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CMS Energy（CMS）与惠好（WY）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是惠好的1.4倍（$2.1B vs $1.5B），CMS Energy净利率更高（13.5% vs 4.8%，领先8.7%），CMS Energy同比增速更快（13.0% vs -9.8%），过去两年CMS Energy的营收复合增速更高（-0.2% vs -7.4%）
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。
惠好是美国知名林地运营企业，在美国本土持有约1040万英亩林地，同时通过长期许可协议在加拿大管理额外1400万英亩林地。企业拥有逾百年木制品生产历史，目前以房地产投资信托（REIT）模式运营。
CMS vs WY — 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
CMS
高出22.7%
-9.8%
净利率更高
CMS
高出8.7%
4.8%
两年增速更快
CMS
近两年复合增速
-7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $289.0M | $74.0M |
| 毛利率 | — | 10.4% |
| 营业利润率 | 20.4% | 16.3% |
| 净利率 | 13.5% | 4.8% |
| 营收同比 | 13.0% | -9.8% |
| 净利润同比 | 9.1% | -8.6% |
| 每股收益（稀释后） | $0.94 | $0.11 |
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CMSWY
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $2.4B | $1.8B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.6B | $1.9B | ||
| Q1 24 | $2.1B | $1.8B |
净利润CMSWY
| Q4 25 | $289.0M | $74.0M | ||
| Q3 25 | $277.0M | $80.0M | ||
| Q2 25 | $201.0M | $87.0M | ||
| Q1 25 | $304.0M | $83.0M | ||
| Q4 24 | $265.0M | $81.0M | ||
| Q3 24 | $253.0M | $28.0M | ||
| Q2 24 | $198.0M | $173.0M | ||
| Q1 24 | $287.0M | $114.0M |
毛利率CMSWY
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 11.9% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 20.8% | ||
| Q1 24 | — | 19.8% |
营业利润率CMSWY
| Q4 25 | 20.4% | 16.3% | ||
| Q3 25 | 24.4% | 7.2% | ||
| Q2 25 | 17.6% | 9.4% | ||
| Q1 25 | 20.6% | 10.2% | ||
| Q4 24 | 22.5% | 8.3% | ||
| Q3 24 | 21.4% | 4.6% | ||
| Q2 24 | 18.0% | 13.9% | ||
| Q1 24 | 19.2% | 10.9% |
净利率CMSWY
| Q4 25 | 13.5% | 4.8% | ||
| Q3 25 | 14.0% | 4.7% | ||
| Q2 25 | 11.2% | 4.6% | ||
| Q1 25 | 12.7% | 4.7% | ||
| Q4 24 | 14.0% | 4.7% | ||
| Q3 24 | 14.8% | 1.7% | ||
| Q2 24 | 12.6% | 8.9% | ||
| Q1 24 | 13.4% | 6.3% |
每股收益（稀释后）CMSWY
| Q4 25 | $0.94 | $0.11 | ||
| Q3 25 | $0.92 | $0.11 | ||
| Q2 25 | $0.66 | $0.12 | ||
| Q1 25 | $1.01 | $0.11 | ||
| Q4 24 | $0.88 | $0.10 | ||
| Q3 24 | $0.84 | $0.04 | ||
| Q2 24 | $0.65 | $0.24 | ||
| Q1 24 | $0.96 | $0.16 |
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 | $464.0M |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $9.1B | $9.4B |
| 总资产 | $39.9B | $16.6B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资CMSWY
| Q4 25 | $509.0M | $464.0M | ||
| Q3 25 | $362.0M | $401.0M | ||
| Q2 25 | $844.0M | $592.0M | ||
| Q1 25 | $465.0M | $560.0M | ||
| Q4 24 | $103.0M | $684.0M | ||
| Q3 24 | $412.0M | $877.0M | ||
| Q2 24 | $699.0M | $997.0M | ||
| Q1 24 | $802.0M | $871.0M |
总债务CMSWY
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMSWY
| Q4 25 | $9.1B | $9.4B | ||
| Q3 25 | $8.9B | $9.4B | ||
| Q2 25 | $8.4B | $9.5B | ||
| Q1 25 | $8.3B | $9.6B | ||
| Q4 24 | $8.2B | $9.7B | ||
| Q3 24 | $8.1B | $9.9B | ||
| Q2 24 | $8.0B | $10.0B | ||
| Q1 24 | $7.9B | $10.1B |
总资产CMSWY
| Q4 25 | $39.9B | $16.6B | ||
| Q3 25 | $38.0B | $16.7B | ||
| Q2 25 | $37.7B | $16.5B | ||
| Q1 25 | $36.3B | $16.5B | ||
| Q4 24 | $35.9B | $16.5B | ||
| Q3 24 | $34.8B | $16.7B | ||
| Q2 24 | $34.4B | $16.8B | ||
| Q1 24 | $33.9B | $16.8B |
负债/权益比CMSWY
| Q4 25 | — | 0.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-114.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-128.0M |
| 自由现金流率自由现金流/营收 | — | -8.3% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | 1.65× | -1.54× |
| 过去12个月自由现金流最近4个季度 | — | $511.0M |
8季度趋势，按日历期对齐
经营现金流CMSWY
| Q4 25 | $478.0M | $-114.0M | ||
| Q3 25 | $343.0M | $210.0M | ||
| Q2 25 | $414.0M | $396.0M | ||
| Q1 25 | $1.0B | $70.0M | ||
| Q4 24 | $403.0M | $218.0M | ||
| Q3 24 | $304.0M | $234.0M | ||
| Q2 24 | $707.0M | $432.0M | ||
| Q1 24 | $956.0M | $124.0M |
自由现金流CMSWY
| Q4 25 | — | $-128.0M | ||
| Q3 25 | $-635.0M | $203.0M | ||
| Q2 25 | $-470.0M | $388.0M | ||
| Q1 25 | $112.0M | $48.0M | ||
| Q4 24 | — | $205.0M | ||
| Q3 24 | $-502.0M | $226.0M | ||
| Q2 24 | $26.0M | $423.0M | ||
| Q1 24 | $343.0M | $102.0M |
自由现金流率CMSWY
| Q4 25 | — | -8.3% | ||
| Q3 25 | -32.2% | 11.8% | ||
| Q2 25 | -26.1% | 20.6% | ||
| Q1 25 | 4.7% | 2.7% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | -29.3% | 13.4% | ||
| Q2 24 | 1.6% | 21.8% | ||
| Q1 24 | 16.0% | 5.7% |
资本支出强度CMSWY
| Q4 25 | — | 0.9% | ||
| Q3 25 | 49.5% | 0.4% | ||
| Q2 25 | 49.2% | 0.4% | ||
| Q1 25 | 37.0% | 1.2% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | 47.1% | 0.5% | ||
| Q2 24 | 43.2% | 0.5% | ||
| Q1 24 | 28.6% | 1.2% |
现金转化率CMSWY
| Q4 25 | 1.65× | -1.54× | ||
| Q3 25 | 1.24× | 2.63× | ||
| Q2 25 | 2.06× | 4.55× | ||
| Q1 25 | 3.29× | 0.84× | ||
| Q4 24 | 1.52× | 2.69× | ||
| Q3 24 | 1.20× | 8.36× | ||
| Q2 24 | 3.57× | 2.50× | ||
| Q1 24 | 3.33× | 1.09× |
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% |
WY
暂无分部数据
