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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与QVC INC（QVCD）财务数据对比。点击上方公司名可切换其他公司
QVC INC的季度营收约是AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.8倍（$2.4B vs $1.4B），QVC INC净利率更高（1.5% vs -5.4%，领先7.0%），AMERICAN AXLE & MANUFACTURING HOLDINGS INC同比增速更快（0.2% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
QVC集团是一家美国媒体 conglomerate，由公司董事长约翰·C·马龙控股，马龙持有该集团多数有表决权股份，业务覆盖媒体相关领域，是美国颇具影响力的传媒企业集团。
AXL vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.8倍
$1.4B
营收增速更快
AXL
高出9.2%
-8.9%
净利率更高
QVCD
高出7.0%
-5.4%
两年增速更快
QVCD
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.4B |
| 净利润 | $-75.3M | $37.0M |
| 毛利率 | 10.2% | 32.5% |
| 营业利润率 | -2.4% | 5.6% |
| 净利率 | -5.4% | 1.5% |
| 营收同比 | 0.2% | -8.9% |
| 净利润同比 | -449.6% | 103.0% |
| 每股收益（稀释后） | $-0.62 | — |
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AXLQVCD
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.5B | $2.1B | ||
| Q2 24 | $1.6B | $2.1B | ||
| Q1 24 | $1.6B | $2.1B |
净利润AXLQVCD
| Q4 25 | $-75.3M | $37.0M | ||
| Q3 25 | $9.2M | $2.0M | ||
| Q2 25 | $39.3M | $-2.2B | ||
| Q1 25 | $7.1M | $-42.0M | ||
| Q4 24 | $-13.7M | $-1.2B | ||
| Q3 24 | $10.0M | $51.0M | ||
| Q2 24 | $18.2M | $53.0M | ||
| Q1 24 | $20.5M | $51.0M |
毛利率AXLQVCD
| Q4 25 | 10.2% | 32.5% | ||
| Q3 25 | 12.6% | 33.6% | ||
| Q2 25 | 13.1% | 35.4% | ||
| Q1 25 | 12.3% | 33.3% | ||
| Q4 24 | 11.2% | 32.6% | ||
| Q3 24 | 11.4% | 34.7% | ||
| Q2 24 | 13.3% | 35.6% | ||
| Q1 24 | 12.4% | 35.0% |
营业利润率AXLQVCD
| Q4 25 | -2.4% | 5.6% | ||
| Q3 25 | 3.2% | 4.6% | ||
| Q2 25 | 3.6% | -114.5% | ||
| Q1 25 | 3.0% | 1.5% | ||
| Q4 24 | 2.6% | -47.1% | ||
| Q3 24 | 2.8% | 7.8% | ||
| Q2 24 | 5.3% | 7.6% | ||
| Q1 24 | 4.8% | 7.4% |
净利率AXLQVCD
| Q4 25 | -5.4% | 1.5% | ||
| Q3 25 | 0.6% | 0.1% | ||
| Q2 25 | 2.6% | -109.1% | ||
| Q1 25 | 0.5% | -2.2% | ||
| Q4 24 | -1.0% | -46.0% | ||
| Q3 24 | 0.7% | 2.4% | ||
| Q2 24 | 1.1% | 2.5% | ||
| Q1 24 | 1.3% | 2.4% |
每股收益（稀释后）AXLQVCD
| Q4 25 | $-0.62 | — | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $0.32 | — | ||
| Q1 25 | $0.06 | — | ||
| Q4 24 | $-0.11 | — | ||
| Q3 24 | $0.08 | — | ||
| Q2 24 | $0.15 | — | ||
| Q1 24 | $0.17 | — |
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 | $708.9M | $1.5B |
| 总债务越低越好 | $4.0B | $1.0M |
| 股东权益账面价值 | $640.0M | $1.2B |
| 总资产 | $6.7B | $8.5B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资AXLQVCD
| Q4 25 | $708.9M | $1.5B | ||
| Q3 25 | $714.1M | — | ||
