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QVC Group, Inc.（QVCGA）与Toast, Inc.（TOST）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Toast, Inc.的1.6倍（$2.7B vs $1.6B），Toast, Inc.净利率更高（6.2% vs -1.4%，领先7.6%），Toast, Inc.同比增速更快（22.0% vs -9.1%），QVC Group, Inc.自由现金流更多（$191.0M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
QVCGA vs TOST — 直观对比
营收规模更大
QVCGA
是对方的1.6倍
$1.6B
营收增速更快
TOST
高出31.2%
-9.1%
净利率更高
TOST
高出7.6%
-1.4%
自由现金流更多
QVCGA
多$13.0M
$178.0M
两年增速更快
TOST
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.6B |
| 净利润 | $-37.0M | $101.0M |
| 毛利率 | 32.9% | 25.9% |
| 营业利润率 | 3.7% | 5.2% |
| 净利率 | -1.4% | 6.2% |
| 营收同比 | -9.1% | 22.0% |
| 净利润同比 | 97.1% | 215.6% |
| 每股收益（稀释后） | $-17.37 | $0.18 |
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QVCGATOST
| Q4 25 | $2.7B | $1.6B | ||
| Q3 25 | $2.2B | $1.6B | ||
| Q2 25 | $2.2B | $1.6B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.3B | $1.1B |
净利润QVCGATOST
| Q4 25 | $-37.0M | $101.0M | ||
| Q3 25 | $-80.0M | $105.0M | ||
| Q2 25 | $-2.2B | $80.0M | ||
| Q1 25 | $-100.0M | $56.0M | ||
| Q4 24 | $-1.3B | $32.0M | ||
| Q3 24 | $-23.0M | $56.0M | ||
| Q2 24 | $20.0M | $14.0M | ||
| Q1 24 | $-1.0M | $-83.0M |
毛利率QVCGATOST
| Q4 25 | 32.9% | 25.9% | ||
| Q3 25 | 34.0% | 26.5% | ||
| Q2 25 | 36.4% | 25.3% | ||
| Q1 25 | 34.2% | 25.9% | ||
| Q4 24 | 33.3% | 24.9% | ||
| Q3 24 | 35.3% | 24.7% | ||
| Q2 24 | 36.4% | 23.0% | ||
| Q1 24 | 35.5% | 23.2% |
营业利润率QVCGATOST
| Q4 25 | 3.7% | 5.2% | ||
| Q3 25 | 2.7% | 5.1% | ||
| Q2 25 | -101.6% | 5.2% | ||
| Q1 25 | 0.7% | 3.2% | ||
| Q4 24 | -43.2% | 2.5% | ||
| Q3 24 | 6.5% | 2.6% | ||
| Q2 24 | 6.9% | 0.4% | ||
| Q1 24 | 6.2% | -5.2% |
净利率QVCGATOST
| Q4 25 | -1.4% | 6.2% | ||
| Q3 25 | -3.6% | 6.4% | ||
| Q2 25 | -99.4% | 5.2% | ||
| Q1 25 | -4.8% | 4.2% | ||
| Q4 24 | -43.7% | 2.4% | ||
| Q3 24 | -1.0% | 4.3% | ||
| Q2 24 | 0.8% | 1.1% | ||
| Q1 24 | -0.0% | -7.7% |
每股收益（稀释后）QVCGATOST
| Q4 25 | $-17.37 | $0.18 | ||
| Q3 25 | $-9.89 | $0.16 | ||
| Q2 25 | $-275.46 | $0.13 | ||
| Q1 25 | $-0.25 | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | $-0.06 | $0.07 | ||
| Q2 24 | $2.57 | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | $790.0M | — |
| 股东权益账面价值 | $-3.1B | $2.1B |
| 总资产 | $7.6B | $3.1B |
| 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QVCGATOST
| Q4 25 | $2.0B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $897.0M | $1.2B | ||
| Q1 25 | $833.0M | $1.0B | ||
| Q4 24 | $905.0M | $903.0M | ||
| Q3 24 | $873.0M | $761.0M | ||
| Q2 24 | $1.2B | $691.0M | ||
| Q1 24 | $1.1B | $578.0M |
总债务QVCGATOST
| 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 | — | ||
| Q1 24 | $5.5B | — |
股东权益QVCGATOST
| Q4 25 | $-3.1B | $2.1B | ||
| Q3 25 | $-3.1B | $2.0B | ||
| Q2 25 | $-3.0B | $1.8B | ||
| Q1 25 | $-981.0M | $1.7B | ||
| Q4 24 | $-971.0M | $1.5B | ||
| Q3 24 | $397.0M | $1.4B | ||
| Q2 24 | $328.0M | $1.3B | ||
| Q1 24 | $255.0M | $1.2B |
总资产QVCGATOST
| Q4 25 | $7.6B | $3.1B | ||
| Q3 25 | $7.6B | $3.0B | ||
| Q2 25 | $6.7B | $2.8B | ||
| Q1 25 | $9.0B | $2.6B | ||
| Q4 24 | $9.2B | $2.4B | ||
| Q3 24 | $10.8B | $2.2B | ||
| Q2 24 | $10.9B | $2.2B | ||
| Q1 24 | $11.0B | $2.1B |
负债/权益比QVCGATOST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.74× | — | ||
| Q2 24 | 16.28× | — | ||
| Q1 24 | 21.53× | — |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 7.1% | 10.9% |
| 资本支出强度资本支出/营收 | 2.0% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | $118.0M | $608.0M |
8季度趋势，按日历期对齐
经营现金流QVCGATOST
| Q4 25 | $244.0M | $194.0M | ||
| Q3 25 | $4.0M | $165.0M | ||
| Q2 25 | $86.0M | $223.0M | ||
| Q1 25 | $-60.0M | $79.0M | ||
| Q4 24 | $212.0M | $147.0M | ||
| Q3 24 | $20.0M | $109.0M | ||
| Q2 24 | $267.0M | $124.0M | ||
| Q1 24 | $26.0M | $-20.0M |
自由现金流QVCGATOST
| Q4 25 | $191.0M | $178.0M | ||
| Q3 25 | $-27.0M | $153.0M | ||
| Q2 25 | $48.0M | $208.0M | ||
| Q1 25 | $-94.0M | $69.0M | ||
| Q4 24 | $150.0M | $134.0M | ||
| Q3 24 | $-23.0M | $97.0M | ||
| Q2 24 | $213.0M | $108.0M | ||
| Q1 24 | $-14.0M | $-33.0M |
自由现金流率QVCGATOST
| Q4 25 | 7.1% | 10.9% | ||
| Q3 25 | -1.2% | 9.4% | ||
| Q2 25 | 2.1% | 13.4% | ||
| Q1 25 | -4.5% | 5.2% | ||
| Q4 24 | 5.1% | 10.0% | ||
| Q3 24 | -1.0% | 7.4% | ||
| Q2 24 | 8.8% | 8.7% | ||
| Q1 24 | -0.6% | -3.1% |
资本支出强度QVCGATOST
| Q4 25 | 2.0% | 1.0% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.7% | 1.0% | ||
| Q1 25 | 1.6% | 0.7% | ||
| Q4 24 | 2.1% | 1.0% | ||
| Q3 24 | 1.8% | 0.9% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 1.7% | 1.2% |
现金转化率QVCGATOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 13.35× | 8.86× | ||
| Q1 24 | — | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
