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嘉德诺（BTSG）与QVC Group, Inc.（QVCGA）财务数据对比。点击上方公司名可切换其他公司
嘉德诺的季度营收约是QVC Group, Inc.的1.3倍（$3.6B vs $2.7B），嘉德诺净利率更高（2.2% vs -1.4%，领先3.6%），嘉德诺同比增速更快（16.3% vs -9.1%），嘉德诺自由现金流更多（$193.9M vs $191.0M），过去两年嘉德诺的营收复合增速更高（17.4% vs 6.9%）
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
BTSG vs QVCGA — 直观对比
营收规模更大
BTSG
是对方的1.3倍
$2.7B
营收增速更快
BTSG
高出25.4%
-9.1%
净利率更高
BTSG
高出3.6%
-1.4%
自由现金流更多
BTSG
多$2.9M
$191.0M
两年增速更快
BTSG
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $2.7B |
| 净利润 | $77.1M | $-37.0M |
| 毛利率 | 11.6% | 32.9% |
| 营业利润率 | 3.0% | 3.7% |
| 净利率 | 2.2% | -1.4% |
| 营收同比 | 16.3% | -9.1% |
| 净利润同比 | 381.8% | 97.1% |
| 每股收益（稀释后） | $0.34 | $-17.37 |
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BTSGQVCGA
| Q4 25 | $3.6B | $2.7B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $3.1B | $2.9B | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $2.6B | $2.3B |
净利润BTSGQVCGA
| Q4 25 | $77.1M | $-37.0M | ||
| Q3 25 | $55.8M | $-80.0M | ||
| Q2 25 | $28.2M | $-2.2B | ||
| Q1 25 | $29.5M | $-100.0M | ||
| Q4 24 | $16.0M | $-1.3B | ||
| Q3 24 | $-8.2M | $-23.0M | ||
| Q2 24 | $19.9M | $20.0M | ||
| Q1 24 | $-45.8M | $-1.0M |
毛利率BTSGQVCGA
| Q4 25 | 11.6% | 32.9% | ||
| Q3 25 | 11.8% | 34.0% | ||
| Q2 25 | 11.9% | 36.4% | ||
| Q1 25 | 11.8% | 34.2% | ||
| Q4 24 | 13.8% | 33.3% | ||
| Q3 24 | 14.0% | 35.3% | ||
| Q2 24 | 14.2% | 36.4% | ||
| Q1 24 | 14.3% | 35.5% |
营业利润率BTSGQVCGA
| Q4 25 | 3.0% | 3.7% | ||
| Q3 25 | 2.6% | 2.7% | ||
| Q2 25 | 1.5% | -101.6% | ||
| Q1 25 | 1.8% | 0.7% | ||
| Q4 24 | 2.6% | -43.2% | ||
| Q3 24 | 2.0% | 6.5% | ||
| Q2 24 | 2.3% | 6.9% | ||
| Q1 24 | 0.3% | 6.2% |
净利率BTSGQVCGA
| Q4 25 | 2.2% | -1.4% | ||
| Q3 25 | 1.7% | -3.6% | ||
| Q2 25 | 0.9% | -99.4% | ||
| Q1 25 | 1.0% | -4.8% | ||
| Q4 24 | 0.5% | -43.7% | ||
| Q3 24 | -0.3% | -1.0% | ||
| Q2 24 | 0.7% | 0.8% | ||
| Q1 24 | -1.8% | -0.0% |
每股收益（稀释后）BTSGQVCGA
| Q4 25 | $0.34 | $-17.37 | ||
| Q3 25 | $0.26 | $-9.89 | ||
| Q2 25 | $0.13 | $-275.46 | ||
| Q1 25 | $0.14 | $-0.25 | ||
| Q4 24 | $0.11 | — | ||
| Q3 24 | $-0.04 | $-0.06 | ||
| Q2 24 | $0.10 | $2.57 | ||
| Q1 24 | $-0.26 | — |
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 | $88.4M | $2.0B |
| 总债务越低越好 | $2.5B | $790.0M |
| 股东权益账面价值 | $1.9B | $-3.1B |
| 总资产 | $6.4B | $7.6B |
| 负债/权益比越低杠杆越低 | 1.34× | — |
8季度趋势，按日历期对齐
现金及短期投资BTSGQVCGA
| Q4 25 | $88.4M | $2.0B | ||
| Q3 25 | $140.3M | $1.8B | ||
| Q2 25 | $70.1M | $897.0M | ||
| Q1 25 | $52.3M | $833.0M | ||
| Q4 24 | $61.3M | $905.0M | ||
| Q3 24 | $36.0M | $873.0M | ||
| Q2 24 | $25.0M | $1.2B | ||
