vs
CMS Energy（CMS）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是CMS Energy的1.1倍（$2.4B vs $2.1B），硕腾净利率更高（25.3% vs 13.5%，领先11.7%），CMS Energy同比增速更快（13.0% vs 3.0%），过去两年硕腾的营收复合增速更高（4.4% 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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
CMS vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.1倍
$2.1B
营收增速更快
CMS
高出9.9%
3.0%
净利率更高
ZTS
高出11.7%
13.5%
两年增速更快
ZTS
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $289.0M | $603.0M |
| 毛利率 | — | 70.2% |
| 营业利润率 | 20.4% | 31.9% |
| 净利率 | 13.5% | 25.3% |
| 营收同比 | 13.0% | 3.0% |
| 净利润同比 | 9.1% | 3.8% |
| 每股收益（稀释后） | $0.94 | $1.37 |
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CMSZTS
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $2.1B | $2.2B |
净利润CMSZTS
| Q4 25 | $289.0M | $603.0M | ||
| Q3 25 | $277.0M | $721.0M | ||
| Q2 25 | $201.0M | $718.0M | ||
| Q1 25 | $304.0M | $631.0M | ||
| Q4 24 | $265.0M | $581.0M | ||
| Q3 24 | $253.0M | $682.0M | ||
| Q2 24 | $198.0M | $624.0M | ||
| Q1 24 | $287.0M | $599.0M |
毛利率CMSZTS
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% | ||
| Q1 24 | — | 70.6% |
营业利润率CMSZTS
| Q4 25 | 20.4% | 31.9% | ||
| Q3 25 | 24.4% | 37.0% | ||
| Q2 25 | 17.6% | 36.7% | ||
| Q1 25 | 20.6% | 36.5% | ||
| Q4 24 | 22.5% | 31.6% | ||
| Q3 24 | 21.4% | 36.6% | ||
| Q2 24 | 18.0% | 33.0% | ||
| Q1 24 | 19.2% | 34.1% |
净利率CMSZTS
| Q4 25 | 13.5% | 25.3% | ||
| Q3 25 | 14.0% | 30.0% | ||
| Q2 25 | 11.2% | 29.2% | ||
| Q1 25 | 12.7% | 28.4% | ||
| Q4 24 | 14.0% | 25.1% | ||
| Q3 24 | 14.8% | 28.6% | ||
| Q2 24 | 12.6% | 26.4% | ||
| Q1 24 | 13.4% | 27.4% |
每股收益（稀释后）CMSZTS
| Q4 25 | $0.94 | $1.37 | ||
| Q3 25 | $0.92 | $1.63 | ||
| Q2 25 | $0.66 | $1.61 | ||
| Q1 25 | $1.01 | $1.41 | ||
| Q4 24 | $0.88 | $1.29 | ||
| Q3 24 | $0.84 | $1.50 | ||
| Q2 24 | $0.65 | $1.37 | ||
| Q1 24 | $0.96 | $1.31 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.1B | $3.3B |
| 总资产 | $39.9B | $15.5B |
| 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CMSZTS
| Q4 25 | $509.0M | — | ||
| Q3 25 | $362.0M | $2.1B | ||
| Q2 25 | $844.0M | $1.4B | ||
| Q1 25 | $465.0M | $1.7B | ||
| Q4 24 | $103.0M | $2.0B | ||
| Q3 24 | $412.0M | $1.7B | ||
| Q2 24 | $699.0M | $1.6B | ||
| Q1 24 | $802.0M | $2.0B |
股东权益CMSZTS
| Q4 25 | $9.1B | $3.3B | ||
| Q3 25 | $8.9B | $5.4B | ||
| Q2 25 | $8.4B | $5.0B | ||
| Q1 25 | $8.3B | $4.7B | ||
| Q4 24 | $8.2B | $4.8B | ||
| Q3 24 | $8.1B | $5.2B | ||
| Q2 24 | $8.0B | $5.0B | ||
| Q1 24 | $7.9B | $5.1B |
总资产CMSZTS
| Q4 25 | $39.9B | $15.5B | ||
| Q3 25 | $38.0B | $15.2B | ||
| Q2 25 | $37.7B | $14.5B | ||
| Q1 25 | $36.3B | $14.1B | ||
| Q4 24 | $35.9B | $14.2B | ||
| Q3 24 | $34.8B | $14.4B | ||
| Q2 24 | $34.4B | $14.2B | ||
| Q1 24 | $33.9B | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | — | $732.0M |
| 自由现金流率自由现金流/营收 | — | 30.7% |
| 资本支出强度资本支出/营收 | — | 6.7% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流CMSZTS
| Q4 25 | $478.0M | $893.0M | ||
| Q3 25 | $343.0M | $938.0M | ||
| Q2 25 | $414.0M | $486.0M | ||
| Q1 25 | $1.0B | $587.0M | ||
| Q4 24 | $403.0M | $905.0M | ||
| Q3 24 | $304.0M | $951.0M | ||
| Q2 24 | $707.0M | $502.0M | ||
| Q1 24 | $956.0M | $595.0M |
自由现金流CMSZTS
| Q4 25 | — | $732.0M | ||
| Q3 25 | $-635.0M | $805.0M | ||
| Q2 25 | $-470.0M | $308.0M | ||
| Q1 25 | $112.0M | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | $-502.0M | $784.0M | ||
| Q2 24 | $26.0M | $370.0M | ||
| Q1 24 | $343.0M | $455.0M |
自由现金流率CMSZTS
| Q4 25 | — | 30.7% | ||
| Q3 25 | -32.2% | 33.5% | ||
| Q2 25 | -26.1% | 12.5% | ||
| Q1 25 | 4.7% | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | -29.3% | 32.8% | ||
| Q2 24 | 1.6% | 15.7% | ||
| Q1 24 | 16.0% | 20.8% |
资本支出强度CMSZTS
| Q4 25 | — | 6.7% | ||
| Q3 25 | 49.5% | 5.5% | ||
| Q2 25 | 49.2% | 7.2% | ||
| Q1 25 | 37.0% | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | 47.1% | 7.0% | ||
| Q2 24 | 43.2% | 5.6% | ||
| Q1 24 | 28.6% | 6.4% |
现金转化率CMSZTS
| Q4 25 | 1.65× | 1.48× | ||
| Q3 25 | 1.24× | 1.30× | ||
| Q2 25 | 2.06× | 0.68× | ||
| Q1 25 | 3.29× | 0.93× | ||
| Q4 24 | 1.52× | 1.56× | ||
| Q3 24 | 1.20× | 1.39× | ||
| Q2 24 | 3.57× | 0.80× | ||
| Q1 24 | 3.33× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
