | ||
| Q2 24 | $8.0B | $1.3B | ||
| Q1 24 | $7.9B | $1.3B |
总资产CMSTPC
| Q4 25 | $39.9B | $5.2B | ||
| Q3 25 | $38.0B | $5.2B | ||
| Q2 25 | $37.7B | $4.9B | ||
| Q1 25 | $36.3B | $4.5B | ||
| Q4 24 | $35.9B | $4.2B | ||
| Q3 24 | $34.8B | $4.4B | ||
| Q2 24 | $34.4B | $4.3B | ||
| Q1 24 | $33.9B | $4.4B |
负债/权益比CMSTPC
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | — | $98.7M |
| 自由现金流率自由现金流/营收 | — | 6.5% |
| 资本支出强度资本支出/营收 | — | 5.0% |
| 现金转化率经营现金流/净利润 | 1.65× | 6.02× |
| 过去12个月自由现金流最近4个季度 | — | $567.2M |
8季度趋势，按日历期对齐
经营现金流CMSTPC
| Q4 25 | $478.0M | $173.7M | ||
| Q3 25 | $343.0M | $289.1M | ||
| Q2 25 | $414.0M | $262.4M | ||
| Q1 25 | $1.0B | $22.9M | ||
| Q4 24 | $403.0M | $329.6M | ||
| Q3 24 | $304.0M | $22.6M | ||
| Q2 24 | $707.0M | $53.1M | ||
| Q1 24 | $956.0M | $98.3M |
自由现金流CMSTPC
| Q4 25 | — | $98.7M | ||
| Q3 25 | $-635.0M | $240.2M | ||
| Q2 25 | $-470.0M | $235.6M | ||
| Q1 25 | $112.0M | $-7.2M | ||
| Q4 24 | — | $320.4M | ||
| Q3 24 | $-502.0M | $15.6M | ||
| Q2 24 | $26.0M | $42.2M | ||
| Q1 24 | $343.0M | $87.8M |
自由现金流率CMSTPC
| Q4 25 | — | 6.5% | ||
| Q3 25 | -32.2% | 17.0% | ||
| Q2 25 | -26.1% | 17.1% | ||
| Q1 25 | 4.7% | -0.6% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | -29.3% | 1.4% | ||
| Q2 24 | 1.6% | 3.7% | ||
| Q1 24 | 16.0% | 8.4% |
资本支出强度CMSTPC
| Q4 25 | — | 5.0% | ||
| Q3 25 | 49.5% | 3.5% | ||
| Q2 25 | 49.2% | 2.0% | ||
| Q1 25 | 37.0% | 2.4% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 47.1% | 0.6% | ||
| Q2 24 | 43.2% | 1.0% | ||
| Q1 24 | 28.6% | 1.0% |
现金转化率CMSTPC
| Q4 25 | 1.65× | 6.02× | ||
| Q3 25 | 1.24× | 79.63× | ||
| Q2 25 | 2.06× | 13.14× | ||
| Q1 25 | 3.29× | 0.82× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | 65.44× | ||
| Q1 24 | 3.33× | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
