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QVC Group, Inc.（QVCGA）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是QVC Group, Inc.的1.6倍（$4.2B vs $2.7B），标普全球净利率更高（36.1% vs -1.4%，领先37.4%），标普全球同比增速更快（10.0% vs -9.1%），标普全球自由现金流更多（$919.0M vs $191.0M），过去两年标普全球的营收复合增速更高（8.4% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
QVCGA vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.6倍
$2.7B
营收增速更快
SPGI
高出19.1%
-9.1%
净利率更高
SPGI
高出37.4%
-1.4%
自由现金流更多
SPGI
多$728.0M
$191.0M
两年增速更快
SPGI
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.2B |
| 净利润 | $-37.0M | $1.5B |
| 毛利率 | 32.9% | — |
| 营业利润率 | 3.7% | 48.0% |
| 净利率 | -1.4% | 36.1% |
| 营收同比 | -9.1% | 10.0% |
| 净利润同比 | 97.1% | 28.0% |
| 每股收益（稀释后） | $-17.37 | $4.69 |
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QVCGASPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.7B | $3.9B | ||
| Q3 25 | $2.2B | $3.9B | ||
| Q2 25 | $2.2B | $3.8B | ||
| Q1 25 | $2.1B | $3.8B | ||
| Q4 24 | $2.9B | $3.6B | ||
| Q3 24 | $2.3B | $3.6B | ||
| Q2 24 | $2.4B | $3.5B |
净利润QVCGASPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-37.0M | $1.1B | ||
| Q3 25 | $-80.0M | $1.2B | ||
| Q2 25 | $-2.2B | $1.1B | ||
| Q1 25 | $-100.0M | $1.1B | ||
| Q4 24 | $-1.3B | $879.0M | ||
| Q3 24 | $-23.0M | $971.0M | ||
| Q2 24 | $20.0M | $1.0B |
毛利率QVCGASPGI
| Q1 26 | — | — | ||
| Q4 25 | 32.9% | 70.1% | ||
| Q3 25 | 34.0% | 71.2% | ||
| Q2 25 | 36.4% | 70.2% | ||
| Q1 25 | 34.2% | 69.5% | ||
| Q4 24 | 33.3% | 69.8% | ||
| Q3 24 | 35.3% | 70.0% | ||
| Q2 24 | 36.4% | 69.4% |
营业利润率QVCGASPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 3.7% | 42.7% | ||
| Q3 25 | 2.7% | 43.1% | ||
| Q2 25 | -101.6% | 41.3% | ||
| Q1 25 | 0.7% | 41.8% | ||
| Q4 24 | -43.2% | 36.4% | ||
| Q3 24 | 6.5% | 40.1% | ||
| Q2 24 | 6.9% | 40.9% |
净利率QVCGASPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | -1.4% | 28.9% | ||
| Q3 25 | -3.6% | 30.2% | ||
| Q2 25 | -99.4% | 28.5% | ||
| Q1 25 | -4.8% | 28.9% | ||
| Q4 24 | -43.7% | 24.5% | ||
| Q3 24 | -1.0% | 27.2% | ||
| Q2 24 | 0.8% | 28.5% |
每股收益（稀释后）QVCGASPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $-17.37 | $3.76 | ||
| Q3 25 | $-9.89 | $3.86 | ||
| Q2 25 | $-275.46 | $3.50 | ||
| Q1 25 | $-0.25 | $3.54 | ||
| Q4 24 | — | $2.85 | ||
| Q3 24 | $-0.06 | $3.11 | ||
| Q2 24 | $2.57 | $3.23 |
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 | — |
| 总债务越低越好 | $790.0M | $13.3B |
| 股东权益账面价值 | $-3.1B | $31.3B |
| 总资产 | $7.6B | $60.8B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资QVCGASPGI
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $1.8B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $897.0M | $1.8B | ||
| Q1 25 | $833.0M | $1.5B | ||
| Q4 24 | $905.0M | $1.7B | ||
| Q3 24 | $873.0M | $1.7B | ||
| Q2 24 | $1.2B | $2.0B |
总债务QVCGASPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | $790.0M | $13.1B | ||
| Q3 25 | $5.9B | $11.4B | ||
| Q2 25 | $4.9B | $11.4B | ||
| Q1 25 | $5.0B | $11.4B | ||
| Q4 24 | $4.1B | $11.4B | ||
| Q3 24 | $5.1B | $11.4B | ||
| Q2 24 | $5.3B | $11.4B |
股东权益QVCGASPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $-3.1B | $31.1B | ||
| Q3 25 | $-3.1B | $33.1B | ||
| Q2 25 | $-3.0B | $33.4B | ||
| Q1 25 | $-981.0M | $33.4B | ||
| Q4 24 | $-971.0M | $33.2B | ||
| Q3 24 | $397.0M | $34.0B | ||
| Q2 24 | $328.0M | $34.9B |
总资产QVCGASPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $7.6B | $61.2B | ||
| Q3 25 | $7.6B | $59.7B | ||
| Q2 25 | $6.7B | $60.4B | ||
| Q1 25 | $9.0B | $59.9B | ||
| Q4 24 | $9.2B | $60.2B | ||
| Q3 24 | $10.8B | $60.4B | ||
| Q2 24 | $10.9B | $61.0B |
负债/权益比QVCGASPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | 12.74× | 0.34× | ||
| Q2 24 | 16.28× | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $919.0M |
| 自由现金流率自由现金流/营收 | 7.1% | 22.0% |
| 资本支出强度资本支出/营收 | 2.0% | 0.6% |
| 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 | $5.5B |
8季度趋势，按日历期对齐
经营现金流QVCGASPGI
| Q1 26 | — | — | ||
| Q4 25 | $244.0M | $1.7B | ||
| Q3 25 | $4.0M | $1.5B | ||
| Q2 25 | $86.0M | $1.4B | ||
| Q1 25 | $-60.0M | $953.0M | ||
| Q4 24 | $212.0M | $1.7B | ||
| Q3 24 | $20.0M | $1.4B | ||
| Q2 24 | $267.0M | $1.6B |
自由现金流QVCGASPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $191.0M | $1.7B | ||
| Q3 25 | $-27.0M | $1.5B | ||
| Q2 25 | $48.0M | $1.4B | ||
| Q1 25 | $-94.0M | $910.0M | ||
| Q4 24 | $150.0M | $1.7B | ||
| Q3 24 | $-23.0M | $1.4B | ||
| Q2 24 | $213.0M | $1.5B |
自由现金流率QVCGASPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | 7.1% | 43.5% | ||
| Q3 25 | -1.2% | 37.6% | ||
| Q2 25 | 2.1% | 36.9% | ||
| Q1 25 | -4.5% | 24.1% | ||
| Q4 24 | 5.1% | 47.5% | ||
| Q3 24 | -1.0% | 39.4% | ||
| Q2 24 | 8.8% | 42.9% |
资本支出强度QVCGASPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 2.0% | 1.2% | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.7% | 1.6% | ||
| Q1 25 | 1.6% | 1.1% | ||
| Q4 24 | 2.1% | 0.9% | ||
| Q3 24 | 1.8% | 1.0% | ||
| Q2 24 | 2.2% | 0.9% |
现金转化率QVCGASPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | 13.35× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
