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易贝（EBAY）与QVC INC（QVCD）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是QVC INC的1.2倍（$3.0B vs $2.4B），易贝净利率更高（17.8% vs 1.5%，领先16.3%），易贝同比增速更快（15.0% vs -8.9%），过去两年易贝的营收复合增速更高（7.7% vs 7.1%）
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
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。
EBAY vs QVCD — 直观对比
营收规模更大
EBAY
是对方的1.2倍
$2.4B
营收增速更快
EBAY
高出23.9%
-8.9%
净利率更高
EBAY
高出16.3%
1.5%
两年增速更快
EBAY
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.4B |
| 净利润 | $528.0M | $37.0M |
| 毛利率 | 71.4% | 32.5% |
| 营业利润率 | 20.3% | 5.6% |
| 净利率 | 17.8% | 1.5% |
| 营收同比 | 15.0% | -8.9% |
| 净利润同比 | -22.2% | 103.0% |
| 每股收益（稀释后） | $1.14 | — |
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EBAYQVCD
| Q4 25 | $3.0B | $2.4B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.7B | $2.0B | ||
| Q1 25 | $2.6B | $1.9B | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $2.6B | $2.1B | ||
| Q1 24 | $2.6B | $2.1B |
净利润EBAYQVCD
| Q4 25 | $528.0M | $37.0M | ||
| Q3 25 | $632.0M | $2.0M | ||
| Q2 25 | $368.0M | $-2.2B | ||
| Q1 25 | $503.0M | $-42.0M | ||
| Q4 24 | $679.0M | $-1.2B | ||
| Q3 24 | $634.0M | $51.0M | ||
| Q2 24 | $224.0M | $53.0M | ||
| Q1 24 | $438.0M | $51.0M |
毛利率EBAYQVCD
| Q4 25 | 71.4% | 32.5% | ||
| Q3 25 | 70.9% | 33.6% | ||
| Q2 25 | 71.6% | 35.4% | ||
| Q1 25 | 72.0% | 33.3% | ||
| Q4 24 | 72.2% | 32.6% | ||
| Q3 24 | 71.8% | 34.7% | ||
| Q2 24 | 71.4% | 35.6% | ||
| Q1 24 | 72.6% | 35.0% |
营业利润率EBAYQVCD
| Q4 25 | 20.3% | 5.6% | ||
| Q3 25 | 20.4% | 4.6% | ||
| Q2 25 | 17.7% | -114.5% | ||
| Q1 25 | 23.8% | 1.5% | ||
| Q4 24 | 21.1% | -47.1% | ||
| Q3 24 | 23.1% | 7.8% | ||
| Q2 24 | 21.3% | 7.6% | ||
| Q1 24 | 24.7% | 7.4% |
净利率EBAYQVCD
| Q4 25 | 17.8% | 1.5% | ||
| Q3 25 | 22.4% | 0.1% | ||
| Q2 25 | 13.5% | -109.1% | ||
| Q1 25 | 19.5% | -2.2% | ||
| Q4 24 | 26.3% | -46.0% | ||
| Q3 24 | 24.6% | 2.4% | ||
| Q2 24 | 8.7% | 2.5% | ||
| Q1 24 | 17.1% | 2.4% |
每股收益（稀释后）EBAYQVCD
| Q4 25 | $1.14 | — | ||
| Q3 25 | $1.35 | — | ||
| Q2 25 | $0.79 | — | ||
| Q1 25 | $1.06 | — | ||
| Q4 24 | $1.35 | — | ||
| Q3 24 | $1.29 | — | ||
| Q2 24 | $0.45 | — | ||
| Q1 24 | $0.85 | — |
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 | $1.9B | $1.5B |
| 总债务越低越好 | $6.0B | $1.0M |
| 股东权益账面价值 | $4.6B | $1.2B |
| 总资产 | $17.6B | $8.5B |
| 负债/权益比越低杠杆越低 | 1.30× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资EBAYQVCD
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $2.4B | $297.0M | ||
| Q3 24 | $1.6B | $297.0M | ||
