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QVC Group, Inc.（QVCGA）与Veralto（VLTO）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Veralto的1.9倍（$2.7B vs $1.4B），Veralto净利率更高（17.0% vs -1.4%，领先18.4%），Veralto同比增速更快（4.4% vs -9.1%），Veralto自由现金流更多（$258.0M vs $191.0M），过去两年QVC Group, Inc.的营收复合增速更高（6.9% vs 5.8%）
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。
Veralto是总部位于美国马萨诸塞州沃尔瑟姆的科技企业，核心业务覆盖水分析、水处理、标识喷码、包装及色彩管理相关产品的研发与生产，面向全球多领域客户提供适配的技术产品及配套服务。
QVCGA vs VLTO — 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
VLTO
高出13.5%
-9.1%
净利率更高
VLTO
高出18.4%
-1.4%
自由现金流更多
VLTO
多$67.0M
$191.0M
两年增速更快
QVCGA
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.4B |
| 净利润 | $-37.0M | $239.0M |
| 毛利率 | 32.9% | 60.1% |
| 营业利润率 | 3.7% | 23.2% |
| 净利率 | -1.4% | 17.0% |
| 营收同比 | -9.1% | 4.4% |
| 净利润同比 | 97.1% | 5.3% |
| 每股收益（稀释后） | $-17.37 | $0.95 |
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QVCGAVLTO
| Q4 25 | $2.7B | $1.4B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $2.2B | $1.3B | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.9B | $1.3B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.3B | $1.2B |
净利润QVCGAVLTO
| Q4 25 | $-37.0M | $239.0M | ||
| Q3 25 | $-80.0M | $222.0M | ||
| Q2 25 | $-2.2B | $225.0M | ||
| Q1 25 | $-100.0M | — | ||
| Q4 24 | $-1.3B | $227.0M | ||
| Q3 24 | $-23.0M | $219.0M | ||
| Q2 24 | $20.0M | $203.0M | ||
| Q1 24 | $-1.0M | $184.0M |
毛利率QVCGAVLTO
| Q4 25 | 32.9% | 60.1% | ||
| Q3 25 | 34.0% | 60.0% | ||
| Q2 25 | 36.4% | 60.4% | ||
| Q1 25 | 34.2% | — | ||
| Q4 24 | 33.3% | 59.6% | ||
| Q3 24 | 35.3% | 59.6% | ||
| Q2 24 | 36.4% | 60.1% | ||
| Q1 24 | 35.5% | 60.0% |
营业利润率QVCGAVLTO
| Q4 25 | 3.7% | 23.2% | ||
| Q3 25 | 2.7% | 22.8% | ||
| Q2 25 | -101.6% | 24.2% | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | -43.2% | 22.9% | ||
| Q3 24 | 6.5% | 23.4% | ||
| Q2 24 | 6.9% | 23.2% | ||
| Q1 24 | 6.2% | 23.5% |
净利率QVCGAVLTO
| Q4 25 | -1.4% | 17.0% | ||
| Q3 25 | -3.6% | 16.2% | ||
| Q2 25 | -99.4% | 16.9% | ||
| Q1 25 | -4.8% | — | ||
| Q4 24 | -43.7% | 16.9% | ||
| Q3 24 | -1.0% | 16.7% | ||
| Q2 24 | 0.8% | 15.8% | ||
| Q1 24 | -0.0% | 14.8% |
每股收益（稀释后）QVCGAVLTO
| Q4 25 | $-17.37 | $0.95 | ||
| Q3 25 | $-9.89 | $0.89 | ||
| Q2 25 | $-275.46 | $0.90 | ||
| Q1 25 | $-0.25 | — | ||
| Q4 24 | — | $0.91 | ||
| Q3 24 | $-0.06 | $0.88 | ||
| Q2 24 | $2.57 | $0.81 | ||
| Q1 24 | — | $0.74 |
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 | $1.8B |
| 总债务越低越好 | $790.0M | $2.7B |
| 股东权益账面价值 | $-3.1B | $2.8B |
| 总资产 | $7.6B | $7.4B |
| 负债/权益比越低杠杆越低 | — | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资QVCGAVLTO
| Q4 25 | $2.0B | $1.8B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $897.0M | $1.2B | ||