| Q2 25 | $586.5M | — | ||
| Q1 25 | $549.2M | — | ||
| Q4 24 | $552.9M | $297.0M | ||
| Q3 24 | $542.5M | $297.0M | ||
| Q2 24 | $519.9M | $315.0M | ||
| Q1 24 | $469.8M | $311.0M |
总债务AXLQVCD
| Q4 25 | $4.0B | $1.0M | ||
| Q3 25 | $2.6B | $5.0B | ||
| Q2 25 | $2.6B | $4.0B | ||
| Q1 25 | $2.6B | $4.0B | ||
| Q4 24 | $2.6B | $3.3B | ||
| Q3 24 | $2.6B | $3.4B | ||
| Q2 24 | $2.7B | $3.7B | ||
| Q1 24 | $2.7B | $3.8B |
股东权益AXLQVCD
| Q4 25 | $640.0M | $1.2B | ||
| Q3 25 | $718.4M | $1.2B | ||
| Q2 25 | $673.0M | $1.2B | ||
| Q1 25 | $596.3M | $3.3B | ||
| Q4 24 | $562.8M | $3.3B | ||
| Q3 24 | $616.3M | $4.6B | ||
| Q2 24 | $609.6M | $4.3B | ||
| Q1 24 | $621.4M | $4.2B |
总资产AXLQVCD
| Q4 25 | $6.7B | $8.5B | ||
| Q3 25 | $5.3B | $8.3B | ||
| Q2 25 | $5.3B | $7.4B | ||
| Q1 25 | $5.1B | $9.7B | ||
| Q4 24 | $5.1B | $9.9B | ||
| Q3 24 | $5.3B | $9.9B | ||
| Q2 24 | $5.3B | $11.2B | ||
| Q1 24 | $5.4B | $11.4B |
负债/权益比AXLQVCD
| Q4 25 | 6.31× | 0.00× | ||
| Q3 25 | 3.61× | 4.30× | ||
| Q2 25 | 3.86× | 3.42× | ||
| Q1 25 | 4.38× | 1.22× | ||
| Q4 24 | 4.58× | 1.01× | ||
| Q3 24 | 4.28× | 0.73× | ||
| Q2 24 | 4.42× | 0.87× | ||
| Q1 24 | 4.40× | 0.89× |
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 | $120.5M | $245.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 4.8% | — |
| 现金转化率经营现金流/净利润 | — | 6.62× |
| 过去12个月自由现金流最近4个季度 | $155.1M | — |
8季度趋势，按日历期对齐
经营现金流AXLQVCD
| Q4 25 | $120.5M | $245.0M | ||
| Q3 25 | $143.3M | $76.0M | ||
| Q2 25 | $91.9M | $52.0M | ||
| Q1 25 | $55.9M | $46.0M | ||
| Q4 24 | $151.2M | $189.0M | ||
| Q3 24 | $143.6M | $98.0M | ||
| Q2 24 | $142.8M | $164.0M | ||
| Q1 24 | $17.8M | $84.0M |
自由现金流AXLQVCD
| Q4 25 | $54.7M | — | ||
| Q3 25 | $79.2M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $-13.4M | — | ||
| Q4 24 | $73.2M | — | ||
| Q3 24 | $70.4M | — | ||
| Q2 24 | $94.0M | — | ||
| Q1 24 | $-30.2M | — |
自由现金流率AXLQVCD
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | -1.9% | — |
资本支出强度AXLQVCD
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 4.9% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 3.0% | — |
现金转化率AXLQVCD
| Q4 25 | — | 6.62× | ||
| Q3 25 | 15.58× | 38.00× | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 7.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 14.36× | 1.92× | ||
| Q2 24 | 7.85× | 3.09× | ||
| Q1 24 | 0.87× | 1.65× |
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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
