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CMS Energy（CMS）与Unum Group（UNM）财务数据对比。点击上方公司名可切换其他公司
Unum Group的季度营收约是CMS Energy的1.6倍（$3.4B vs $2.1B），CMS Energy净利率更高（13.5% vs 6.9%，领先6.6%），CMS Energy同比增速更快（13.0% vs 8.5%），过去两年Unum Group的营收复合增速更高（1.9% 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。
Unum Group是美国财富500强保险企业，总部位于田纳西州查塔努加，前身为1848年成立的联合相互保险公司，1999年合并后曾用名UnumProvident至2007年。集团现设四大业务板块，覆盖美、英、波兰市场，旗下承保主体包括保罗里维尔人寿保险、普罗维登斯人伤意外险公司等。
CMS vs UNM — 直观对比
营收规模更大
UNM
是对方的1.6倍
$2.1B
营收增速更快
CMS
高出4.4%
8.5%
净利率更高
CMS
高出6.6%
6.9%
两年增速更快
UNM
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.4B |
| 净利润 | $289.0M | $232.0M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | — |
| 净利率 | 13.5% | 6.9% |
| 营收同比 | 13.0% | 8.5% |
| 净利润同比 | 9.1% | 22.7% |
| 每股收益（稀释后） | $0.94 | — |
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CMSUNM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.1B | $3.2B | ||
| Q3 25 | $2.0B | $3.4B | ||
| Q2 25 | $1.8B | $3.4B | ||
| Q1 25 | $2.4B | $3.1B | ||
| Q4 24 | $1.9B | $3.2B | ||
| Q3 24 | $1.7B | $3.2B | ||
| Q2 24 | $1.6B | $3.2B |
净利润CMSUNM
| Q1 26 | — | $232.0M | ||
| Q4 25 | $289.0M | $174.1M | ||
| Q3 25 | $277.0M | $39.7M | ||
| Q2 25 | $201.0M | $335.6M | ||
| Q1 25 | $304.0M | $189.1M | ||
| Q4 24 | $265.0M | $348.7M | ||
| Q3 24 | $253.0M | $645.7M | ||
| Q2 24 | $198.0M | $389.5M |
营业利润率CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | 20.4% | 6.7% | ||
| Q3 25 | 24.4% | 1.6% | ||
| Q2 25 | 17.6% | 12.4% | ||
| Q1 25 | 20.6% | 7.9% | ||
| Q4 24 | 22.5% | 13.8% | ||
| Q3 24 | 21.4% | 15.6% | ||
| Q2 24 | 18.0% | 15.3% |
净利率CMSUNM
| Q1 26 | — | 6.9% | ||
| Q4 25 | 13.5% | 5.4% | ||
| Q3 25 | 14.0% | 1.2% | ||
| Q2 25 | 11.2% | 10.0% | ||
| Q1 25 | 12.7% | 6.1% | ||
| Q4 24 | 14.0% | 10.8% | ||
| Q3 24 | 14.8% | 20.1% | ||
| Q2 24 | 12.6% | 12.0% |
每股收益（稀释后）CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | $0.94 | $1.06 | ||
| Q3 25 | $0.92 | $0.23 | ||
| Q2 25 | $0.66 | $1.92 | ||
| Q1 25 | $1.01 | $1.06 | ||
| Q4 24 | $0.88 | $1.91 | ||
| Q3 24 | $0.84 | $3.46 | ||
| Q2 24 | $0.65 | $2.05 |
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 | $2.1M |
| 总债务越低越好 | — | $3.8M |
| 股东权益账面价值 | $9.1B | $10.9M |
| 总资产 | $39.9B | $62.7M |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资CMSUNM
| Q1 26 | — | $2.1M | ||
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | — | ||
| Q2 25 | $844.0M | — | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $103.0M | — | ||
| Q3 24 | $412.0M | — | ||
| Q2 24 | $699.0M | — |
总债务CMSUNM
| Q1 26 | — | $3.8M | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.5B |
股东权益CMSUNM
| Q1 26 | — | $10.9M | ||
| Q4 25 | $9.1B | $11.1B | ||
| Q3 25 | $8.9B | $10.9B | ||
| Q2 25 | $8.4B | $11.3B | ||
| Q1 25 | $8.3B | $11.2B | ||
| Q4 24 | $8.2B | $11.0B | ||
| Q3 24 | $8.1B | $11.0B | ||
| Q2 24 | $8.0B | $10.5B |
总资产CMSUNM
| Q1 26 | — | $62.7M | ||
| Q4 25 | $39.9B | $63.5B | ||
| Q3 25 | $38.0B | $63.7B | ||
| Q2 25 | $37.7B | $62.8B | ||
| Q1 25 | $36.3B | $62.5B | ||
| Q4 24 | $35.9B | $62.0B | ||
| Q3 24 | $34.8B | $64.1B | ||
| Q2 24 | $34.4B | $62.0B |
负债/权益比CMSUNM
| Q1 26 | — | 0.35× | ||
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $357.9M | ||
| Q3 25 | $343.0M | $-371.8M | ||
| Q2 25 | $414.0M | $348.0M | ||
| Q1 25 | $1.0B | $353.6M | ||
| Q4 24 | $403.0M | $485.8M | ||
| Q3 24 | $304.0M | $390.0M | ||
| Q2 24 | $707.0M | $339.1M |
自由现金流CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | — | $320.1M | ||
| Q3 25 | $-635.0M | $-402.6M | ||
| Q2 25 | $-470.0M | $320.1M | ||
| Q1 25 | $112.0M | $317.8M | ||
| Q4 24 | — | $453.8M | ||
| Q3 24 | $-502.0M | $352.3M | ||
| Q2 24 | $26.0M | $311.4M |
自由现金流率CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | — | 9.9% | ||
| Q3 25 | -32.2% | -11.9% | ||
| Q2 25 | -26.1% | 9.5% | ||
| Q1 25 | 4.7% | 10.3% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | -29.3% | 11.0% | ||
| Q2 24 | 1.6% | 9.6% |
资本支出强度CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | 49.5% | 0.9% | ||
| Q2 25 | 49.2% | 0.8% | ||
| Q1 25 | 37.0% | 1.2% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | 47.1% | 1.2% | ||
| Q2 24 | 43.2% | 0.9% |
现金转化率CMSUNM
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 2.06× | ||
| Q3 25 | 1.24× | -9.37× | ||
| Q2 25 | 2.06× | 1.04× | ||
| Q1 25 | 3.29× | 1.87× | ||
| Q4 24 | 1.52× | 1.39× | ||
| Q3 24 | 1.20× | 0.60× | ||
| Q2 24 | 3.57× | 0.87× |
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% |
UNM
| Premium Income | $2.8B | 83% |
| Other | $561.2M | 17% |
