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QVC Group, Inc.（QVCGA）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.的季度营收约是希悦尔的1.9倍（$2.7B vs $1.4B），希悦尔净利率更高（3.1% vs -1.4%，领先4.5%），希悦尔同比增速更快（2.6% vs -9.1%），希悦尔自由现金流更多（$257.7M vs $191.0M），过去两年QVC Group, Inc.的营收复合增速更高（6.9% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
QVCGA vs SEE — 直观对比
营收规模更大
QVCGA
是对方的1.9倍
$1.4B
营收增速更快
SEE
高出11.7%
-9.1%
净利率更高
SEE
高出4.5%
-1.4%
自由现金流更多
SEE
多$66.7M
$191.0M
两年增速更快
QVCGA
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.4B |
| 净利润 | $-37.0M | $43.8M |
| 毛利率 | 32.9% | 28.6% |
| 营业利润率 | 3.7% | 11.4% |
| 净利率 | -1.4% | 3.1% |
| 营收同比 | -9.1% | 2.6% |
| 净利润同比 | 97.1% | 700.0% |
| 每股收益（稀释后） | $-17.37 | $0.30 |
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QVCGASEE
| Q4 25 | $2.7B | $1.4B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.2B | $1.3B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.3B | $1.3B |
净利润QVCGASEE
| Q4 25 | $-37.0M | $43.8M | ||
| Q3 25 | $-80.0M | $255.1M | ||
| Q2 25 | $-2.2B | $93.1M | ||
| Q1 25 | $-100.0M | $113.5M | ||
| Q4 24 | $-1.3B | $-7.3M | ||
| Q3 24 | $-23.0M | $91.7M | ||
| Q2 24 | $20.0M | $98.3M | ||
| Q1 24 | $-1.0M | $82.0M |
毛利率QVCGASEE
| Q4 25 | 32.9% | 28.6% | ||
| Q3 25 | 34.0% | 29.8% | ||
| Q2 25 | 36.4% | 30.7% | ||
| Q1 25 | 34.2% | 30.9% | ||
| Q4 24 | 33.3% | 30.0% | ||
| Q3 24 | 35.3% | 30.1% | ||
| Q2 24 | 36.4% | 31.2% | ||
| Q1 24 | 35.5% | 30.3% |
营业利润率QVCGASEE
| Q4 25 | 3.7% | 11.4% | ||
| Q3 25 | 2.7% | 13.8% | ||
| Q2 25 | -101.6% | 15.0% | ||
| Q1 25 | 0.7% | 14.5% | ||
| Q4 24 | -43.2% | 11.7% | ||
| Q3 24 | 6.5% | 13.9% | ||
| Q2 24 | 6.9% | 15.4% | ||
| Q1 24 | 6.2% | 14.0% |
净利率QVCGASEE
| Q4 25 | -1.4% | 3.1% | ||
| Q3 25 | -3.6% | 19.0% | ||
| Q2 25 | -99.4% | 7.0% | ||
| Q1 25 | -4.8% | 9.0% | ||
| Q4 24 | -43.7% | -0.5% | ||
| Q3 24 | -1.0% | 6.9% | ||
| Q2 24 | 0.8% | 7.4% | ||
| Q1 24 | -0.0% | 6.2% |
每股收益（稀释后）QVCGASEE
| Q4 25 | $-17.37 | $0.30 | ||
| Q3 25 | $-9.89 | $1.73 | ||
| Q2 25 | $-275.46 | $0.63 | ||
| Q1 25 | $-0.25 | $0.77 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-0.06 | $0.63 | ||
| Q2 24 | $2.57 | $0.67 | ||
| Q1 24 | — | $0.56 |
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 | $344.0M |
| 总债务越低越好 | $790.0M | $3.3B |
| 股东权益账面价值 | $-3.1B | $1.2B |
| 总资产 | $7.6B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资QVCGASEE
| Q4 25 | $2.0B | $344.0M | ||
| Q3 25 | $1.8B | $282.5M | ||
