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QVC INC（QVCD）与Solventum（SOLV）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Solventum的1.2倍（$2.4B vs $2.0B），Solventum净利率更高（3.2% vs 1.5%，领先1.6%），Solventum同比增速更快（-3.7% vs -8.9%），过去两年QVC INC的营收复合增速更高（7.1% vs -0.4%）
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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
QVCD vs SOLV — 直观对比
营收规模更大
QVCD
是对方的1.2倍
$2.0B
营收增速更快
SOLV
高出5.2%
-8.9%
净利率更高
SOLV
高出1.6%
1.5%
两年增速更快
QVCD
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $2.0B |
| 净利润 | $37.0M | $63.0M |
| 毛利率 | 32.5% | 51.4% |
| 营业利润率 | 5.6% | 6.3% |
| 净利率 | 1.5% | 3.2% |
| 营收同比 | -8.9% | -3.7% |
| 净利润同比 | 103.0% | 103.2% |
| 每股收益（稀释后） | — | $0.37 |
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QVCDSOLV
| Q4 25 | $2.4B | $2.0B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | $1.9B | $2.1B | ||
| Q4 24 | $2.7B | $2.1B | ||
| Q3 24 | $2.1B | $2.1B | ||
| Q2 24 | $2.1B | $2.1B | ||
| Q1 24 | $2.1B | $2.0B |
净利润QVCDSOLV
| Q4 25 | $37.0M | $63.0M | ||
| Q3 25 | $2.0M | $1.3B | ||
| Q2 25 | $-2.2B | $90.0M | ||
| Q1 25 | $-42.0M | $137.0M | ||
| Q4 24 | $-1.2B | $31.0M | ||
| Q3 24 | $51.0M | $122.0M | ||
| Q2 24 | $53.0M | $89.0M | ||
| Q1 24 | $51.0M | $237.0M |
毛利率QVCDSOLV
| Q4 25 | 32.5% | 51.4% | ||
| Q3 25 | 33.6% | 54.2% | ||
| Q2 25 | 35.4% | 54.4% | ||
| Q1 25 | 33.3% | 53.8% | ||
| Q4 24 | 32.6% | 53.9% | ||
| Q3 24 | 34.7% | 56.0% | ||
| Q2 24 | 35.6% | 54.6% | ||
| Q1 24 | 35.0% | 58.1% |
营业利润率QVCDSOLV
| Q4 25 | 5.6% | 6.3% | ||
| Q3 25 | 4.6% | 80.6% | ||
| Q2 25 | -114.5% | 9.9% | ||
| Q1 25 | 1.5% | 7.3% | ||
| Q4 24 | -47.1% | 6.6% | ||
| Q3 24 | 7.8% | 13.2% | ||
| Q2 24 | 7.6% | 11.7% | ||
| Q1 24 | 7.4% | 18.9% |
净利率QVCDSOLV
| Q4 25 | 1.5% | 3.2% | ||
| Q3 25 | 0.1% | 60.4% | ||
| Q2 25 | -109.1% | 4.2% | ||
| Q1 25 | -2.2% | 6.6% | ||
| Q4 24 | -46.0% | 1.5% | ||
| Q3 24 | 2.4% | 5.9% | ||
| Q2 24 | 2.5% | 4.3% | ||
| Q1 24 | 2.4% | 11.8% |
每股收益（稀释后）QVCDSOLV
| Q4 25 | — | $0.37 | ||
| Q3 25 | — | $7.22 | ||
| Q2 25 | — | $0.51 | ||
| Q1 25 | — | $0.78 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | — | $1.37 |
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 | $878.0M |
| 总债务越低越好 | $1.0M | $5.0B |
| 股东权益账面价值 | $1.2B | $5.0B |
| 总资产 | $8.5B | $14.3B |
| 负债/权益比越低杠杆越低 | 0.00× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资QVCDSOLV
| Q4 25 | $1.5B | $878.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $534.0M | ||
| Q4 24 | $297.0M | $762.0M | ||
| Q3 24 | $297.0M | $772.0M | ||
| Q2 24 | $315.0M | $897.0M | ||
| Q1 24 | $311.0M | $996.0M |
总债务QVCDSOLV
| Q4 25 | $1.0M | $5.0B | ||
| Q3 25 | $5.0B | $5.1B | ||
| Q2 25 | $4.0B | $7.8B | ||
| Q1 25 | $4.0B | $7.9B | ||
| Q4 24 | $3.3B | $8.0B | ||
| Q3 24 | $3.4B | $8.1B | ||
| Q2 24 | $3.7B | $8.3B | ||
| Q1 24 | $3.8B | $8.3B |
股东权益QVCDSOLV
| Q4 25 | $1.2B | $5.0B | ||
| Q3 25 | $1.2B | $5.0B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $3.3B | $3.3B | ||
| Q4 24 | $3.3B | $3.0B | ||
| Q3 24 | $4.6B | $3.2B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.2B | $3.9B |
总资产QVCDSOLV
| Q4 25 | $8.5B | $14.3B | ||
| Q3 25 | $8.3B | $14.0B | ||
| Q2 25 | $7.4B | $15.1B | ||
| Q1 25 | $9.7B | $14.5B | ||
| Q4 24 | $9.9B | $14.5B | ||
| Q3 24 | $9.9B | $14.7B | ||
| Q2 24 | $11.2B | $14.6B | ||
| Q1 24 | $11.4B | $14.7B |
负债/权益比QVCDSOLV
| Q4 25 | 0.00× | 1.00× | ||
| Q3 25 | 4.30× | 1.03× | ||
| Q2 25 | 3.42× | 2.14× | ||
| Q1 25 | 1.22× | 2.43× | ||
| Q4 24 | 1.01× | 2.71× | ||
| Q3 24 | 0.73× | 2.54× | ||
| Q2 24 | 0.87× | 2.90× | ||
| Q1 24 | 0.89× | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | — | $32.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | — | 3.2% |
| 现金转化率经营现金流/净利润 | 6.62× | 1.51× |
| 过去12个月自由现金流最近4个季度 | — | $-10.0M |
8季度趋势，按日历期对齐
经营现金流QVCDSOLV
| Q4 25 | $245.0M | $95.0M | ||
| Q3 25 | $76.0M | $76.0M | ||
| Q2 25 | $52.0M | $169.0M | ||
| Q1 25 | $46.0M | $29.0M | ||
| Q4 24 | $189.0M | $219.0M | ||
| Q3 24 | $98.0M | $169.0M | ||
| Q2 24 | $164.0M | $355.0M | ||
| Q1 24 | $84.0M | $442.0M |
自由现金流QVCDSOLV
| Q4 25 | — | $32.0M | ||
| Q3 25 | — | $-21.0M | ||
| Q2 25 | — | $59.0M | ||
| Q1 25 | — | $-80.0M | ||
| Q4 24 | — | $92.0M | ||
| Q3 24 | — | $76.0M | ||
| Q2 24 | — | $297.0M | ||
| Q1 24 | — | $340.0M |
自由现金流率QVCDSOLV
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | 2.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 14.3% | ||
| Q1 24 | — | 16.9% |
资本支出强度QVCDSOLV
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 5.1% |
现金转化率QVCDSOLV
| Q4 25 | 6.62× | 1.51× | ||
| Q3 25 | 38.00× | 0.06× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | 7.06× | ||
| Q3 24 | 1.92× | 1.39× | ||
| Q2 24 | 3.09× | 3.99× | ||
| Q1 24 | 1.65× | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
