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北极星（PII）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的季度营收约是北极星的1.5倍（$2.4B vs $1.7B），QVC INC净利率更高（1.5% vs -2.8%，领先4.4%），北极星同比增速更快（8.0% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs -8.0%）
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
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。
PII vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.5倍
$1.7B
营收增速更快
PII
高出16.9%
-8.9%
净利率更高
QVCD
高出4.4%
-2.8%
两年增速更快
QVCD
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.4B |
| 净利润 | $-47.2M | $37.0M |
| 毛利率 | 20.2% | 32.5% |
| 营业利润率 | — | 5.6% |
| 净利率 | -2.8% | 1.5% |
| 营收同比 | 8.0% | -8.9% |
| 净利润同比 | 29.2% | 103.0% |
| 每股收益（稀释后） | $-0.83 | — |
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PIIQVCD
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.8B | $2.7B | ||
| Q3 24 | $1.7B | $2.1B | ||
| Q2 24 | $2.0B | $2.1B |
净利润PIIQVCD
| Q1 26 | $-47.2M | — | ||
| Q4 25 | $-303.6M | $37.0M | ||
| Q3 25 | $-15.8M | $2.0M | ||
| Q2 25 | $-79.3M | $-2.2B | ||
| Q1 25 | $-66.8M | $-42.0M | ||
| Q4 24 | $10.6M | $-1.2B | ||
| Q3 24 | $27.7M | $51.0M | ||
| Q2 24 | $68.7M | $53.0M |
毛利率PIIQVCD
| Q1 26 | 20.2% | — | ||
| Q4 25 | 20.0% | 32.5% | ||
| Q3 25 | 20.7% | 33.6% | ||
| Q2 25 | 19.4% | 35.4% | ||
| Q1 25 | 16.0% | 33.3% | ||
| Q4 24 | 20.4% | 32.6% | ||
| Q3 24 | 20.6% | 34.7% | ||
| Q2 24 | 21.6% | 35.6% |
营业利润率PIIQVCD
| Q1 26 | — | — | ||
| Q4 25 | -16.7% | 5.6% | ||
| Q3 25 | 1.1% | 4.6% | ||
| Q2 25 | -0.7% | -114.5% | ||
| Q1 25 | -2.4% | 1.5% | ||
| Q4 24 | 3.7% | -47.1% | ||
| Q3 24 | 3.8% | 7.8% | ||
| Q2 24 | 6.1% | 7.6% |
净利率PIIQVCD
| Q1 26 | -2.8% | — | ||
| Q4 25 | -15.8% | 1.5% | ||
| Q3 25 | -0.9% | 0.1% | ||
| Q2 25 | -4.3% | -109.1% | ||
| Q1 25 | -4.3% | -2.2% | ||
| Q4 24 | 0.6% | -46.0% | ||
| Q3 24 | 1.6% | 2.4% | ||
| Q2 24 | 3.5% | 2.5% |
每股收益（稀释后）PIIQVCD
| Q1 26 | $-0.83 | — | ||
| Q4 25 | $-5.34 | — | ||
| Q3 25 | $-0.28 | — | ||
| Q2 25 | $-1.39 | — | ||
| Q1 25 | $-1.17 | — | ||
| Q4 24 | $0.18 | — | ||
| Q3 24 | $0.49 | — | ||
| Q2 24 | $1.21 | — |
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 | $282.0M | $1.5B |
| 总债务越低越好 | — | $1.0M |
| 股东权益账面价值 | $750.4M | $1.2B |
| 总资产 | $5.2B | $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PIIQVCD
| Q1 26 | $282.0M | — | ||
| Q4 25 | $138.0M | $1.5B | ||
| Q3 25 | $335.5M | — | ||
| Q2 25 | $324.3M | — | ||
| Q1 25 | $291.7M | — | ||
| Q4 24 | $287.8M | $297.0M | ||
| Q3 24 | $291.3M | $297.0M | ||
| Q2 24 | $322.7M | $315.0M |
总债务PIIQVCD
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $1.0M | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | $1.4B | $4.0B | ||
| Q1 25 | $1.6B | $4.0B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.7B | $3.4B | ||
| Q2 24 | $2.1B | $3.7B |
股东权益PIIQVCD
| Q1 26 | $750.4M | — | ||
| Q4 25 | $828.4M | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $3.3B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.3B |
总资产PIIQVCD
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.9B | $8.5B | ||
| Q3 25 | $5.3B | $8.3B | ||
| Q2 25 | $5.4B | $7.4B | ||
| Q1 25 | $5.5B | $9.7B | ||
| Q4 24 | $5.5B | $9.9B | ||
| Q3 24 | $5.6B | $9.9B | ||
| Q2 24 | $5.7B | $11.2B |
负债/权益比PIIQVCD
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | 0.00× | ||
| Q3 25 | 1.13× | 4.30× | ||
| Q2 25 | 1.17× | 3.42× | ||
| Q1 25 | 1.32× | 1.22× | ||
| Q4 24 | 1.27× | 1.01× | ||
| Q3 24 | 1.29× | 0.73× | ||
| Q2 24 | 1.56× | 0.87× |
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 | — | $245.0M |
| 自由现金流经营现金流 - 资本支出 | $-342.5M | — |
| 自由现金流率自由现金流/营收 | -20.6% | — |
| 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 | — | 6.62× |
| 过去12个月自由现金流最近4个季度 | $168.0M | — |
8季度趋势，按日历期对齐
经营现金流PIIQVCD
| Q1 26 | — | — | ||
| Q4 25 | $178.7M | $245.0M | ||
| Q3 25 | $158.8M | $76.0M | ||
| Q2 25 | $320.3M | $52.0M | ||
| Q1 25 | $83.2M | $46.0M | ||
| Q4 24 | $206.3M | $189.0M | ||
| Q3 24 | $21.0M | $98.0M | ||
| Q2 24 | $146.3M | $164.0M |
自由现金流PIIQVCD
| Q1 26 | $-342.5M | — | ||
| Q4 25 | $114.0M | — | ||
| Q3 25 | $116.7M | — | ||
| Q2 25 | $279.8M | — | ||
| Q1 25 | $47.6M | — | ||
| Q4 24 | $137.3M | — | ||
| Q3 24 | $-32.4M | — | ||
| Q2 24 | $79.1M | — |
自由现金流率PIIQVCD
| Q1 26 | -20.6% | — | ||
| Q4 25 | 5.9% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | -1.9% | — | ||
| Q2 24 | 4.0% | — |
资本支出强度PIIQVCD
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 3.1% | — | ||
| Q2 24 | 3.4% | — |
现金转化率PIIQVCD
| Q1 26 | — | — | ||
| Q4 25 | — | 6.62× | ||
| Q3 25 | — | 38.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 19.46× | — | ||
| Q3 24 | 0.76× | 1.92× | ||
| Q2 24 | 2.13× | 3.09× |
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
PII
暂无分部数据
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% |