| Q2 25 | $897.0M | $354.4M | ||
| Q1 25 | $833.0M | $335.2M | ||
| Q4 24 | $905.0M | $371.8M | ||
| Q3 24 | $873.0M | $386.0M | ||
| Q2 24 | $1.2B | $388.6M | ||
| Q1 24 | $1.1B | $352.8M |
总债务QVCGASEE
| Q4 25 | $790.0M | $3.3B | ||
| Q3 25 | $5.9B | $4.0B | ||
| Q2 25 | $4.9B | $4.0B | ||
| Q1 25 | $5.0B | $4.2B | ||
| Q4 24 | $4.1B | $4.2B | ||
| Q3 24 | $5.1B | $4.3B | ||
| Q2 24 | $5.3B | $4.4B | ||
| Q1 24 | $5.5B | $4.5B |
股东权益QVCGASEE
| Q4 25 | $-3.1B | $1.2B | ||
| Q3 25 | $-3.1B | $1.2B | ||
| Q2 25 | $-3.0B | $953.1M | ||
| Q1 25 | $-981.0M | $797.9M | ||
| Q4 24 | $-971.0M | $624.5M | ||
| Q3 24 | $397.0M | $771.2M | ||
| Q2 24 | $328.0M | $650.1M | ||
| Q1 24 | $255.0M | $598.3M |
总资产QVCGASEE
| Q4 25 | $7.6B | $7.0B | ||
| Q3 25 | $7.6B | $7.1B | ||
| Q2 25 | $6.7B | $7.2B | ||
| Q1 25 | $9.0B | $7.0B | ||
| Q4 24 | $9.2B | $7.0B | ||
| Q3 24 | $10.8B | $7.3B | ||
| Q2 24 | $10.9B | $7.3B | ||
| Q1 24 | $11.0B | $7.2B |
负债/权益比QVCGASEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | 12.74× | 5.62× | ||
| Q2 24 | 16.28× | 6.81× | ||
| Q1 24 | 21.53× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 7.1% | 18.5% |
| 资本支出强度资本支出/营收 | 2.0% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 6.70× |
| 过去12个月自由现金流最近4个季度 | $118.0M | $458.5M |
8季度趋势，按日历期对齐
经营现金流QVCGASEE
| Q4 25 | $244.0M | $293.6M | ||
| Q3 25 | $4.0M | $165.9M | ||
| Q2 25 | $86.0M | $136.6M | ||
| Q1 25 | $-60.0M | $31.9M | ||
| Q4 24 | $212.0M | $244.2M | ||
| Q3 24 | $20.0M | $170.5M | ||
| Q2 24 | $267.0M | $188.2M | ||
| Q1 24 | $26.0M | $125.1M |
自由现金流QVCGASEE
| Q4 25 | $191.0M | $257.7M | ||
| Q3 25 | $-27.0M | $119.6M | ||
| Q2 25 | $48.0M | $93.2M | ||
| Q1 25 | $-94.0M | $-12.0M | ||
| Q4 24 | $150.0M | $185.1M | ||
| Q3 24 | $-23.0M | $115.2M | ||
| Q2 24 | $213.0M | $129.5M | ||
| Q1 24 | $-14.0M | $78.0M |
自由现金流率QVCGASEE
| Q4 25 | 7.1% | 18.5% | ||
| Q3 25 | -1.2% | 8.9% | ||
| Q2 25 | 2.1% | 7.0% | ||
| Q1 25 | -4.5% | -0.9% | ||
| Q4 24 | 5.1% | 13.6% | ||
| Q3 24 | -1.0% | 8.6% | ||
| Q2 24 | 8.8% | 9.7% | ||
| Q1 24 | -0.6% | 5.9% |
资本支出强度QVCGASEE
| Q4 25 | 2.0% | 2.6% | ||
| Q3 25 | 1.4% | 3.4% | ||
| Q2 25 | 1.7% | 3.3% | ||
| Q1 25 | 1.6% | 3.5% | ||
| Q4 24 | 2.1% | 4.4% | ||
| Q3 24 | 1.8% | 4.1% | ||
| Q2 24 | 2.2% | 4.4% | ||
| Q1 24 | 1.7% | 3.6% |
现金转化率QVCGASEE
| Q4 25 | — | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 13.35× | 1.91× | ||
| Q1 24 | — | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
