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康宝莱（HLF）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的季度营收约是康宝莱的1.9倍（$2.4B vs $1.3B），康宝莱净利率更高（6.7% vs 1.5%，领先5.1%），康宝莱同比增速更快（6.3% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs 0.7%）
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
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。
HLF vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.9倍
$1.3B
营收增速更快
HLF
高出15.2%
-8.9%
净利率更高
HLF
高出5.1%
1.5%
两年增速更快
QVCD
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.4B |
| 净利润 | $85.4M | $37.0M |
| 毛利率 | 77.5% | 32.5% |
| 营业利润率 | 7.8% | 5.6% |
| 净利率 | 6.7% | 1.5% |
| 营收同比 | 6.3% | -8.9% |
| 净利润同比 | -52.0% | 103.0% |
| 每股收益（稀释后） | $0.81 | — |
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HLFQVCD
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $1.3B | $2.0B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.2B | $2.7B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.3B | $2.1B | ||
| Q1 24 | $1.3B | $2.1B |
净利润HLFQVCD
| Q4 25 | $85.4M | $37.0M | ||
| Q3 25 | $43.2M | $2.0M | ||
| Q2 25 | $49.3M | $-2.2B | ||
| Q1 25 | $50.4M | $-42.0M | ||
| Q4 24 | $177.9M | $-1.2B | ||
| Q3 24 | $47.4M | $51.0M | ||
| Q2 24 | $4.7M | $53.0M | ||
| Q1 24 | $24.3M | $51.0M |
毛利率HLFQVCD
| Q4 25 | 77.5% | 32.5% | ||
| Q3 25 | 77.7% | 33.6% | ||
| Q2 25 | 78.0% | 35.4% | ||
| Q1 25 | 78.3% | 33.3% | ||
| Q4 24 | 77.8% | 32.6% | ||
| Q3 24 | 78.3% | 34.7% | ||
| Q2 24 | 77.9% | 35.6% | ||
| Q1 24 | 77.5% | 35.0% |
营业利润率HLFQVCD
| Q4 25 | 7.8% | 5.6% | ||
| Q3 25 | 9.9% | 4.6% | ||
| Q2 25 | 10.5% | -114.5% | ||
| Q1 25 | 10.1% | 1.5% | ||
| Q4 24 | 8.8% | -47.1% | ||
| Q3 24 | 10.2% | 7.8% | ||
| Q2 24 | 6.3% | 7.6% | ||
| Q1 24 | 5.7% | 7.4% |
净利率HLFQVCD
| Q4 25 | 6.7% | 1.5% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 3.9% | -109.1% | ||
| Q1 25 | 4.1% | -2.2% | ||
| Q4 24 | 14.7% | -46.0% | ||
| Q3 24 | 3.8% | 2.4% | ||
| Q2 24 | 0.4% | 2.5% | ||
| Q1 24 | 1.9% | 2.4% |
每股收益（稀释后）HLFQVCD
| Q4 25 | $0.81 | — | ||
| Q3 25 | $0.42 | — | ||
| Q2 25 | $0.48 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $1.75 | — | ||
| Q3 24 | $0.46 | — | ||
| Q2 24 | $0.05 | — | ||
| Q1 24 | $0.24 | — |
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 | $353.1M | $1.5B |
| 总债务越低越好 | $2.0B | $1.0M |
| 股东权益账面价值 | $-515.1M | $1.2B |
| 总资产 | $2.8B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HLFQVCD
| Q4 25 | $353.1M | $1.5B | ||
| Q3 25 | $305.5M | — | ||
| Q2 25 | $320.9M | — | ||
| Q1 25 | $329.4M | — | ||
| Q4 24 | $415.3M | $297.0M | ||
| Q3 24 | $402.5M | $297.0M | ||
| Q2 24 | $374.0M | $315.0M | ||
| Q1 24 | $398.3M | $311.0M |
总债务HLFQVCD
| Q4 25 | $2.0B | $1.0M | ||
| Q3 25 | $2.0B | $5.0B | ||
| Q2 25 | $2.1B | $4.0B | ||
| Q1 25 | $2.2B | $4.0B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.3B | $3.4B | ||
| Q2 24 | $2.3B | $3.7B | ||
| Q1 24 | $2.4B | $3.8B |
股东权益HLFQVCD
| Q4 25 | $-515.1M | $1.2B | ||
| Q3 25 | $-612.0M | $1.2B | ||
| Q2 25 | $-660.5M | $1.2B | ||
| Q1 25 | $-736.0M | $3.3B | ||
| Q4 24 | $-801.1M | $3.3B | ||
| Q3 24 | $-954.2M | $4.6B | ||
| Q2 24 | $-1.0B | $4.3B | ||
| Q1 24 | $-1.0B | $4.2B |
总资产HLFQVCD
| Q4 25 | $2.8B | $8.5B | ||
| Q3 25 | $2.7B | $8.3B | ||
| Q2 25 | $2.7B | $7.4B | ||
| Q1 25 | $2.7B | $9.7B | ||
| Q4 24 | $2.7B | $9.9B | ||
| Q3 24 | $2.7B | $9.9B | ||
| Q2 24 | $2.6B | $11.2B | ||
| Q1 24 | $2.6B | $11.4B |
负债/权益比HLFQVCD
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 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 | $98.3M | $245.0M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | — |
| 自由现金流率自由现金流/营收 | 6.2% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.15× | 6.62× |
| 过去12个月自由现金流最近4个季度 | $252.9M | — |
8季度趋势，按日历期对齐
经营现金流HLFQVCD
| Q4 25 | $98.3M | $245.0M | ||
| Q3 25 | $138.8M | $76.0M | ||
| Q2 25 | $96.0M | $52.0M | ||
| Q1 25 | $200.0K | $46.0M | ||
| Q4 24 | $69.6M | $189.0M | ||
| Q3 24 | $99.5M | $98.0M | ||
| Q2 24 | $102.5M | $164.0M | ||
| Q1 24 | $13.8M | $84.0M |
自由现金流HLFQVCD
| Q4 25 | $79.8M | — | ||
| Q3 25 | $118.0M | — | ||
| Q2 25 | $73.2M | — | ||
| Q1 25 | $-18.1M | — | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $72.4M | — | ||
| Q2 24 | $66.2M | — | ||
| Q1 24 | $-19.1M | — |
自由现金流率HLFQVCD
| Q4 25 | 6.2% | — | ||
| Q3 25 | 9.3% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | -1.5% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -1.5% | — |
资本支出强度HLFQVCD
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 2.6% | — |
现金转化率HLFQVCD
| Q4 25 | 1.15× | 6.62× | ||
| Q3 25 | 3.21× | 38.00× | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 2.10× | 1.92× | ||
| Q2 24 | 21.81× | 3.09× | ||
| Q1 24 | 0.57× | 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
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
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% |
