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CMS Energy（CMS）与Vulcan Materials Company（VMC）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Vulcan Materials Company的1.1倍（$2.1B vs $1.9B），CMS Energy净利率更高（13.5% vs 13.2%，领先0.4%），CMS Energy同比增速更快（13.0% vs 3.2%），过去两年Vulcan Materials Company的营收复合增速更高（11.2% 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。
Vulcan Materials Company是总部位于美国阿拉巴马州伯明翰的企业，主营建筑材料的生产、配送及销售，是美国最大的砂石、碎石、砂类建材生产商，拥有400多处运营网点，雇员约1.2万人，业务覆盖美国22个州、华盛顿特区及墨西哥、加拿大、巴哈马、美属维尔京群岛。
CMS vs VMC — 直观对比
营收规模更大
CMS
是对方的1.1倍
$1.9B
营收增速更快
CMS
高出9.8%
3.2%
净利率更高
CMS
高出0.4%
13.2%
两年增速更快
VMC
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.9B |
| 净利润 | $289.0M | $252.0M |
| 毛利率 | — | 25.5% |
| 营业利润率 | 20.4% | 19.8% |
| 净利率 | 13.5% | 13.2% |
| 营收同比 | 13.0% | 3.2% |
| 净利润同比 | 9.1% | -14.2% |
| 每股收益（稀释后） | $0.94 | $1.90 |
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CMSVMC
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $1.9B | $1.9B | ||
| Q3 24 | $1.7B | $2.0B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $2.1B | $1.5B |
净利润CMSVMC
| Q4 25 | $289.0M | $252.0M | ||
| Q3 25 | $277.0M | $374.9M | ||
| Q2 25 | $201.0M | $320.9M | ||
| Q1 25 | $304.0M | $128.9M | ||
| Q4 24 | $265.0M | $293.6M | ||
| Q3 24 | $253.0M | $207.6M | ||
| Q2 24 | $198.0M | $308.0M | ||
| Q1 24 | $287.0M | $102.7M |
毛利率CMSVMC
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 30.4% | ||
| Q2 25 | — | 29.7% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.2% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 19.7% |
营业利润率CMSVMC
| Q4 25 | 20.4% | 19.8% | ||
| Q3 25 | 24.4% | 23.7% | ||
| Q2 25 | 17.6% | 22.4% | ||
| Q1 25 | 20.6% | 13.9% | ||
| Q4 24 | 22.5% | 21.6% | ||
| Q3 24 | 21.4% | 16.8% | ||
| Q2 24 | 18.0% | 22.5% | ||
| Q1 24 | 19.2% | 11.2% |
净利率CMSVMC
| Q4 25 | 13.5% | 13.2% | ||
| Q3 25 | 14.0% | 16.4% | ||
| Q2 25 | 11.2% | 15.3% | ||
| Q1 25 | 12.7% | 7.9% | ||
| Q4 24 | 14.0% | 15.8% | ||
| Q3 24 | 14.8% | 10.4% | ||
| Q2 24 | 12.6% | 15.3% | ||
| Q1 24 | 13.4% | 6.6% |
每股收益（稀释后）CMSVMC
| Q4 25 | $0.94 | $1.90 | ||
| Q3 25 | $0.92 | $2.82 | ||
| Q2 25 | $0.66 | $2.42 | ||
| Q1 25 | $1.01 | $0.97 | ||
| Q4 24 | $0.88 | $2.21 | ||
| Q3 24 | $0.84 | $1.56 | ||
| Q2 24 | $0.65 | $2.31 | ||
| Q1 24 | $0.96 | $0.77 |
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 | $183.3M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $9.1B | $8.5B |
| 总资产 | $39.9B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资CMSVMC
| Q4 25 | $509.0M | $183.3M | ||
| Q3 25 | $362.0M | $191.3M | ||
| Q2 25 | $844.0M | $347.4M | ||
