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QVC INC（QVCD）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是QVC INC的1.8倍（$4.3B vs $2.4B），皇家加勒比集团净利率更高（17.7% vs 1.5%，领先16.2%），皇家加勒比集团同比增速更快（13.3% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs 6.9%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
QVCD vs RCL — 直观对比
营收规模更大
RCL
是对方的1.8倍
$2.4B
营收增速更快
RCL
高出22.2%
-8.9%
净利率更高
RCL
高出16.2%
1.5%
两年增速更快
QVCD
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $4.3B |
| 净利润 | $37.0M | $753.0M |
| 毛利率 | 32.5% | 47.4% |
| 营业利润率 | 5.6% | 21.9% |
| 净利率 | 1.5% | 17.7% |
| 营收同比 | -8.9% | 13.3% |
| 净利润同比 | 103.0% | 36.4% |
| 每股收益（稀释后） | — | $2.76 |
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QVCDRCL
| Q4 25 | $2.4B | $4.3B | ||
| Q3 25 | $2.0B | $5.1B | ||
| Q2 25 | $2.0B | $4.5B | ||
| Q1 25 | $1.9B | $4.0B | ||
| Q4 24 | $2.7B | $3.8B | ||
| Q3 24 | $2.1B | $4.9B | ||
| Q2 24 | $2.1B | $4.1B | ||
| Q1 24 | $2.1B | $3.7B |
净利润QVCDRCL
| Q4 25 | $37.0M | $753.0M | ||
| Q3 25 | $2.0M | $1.6B | ||
| Q2 25 | $-2.2B | $1.2B | ||
| Q1 25 | $-42.0M | $730.0M | ||
| Q4 24 | $-1.2B | $552.0M | ||
| Q3 24 | $51.0M | $1.1B | ||
| Q2 24 | $53.0M | $854.0M | ||
| Q1 24 | $51.0M | $360.0M |
毛利率QVCDRCL
| Q4 25 | 32.5% | 47.4% | ||
| Q3 25 | 33.6% | 51.8% | ||
| Q2 25 | 35.4% | 49.7% | ||
| Q1 25 | 33.3% | 48.0% | ||
| Q4 24 | 32.6% | 45.4% | ||
| Q3 24 | 34.7% | 51.1% | ||
| Q2 24 | 35.6% | 47.6% | ||
| Q1 24 | 35.0% | 44.8% |
营业利润率QVCDRCL
| Q4 25 | 5.6% | 21.9% | ||
| Q3 25 | 4.6% | 33.1% | ||
| Q2 25 | -114.5% | 29.3% | ||
| Q1 25 | 1.5% | 23.6% | ||
| Q4 24 | -47.1% | 16.6% | ||
| Q3 24 | 7.8% | 33.4% | ||
| Q2 24 | 7.6% | 26.7% | ||
| Q1 24 | 7.4% | 20.1% |
净利率QVCDRCL
| Q4 25 | 1.5% | 17.7% | ||
| Q3 25 | 0.1% | 30.6% | ||
| Q2 25 | -109.1% | 26.7% | ||
| Q1 25 | -2.2% | 18.3% | ||
| Q4 24 | -46.0% | 14.7% | ||
| Q3 24 | 2.4% | 22.7% | ||
| Q2 24 | 2.5% | 20.8% | ||
| Q1 24 | 2.4% | 9.7% |
每股收益（稀释后）QVCDRCL
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 | ||
| Q1 24 | — | $1.35 |
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 | $1.5B | $825.0M |
| 总债务越低越好 | $1.0M | $18.2B |
| 股东权益账面价值 | $1.2B | $10.0B |
| 总资产 | $8.5B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.00× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资QVCDRCL
| Q4 25 | $1.5B | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | $297.0M | $388.0M | ||
| Q3 24 | $297.0M | $418.0M | ||
| Q2 24 | $315.0M | $391.0M | ||
| Q1 24 | $311.0M | $437.0M |
总债务QVCDRCL
| Q4 25 | $1.0M | $18.2B | ||
| Q3 25 | $5.0B | $17.2B | ||
| Q2 25 | $4.0B | $17.6B | ||
| Q1 25 | $4.0B | $18.0B | ||
| Q4 24 | $3.3B | $18.5B | ||
| Q3 24 | $3.4B | $19.0B | ||
| Q2 24 | $3.7B | $19.8B | ||
| Q1 24 | $3.8B | $18.9B |
股东权益QVCDRCL
| Q4 25 | $1.2B | $10.0B | ||
| Q3 25 | $1.2B | $10.1B | ||
| Q2 25 | $1.2B | $9.2B | ||
| Q1 25 | $3.3B | $8.0B | ||
| Q4 24 | $3.3B | $7.6B | ||
| Q3 24 | $4.6B | $7.0B | ||
| Q2 24 | $4.3B | $6.0B | ||
| Q1 24 | $4.2B | $5.2B |
总资产QVCDRCL
| Q4 25 | $8.5B | $41.6B | ||
| Q3 25 | $8.3B | $40.1B | ||
| Q2 25 | $7.4B | $38.5B | ||
| Q1 25 | $9.7B | $37.5B | ||
| Q4 24 | $9.9B | $37.1B | ||
| Q3 24 | $9.9B | $37.1B | ||
| Q2 24 | $11.2B | $37.0B | ||
| Q1 24 | $11.4B | $35.2B |
负债/权益比QVCDRCL
| Q4 25 | 0.00× | 1.81× | ||
| Q3 25 | 4.30× | 1.70× | ||
| Q2 25 | 3.42× | 1.92× | ||
| Q1 25 | 1.22× | 2.26× | ||
| Q4 24 | 1.01× | 2.44× | ||
| Q3 24 | 0.73× | 2.69× | ||
| Q2 24 | 0.87× | 3.29× | ||
| Q1 24 | 0.89× | 3.66× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | 6.62× | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流QVCDRCL
| Q4 25 | $245.0M | $1.6B | ||
| Q3 25 | $76.0M | $1.5B | ||
| Q2 25 | $52.0M | $1.7B | ||
| Q1 25 | $46.0M | $1.6B | ||
| Q4 24 | $189.0M | $1.5B | ||
| Q3 24 | $98.0M | $897.0M | ||
| Q2 24 | $164.0M | $1.6B | ||
| Q1 24 | $84.0M | $1.3B |
自由现金流QVCDRCL
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M | ||
| Q1 24 | — | $1.1B |
自由现金流率QVCDRCL
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% | ||
| Q1 24 | — | 29.1% |
资本支出强度QVCDRCL
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% | ||
| Q1 24 | — | 6.5% |
现金转化率QVCDRCL
| Q4 25 | 6.62× | 2.16× | ||
| Q3 25 | 38.00× | 0.93× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.92× | 0.81× | ||
| Q2 24 | 3.09× | 1.84× | ||
| Q1 24 | 1.65× | 3.69× |
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
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