| Q1 24 | $58.0M | $1.1B |
总债务BTSGQVCGA
| Q4 25 | $2.5B | $790.0M | ||
| Q3 25 | $2.5B | $5.9B | ||
| Q2 25 | $2.5B | $4.9B | ||
| Q1 25 | $2.5B | $5.0B | ||
| Q4 24 | $2.6B | $4.1B | ||
| Q3 24 | $2.7B | $5.1B | ||
| Q2 24 | $2.6B | $5.3B | ||
| Q1 24 | $2.6B | $5.5B |
股东权益BTSGQVCGA
| Q4 25 | $1.9B | $-3.1B | ||
| Q3 25 | $1.8B | $-3.1B | ||
| Q2 25 | $1.7B | $-3.0B | ||
| Q1 25 | $1.7B | $-981.0M | ||
| Q4 24 | $1.6B | $-971.0M | ||
| Q3 24 | $1.6B | $397.0M | ||
| Q2 24 | $1.6B | $328.0M | ||
| Q1 24 | $1.6B | $255.0M |
总资产BTSGQVCGA
| Q4 25 | $6.4B | $7.6B | ||
| Q3 25 | $6.0B | $7.6B | ||
| Q2 25 | $5.9B | $6.7B | ||
| Q1 25 | $5.8B | $9.0B | ||
| Q4 24 | $5.9B | $9.2B | ||
| Q3 24 | $5.8B | $10.8B | ||
| Q2 24 | $5.6B | $10.9B | ||
| Q1 24 | $5.7B | $11.0B |
负债/权益比BTSGQVCGA
| Q4 25 | 1.34× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.65× | 12.74× | ||
| Q2 24 | 1.63× | 16.28× | ||
| Q1 24 | 1.64× | 21.53× |
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 | $231.6M | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $191.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 7.1% |
| 资本支出强度资本支出/营收 | 1.1% | 2.0% |
| 现金转化率经营现金流/净利润 | 3.00× | — |
| 过去12个月自由现金流最近4个季度 | $394.7M | $118.0M |
8季度趋势，按日历期对齐
经营现金流BTSGQVCGA
| Q4 25 | $231.6M | $244.0M | ||
| Q3 25 | $107.9M | $4.0M | ||
| Q2 25 | $49.1M | $86.0M | ||
| Q1 25 | $101.6M | $-60.0M | ||
| Q4 24 | $90.6M | $212.0M | ||
| Q3 24 | $27.2M | $20.0M | ||
| Q2 24 | $-15.2M | $267.0M | ||
| Q1 24 | $-78.9M | $26.0M |
自由现金流BTSGQVCGA
| Q4 25 | $193.9M | $191.0M | ||
| Q3 25 | $92.2M | $-27.0M | ||
| Q2 25 | $24.7M | $48.0M | ||
| Q1 25 | $84.0M | $-94.0M | ||
| Q4 24 | $75.3M | $150.0M | ||
| Q3 24 | $7.2M | $-23.0M | ||
| Q2 24 | $-39.0M | $213.0M | ||
| Q1 24 | $-100.7M | $-14.0M |
自由现金流率BTSGQVCGA
| Q4 25 | 5.5% | 7.1% | ||
| Q3 25 | 2.8% | -1.2% | ||
| Q2 25 | 0.8% | 2.1% | ||
| Q1 25 | 2.9% | -4.5% | ||
| Q4 24 | 2.5% | 5.1% | ||
| Q3 24 | 0.2% | -1.0% | ||
| Q2 24 | -1.4% | 8.8% | ||
| Q1 24 | -3.9% | -0.6% |
资本支出强度BTSGQVCGA
| Q4 25 | 1.1% | 2.0% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 0.6% | 1.6% | ||
| Q4 24 | 0.5% | 2.1% | ||
| Q3 24 | 0.7% | 1.8% | ||
| Q2 24 | 0.9% | 2.2% | ||
| Q1 24 | 0.8% | 1.7% |
现金转化率BTSGQVCGA
| Q4 25 | 3.00× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 1.74× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 5.66× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.76× | 13.35× | ||
| Q1 24 | — | — |
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
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
