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美泰（MAT）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的季度营收约是美泰的1.4倍（$2.4B vs $1.8B），美泰净利率更高（6.0% vs 1.5%，领先4.5%），美泰同比增速更快（7.3% vs -8.9%），过去两年美泰的营收复合增速更高（47.7% vs 7.1%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
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。
MAT vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.4倍
$1.8B
营收增速更快
MAT
高出16.2%
-8.9%
净利率更高
MAT
高出4.5%
1.5%
两年增速更快
MAT
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.4B |
| 净利润 | $106.2M | $37.0M |
| 毛利率 | 45.9% | 32.5% |
| 营业利润率 | 8.0% | 5.6% |
| 净利率 | 6.0% | 1.5% |
| 营收同比 | 7.3% | -8.9% |
| 净利润同比 | -24.6% | 103.0% |
| 每股收益（稀释后） | $0.32 | — |
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MATQVCD
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | $826.6M | $1.9B | ||
| Q4 24 | $1.6B | $2.7B | ||
| Q3 24 | $1.8B | $2.1B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | $809.5M | $2.1B |
净利润MATQVCD
| Q4 25 | $106.2M | $37.0M | ||
| Q3 25 | $278.4M | $2.0M | ||
| Q2 25 | $53.4M | $-2.2B | ||
| Q1 25 | $-40.3M | $-42.0M | ||
| Q4 24 | $140.9M | $-1.2B | ||
| Q3 24 | $372.4M | $51.0M | ||
| Q2 24 | $56.9M | $53.0M | ||
| Q1 24 | $-28.3M | $51.0M |
毛利率MATQVCD
| Q4 25 | 45.9% | 32.5% | ||
| Q3 25 | 50.0% | 33.6% | ||
| Q2 25 | 50.9% | 35.4% | ||
| Q1 25 | 49.4% | 33.3% | ||
| Q4 24 | 50.7% | 32.6% | ||
| Q3 24 | 53.1% | 34.7% | ||
| Q2 24 | 49.2% | 35.6% | ||
| Q1 24 | 48.0% | 35.0% |
营业利润率MATQVCD
| Q4 25 | 8.0% | 5.6% | ||
| Q3 25 | 21.9% | 4.6% | ||
| Q2 25 | 7.7% | -114.5% | ||
| Q1 25 | -6.4% | 1.5% | ||
| Q4 24 | 9.6% | -47.1% | ||
| Q3 24 | 26.5% | 7.8% | ||
| Q2 24 | 7.7% | 7.6% | ||
| Q1 24 | -4.4% | 7.4% |
净利率MATQVCD
| Q4 25 | 6.0% | 1.5% | ||
| Q3 25 | 16.0% | 0.1% | ||
| Q2 25 | 5.2% | -109.1% | ||
| Q1 25 | -4.9% | -2.2% | ||
| Q4 24 | 8.6% | -46.0% | ||
| Q3 24 | 20.2% | 2.4% | ||
| Q2 24 | 5.3% | 2.5% | ||
| Q1 24 | -3.5% | 2.4% |
每股收益（稀释后）MATQVCD
| Q4 25 | $0.32 | — | ||
| Q3 25 | $0.88 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $-0.12 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $1.09 | — | ||
| Q2 24 | $0.17 | — | ||
| Q1 24 | $-0.08 | — |
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 | $1.2B | $1.5B |
| 总债务越低越好 | $2.3B | $1.0M |
| 股东权益账面价值 | $2.2B | $1.2B |
| 总资产 | $6.6B | $8.5B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资MATQVCD
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $691.9M | — | ||
| Q2 25 | $870.5M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.4B | $297.0M | ||
| Q3 24 | $723.5M | $297.0M | ||
| Q2 24 | $722.4M | $315.0M | ||
| Q1 24 | $1.1B | $311.0M |
总债务MATQVCD
| Q4 25 | $2.3B | $1.0M | ||
| Q3 25 | $2.3B | $5.0B | ||
| Q2 25 | $2.3B | $4.0B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.3B | $3.4B | ||
| Q2 24 | $2.3B | $3.7B | ||
| Q1 24 | $2.3B | $3.8B |
股东权益MATQVCD
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.1B | $3.3B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.3B | $4.6B | ||
| Q2 24 | $2.0B | $4.3B | ||
| Q1 24 | $2.0B | $4.2B |
总资产MATQVCD
| Q4 25 | $6.6B | $8.5B | ||
| Q3 25 | $6.6B | $8.3B | ||
| Q2 25 | $6.2B | $7.4B | ||
| Q1 25 | $6.2B | $9.7B | ||
| Q4 24 | $6.5B | $9.9B | ||
| Q3 24 | $6.5B | $9.9B | ||
| Q2 24 | $5.9B | $11.2B | ||
| Q1 24 | $6.1B | $11.4B |
负债/权益比MATQVCD
| Q4 25 | 1.04× | 0.00× | ||
| Q3 25 | 1.03× | 4.30× | ||
| Q2 25 | 1.08× | 3.42× | ||
| Q1 25 | 1.10× | 1.22× | ||
| Q4 24 | 1.03× | 1.01× | ||
| Q3 24 | 1.01× | 0.73× | ||
| Q2 24 | 1.18× | 0.87× | ||
| Q1 24 | 1.15× | 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 | $796.6M | $245.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 7.50× | 6.62× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MATQVCD
| Q4 25 | $796.6M | $245.0M | ||
| Q3 25 | $72.0M | $76.0M | ||
| Q2 25 | $-300.1M | $52.0M | ||
| Q1 25 | $24.8M | $46.0M | ||
| Q4 24 | $862.1M | $189.0M | ||
| Q3 24 | $155.8M | $98.0M | ||
| Q2 24 | $-252.9M | $164.0M | ||
| Q1 24 | $35.5M | $84.0M |
现金转化率MATQVCD
| Q4 25 | 7.50× | 6.62× | ||
| Q3 25 | 0.26× | 38.00× | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | 1.92× | ||
| Q2 24 | -4.45× | 3.09× | ||
| Q1 24 | — | 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
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
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% |
