vs
QVC INC（QVCD）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是QVC INC的1.4倍（$3.3B vs $2.4B），QVC INC净利率更高（1.5% vs -3.5%，领先5.0%），Wayfair Inc.同比增速更快（6.9% vs -8.9%），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
QVCD vs W — 直观对比
营收规模更大
W
是对方的1.4倍
$2.4B
营收增速更快
W
高出15.9%
-8.9%
净利率更高
QVCD
高出5.0%
-3.5%
两年增速更快
W
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $3.3B |
| 净利润 | $37.0M | $-116.0M |
| 毛利率 | 32.5% | 30.3% |
| 营业利润率 | 5.6% | 2.5% |
| 净利率 | 1.5% | -3.5% |
| 营收同比 | -8.9% | 6.9% |
| 净利润同比 | 103.0% | 9.4% |
| 每股收益（稀释后） | — | $-0.90 |
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QVCDW
| Q4 25 | $2.4B | $3.3B | ||
| Q3 25 | $2.0B | $3.1B | ||
| Q2 25 | $2.0B | $3.3B | ||
| Q1 25 | $1.9B | $2.7B | ||
| Q4 24 | $2.7B | $3.1B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.1B | $3.1B | ||
| Q1 24 | $2.1B | $2.7B |
净利润QVCDW
| Q4 25 | $37.0M | $-116.0M | ||
| Q3 25 | $2.0M | $-99.0M | ||
| Q2 25 | $-2.2B | $15.0M | ||
| Q1 25 | $-42.0M | $-113.0M | ||
| Q4 24 | $-1.2B | $-128.0M | ||
| Q3 24 | $51.0M | $-74.0M | ||
| Q2 24 | $53.0M | $-42.0M | ||
| Q1 24 | $51.0M | $-248.0M |
毛利率QVCDW
| Q4 25 | 32.5% | 30.3% | ||
| Q3 25 | 33.6% | 30.0% | ||
| Q2 25 | 35.4% | 30.1% | ||
| Q1 25 | 33.3% | 30.7% | ||
| Q4 24 | 32.6% | 30.2% | ||
| Q3 24 | 34.7% | 30.3% | ||
| Q2 24 | 35.6% | 30.2% | ||
| Q1 24 | 35.0% | 30.0% |
营业利润率QVCDW
| Q4 25 | 5.6% | 2.5% | ||
| Q3 25 | 4.6% | 1.2% | ||
| Q2 25 | -114.5% | 0.5% | ||
| Q1 25 | 1.5% | -4.5% | ||
| Q4 24 | -47.1% | -3.7% | ||
| Q3 24 | 7.8% | -2.6% | ||
| Q2 24 | 7.6% | -1.1% | ||
| Q1 24 | 7.4% | -8.6% |
净利率QVCDW
| Q4 25 | 1.5% | -3.5% | ||
| Q3 25 | 0.1% | -3.2% | ||
| Q2 25 | -109.1% | 0.5% | ||
| Q1 25 | -2.2% | -4.1% | ||
| Q4 24 | -46.0% | -4.1% | ||
| Q3 24 | 2.4% | -2.6% | ||
| Q2 24 | 2.5% | -1.3% | ||
| Q1 24 | 2.4% | -9.1% |
每股收益（稀释后）QVCDW
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.76 | ||
| Q2 25 | — | $0.11 | ||
| Q1 25 | — | $-0.89 | ||
| Q4 24 | — | $-1.01 | ||
| Q3 24 | — | $-0.60 | ||
| Q2 24 | — | $-0.34 | ||
| Q1 24 | — | $-2.06 |
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 | $1.5B |
| 总债务越低越好 | $1.0M | $3.3B |
| 股东权益账面价值 | $1.2B | $-2.8B |
| 总资产 | $8.5B | $3.4B |
| 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QVCDW
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $297.0M | $1.4B | ||
| Q3 24 | $297.0M | $1.3B | ||
| Q2 24 | $315.0M | $1.3B | ||
| Q1 24 | $311.0M | $1.2B |
总债务QVCDW
| Q4 25 | $1.0M | $3.3B | ||
| Q3 25 | $5.0B | $2.9B | ||
| Q2 25 | $4.0B | $3.0B | ||
| Q1 25 | $4.0B | $3.2B | ||
| Q4 24 | $3.3B | $3.1B | ||
| Q3 24 | $3.4B | $3.2B | ||
| Q2 24 | $3.7B | $3.2B | ||
| Q1 24 | $3.8B | $3.2B |
股东权益QVCDW
| Q4 25 | $1.2B | $-2.8B | ||
| Q3 25 | $1.2B | $-2.8B | ||
| Q2 25 | $1.2B | $-2.7B | ||
| Q1 25 | $3.3B | $-2.8B | ||
| Q4 24 | $3.3B | $-2.8B | ||
| Q3 24 | $4.6B | $-2.7B | ||
| Q2 24 | $4.3B | $-2.8B | ||
| Q1 24 | $4.2B | $-2.8B |
总资产QVCDW
| Q4 25 | $8.5B | $3.4B | ||
| Q3 25 | $8.3B | $3.1B | ||
| Q2 25 | $7.4B | $3.3B | ||
| Q1 25 | $9.7B | $3.4B | ||
| Q4 24 | $9.9B | $3.5B | ||
| Q3 24 | $9.9B | $3.4B | ||
| Q2 24 | $11.2B | $3.4B | ||
| Q1 24 | $11.4B | $3.2B |
负债/权益比QVCDW
| 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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | — | $177.0M |
| 自由现金流率自由现金流/营收 | — | 5.3% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | 6.62× | — |
| 过去12个月自由现金流最近4个季度 | — | $464.0M |
8季度趋势，按日历期对齐
经营现金流QVCDW
| Q4 25 | $245.0M | $202.0M | ||
| Q3 25 | $76.0M | $155.0M | ||
| Q2 25 | $52.0M | $273.0M | ||
| Q1 25 | $46.0M | $-96.0M | ||
| Q4 24 | $189.0M | $162.0M | ||
| Q3 24 | $98.0M | $49.0M | ||
| Q2 24 | $164.0M | $245.0M | ||
| Q1 24 | $84.0M | $-139.0M |
自由现金流QVCDW
| Q4 25 | — | $177.0M | ||
| Q3 25 | — | $128.0M | ||
| Q2 25 | — | $260.0M | ||
| Q1 25 | — | $-101.0M | ||
| Q4 24 | — | $142.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | — | $-152.0M |
自由现金流率QVCDW
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | -3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | -5.6% |
资本支出强度QVCDW
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.5% |
现金转化率QVCDW
| Q4 25 | 6.62× | — | ||
| Q3 25 | 38.00× | — | ||
| Q2 25 | — | 18.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 3.09× | — | ||
| Q1 24 | 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
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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
