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QVC Group, Inc.（QVCGA）与ROKU, INC（ROKU）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.的季度营收约是ROKU, INC的2.1倍（$2.7B vs $1.2B），QVC Group, Inc.净利率更高（-1.4% vs -2.2%，领先0.8%），QVC Group, Inc.同比增速更快（-9.1% vs -18.3%），ROKU, INC自由现金流更多（$298.4M vs $191.0M），过去两年ROKU, INC的营收复合增速更高（13.6% vs 6.9%）
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
QVCGA vs ROKU — 直观对比
营收规模更大
QVCGA
是对方的2.1倍
$1.2B
营收增速更快
QVCGA
高出9.2%
-18.3%
净利率更高
QVCGA
高出0.8%
-2.2%
自由现金流更多
ROKU
多$107.4M
$191.0M
两年增速更快
ROKU
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.2B |
| 净利润 | $-37.0M | $-27.4M |
| 毛利率 | 32.9% | 35.6% |
| 营业利润率 | 3.7% | 59.7% |
| 净利率 | -1.4% | -2.2% |
| 营收同比 | -9.1% | -18.3% |
| 净利润同比 | 97.1% | -361.0% |
| 每股收益（稀释后） | $-17.37 | $0.57 |
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QVCGAROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.7B | $1.4B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | $2.4B | $968.2M |
净利润QVCGAROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $-37.0M | $80.5M | ||
| Q3 25 | $-80.0M | $24.8M | ||
| Q2 25 | $-2.2B | $10.5M | ||
| Q1 25 | $-100.0M | $-27.4M | ||
| Q4 24 | $-1.3B | $-35.5M | ||
| Q3 24 | $-23.0M | $-9.0M | ||
| Q2 24 | $20.0M | $-34.0M |
毛利率QVCGAROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 32.9% | 43.5% | ||
| Q3 25 | 34.0% | 43.4% | ||
| Q2 25 | 36.4% | 44.8% | ||
| Q1 25 | 34.2% | 43.6% | ||
| Q4 24 | 33.3% | 42.7% | ||
| Q3 24 | 35.3% | 45.2% | ||
| Q2 24 | 36.4% | 43.9% |
营业利润率QVCGAROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 3.7% | 4.7% | ||
| Q3 25 | 2.7% | 0.8% | ||
| Q2 25 | -101.6% | -2.1% | ||
| Q1 25 | 0.7% | -5.7% | ||
| Q4 24 | -43.2% | -3.3% | ||
| Q3 24 | 6.5% | -3.4% | ||
| Q2 24 | 6.9% | -7.4% |
净利率QVCGAROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | -1.4% | 5.8% | ||
| Q3 25 | -3.6% | 2.0% | ||
| Q2 25 | -99.4% | 0.9% | ||
| Q1 25 | -4.8% | -2.7% | ||
| Q4 24 | -43.7% | -3.0% | ||
| Q3 24 | -1.0% | -0.9% | ||
| Q2 24 | 0.8% | -3.5% |
每股收益（稀释后）QVCGAROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $-17.37 | $0.55 | ||
| Q3 25 | $-9.89 | $0.16 | ||
| Q2 25 | $-275.46 | $0.07 | ||
| Q1 25 | $-0.25 | $-0.19 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | $-0.06 | $-0.06 | ||
| Q2 24 | $2.57 | $-0.24 |
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 | $2.0B | $2.4B |
| 总债务越低越好 | $790.0M | — |
| 股东权益账面价值 | $-3.1B | $2.7B |
| 总资产 | $7.6B | $4.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资QVCGAROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.0B | $2.3B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $897.0M | $2.3B | ||
| Q1 25 | $833.0M | $2.3B | ||
| Q4 24 | $905.0M | $2.2B | ||
| Q3 24 | $873.0M | $2.1B | ||
| Q2 24 | $1.2B | $2.1B |
总债务QVCGAROKU
| Q1 26 | — | — | ||
| Q4 25 | $790.0M | — | ||
| Q3 25 | $5.9B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.3B | — |
股东权益QVCGAROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $-3.1B | $2.7B | ||
| Q3 25 | $-3.1B | $2.6B | ||
| Q2 25 | $-3.0B | $2.6B | ||
| Q1 25 | $-981.0M | $2.5B | ||
| Q4 24 | $-971.0M | $2.5B | ||
| Q3 24 | $397.0M | $2.5B | ||
| Q2 24 | $328.0M | $2.4B |
总资产QVCGAROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $7.6B | $4.4B | ||
| Q3 25 | $7.6B | $4.4B | ||
| Q2 25 | $6.7B | $4.3B | ||
| Q1 25 | $9.0B | $4.2B | ||
| Q4 24 | $9.2B | $4.3B | ||
| Q3 24 | $10.8B | $4.3B | ||
| Q2 24 | $10.9B | $4.1B |
负债/权益比QVCGAROKU
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.74× | — | ||
| Q2 24 | 16.28× | — |
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 | $244.0M | $199.1M |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $298.4M |
| 自由现金流率自由现金流/营收 | 7.1% | 23.9% |
| 资本支出强度资本支出/营收 | 2.0% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $118.0M | $640.0M |
8季度趋势，按日历期对齐
经营现金流QVCGAROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $244.0M | $107.7M | ||
| Q3 25 | $4.0M | $127.6M | ||
| Q2 25 | $86.0M | $109.7M | ||
| Q1 25 | $-60.0M | $138.7M | ||
| Q4 24 | $212.0M | $79.3M | ||
| Q3 24 | $20.0M | $68.7M | ||
| Q2 24 | $267.0M | $23.4M |
自由现金流QVCGAROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | $191.0M | $106.6M | ||
| Q3 25 | $-27.0M | $126.5M | ||
| Q2 25 | $48.0M | $108.6M | ||
| Q1 25 | $-94.0M | $136.8M | ||
| Q4 24 | $150.0M | $76.8M | ||
| Q3 24 | $-23.0M | $67.6M | ||
| Q2 24 | $213.0M | $22.5M |
自由现金流率QVCGAROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | 7.1% | 7.6% | ||
| Q3 25 | -1.2% | 10.4% | ||
| Q2 25 | 2.1% | 9.8% | ||
| Q1 25 | -4.5% | 13.4% | ||
| Q4 24 | 5.1% | 6.4% | ||
| Q3 24 | -1.0% | 6.4% | ||
| Q2 24 | 8.8% | 2.3% |
资本支出强度QVCGAROKU
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 0.1% | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.7% | 0.1% | ||
| Q1 25 | 1.6% | 0.2% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 1.8% | 0.1% | ||
| Q2 24 | 2.2% | 0.1% |
现金转化率QVCGAROKU
| Q1 26 | — | — | ||
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | 5.14× | ||
| Q2 25 | — | 10.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 13.35× | — |
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
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
