vs
Liberty Global Ltd.（LBTYA）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Liberty Global Ltd.的1.1倍（$2.7B vs $2.4B），Liberty Global Ltd.净利率更高（15.0% vs -1.4%，领先16.4%），Liberty Global Ltd.同比增速更快（-3.6% vs -9.1%），过去两年Liberty Global Ltd.的营收复合增速更高（12.9% vs 6.9%）
自由全球有限公司是一家英荷美合资的跨国电信企业，注册地位于百慕大，在伦敦、阿姆斯特丹和丹佛均设有总部。公司旗下拥有英国自由全球控股有限公司、荷兰自由全球有限公司及美国自由全球公司三大主体，其中英国主体为上市实体。企业由自由媒体国际业务部与UnitedGlobalCom于2005年合并成立，在全球电信服务领域拥有深厚的行业积累。
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。
LBTYA vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.1倍
$2.4B
营收增速更快
LBTYA
高出5.5%
-9.1%
净利率更高
LBTYA
高出16.4%
-1.4%
两年增速更快
LBTYA
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $2.7B |
| 净利润 | $358.2M | $-37.0M |
| 毛利率 | — | 32.9% |
| 营业利润率 | 1.0% | 3.7% |
| 净利率 | 15.0% | -1.4% |
| 营收同比 | -3.6% | -9.1% |
| 净利润同比 | 127.1% | 97.1% |
| 每股收益（稀释后） | — | $-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LBTYAQVCGA
| Q1 26 | $2.4B | — | ||
| Q4 25 | $1.2B | $2.7B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $-1.4B | $2.9B | ||
| Q3 24 | $1.9B | $2.3B | ||
| Q2 24 | $1.9B | $2.4B |
净利润LBTYAQVCGA
| Q1 26 | $358.2M | — | ||
| Q4 25 | $-2.9B | $-37.0M | ||
| Q3 25 | $-90.7M | $-80.0M | ||
| Q2 25 | $-2.8B | $-2.2B | ||
| Q1 25 | $-1.3B | $-100.0M | ||
| Q4 24 | $2.2B | $-1.3B | ||
| Q3 24 | $-1.4B | $-23.0M | ||
| Q2 24 | $268.1M | $20.0M |
毛利率LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 32.9% | ||
| Q3 25 | 67.5% | 34.0% | ||
| Q2 25 | 63.3% | 36.4% | ||
| Q1 25 | 65.6% | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | 69.4% | 35.3% | ||
| Q2 24 | 68.5% | 36.4% |
营业利润率LBTYAQVCGA
| Q1 26 | 1.0% | — | ||
| Q4 25 | -8.6% | 3.7% | ||
| Q3 25 | -0.7% | 2.7% | ||
| Q2 25 | 2.3% | -101.6% | ||
| Q1 25 | 5.2% | 0.7% | ||
| Q4 24 | — | -43.2% | ||
| Q3 24 | 5.2% | 6.5% | ||
| Q2 24 | 1.0% | 6.9% |
净利率LBTYAQVCGA
| Q1 26 | 15.0% | — | ||
| Q4 25 | -237.0% | -1.4% | ||
| Q3 25 | -7.5% | -3.6% | ||
| Q2 25 | -220.1% | -99.4% | ||
| Q1 25 | -114.2% | -4.8% | ||
| Q4 24 | -158.9% | -43.7% | ||
| Q3 24 | -74.1% | -1.0% | ||
| Q2 24 | 14.3% | 0.8% |
每股收益（稀释后）LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | $-8.66 | $-17.37 | ||
| Q3 25 | $-0.27 | $-9.89 | ||
| Q2 25 | $-8.09 | $-275.46 | ||
| Q1 25 | $-3.84 | $-0.25 | ||
| Q4 24 | $6.15 | — | ||
| Q3 24 | $-3.95 | $-0.06 | ||
| Q2 24 | $0.71 | $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 | $-387.3M | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | — | $-3.1B |
| 总资产 | — | $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LBTYAQVCGA
| Q1 26 | $-387.3M | — | ||
