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QVC INC（QVCD）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
福泰制药的季度营收约是QVC INC的1.3倍（$3.2B vs $2.4B），福泰制药净利率更高（37.3% vs 1.5%，领先35.8%），福泰制药同比增速更快（9.5% vs -8.9%），过去两年福泰制药的营收复合增速更高（8.9% 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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
QVCD vs VRTX — 直观对比
营收规模更大
VRTX
是对方的1.3倍
$2.4B
营收增速更快
VRTX
高出18.5%
-8.9%
净利率更高
VRTX
高出35.8%
1.5%
两年增速更快
VRTX
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $3.2B |
| 净利润 | $37.0M | $1.2B |
| 毛利率 | 32.5% | 85.4% |
| 营业利润率 | 5.6% | 37.8% |
| 净利率 | 1.5% | 37.3% |
| 营收同比 | -8.9% | 9.5% |
| 净利润同比 | 103.0% | 30.5% |
| 每股收益（稀释后） | — | $4.64 |
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QVCDVRTX
| Q4 25 | $2.4B | $3.2B | ||
| Q3 25 | $2.0B | $3.1B | ||
| Q2 25 | $2.0B | $3.0B | ||
| Q1 25 | $1.9B | $2.8B | ||
| Q4 24 | $2.7B | $2.9B | ||
| Q3 24 | $2.1B | $2.8B | ||
| Q2 24 | $2.1B | $2.6B | ||
| Q1 24 | $2.1B | $2.7B |
净利润QVCDVRTX
| Q4 25 | $37.0M | $1.2B | ||
| Q3 25 | $2.0M | $1.1B | ||
| Q2 25 | $-2.2B | $1.0B | ||
| Q1 25 | $-42.0M | $646.3M | ||
| Q4 24 | $-1.2B | $913.0M | ||
| Q3 24 | $51.0M | $1.0B | ||
| Q2 24 | $53.0M | $-3.6B | ||
| Q1 24 | $51.0M | $1.1B |
毛利率QVCDVRTX
| Q4 25 | 32.5% | 85.4% | ||
| Q3 25 | 33.6% | 86.5% | ||
| Q2 25 | 35.4% | 86.3% | ||
| Q1 25 | 33.3% | 86.9% | ||
| Q4 24 | 32.6% | 85.5% | ||
| Q3 24 | 34.7% | 85.8% | ||
| Q2 24 | 35.6% | 85.9% | ||
| Q1 24 | 35.0% | 87.3% |
营业利润率QVCDVRTX
| Q4 25 | 5.6% | 37.8% | ||
| Q3 25 | 4.6% | 38.6% | ||
| Q2 25 | -114.5% | 38.8% | ||
| Q1 25 | 1.5% | 22.7% | ||
| Q4 24 | -47.1% | 35.2% | ||
| Q3 24 | 7.8% | 40.3% | ||
| Q2 24 | 7.6% | -132.9% | ||
| Q1 24 | 7.4% | 42.4% |
净利率QVCDVRTX
| Q4 25 | 1.5% | 37.3% | ||
| Q3 25 | 0.1% | 35.2% | ||
| Q2 25 | -109.1% | 34.8% | ||
| Q1 25 | -2.2% | 23.3% | ||
| Q4 24 | -46.0% | 31.4% | ||
| Q3 24 | 2.4% | 37.7% | ||
| Q2 24 | 2.5% | -135.8% | ||
| Q1 24 | 2.4% | 40.9% |
每股收益（稀释后）QVCDVRTX
| Q4 25 | — | $4.64 | ||
| Q3 25 | — | $4.20 | ||
| Q2 25 | — | $3.99 | ||
| Q1 25 | — | $2.49 | ||
| Q4 24 | — | $3.62 | ||
| Q3 24 | — | $4.01 | ||
| Q2 24 | — | $-13.92 | ||
| Q1 24 | — | $4.21 |
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 | $1.5B | $6.6B |
| 总债务越低越好 | $1.0M | — |
| 股东权益账面价值 | $1.2B | $18.7B |
| 总资产 | $8.5B | $25.6B |
| 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QVCDVRTX
| Q4 25 | $1.5B | $6.6B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.2B | ||
| Q4 24 | $297.0M | $6.1B | ||
| Q3 24 | $297.0M | $6.5B | ||
| Q2 24 | $315.0M | $5.8B | ||
| Q1 24 | $311.0M | $10.2B |
总债务QVCDVRTX
| Q4 25 | $1.0M | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.8B | — |
股东权益QVCDVRTX
| Q4 25 | $1.2B | $18.7B | ||
| Q3 25 | $1.2B | $17.3B | ||
| Q2 25 | $1.2B | $17.2B | ||
| Q1 25 | $3.3B | $16.5B | ||
| Q4 24 | $3.3B | $16.4B | ||
| Q3 24 | $4.6B | $15.6B | ||
| Q2 24 | $4.3B | $14.8B | ||
| Q1 24 | $4.2B | $18.5B |
总资产QVCDVRTX
| Q4 25 | $8.5B | $25.6B | ||
| Q3 25 | $8.3B | $24.9B | ||
| Q2 25 | $7.4B | $24.0B | ||
| Q1 25 | $9.7B | $22.9B | ||
| Q4 24 | $9.9B | $22.5B | ||
| Q3 24 | $9.9B | $22.2B | ||
| Q2 24 | $11.2B | $20.1B | ||
| Q1 24 | $11.4B | $23.9B |
负债/权益比QVCDVRTX
| Q4 25 | 0.00× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 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 | $245.0M | $498.0M |
| 自由现金流经营现金流 - 资本支出 | — | $348.6M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 4.7% |
| 现金转化率经营现金流/净利润 | 6.62× | 0.42× |
| 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QVCDVRTX
| Q4 25 | $245.0M | $498.0M | ||
| Q3 25 | $76.0M | $1.2B | ||
| Q2 25 | $52.0M | $1.1B | ||
| Q1 25 | $46.0M | $818.9M | ||
| Q4 24 | $189.0M | $584.6M | ||
| Q3 24 | $98.0M | $1.4B | ||
| Q2 24 | $164.0M | $-3.8B | ||
| Q1 24 | $84.0M | $1.3B |
自由现金流QVCDVRTX
| Q4 25 | — | $348.6M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $927.4M | ||
| Q1 25 | — | $778.2M | ||
| Q4 24 | — | $492.0M | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $-3.8B | ||
| Q1 24 | — | $1.2B |
自由现金流率QVCDVRTX
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | -144.5% | ||
| Q1 24 | — | 46.0% |
资本支出强度QVCDVRTX
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.5% |
现金转化率QVCDVRTX
| Q4 25 | 6.62× | 0.42× | ||
| Q3 25 | 38.00× | 1.15× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | 1.92× | 1.31× | ||
| Q2 24 | 3.09× | — | ||
| Q1 24 | 1.65× | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
