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QVC INC（QVCD）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
QVC INC的季度营收约是西蒙地产集团的1.4倍（$2.4B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 1.5%，领先196.1%），西蒙地产集团同比增速更快（13.2% vs -8.9%），过去两年西蒙地产集团的营收复合增速更高（11.4% vs 7.1%）
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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
QVCD vs SPG — 直观对比
营收规模更大
QVCD
是对方的1.4倍
$1.8B
营收增速更快
SPG
高出22.2%
-8.9%
净利率更高
SPG
高出196.1%
1.5%
两年增速更快
SPG
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $1.8B |
| 净利润 | $37.0M | $3.5B |
| 毛利率 | 32.5% | — |
| 营业利润率 | 5.6% | 49.7% |
| 净利率 | 1.5% | 197.6% |
| 营收同比 | -8.9% | 13.2% |
| 净利润同比 | 103.0% | 358.7% |
| 每股收益（稀释后） | — | $9.34 |
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QVCDSPG
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $2.0B | $1.5B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $2.7B | $1.6B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $2.1B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
净利润QVCDSPG
| Q4 25 | $37.0M | $3.5B | ||
| Q3 25 | $2.0M | $702.7M | ||
| Q2 25 | $-2.2B | $643.7M | ||
| Q1 25 | $-42.0M | $477.9M | ||
| Q4 24 | $-1.2B | $771.8M | ||
| Q3 24 | $51.0M | $546.7M | ||
| Q2 24 | $53.0M | $569.4M | ||
| Q1 24 | $51.0M | $841.2M |
毛利率QVCDSPG
| 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QVCDSPG
| Q4 25 | 5.6% | 49.7% | ||
| Q3 25 | 4.6% | 50.8% | ||
| Q2 25 | -114.5% | 49.7% | ||
| Q1 25 | 1.5% | 49.4% | ||
| Q4 24 | -47.1% | 52.8% | ||
| Q3 24 | 7.8% | 51.9% | ||
| Q2 24 | 7.6% | 51.7% | ||
| Q1 24 | 7.4% | 51.0% |
净利率QVCDSPG
| Q4 25 | 1.5% | 197.6% | ||
| Q3 25 | 0.1% | 43.9% | ||
| Q2 25 | -109.1% | 43.0% | ||
| Q1 25 | -2.2% | 32.4% | ||
| Q4 24 | -46.0% | 48.8% | ||
| Q3 24 | 2.4% | 36.9% | ||
| Q2 24 | 2.5% | 39.0% | ||
| Q1 24 | 2.4% | 58.3% |
每股收益（稀释后）QVCDSPG
| Q4 25 | — | $9.34 | ||
| Q3 25 | — | $1.86 | ||
| Q2 25 | — | $1.70 | ||
| Q1 25 | — | $1.27 | ||
| Q4 24 | — | $2.04 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | — | $1.51 | ||
| Q1 24 | — | $2.25 |
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 | $823.1M |
| 总债务越低越好 | $1.0M | $28.4B |
| 股东权益账面价值 | $1.2B | $5.2B |
| 总资产 | $8.5B | $40.6B |
| 负债/权益比越低杠杆越低 | 0.00× | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资QVCDSPG
| Q4 25 | $1.5B | $823.1M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $297.0M | $1.4B | ||
| Q3 24 | $297.0M | $2.5B | ||
| Q2 24 | $315.0M | $2.5B | ||
| Q1 24 | $311.0M | $2.6B |
总债务QVCDSPG
| Q4 25 | $1.0M | $28.4B | ||
| Q3 25 | $5.0B | $25.8B | ||
| Q2 25 | $4.0B | $25.4B | ||
| Q1 25 | $4.0B | $24.8B | ||
| Q4 24 | $3.3B | $24.3B | ||
| Q3 24 | $3.4B | $25.4B | ||
| Q2 24 | $3.7B | $25.3B | ||
| Q1 24 | $3.8B | $25.5B |
股东权益QVCDSPG
| Q4 25 | $1.2B | $5.2B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $3.3B | $2.6B | ||
| Q4 24 | $3.3B | $2.9B | ||
| Q3 24 | $4.6B | $2.7B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.2B | $3.1B |
总资产QVCDSPG
| Q4 25 | $8.5B | $40.6B | ||
| Q3 25 | $8.3B | $33.6B | ||
| Q2 25 | $7.4B | $33.3B | ||
| Q1 25 | $9.7B | $32.5B | ||
| Q4 24 | $9.9B | $32.4B | ||
| Q3 24 | $9.9B | $33.3B | ||
| Q2 24 | $11.2B | $33.4B | ||
| Q1 24 | $11.4B | $33.7B |
负债/权益比QVCDSPG
| Q4 25 | 0.00× | 5.46× | ||
| Q3 25 | 4.30× | 10.98× | ||
| Q2 25 | 3.42× | 10.36× | ||
| Q1 25 | 1.22× | 9.50× | ||
| Q4 24 | 1.01× | 8.25× | ||
| Q3 24 | 0.73× | 9.37× | ||
| Q2 24 | 0.87× | 8.59× | ||
| Q1 24 | 0.89× | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | — | 14.2% |
| 现金转化率经营现金流/净利润 | 6.62× | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流QVCDSPG
| Q4 25 | $245.0M | $1.2B | ||
| Q3 25 | $76.0M | $890.3M | ||
| Q2 25 | $52.0M | $1.2B | ||
| Q1 25 | $46.0M | $827.2M | ||
| Q4 24 | $189.0M | $1.1B | ||
| Q3 24 | $98.0M | $892.9M | ||
| Q2 24 | $164.0M | $1.1B | ||
| Q1 24 | $84.0M | $773.1M |
自由现金流QVCDSPG
| Q4 25 | — | $948.8M | ||
| Q3 25 | — | $685.0M | ||
| Q2 25 | — | $971.3M | ||
| Q1 25 | — | $597.0M | ||
| Q4 24 | — | $867.7M | ||
| Q3 24 | — | $706.5M | ||
| Q2 24 | — | $874.8M | ||
| Q1 24 | — | $610.1M |
自由现金流率QVCDSPG
| Q4 25 | — | 53.0% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 54.8% | ||
| Q3 24 | — | 47.7% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 42.3% |
资本支出强度QVCDSPG
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | 11.3% |
现金转化率QVCDSPG
| Q4 25 | 6.62× | 0.34× | ||
| Q3 25 | 38.00× | 1.27× | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 1.92× | 1.63× | ||
| Q2 24 | 3.09× | 1.87× | ||
| Q1 24 | 1.65× | 0.92× |
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% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
