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First American Financial Corp（FAF）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
QVC Group, Inc.的季度营收约是First American Financial Corp的1.3倍（$2.7B vs $2.0B），First American Financial Corp净利率更高（10.3% vs -1.4%，领先11.7%），First American Financial Corp同比增速更快（21.6% vs -9.1%），First American Financial Corp自由现金流更多（$324.5M vs $191.0M），过去两年First American Financial Corp的营收复合增速更高（19.9% vs 6.9%）
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
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。
FAF vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.3倍
$2.0B
营收增速更快
FAF
高出30.7%
-9.1%
净利率更高
FAF
高出11.7%
-1.4%
自由现金流更多
FAF
多$133.5M
$191.0M
两年增速更快
FAF
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.7B |
| 净利润 | $211.9M | $-37.0M |
| 毛利率 | — | 32.9% |
| 营业利润率 | 14.0% | 3.7% |
| 净利率 | 10.3% | -1.4% |
| 营收同比 | 21.6% | -9.1% |
| 净利润同比 | 192.7% | 97.1% |
| 每股收益（稀释后） | $2.04 | $-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FAFQVCGA
| Q4 25 | $2.0B | $2.7B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.7B | $2.9B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $1.4B | $2.3B |
净利润FAFQVCGA
| Q4 25 | $211.9M | $-37.0M | ||
| Q3 25 | $189.6M | $-80.0M | ||
| Q2 25 | $146.1M | $-2.2B | ||
| Q1 25 | $74.2M | $-100.0M | ||
| Q4 24 | $72.4M | $-1.3B | ||
| Q3 24 | $-104.0M | $-23.0M | ||
| Q2 24 | $116.0M | $20.0M | ||
| Q1 24 | $46.7M | $-1.0M |
毛利率FAFQVCGA
| Q4 25 | — | 32.9% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 36.4% | ||
| Q1 25 | — | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | — | 35.3% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 35.5% |
营业利润率FAFQVCGA
| Q4 25 | 14.0% | 3.7% | ||
| Q3 25 | 12.5% | 2.7% | ||
| Q2 25 | 10.6% | -101.6% | ||
| Q1 25 | 6.1% | 0.7% | ||
| Q4 24 | 5.9% | -43.2% | ||
| Q3 24 | -10.3% | 6.5% | ||
| Q2 24 | 9.4% | 6.9% | ||
| Q1 24 | 4.1% | 6.2% |
净利率FAFQVCGA
| Q4 25 | 10.3% | -1.4% | ||
| Q3 25 | 9.6% | -3.6% | ||
| Q2 25 | 7.9% | -99.4% | ||
| Q1 25 | 4.7% | -4.8% | ||
| Q4 24 | 4.3% | -43.7% | ||
| Q3 24 | -7.4% | -1.0% | ||
| Q2 24 | 7.2% | 0.8% | ||
| Q1 24 | 3.3% | -0.0% |
每股收益（稀释后）FAFQVCGA
| Q4 25 | $2.04 | $-17.37 | ||
| Q3 25 | $1.84 | $-9.89 | ||
| Q2 25 | $1.41 | $-275.46 | ||
| Q1 25 | $0.71 | $-0.25 | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $-1.00 | $-0.06 | ||
| Q2 24 | $1.11 | $2.57 | ||
| Q1 24 | $0.45 | — |
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 | $1.4B | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | $5.5B | $-3.1B |
| 总资产 | $16.2B | $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FAFQVCGA
| Q4 25 | $1.4B | $2.0B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.0B | $897.0M | ||
| Q1 25 | $2.0B | $833.0M | ||
| Q4 24 | $1.7B | $905.0M | ||
| Q3 24 | $3.0B | $873.0M | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $1.5B | $1.1B |
总债务FAFQVCGA
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
股东权益FAFQVCGA
| Q4 25 | $5.5B | $-3.1B | ||
| Q3 25 | $5.3B | $-3.1B | ||
| Q2 25 | $5.1B | $-3.0B | ||
| Q1 25 | $5.0B | $-981.0M | ||
| Q4 24 | $4.9B | $-971.0M | ||
| Q3 24 | $5.1B | $397.0M | ||
| Q2 24 | $4.8B | $328.0M | ||
| Q1 24 | $4.8B | $255.0M |
总资产FAFQVCGA
| Q4 25 | $16.2B | $7.6B | ||
| Q3 25 | $17.6B | $7.6B | ||
| Q2 25 | $16.3B | $6.7B | ||
| Q1 25 | $15.5B | $9.0B | ||
| Q4 24 | $14.9B | $9.2B | ||
| Q3 24 | $16.6B | $10.8B | ||
| Q2 24 | $15.2B | $10.9B | ||
| Q1 24 | $14.7B | $11.0B |
负债/权益比FAFQVCGA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 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 | $369.3M | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $324.5M | $191.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 7.1% |
| 资本支出强度资本支出/营收 | 2.2% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $762.5M | $118.0M |
8季度趋势，按日历期对齐
经营现金流FAFQVCGA
| Q4 25 | $369.3M | $244.0M | ||
| Q3 25 | $272.5M | $4.0M | ||
| Q2 25 | $361.8M | $86.0M | ||
| Q1 25 | $-52.8M | $-60.0M | ||
| Q4 24 | $324.6M | $212.0M | ||
| Q3 24 | $236.9M | $20.0M | ||
| Q2 24 | $266.7M | $267.0M | ||
| Q1 24 | $69.3M | $26.0M |
自由现金流FAFQVCGA
| Q4 25 | $324.5M | $191.0M | ||
| Q3 25 | $223.1M | $-27.0M | ||
| Q2 25 | $309.4M | $48.0M | ||
| Q1 25 | $-94.5M | $-94.0M | ||
| Q4 24 | $266.2M | $150.0M | ||
| Q3 24 | $185.4M | $-23.0M | ||
| Q2 24 | $210.0M | $213.0M | ||
| Q1 24 | $17.6M | $-14.0M |
自由现金流率FAFQVCGA
| Q4 25 | 15.8% | 7.1% | ||
| Q3 25 | 11.3% | -1.2% | ||
| Q2 25 | 16.8% | 2.1% | ||
| Q1 25 | -6.0% | -4.5% | ||
| Q4 24 | 15.8% | 5.1% | ||
| Q3 24 | 13.2% | -1.0% | ||
| Q2 24 | 13.0% | 8.8% | ||
| Q1 24 | 1.2% | -0.6% |
资本支出强度FAFQVCGA
| Q4 25 | 2.2% | 2.0% | ||
| Q3 25 | 2.5% | 1.4% | ||
| Q2 25 | 2.8% | 1.7% | ||
| Q1 25 | 2.6% | 1.6% | ||
| Q4 24 | 3.5% | 2.1% | ||
| Q3 24 | 3.7% | 1.8% | ||
| Q2 24 | 3.5% | 2.2% | ||
| Q1 24 | 3.6% | 1.7% |
现金转化率FAFQVCGA
| Q4 25 | 1.74× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | 4.48× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.30× | 13.35× | ||
| Q1 24 | 1.48× | — |
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
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
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% |