| Q1 25 | $465.0M | $181.3M | ||
| Q4 24 | $103.0M | $559.7M | ||
| Q3 24 | $412.0M | $433.2M | ||
| Q2 24 | $699.0M | $111.0M | ||
| Q1 24 | $802.0M | $292.4M |
总债务CMSVMC
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.9B | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.3B |
股东权益CMSVMC
| Q4 25 | $9.1B | $8.5B | ||
| Q3 25 | $8.9B | $8.7B | ||
| Q2 25 | $8.4B | $8.4B | ||
| Q1 25 | $8.3B | $8.1B | ||
| Q4 24 | $8.2B | $8.1B | ||
| Q3 24 | $8.1B | $7.9B | ||
| Q2 24 | $8.0B | $7.7B | ||
| Q1 24 | $7.9B | $7.5B |
总资产CMSVMC
| Q4 25 | $39.9B | $16.7B | ||
| Q3 25 | $38.0B | $17.0B | ||
| Q2 25 | $37.7B | $17.0B | ||
| Q1 25 | $36.3B | $16.7B | ||
| Q4 24 | $35.9B | $17.1B | ||
| Q3 24 | $34.8B | $14.4B | ||
| Q2 24 | $34.4B | $14.2B | ||
| Q1 24 | $33.9B | $13.9B |
负债/权益比CMSVMC
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.44× |
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 | $543.0M |
| 自由现金流经营现金流 - 资本支出 | — | $358.2M |
| 自由现金流率自由现金流/营收 | — | 18.7% |
| 资本支出强度资本支出/营收 | — | 9.7% |
| 现金转化率经营现金流/净利润 | 1.65× | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流CMSVMC
| Q4 25 | $478.0M | $543.0M | ||
| Q3 25 | $343.0M | $676.8M | ||
| Q2 25 | $414.0M | $341.7M | ||
| Q1 25 | $1.0B | $251.5M | ||
| Q4 24 | $403.0M | $440.1M | ||
| Q3 24 | $304.0M | $595.0M | ||
| Q2 24 | $707.0M | $201.1M | ||
| Q1 24 | $956.0M | $173.4M |
自由现金流CMSVMC
| Q4 25 | — | $358.2M | ||
| Q3 25 | $-635.0M | $454.8M | ||
| Q2 25 | $-470.0M | $238.8M | ||
| Q1 25 | $112.0M | $83.5M | ||
| Q4 24 | — | $277.6M | ||
| Q3 24 | $-502.0M | $498.2M | ||
| Q2 24 | $26.0M | $9.7M | ||
| Q1 24 | $343.0M | $20.6M |
自由现金流率CMSVMC
| Q4 25 | — | 18.7% | ||
| Q3 25 | -32.2% | 19.8% | ||
| Q2 25 | -26.1% | 11.4% | ||
| Q1 25 | 4.7% | 5.1% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | -29.3% | 24.9% | ||
| Q2 24 | 1.6% | 0.5% | ||
| Q1 24 | 16.0% | 1.3% |
资本支出强度CMSVMC
| Q4 25 | — | 9.7% | ||
| Q3 25 | 49.5% | 9.7% | ||
| Q2 25 | 49.2% | 4.9% | ||
| Q1 25 | 37.0% | 10.3% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | 47.1% | 4.8% | ||
| Q2 24 | 43.2% | 9.5% | ||
| Q1 24 | 28.6% | 9.9% |
现金转化率CMSVMC
| Q4 25 | 1.65× | 2.15× | ||
| Q3 25 | 1.24× | 1.81× | ||
| Q2 25 | 2.06× | 1.06× | ||
| Q1 25 | 3.29× | 1.95× | ||
| Q4 24 | 1.52× | 1.50× | ||
| Q3 24 | 1.20× | 2.87× | ||
| Q2 24 | 3.57× | 0.65× | ||
| Q1 24 | 3.33× | 1.69× |
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% |
VMC
| Revenue Excluding Freight Delivery | $1.7B | 87% |
| Concrete | $79.6M | 4% |
| Services | $76.3M | 4% |
| Asphalt | $59.9M | 3% |