| Q1 25 | $833.0M | — | ||
| Q4 24 | $905.0M | $1.1B | ||
| Q3 24 | $873.0M | $1.3B | ||
| Q2 24 | $1.2B | $1.0B | ||
| Q1 24 | $1.1B | $827.0M |
总债务QVCGAVLTO
| Q4 25 | $790.0M | $2.7B | ||
| Q3 25 | $5.9B | $2.7B | ||
| Q2 25 | $4.9B | $2.6B | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $4.1B | $2.6B | ||
| Q3 24 | $5.1B | $2.6B | ||
| Q2 24 | $5.3B | $2.6B | ||
| Q1 24 | $5.5B | $2.6B |
股东权益QVCGAVLTO
| Q4 25 | $-3.1B | $2.8B | ||
| Q3 25 | $-3.1B | $2.7B | ||
| Q2 25 | $-3.0B | $2.3B | ||
| Q1 25 | $-981.0M | — | ||
| Q4 24 | $-971.0M | $2.0B | ||
| Q3 24 | $397.0M | $2.0B | ||
| Q2 24 | $328.0M | $1.7B | ||
| Q1 24 | $255.0M | $1.5B |
总资产QVCGAVLTO
| Q4 25 | $7.6B | $7.4B | ||
| Q3 25 | $7.6B | $7.2B | ||
| Q2 25 | $6.7B | $6.6B | ||
| Q1 25 | $9.0B | — | ||
| Q4 24 | $9.2B | $6.4B | ||
| Q3 24 | $10.8B | $6.3B | ||
| Q2 24 | $10.9B | $5.9B | ||
| Q1 24 | $11.0B | $5.7B |
负债/权益比QVCGAVLTO
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | 12.74× | 1.35× | ||
| Q2 24 | 16.28× | 1.57× | ||
| Q1 24 | 21.53× | 1.77× |
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 | $270.0M |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $258.0M |
| 自由现金流率自由现金流/营收 | 7.1% | 18.4% |
| 资本支出强度资本支出/营收 | 2.0% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $118.0M | $986.0M |
8季度趋势，按日历期对齐
经营现金流QVCGAVLTO
| Q4 25 | $244.0M | $270.0M | ||
| Q3 25 | $4.0M | $339.0M | ||
| Q2 25 | $86.0M | $157.0M | ||
| Q1 25 | $-60.0M | — | ||
| Q4 24 | $212.0M | $285.0M | ||
| Q3 24 | $20.0M | $224.0M | ||
| Q2 24 | $267.0M | $251.0M | ||
| Q1 24 | $26.0M | $115.0M |
自由现金流QVCGAVLTO
| Q4 25 | $191.0M | $258.0M | ||
| Q3 25 | $-27.0M | $323.0M | ||
| Q2 25 | $48.0M | $142.0M | ||
| Q1 25 | $-94.0M | — | ||
| Q4 24 | $150.0M | $263.0M | ||
| Q3 24 | $-23.0M | $215.0M | ||
| Q2 24 | $213.0M | $240.0M | ||
| Q1 24 | $-14.0M | $102.0M |
自由现金流率QVCGAVLTO
| Q4 25 | 7.1% | 18.4% | ||
| Q3 25 | -1.2% | 23.6% | ||
| Q2 25 | 2.1% | 10.7% | ||
| Q1 25 | -4.5% | — | ||
| Q4 24 | 5.1% | 19.6% | ||
| Q3 24 | -1.0% | 16.4% | ||
| Q2 24 | 8.8% | 18.6% | ||
| Q1 24 | -0.6% | 8.2% |
资本支出强度QVCGAVLTO
| Q4 25 | 2.0% | 0.9% | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 2.1% | 1.6% | ||
| Q3 24 | 1.8% | 0.7% | ||
| Q2 24 | 2.2% | 0.9% | ||
| Q1 24 | 1.7% | 1.0% |
现金转化率QVCGAVLTO
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | 13.35× | 1.24× | ||
| Q1 24 | — | 0.63× |
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% |
VLTO
| Product Quality And Innovation Segment | $548.0M | 39% |
| Revenuefrom Contractwith Customer Measurement Recurring | $521.0M | 37% |
| Revenuefrom Contractwith Customer Measurement Nonrecurring | $335.0M | 24% |
