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天弘科技（CLS）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
天弘科技的季度营收约是QVC Group, Inc.的1.5倍（$4.0B vs $2.7B），天弘科技净利率更高（5.2% vs -1.4%，领先6.6%），天弘科技同比增速更快（52.8% vs -9.1%），QVC Group, Inc.自由现金流更多（$191.0M vs $137.9M），过去两年天弘科技的营收复合增速更高（35.4% vs 6.9%）
天弘科技（Celestica Inc.）是总部位于加拿大安大略省多伦多的跨国电子制造服务（EMS）企业，业务涵盖设计、生产制造、硬件平台搭建及供应链服务，目前在全球15个国家设有50个运营站点，为各行业客户提供专业的电子产业链相关解决方案。
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。
CLS vs QVCGA — 直观对比
营收规模更大
CLS
是对方的1.5倍
$2.7B
营收增速更快
CLS
高出61.9%
-9.1%
净利率更高
CLS
高出6.6%
-1.4%
自由现金流更多
QVCGA
多$53.1M
$137.9M
两年增速更快
CLS
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.7B |
| 净利润 | $212.3M | $-37.0M |
| 毛利率 | 10.8% | 32.9% |
| 营业利润率 | 6723.5% | 3.7% |
| 净利率 | 5.2% | -1.4% |
| 营收同比 | 52.8% | -9.1% |
| 净利润同比 | 146.3% | 97.1% |
| 每股收益（稀释后） | $1.83 | $-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CLSQVCGA
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.7B | $2.7B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $2.9B | $2.2B | ||
| Q1 25 | $2.6B | $2.1B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $2.4B | $2.4B |
净利润CLSQVCGA
| Q1 26 | $212.3M | — | ||
| Q4 25 | $267.5M | $-37.0M | ||
| Q3 25 | $267.8M | $-80.0M | ||
| Q2 25 | $211.0M | $-2.2B | ||
| Q1 25 | $86.2M | $-100.0M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | $89.5M | $-23.0M | ||
| Q2 24 | $95.0M | $20.0M |
毛利率CLSQVCGA
| Q1 26 | 10.8% | — | ||
| Q4 25 | 11.8% | 32.9% | ||
| Q3 25 | 13.0% | 34.0% | ||
| Q2 25 | 12.8% | 36.4% | ||
| Q1 25 | 10.3% | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | 10.4% | 35.3% | ||
| Q2 24 | 10.6% | 36.4% |
营业利润率CLSQVCGA
| Q1 26 | 6723.5% | — | ||
| Q4 25 | 8.6% | 3.7% | ||
| Q3 25 | 10.2% | 2.7% | ||
| Q2 25 | 9.4% | -101.6% | ||
| Q1 25 | 4.9% | 0.7% | ||
| Q4 24 | — | -43.2% | ||
| Q3 24 | 5.5% | 6.5% | ||
| Q2 24 | 5.6% | 6.9% |
净利率CLSQVCGA
| Q1 26 | 5.2% | — | ||
| Q4 25 | 7.3% | -1.4% | ||
| Q3 25 | 8.4% | -3.6% | ||
| Q2 25 | 7.3% | -99.4% | ||
| Q1 25 | 3.3% | -4.8% | ||
| Q4 24 | — | -43.7% | ||
| Q3 24 | 3.6% | -1.0% | ||
| Q2 24 | 4.0% | 0.8% |
每股收益（稀释后）CLSQVCGA
| Q1 26 | $1.83 | — | ||
| Q4 25 | $2.29 | $-17.37 | ||
| Q3 25 | $2.31 | $-9.89 | ||
| Q2 25 | $1.82 | $-275.46 | ||
| Q1 25 | $0.74 | $-0.25 | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.75 | $-0.06 | ||
| Q2 24 | $0.80 | $2.57 |
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 | $378.0M | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | $2.1B | $-3.1B |
| 总资产 | $8260.0B | $7.6B |
| 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CLSQVCGA
| Q1 26 | $378.0M | — | ||
| Q4 25 | $595.6M | $2.0B | ||
| Q3 25 | $305.9M | $1.8B | ||
| Q2 25 | $313.8M | $897.0M | ||
| Q1 25 | $303.0M | $833.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $873.0M | ||
| Q2 24 | — | $1.2B |
总债务CLSQVCGA
| Q1 26 | — | — | ||
| Q4 25 | $750.5M | $790.0M | ||
| Q3 25 | $756.7M | $5.9B | ||
| Q2 25 | $848.6M | $4.9B | ||
| Q1 25 | $915.0M | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B |
股东权益CLSQVCGA
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $-3.1B | ||
| Q3 25 | $2.0B | $-3.1B | ||
| Q2 25 | $1.8B | $-3.0B | ||
| Q1 25 | $1.6B | $-981.0M | ||
| Q4 24 | — | $-971.0M | ||
| Q3 24 | $1.8B | $397.0M | ||
| Q2 24 | $1.8B | $328.0M |
总资产CLSQVCGA
| Q1 26 | $8260.0B | — | ||
| Q4 25 | $7.2B | $7.6B | ||
| Q3 25 | $6.6B | $7.6B | ||
| Q2 25 | $6.2B | $6.7B | ||
| Q1 25 | $5.8B | $9.0B | ||
| Q4 24 | — | $9.2B | ||
| Q3 24 | — | $10.8B | ||
| Q2 24 | — | $10.9B |
负债/权益比CLSQVCGA
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× |
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 | $356.3M | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $137.9M | $191.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 7.1% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 1.68× | — |
| 过去12个月自由现金流最近4个季度 | $502.6M | $118.0M |
8季度趋势，按日历期对齐
经营现金流CLSQVCGA
| Q1 26 | $356.3M | — | ||
| Q4 25 | $250.6M | $244.0M | ||
| Q3 25 | $126.2M | $4.0M | ||
| Q2 25 | $152.4M | $86.0M | ||
| Q1 25 | $130.3M | $-60.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | $122.8M | $20.0M | ||
| Q2 24 | $99.6M | $267.0M |
自由现金流CLSQVCGA
| Q1 26 | $137.9M | — | ||
| Q4 25 | $155.9M | $191.0M | ||
| Q3 25 | $88.9M | $-27.0M | ||
| Q2 25 | $119.9M | $48.0M | ||
| Q1 25 | $93.6M | $-94.0M | ||
| Q4 24 | — | $150.0M | ||
| Q3 24 | $76.8M | $-23.0M | ||
| Q2 24 | $62.7M | $213.0M |
自由现金流率CLSQVCGA
| Q1 26 | 3.4% | — | ||
| Q4 25 | 4.3% | 7.1% | ||
| Q3 25 | 2.8% | -1.2% | ||
| Q2 25 | 4.1% | 2.1% | ||
| Q1 25 | 3.5% | -4.5% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | 3.1% | -1.0% | ||
| Q2 24 | 2.6% | 8.8% |
资本支出强度CLSQVCGA
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.0% | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | 1.4% | 1.6% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 1.8% | 1.8% | ||
| Q2 24 | 1.5% | 2.2% |
现金转化率CLSQVCGA
| Q1 26 | 1.68× | — | ||
| Q4 25 | 0.94× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 1.05× | 13.35× |
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
CLS
暂无分部数据
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% |