| Q2 24 | $2.0B | $315.0M | ||
| Q1 24 | $2.1B | $311.0M |
总债务EBAYQVCD
| Q4 25 | $6.0B | $1.0M | ||
| Q3 25 | $5.0B | $5.0B | ||
| Q2 25 | $5.0B | $4.0B | ||
| Q1 25 | $5.8B | $4.0B | ||
| Q4 24 | $5.8B | $3.3B | ||
| Q3 24 | $6.2B | $3.4B | ||
| Q2 24 | $6.2B | $3.7B | ||
| Q1 24 | $6.2B | $3.8B |
股东权益EBAYQVCD
| Q4 25 | $4.6B | $1.2B | ||
| Q3 25 | $4.7B | $1.2B | ||
| Q2 25 | $4.7B | $1.2B | ||
| Q1 25 | $5.0B | $3.3B | ||
| Q4 24 | $5.2B | $3.3B | ||
| Q3 24 | $5.4B | $4.6B | ||
| Q2 24 | $5.5B | $4.3B | ||
| Q1 24 | $6.3B | $4.2B |
总资产EBAYQVCD
| Q4 25 | $17.6B | $8.5B | ||
| Q3 25 | $17.8B | $8.3B | ||
| Q2 25 | $18.0B | $7.4B | ||
| Q1 25 | $19.0B | $9.7B | ||
| Q4 24 | $19.4B | $9.9B | ||
| Q3 24 | $19.9B | $9.9B | ||
| Q2 24 | $20.4B | $11.2B | ||
| Q1 24 | $21.4B | $11.4B |
负债/权益比EBAYQVCD
| Q4 25 | 1.30× | 0.00× | ||
| Q3 25 | 1.06× | 4.30× | ||
| Q2 25 | 1.05× | 3.42× | ||
| Q1 25 | 1.16× | 1.22× | ||
| Q4 24 | 1.12× | 1.01× | ||
| Q3 24 | 1.14× | 0.73× | ||
| Q2 24 | 1.12× | 0.87× | ||
| Q1 24 | 0.98× | 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 | $595.0M | $245.0M |
| 自由现金流经营现金流 - 资本支出 | $478.0M | — |
| 自由现金流率自由现金流/营收 | 16.1% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 1.13× | 6.62× |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流EBAYQVCD
| Q4 25 | $595.0M | $245.0M | ||
| Q3 25 | $934.0M | $76.0M | ||
| Q2 25 | $-307.0M | $52.0M | ||
| Q1 25 | $787.0M | $46.0M | ||
| Q4 24 | $677.0M | $189.0M | ||
| Q3 24 | $755.0M | $98.0M | ||
| Q2 24 | $367.0M | $164.0M | ||
| Q1 24 | $615.0M | $84.0M |
自由现金流EBAYQVCD
| Q4 25 | $478.0M | — | ||
| Q3 25 | $803.0M | — | ||
| Q2 25 | $-441.0M | — | ||
| Q1 25 | $644.0M | — | ||
| Q4 24 | $560.0M | — | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $278.0M | — | ||
| Q1 24 | $472.0M | — |
自由现金流率EBAYQVCD
| Q4 25 | 16.1% | — | ||
| Q3 25 | 28.5% | — | ||
| Q2 25 | -16.2% | — | ||
| Q1 25 | 24.9% | — | ||
| Q4 24 | 21.7% | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | 10.8% | — | ||
| Q1 24 | 18.5% | — |
资本支出强度EBAYQVCD
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 5.6% | — |
现金转化率EBAYQVCD
| Q4 25 | 1.13× | 6.62× | ||
| Q3 25 | 1.48× | 38.00× | ||
| Q2 25 | -0.83× | — | ||
| Q1 25 | 1.56× | — | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | 1.19× | 1.92× | ||
| Q2 24 | 1.64× | 3.09× | ||
| Q1 24 | 1.40× | 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
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
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% |
