vs
荷美尔食品（HRL）与QVC INC（QVCD）财务数据对比。点击上方公司名可切换其他公司
荷美尔食品的季度营收约是QVC INC的1.3倍（$3.2B vs $2.4B），QVC INC净利率更高（1.5% vs -1.8%，领先3.3%），荷美尔食品同比增速更快（1.5% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs 3.1%）
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
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。
HRL vs QVCD — 直观对比
营收规模更大
HRL
是对方的1.3倍
$2.4B
营收增速更快
HRL
高出10.5%
-8.9%
净利率更高
QVCD
高出3.3%
-1.8%
两年增速更快
QVCD
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.4B |
| 净利润 | $-56.1M | $37.0M |
| 毛利率 | 14.0% | 32.5% |
| 营业利润率 | 0.1% | 5.6% |
| 净利率 | -1.8% | 1.5% |
| 营收同比 | 1.5% | -8.9% |
| 净利润同比 | -125.5% | 103.0% |
| 每股收益（稀释后） | $-0.10 | — |
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HRLQVCD
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.0B | $2.0B | ||
| Q2 25 | $2.9B | $2.0B | ||
| Q1 25 | $3.0B | $1.9B | ||
| Q4 24 | $3.1B | $2.7B | ||
| Q3 24 | $2.9B | $2.1B | ||
| Q2 24 | $2.9B | $2.1B | ||
| Q1 24 | $3.0B | $2.1B |
净利润HRLQVCD
| Q4 25 | $-56.1M | $37.0M | ||
| Q3 25 | $183.7M | $2.0M | ||
| Q2 25 | $180.0M | $-2.2B | ||
| Q1 25 | $170.6M | $-42.0M | ||
| Q4 24 | $220.2M | $-1.2B | ||
| Q3 24 | $176.7M | $51.0M | ||
| Q2 24 | $189.3M | $53.0M | ||
| Q1 24 | $218.9M | $51.0M |
毛利率HRLQVCD
| Q4 25 | 14.0% | 32.5% | ||
| Q3 25 | 16.1% | 33.6% | ||
| Q2 25 | 16.7% | 35.4% | ||
| Q1 25 | 15.9% | 33.3% | ||
| Q4 24 | 16.6% | 32.6% | ||
| Q3 24 | 16.8% | 34.7% | ||
| Q2 24 | 17.4% | 35.6% | ||
| Q1 24 | 17.0% | 35.0% |
营业利润率HRLQVCD
| Q4 25 | 0.1% | 5.6% | ||
| Q3 25 | 7.9% | 4.6% | ||
| Q2 25 | 8.6% | -114.5% | ||
| Q1 25 | 7.6% | 1.5% | ||
| Q4 24 | 9.4% | -47.1% | ||
| Q3 24 | 8.2% | 7.8% | ||
| Q2 24 | 8.7% | 7.6% | ||
| Q1 24 | 9.5% | 7.4% |
净利率HRLQVCD
| Q4 25 | -1.8% | 1.5% | ||
| Q3 25 | 6.1% | 0.1% | ||
| Q2 25 | 6.2% | -109.1% | ||
| Q1 25 | 5.7% | -2.2% | ||
| Q4 24 | 7.0% | -46.0% | ||
| Q3 24 | 6.1% | 2.4% | ||
| Q2 24 | 6.6% | 2.5% | ||
| Q1 24 | 7.3% | 2.4% |
每股收益（稀释后）HRLQVCD
| Q4 25 | $-0.10 | — | ||
| Q3 25 | $0.33 | — | ||
| Q2 25 | $0.33 | — | ||
| Q1 25 | $0.31 | — | ||
| Q4 24 | $0.41 | — | ||
| Q3 24 | $0.32 | — | ||
| Q2 24 | $0.34 | — | ||
| Q1 24 | $0.40 | — |
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 | $703.6M | $1.5B |
| 总债务越低越好 | $2.9B | $1.0M |
| 股东权益账面价值 | $7.9B | $1.2B |
| 总资产 | $13.4B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.36× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HRLQVCD
| Q4 25 | $703.6M | $1.5B | ||
| Q3 25 | $630.7M | — | ||
| Q2 25 | $699.0M | — | ||
| Q1 25 | $866.4M | — | ||
