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QVC Group, Inc.（QVCGA）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是QVC Group, Inc.的1.8倍（$4.8B vs $2.7B），Vistra Corp.净利率更高（4.8% vs -1.4%，领先6.2%），Vistra Corp.同比增速更快（31.2% vs -9.1%），Vistra Corp.自由现金流更多（$596.0M vs $191.0M），过去两年Vistra Corp.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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
QVCGA vs VST — 直观对比
营收规模更大
VST
是对方的1.8倍
$2.7B
营收增速更快
VST
高出40.3%
-9.1%
净利率更高
VST
高出6.2%
-1.4%
自由现金流更多
VST
多$405.0M
$191.0M
两年增速更快
VST
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.8B |
| 净利润 | $-37.0M | $233.0M |
| 毛利率 | 32.9% | — |
| 营业利润率 | 3.7% | 9.9% |
| 净利率 | -1.4% | 4.8% |
| 营收同比 | -9.1% | 31.2% |
| 净利润同比 | 97.1% | -47.2% |
| 每股收益（稀释后） | $-17.37 | $0.55 |
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QVCGAVST
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.2B | $4.8B | ||
| Q2 25 | $2.2B | $3.8B | ||
| Q1 25 | $2.1B | $4.3B | ||
| Q4 24 | $2.9B | $3.7B | ||
| Q3 24 | $2.3B | $4.3B | ||
| Q2 24 | $2.4B | $3.6B | ||
| Q1 24 | $2.3B | $3.2B |
净利润QVCGAVST
| Q4 25 | $-37.0M | $233.0M | ||
| Q3 25 | $-80.0M | $652.0M | ||
| Q2 25 | $-2.2B | $327.0M | ||
| Q1 25 | $-100.0M | $-268.0M | ||
| Q4 24 | $-1.3B | $441.0M | ||
| Q3 24 | $-23.0M | $1.9B | ||
| Q2 24 | $20.0M | $365.0M | ||
| Q1 24 | $-1.0M | $-35.0M |
毛利率QVCGAVST
| Q4 25 | 32.9% | — | ||
| Q3 25 | 34.0% | — | ||
| Q2 25 | 36.4% | — | ||
| Q1 25 | 34.2% | — | ||
| Q4 24 | 33.3% | — | ||
| Q3 24 | 35.3% | — | ||
| Q2 24 | 36.4% | — | ||
| Q1 24 | 35.5% | — |
营业利润率QVCGAVST
| Q4 25 | 3.7% | 9.9% | ||
| Q3 25 | 2.7% | 21.7% | ||
| Q2 25 | -101.6% | 13.7% | ||
| Q1 25 | 0.7% | -2.8% | ||
| Q4 24 | -43.2% | 16.4% | ||
| Q3 24 | 6.5% | 59.6% | ||
| Q2 24 | 6.9% | 22.5% | ||
| Q1 24 | 6.2% | 2.7% |
净利率QVCGAVST
| Q4 25 | -1.4% | 4.8% | ||
| Q3 25 | -3.6% | 13.6% | ||
| Q2 25 | -99.4% | 8.7% | ||
| Q1 25 | -4.8% | -6.3% | ||
| Q4 24 | -43.7% | 12.0% | ||
| Q3 24 | -1.0% | 43.5% | ||
| Q2 24 | 0.8% | 10.1% | ||
| Q1 24 | -0.0% | -1.1% |
每股收益（稀释后）QVCGAVST
| Q4 25 | $-17.37 | $0.55 | ||
| Q3 25 | $-9.89 | $1.75 | ||
| Q2 25 | $-275.46 | $0.81 | ||
| Q1 25 | $-0.25 | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | $-0.06 | $5.25 | ||
| Q2 24 | $2.57 | $0.90 | ||
| Q1 24 | — | $-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 | $785.0M |
| 总债务越低越好 | $790.0M | $15.8B |
| 股东权益账面价值 | $-3.1B | $5.1B |
| 总资产 | $7.6B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资QVCGAVST
