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PPL Corporation（PPL）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PPL Corporation的1.0倍（$2.4B vs $2.3B），PPL Corporation净利率更高（11.3% vs 1.5%，领先9.8%），PPL Corporation同比增速更快（7.2% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs 1.0%）
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
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。
PPL vs QVCD — 直观对比
营收规模更大
QVCD
是对方的1.0倍
$2.3B
营收增速更快
PPL
高出16.2%
-8.9%
净利率更高
PPL
高出9.8%
1.5%
两年增速更快
QVCD
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.4B |
| 净利润 | $266.0M | $37.0M |
| 毛利率 | — | 32.5% |
| 营业利润率 | 20.3% | 5.6% |
| 净利率 | 11.3% | 1.5% |
| 营收同比 | 7.2% | -8.9% |
| 净利润同比 | 50.3% | 103.0% |
| 每股收益（稀释后） | $0.35 | — |
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PPLQVCD
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $2.2B | $2.0B | ||
| Q2 25 | $2.0B | $2.0B | ||
| Q1 25 | $2.5B | $1.9B | ||
| Q4 24 | $2.2B | $2.7B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $1.9B | $2.1B | ||
| Q1 24 | $2.3B | $2.1B |
净利润PPLQVCD
| Q4 25 | $266.0M | $37.0M | ||
| Q3 25 | $318.0M | $2.0M | ||
| Q2 25 | $183.0M | $-2.2B | ||
| Q1 25 | $414.0M | $-42.0M | ||
| Q4 24 | $177.0M | $-1.2B | ||
| Q3 24 | $214.0M | $51.0M | ||
| Q2 24 | $190.0M | $53.0M | ||
| Q1 24 | $307.0M | $51.0M |
毛利率PPLQVCD
| Q4 25 | — | 32.5% | ||
| Q3 25 | — | 33.6% | ||
| Q2 25 | — | 35.4% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | 32.6% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 35.6% | ||
| Q1 24 | — | 35.0% |
营业利润率PPLQVCD
| Q4 25 | 20.3% | 5.6% | ||
| Q3 25 | 25.4% | 4.6% | ||
| Q2 25 | 19.9% | -114.5% | ||
| Q1 25 | 26.6% | 1.5% | ||
| Q4 24 | 17.2% | -47.1% | ||
| Q3 24 | 20.6% | 7.8% | ||
| Q2 24 | 20.8% | 7.6% | ||
| Q1 24 | 23.7% | 7.4% |
净利率PPLQVCD
| Q4 25 | 11.3% | 1.5% | ||
| Q3 25 | 14.2% | 0.1% | ||
| Q2 25 | 9.0% | -109.1% | ||
| Q1 25 | 16.3% | -2.2% | ||
| Q4 24 | 8.1% | -46.0% | ||
| Q3 24 | 10.3% | 2.4% | ||
| Q2 24 | 10.1% | 2.5% | ||
| Q1 24 | 13.3% | 2.4% |
每股收益（稀释后）PPLQVCD
| Q4 25 | $0.35 | — | ||
| Q3 25 | $0.43 | — | ||
| Q2 25 | $0.25 | — | ||
| Q1 25 | $0.56 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.29 | — | ||
| Q2 24 | $0.26 | — | ||
| Q1 24 | $0.42 | — |
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 | $1.1B | $1.5B |
| 总债务越低越好 | $18.9B | $1.0M |
| 股东权益账面价值 | $14.9B | $1.2B |
| 总资产 | $45.2B | $8.5B |
| 负债/权益比越低杠杆越低 | 1.27× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资PPLQVCD
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $294.0M | — | ||
| Q1 25 | $312.0M | — | ||
| Q4 24 | $306.0M | $297.0M | ||
| Q3 24 | $542.0M | $297.0M | ||
| Q2 24 | $282.0M | $315.0M | ||
| Q1 24 | $276.0M | $311.0M |
总债务PPLQVCD
| Q4 25 | $18.9B | $1.0M | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $16.5B | $3.3B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.8B |
股东权益PPLQVCD
| Q4 25 | $14.9B | $1.2B | ||
| Q3 25 | $14.4B | $1.2B | ||
| Q2 25 | $14.3B | $1.2B | ||
| Q1 25 | $14.3B | $3.3B | ||
| Q4 24 | $14.1B | $3.3B | ||
| Q3 24 | $14.1B | $4.6B | ||
| Q2 24 | $14.1B | $4.3B | ||
| Q1 24 | $14.1B | $4.2B |
总资产PPLQVCD
| Q4 25 | $45.2B | $8.5B | ||
| Q3 25 | $43.9B | $8.3B | ||
| Q2 25 | $42.4B | $7.4B | ||
| Q1 25 | $41.8B | $9.7B | ||
| Q4 24 | $41.1B | $9.9B | ||
| Q3 24 | $40.5B | $9.9B | ||
| Q2 24 | $39.8B | $11.2B | ||
| Q1 24 | $39.6B | $11.4B |
负债/权益比PPLQVCD
| Q4 25 | 1.27× | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 1.17× | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 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 | $548.0M | $245.0M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | — |
| 自由现金流率自由现金流/营收 | -26.1% | — |
| 资本支出强度资本支出/营收 | 49.5% | — |
| 现金转化率经营现金流/净利润 | 2.06× | 6.62× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | — |
8季度趋势，按日历期对齐
经营现金流PPLQVCD
| Q4 25 | $548.0M | $245.0M | ||
| Q3 25 | $966.0M | $76.0M | ||
| Q2 25 | $602.0M | $52.0M | ||
| Q1 25 | $513.0M | $46.0M | ||
| Q4 24 | $511.0M | $189.0M | ||
| Q3 24 | $781.0M | $98.0M | ||
| Q2 24 | $766.0M | $164.0M | ||
| Q1 24 | $282.0M | $84.0M |
自由现金流PPLQVCD
| Q4 25 | $-614.0M | — | ||
| Q3 25 | $-179.0M | — | ||
| Q2 25 | $-328.0M | — | ||
| Q1 25 | $-280.0M | — | ||
| Q4 24 | $-349.0M | — | ||
| Q3 24 | $102.0M | — | ||
| Q2 24 | $96.0M | — | ||
| Q1 24 | $-314.0M | — |
自由现金流率PPLQVCD
| Q4 25 | -26.1% | — | ||
| Q3 25 | -8.0% | — | ||
| Q2 25 | -16.1% | — | ||
| Q1 25 | -11.0% | — | ||
| Q4 24 | -15.9% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 5.1% | — | ||
| Q1 24 | -13.6% | — |
资本支出强度PPLQVCD
| Q4 25 | 49.5% | — | ||
| Q3 25 | 51.2% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 39.3% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 35.8% | — | ||
| Q1 24 | 25.9% | — |
现金转化率PPLQVCD
| Q4 25 | 2.06× | 6.62× | ||
| Q3 25 | 3.04× | 38.00× | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 2.89× | — | ||
| Q3 24 | 3.65× | 1.92× | ||
| Q2 24 | 4.03× | 3.09× | ||
| Q1 24 | 0.92× | 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
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
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% |
