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美泰（MAT）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.的季度营收约是美泰的1.5倍（$2.7B vs $1.8B），美泰净利率更高（6.0% vs -1.4%，领先7.4%），美泰同比增速更快（7.3% vs -9.1%），过去两年美泰的营收复合增速更高（47.7% vs 6.9%）
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 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。
MAT vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.5倍
$1.8B
营收增速更快
MAT
高出16.4%
-9.1%
净利率更高
MAT
高出7.4%
-1.4%
两年增速更快
MAT
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.7B |
| 净利润 | $106.2M | $-37.0M |
| 毛利率 | 45.9% | 32.9% |
| 营业利润率 | 8.0% | 3.7% |
| 净利率 | 6.0% | -1.4% |
| 营收同比 | 7.3% | -9.1% |
| 净利润同比 | -24.6% | 97.1% |
| 每股收益（稀释后） | $0.32 | $-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MATQVCGA
| Q4 25 | $1.8B | $2.7B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.0B | $2.2B | ||
| Q1 25 | $826.6M | $2.1B | ||
| Q4 24 | $1.6B | $2.9B | ||
| Q3 24 | $1.8B | $2.3B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $809.5M | $2.3B |
净利润MATQVCGA
| Q4 25 | $106.2M | $-37.0M | ||
| Q3 25 | $278.4M | $-80.0M | ||
| Q2 25 | $53.4M | $-2.2B | ||
| Q1 25 | $-40.3M | $-100.0M | ||
| Q4 24 | $140.9M | $-1.3B | ||
| Q3 24 | $372.4M | $-23.0M | ||
| Q2 24 | $56.9M | $20.0M | ||
| Q1 24 | $-28.3M | $-1.0M |
毛利率MATQVCGA
| Q4 25 | 45.9% | 32.9% | ||
| Q3 25 | 50.0% | 34.0% | ||
| Q2 25 | 50.9% | 36.4% | ||
| Q1 25 | 49.4% | 34.2% | ||
| Q4 24 | 50.7% | 33.3% | ||
| Q3 24 | 53.1% | 35.3% | ||
| Q2 24 | 49.2% | 36.4% | ||
| Q1 24 | 48.0% | 35.5% |
营业利润率MATQVCGA
| Q4 25 | 8.0% | 3.7% | ||
| Q3 25 | 21.9% | 2.7% | ||
| Q2 25 | 7.7% | -101.6% | ||
| Q1 25 | -6.4% | 0.7% | ||
| Q4 24 | 9.6% | -43.2% | ||
| Q3 24 | 26.5% | 6.5% | ||
| Q2 24 | 7.7% | 6.9% | ||
| Q1 24 | -4.4% | 6.2% |
净利率MATQVCGA
| Q4 25 | 6.0% | -1.4% | ||
| Q3 25 | 16.0% | -3.6% | ||
| Q2 25 | 5.2% | -99.4% | ||
| Q1 25 | -4.9% | -4.8% | ||
| Q4 24 | 8.6% | -43.7% | ||
| Q3 24 | 20.2% | -1.0% | ||
| Q2 24 | 5.3% | 0.8% | ||
| Q1 24 | -3.5% | -0.0% |
每股收益（稀释后）MATQVCGA
| Q4 25 | $0.32 | $-17.37 | ||
| Q3 25 | $0.88 | $-9.89 | ||
| Q2 25 | $0.16 | $-275.46 | ||
| Q1 25 | $-0.12 | $-0.25 | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $1.09 | $-0.06 | ||
| Q2 24 | $0.17 | $2.57 | ||
| 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 | $2.0B |
| 总债务越低越好 | $2.3B | $790.0M |
| 股东权益账面价值 | $2.2B | $-3.1B |
| 总资产 | $6.6B | $7.6B |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MATQVCGA
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $691.9M | $1.8B | ||
| Q2 25 | $870.5M | $897.0M | ||
| Q1 25 | $1.2B | $833.0M | ||
| Q4 24 | $1.4B | $905.0M | ||
| Q3 24 | $723.5M | $873.0M | ||
| Q2 24 | $722.4M | $1.2B | ||
| Q1 24 | $1.1B | $1.1B |
总债务MATQVCGA
| Q4 25 | $2.3B | $790.0M | ||
| Q3 25 | $2.3B | $5.9B | ||
| Q2 25 | $2.3B | $4.9B | ||
| Q1 25 | $2.3B | $5.0B | ||
| Q4 24 | $2.3B | $4.1B | ||
| Q3 24 | $2.3B | $5.1B | ||
| Q2 24 | $2.3B | $5.3B | ||
| Q1 24 | $2.3B | $5.5B |
股东权益MATQVCGA
| Q4 25 | $2.2B | $-3.1B | ||
| Q3 25 | $2.3B | $-3.1B | ||
| Q2 25 | $2.2B | $-3.0B | ||
| Q1 25 | $2.1B | $-981.0M | ||
| Q4 24 | $2.3B | $-971.0M | ||
| Q3 24 | $2.3B | $397.0M | ||
| Q2 24 | $2.0B | $328.0M | ||
| Q1 24 | $2.0B | $255.0M |
总资产MATQVCGA
| Q4 25 | $6.6B | $7.6B | ||
| Q3 25 | $6.6B | $7.6B | ||
| Q2 25 | $6.2B | $6.7B | ||
| Q1 25 | $6.2B | $9.0B | ||
| Q4 24 | $6.5B | $9.2B | ||
| Q3 24 | $6.5B | $10.8B | ||
| Q2 24 | $5.9B | $10.9B | ||
| Q1 24 | $6.1B | $11.0B |
负债/权益比MATQVCGA
| Q4 25 | 1.04× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.01× | 12.74× | ||
| Q2 24 | 1.18× | 16.28× | ||
| Q1 24 | 1.15× | 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 | $796.6M | $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 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 7.50× | — |
| 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MATQVCGA
| Q4 25 | $796.6M | $244.0M | ||
| Q3 25 | $72.0M | $4.0M | ||
| Q2 25 | $-300.1M | $86.0M | ||
| Q1 25 | $24.8M | $-60.0M | ||
| Q4 24 | $862.1M | $212.0M | ||
| Q3 24 | $155.8M | $20.0M | ||
| Q2 24 | $-252.9M | $267.0M | ||
| Q1 24 | $35.5M | $26.0M |
自由现金流MATQVCGA
| Q4 25 | — | $191.0M | ||
| Q3 25 | — | $-27.0M | ||
| Q2 25 | — | $48.0M | ||
| Q1 25 | — | $-94.0M | ||
| Q4 24 | — | $150.0M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | — | $213.0M | ||
| Q1 24 | — | $-14.0M |
自由现金流率MATQVCGA
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | -4.5% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | -1.0% | ||
| Q2 24 | — | 8.8% | ||
| Q1 24 | — | -0.6% |
资本支出强度MATQVCGA
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.7% |
现金转化率MATQVCGA
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | 13.35× | ||
| Q1 24 | — | — |
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% |
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% |