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $3.1B | $897.0M | ||
| Q1 25 | $2.0B | $833.0M | ||
| Q4 24 | $2.2B | $905.0M | ||
| Q3 24 | $3.3B | $873.0M | ||
| Q2 24 | $3.2B | $1.2B |
总债务LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | $7.8B | $790.0M | ||
| Q3 25 | $7.8B | $5.9B | ||
| Q2 25 | $7.8B | $4.9B | ||
| Q1 25 | $8.2B | $5.0B | ||
| Q4 24 | $8.2B | $4.1B | ||
| Q3 24 | $14.9B | $5.1B | ||
| Q2 24 | $14.7B | $5.3B |
股东权益LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | $9.7B | $-3.1B | ||
| Q3 25 | $12.7B | $-3.1B | ||
| Q2 25 | $13.0B | $-3.0B | ||
| Q1 25 | $12.6B | $-981.0M | ||
| Q4 24 | $12.4B | $-971.0M | ||
| Q3 24 | $18.7B | $397.0M | ||
| Q2 24 | $18.3B | $328.0M |
总资产LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | $22.6B | $7.6B | ||
| Q3 25 | $25.4B | $7.6B | ||
| Q2 25 | $27.2B | $6.7B | ||
| Q1 25 | $26.0B | $9.0B | ||
| Q4 24 | $25.4B | $9.2B | ||
| Q3 24 | $41.8B | $10.8B | ||
| Q2 24 | $40.8B | $10.9B |
负债/权益比LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.80× | 12.74× | ||
| Q2 24 | 0.80× | 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 | $107.6M | $244.0M |
| 自由现金流经营现金流 - 资本支出 | — | $191.0M |
| 自由现金流率自由现金流/营收 | — | 7.1% |
| 资本支出强度资本支出/营收 | 1.5% | 2.0% |
| 现金转化率经营现金流/净利润 | 0.30× | — |
| 过去12个月自由现金流最近4个季度 | — | $118.0M |
8季度趋势，按日历期对齐
经营现金流LBTYAQVCGA
| Q1 26 | $107.6M | — | ||
| Q4 25 | $630.9M | $244.0M | ||
| Q3 25 | $301.8M | $4.0M | ||
| Q2 25 | $149.2M | $86.0M | ||
| Q1 25 | $129.2M | $-60.0M | ||
| Q4 24 | $791.6M | $212.0M | ||
| Q3 24 | $449.5M | $20.0M | ||
| Q2 24 | $546.1M | $267.0M |
自由现金流LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | $193.3M | $191.0M | ||
| Q3 25 | $-41.1M | $-27.0M | ||
| Q2 25 | $-170.1M | $48.0M | ||
| Q1 25 | $-114.1M | $-94.0M | ||
| Q4 24 | $712.9M | $150.0M | ||
| Q3 24 | $102.4M | $-23.0M | ||
| Q2 24 | $256.8M | $213.0M |
自由现金流率LBTYAQVCGA
| Q1 26 | — | — | ||
| Q4 25 | 15.7% | 7.1% | ||
| Q3 25 | -3.4% | -1.2% | ||
| Q2 25 | -13.4% | 2.1% | ||
| Q1 25 | -9.7% | -4.5% | ||
| Q4 24 | -50.5% | 5.1% | ||
| Q3 24 | 5.3% | -1.0% | ||
| Q2 24 | 13.7% | 8.8% |
资本支出强度LBTYAQVCGA
| Q1 26 | 1.5% | — | ||
| Q4 25 | 35.5% | 2.0% | ||
| Q3 25 | 28.4% | 1.4% | ||
| Q2 25 | 25.2% | 1.7% | ||
| Q1 25 | 20.8% | 1.6% | ||
| Q4 24 | -5.6% | 2.1% | ||
| Q3 24 | 17.9% | 1.8% | ||
| Q2 24 | 15.4% | 2.2% |
现金转化率LBTYAQVCGA
| Q1 26 | 0.30× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.04× | 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
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
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% |