| Q4 25 | $2.0B | $785.0M | ||
| Q3 25 | $1.8B | $602.0M | ||
| Q2 25 | $897.0M | $458.0M | ||
| Q1 25 | $833.0M | $561.0M | ||
| Q4 24 | $905.0M | $1.2B | ||
| Q3 24 | $873.0M | $905.0M | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.1B | $1.1B |
总债务QVCGAVST
| Q4 25 | $790.0M | $15.8B | ||
| Q3 25 | $5.9B | $15.8B | ||
| Q2 25 | $4.9B | $15.5B | ||
| Q1 25 | $5.0B | $15.4B | ||
| Q4 24 | $4.1B | $15.4B | ||
| Q3 24 | $5.1B | $13.9B | ||
| Q2 24 | $5.3B | $13.9B | ||
| Q1 24 | $5.5B | $14.7B |
股东权益QVCGAVST
| Q4 25 | $-3.1B | $5.1B | ||
| Q3 25 | $-3.1B | $5.2B | ||
| Q2 25 | $-3.0B | $4.8B | ||
| Q1 25 | $-981.0M | $4.8B | ||
| Q4 24 | $-971.0M | $5.6B | ||
| Q3 24 | $397.0M | $5.4B | ||
| Q2 24 | $328.0M | $5.6B | ||
| Q1 24 | $255.0M | $5.7B |
总资产QVCGAVST
| Q4 25 | $7.6B | $41.5B | ||
| Q3 25 | $7.6B | $38.0B | ||
| Q2 25 | $6.7B | $38.1B | ||
| Q1 25 | $9.0B | $38.2B | ||
| Q4 24 | $9.2B | $37.8B | ||
| Q3 24 | $10.8B | $37.9B | ||
| Q2 24 | $10.9B | $39.1B | ||
| Q1 24 | $11.0B | $38.2B |
负债/权益比QVCGAVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | 12.74× | 2.56× | ||
| Q2 24 | 16.28× | 2.49× | ||
| Q1 24 | 21.53× | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 7.1% | 12.4% |
| 资本支出强度资本支出/营收 | 2.0% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $118.0M | $1.3B |
8季度趋势，按日历期对齐
经营现金流QVCGAVST
| Q4 25 | $244.0M | $1.4B | ||
| Q3 25 | $4.0M | $1.5B | ||
| Q2 25 | $86.0M | $572.0M | ||
| Q1 25 | $-60.0M | $599.0M | ||
| Q4 24 | $212.0M | $1.4B | ||
| Q3 24 | $20.0M | $1.7B | ||
| Q2 24 | $267.0M | $1.2B | ||
| Q1 24 | $26.0M | $312.0M |
自由现金流QVCGAVST
| Q4 25 | $191.0M | $596.0M | ||
| Q3 25 | $-27.0M | $1.0B | ||
| Q2 25 | $48.0M | $-118.0M | ||
| Q1 25 | $-94.0M | $-169.0M | ||
| Q4 24 | $150.0M | $923.0M | ||
| Q3 24 | $-23.0M | $1.0B | ||
| Q2 24 | $213.0M | $698.0M | ||
| Q1 24 | $-14.0M | $-153.0M |
自由现金流率QVCGAVST
| Q4 25 | 7.1% | 12.4% | ||
| Q3 25 | -1.2% | 21.1% | ||
| Q2 25 | 2.1% | -3.1% | ||
| Q1 25 | -4.5% | -4.0% | ||
| Q4 24 | 5.1% | 25.2% | ||
| Q3 24 | -1.0% | 23.4% | ||
| Q2 24 | 8.8% | 19.4% | ||
| Q1 24 | -0.6% | -4.8% |
资本支出强度QVCGAVST
| Q4 25 | 2.0% | 17.4% | ||
| Q3 25 | 1.4% | 9.6% | ||
| Q2 25 | 1.7% | 18.4% | ||
| Q1 25 | 1.6% | 18.1% | ||
| Q4 24 | 2.1% | 11.7% | ||
| Q3 24 | 1.8% | 15.8% | ||
| Q2 24 | 2.2% | 13.8% | ||
| Q1 24 | 1.7% | 14.7% |
现金转化率QVCGAVST
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 13.35× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