| Q4 24 | $766.6M | $297.0M | ||
| Q3 24 | $561.9M | $297.0M | ||
| Q2 24 | $1.5B | $315.0M | ||
| Q1 24 | $981.9M | $311.0M |
总债务HRLQVCD
| Q4 25 | $2.9B | $1.0M | ||
| Q3 25 | $2.9B | $5.0B | ||
| Q2 25 | $2.9B | $4.0B | ||
| Q1 25 | $2.9B | $4.0B | ||
| Q4 24 | $2.9B | $3.3B | ||
| Q3 24 | $2.9B | $3.4B | ||
| Q2 24 | $2.9B | $3.7B | ||
| Q1 24 | $2.4B | $3.8B |
股东权益HRLQVCD
| Q4 25 | $7.9B | $1.2B | ||
| Q3 25 | $8.1B | $1.2B | ||
| Q2 25 | $8.0B | $1.2B | ||
| Q1 25 | $8.0B | $3.3B | ||
| Q4 24 | $8.0B | $3.3B | ||
| Q3 24 | $7.9B | $4.6B | ||
| Q2 24 | $7.9B | $4.3B | ||
| Q1 24 | $7.8B | $4.2B |
总资产HRLQVCD
| Q4 25 | $13.4B | $8.5B | ||
| Q3 25 | $13.5B | $8.3B | ||
| Q2 25 | $13.4B | $7.4B | ||
| Q1 25 | $13.4B | $9.7B | ||
| Q4 24 | $13.4B | $9.9B | ||
| Q3 24 | $13.1B | $9.9B | ||
| Q2 24 | $14.1B | $11.2B | ||
| Q1 24 | $13.5B | $11.4B |
负债/权益比HRLQVCD
| Q4 25 | 0.36× | 0.00× | ||
| Q3 25 | 0.35× | 4.30× | ||
| Q2 25 | 0.35× | 3.42× | ||
| Q1 25 | 0.36× | 1.22× | ||
| Q4 24 | 0.36× | 1.01× | ||
| Q3 24 | 0.36× | 0.73× | ||
| Q2 24 | 0.36× | 0.87× | ||
| Q1 24 | 0.30× | 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 | $322.9M | $245.0M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | — |
| 自由现金流率自由现金流/营收 | 7.3% | — |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | — | 6.62× |
| 过去12个月自由现金流最近4个季度 | $534.3M | — |
8季度趋势，按日历期对齐
经营现金流HRLQVCD
| Q4 25 | $322.9M | $245.0M | ||
| Q3 25 | $156.7M | $76.0M | ||
| Q2 25 | $56.4M | $52.0M | ||
| Q1 25 | $309.2M | $46.0M | ||
| Q4 24 | $408.6M | $189.0M | ||
| Q3 24 | $218.0M | $98.0M | ||
| Q2 24 | $236.1M | $164.0M | ||
| Q1 24 | $404.0M | $84.0M |
自由现金流HRLQVCD
| Q4 25 | $231.4M | — | ||
| Q3 25 | $84.5M | — | ||
| Q2 25 | $-18.6M | — | ||
| Q1 25 | $237.0M | — | ||
| Q4 24 | $324.8M | — | ||
| Q3 24 | $152.5M | — | ||
| Q2 24 | $176.2M | — | ||
| Q1 24 | $356.8M | — |
自由现金流率HRLQVCD
| Q4 25 | 7.3% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | -0.6% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 5.3% | — | ||
| Q2 24 | 6.1% | — | ||
| Q1 24 | 11.9% | — |
资本支出强度HRLQVCD
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 1.6% | — |
现金转化率HRLQVCD
| Q4 25 | — | 6.62× | ||
| Q3 25 | 0.85× | 38.00× | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 1.81× | — | ||
| Q4 24 | 1.86× | — | ||
| Q3 24 | 1.23× | 1.92× | ||
| Q2 24 | 1.25× | 3.09× | ||
| Q1 24 | 1.85× | 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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
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% |
