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QVC Group, Inc.（QVCGA）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.的季度营收约是斑马技术的1.8倍（$2.7B vs $1.5B），斑马技术净利率更高（4.7% vs -1.4%，领先6.1%），斑马技术同比增速更快（10.6% vs -9.1%），斑马技术自由现金流更多（$327.0M vs $191.0M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
QVCGA vs ZBRA — 直观对比
营收规模更大
QVCGA
是对方的1.8倍
$1.5B
营收增速更快
ZBRA
高出19.7%
-9.1%
净利率更高
ZBRA
高出6.1%
-1.4%
自由现金流更多
ZBRA
多$136.0M
$191.0M
两年增速更快
ZBRA
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.5B |
| 净利润 | $-37.0M | $70.0M |
| 毛利率 | 32.9% | 47.3% |
| 营业利润率 | 3.7% | 9.4% |
| 净利率 | -1.4% | 4.7% |
| 营收同比 | -9.1% | 10.6% |
| 净利润同比 | 97.1% | -57.1% |
| 每股收益（稀释后） | $-17.37 | $1.40 |
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QVCGAZBRA
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.2B | $1.3B | ||
| 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 | $1.2B |
净利润QVCGAZBRA
| Q4 25 | $-37.0M | $70.0M | ||
| Q3 25 | $-80.0M | $101.0M | ||
| Q2 25 | $-2.2B | $112.0M | ||
| Q1 25 | $-100.0M | $136.0M | ||
| Q4 24 | $-1.3B | $163.0M | ||
| Q3 24 | $-23.0M | $137.0M | ||
| Q2 24 | $20.0M | $113.0M | ||
| Q1 24 | $-1.0M | $115.0M |
毛利率QVCGAZBRA
| Q4 25 | 32.9% | 47.3% | ||
| Q3 25 | 34.0% | 48.0% | ||
| Q2 25 | 36.4% | 47.6% | ||
| Q1 25 | 34.2% | 49.3% | ||
| Q4 24 | 33.3% | 48.6% | ||
| Q3 24 | 35.3% | 48.8% | ||
| Q2 24 | 36.4% | 48.4% | ||
| Q1 24 | 35.5% | 47.9% |
营业利润率QVCGAZBRA
| Q4 25 | 3.7% | 9.4% | ||
| Q3 25 | 2.7% | 13.9% | ||
| Q2 25 | -101.6% | 14.2% | ||
| Q1 25 | 0.7% | 14.9% | ||
| Q4 24 | -43.2% | 16.9% | ||
| Q3 24 | 6.5% | 15.2% | ||
| Q2 24 | 6.9% | 13.7% | ||
| Q1 24 | 6.2% | 13.5% |
净利率QVCGAZBRA
| Q4 25 | -1.4% | 4.7% | ||
| Q3 25 | -3.6% | 7.7% | ||
| Q2 25 | -99.4% | 8.7% | ||
| Q1 25 | -4.8% | 10.4% | ||
| Q4 24 | -43.7% | 12.2% | ||
| Q3 24 | -1.0% | 10.9% | ||
| Q2 24 | 0.8% | 9.3% | ||
| Q1 24 | -0.0% | 9.8% |
每股收益（稀释后）QVCGAZBRA
| Q4 25 | $-17.37 | $1.40 | ||
| Q3 25 | $-9.89 | $1.97 | ||
| Q2 25 | $-275.46 | $2.19 | ||
| Q1 25 | $-0.25 | $2.62 | ||
| Q4 24 | — | $3.14 | ||
| Q3 24 | $-0.06 | $2.64 | ||
| Q2 24 | $2.57 | $2.17 | ||
| Q1 24 | — | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $790.0M | — |
| 股东权益账面价值 | $-3.1B | $3.6B |
| 总资产 | $7.6B | $8.5B |
| 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QVCGAZBRA
| Q4 25 | $2.0B | $125.0M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $897.0M | $872.0M | ||
| Q1 25 | $833.0M | $879.0M | ||
| Q4 24 | $905.0M | $901.0M | ||
| Q3 24 | $873.0M | $676.0M | ||
| Q2 24 | $1.2B | $411.0M | ||
| Q1 24 | $1.1B | $127.0M |
总债务QVCGAZBRA
| Q4 25 | $790.0M | — | ||
| Q3 25 | $5.9B | $2.2B | ||
| Q2 25 | $4.9B | $2.2B | ||
| Q1 25 | $5.0B | $2.2B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $5.1B | $2.2B | ||
| Q2 24 | $5.3B | $2.2B | ||
| Q1 24 | $5.5B | $2.1B |
股东权益QVCGAZBRA
| Q4 25 | $-3.1B | $3.6B | ||
| Q3 25 | $-3.1B | $3.7B | ||
| Q2 25 | $-3.0B | $3.6B | ||
| Q1 25 | $-981.0M | $3.6B | ||
| Q4 24 | $-971.0M | $3.6B | ||
| Q3 24 | $397.0M | $3.4B | ||
| Q2 24 | $328.0M | $3.3B | ||
| Q1 24 | $255.0M | $3.2B |
总资产QVCGAZBRA
| Q4 25 | $7.6B | $8.5B | ||
| Q3 25 | $7.6B | $8.1B | ||
| Q2 25 | $6.7B | $7.9B | ||
| Q1 25 | $9.0B | $7.9B | ||
| Q4 24 | $9.2B | $8.0B | ||
| Q3 24 | $10.8B | $7.7B | ||
| Q2 24 | $10.9B | $7.5B | ||
| Q1 24 | $11.0B | $7.3B |
负债/权益比QVCGAZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.74× | 0.64× | ||
| Q2 24 | 16.28× | 0.66× | ||
| Q1 24 | 21.53× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $191.0M | $327.0M |
| 自由现金流率自由现金流/营收 | 7.1% | 22.2% |
| 资本支出强度资本支出/营收 | 2.0% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 5.10× |
| 过去12个月自由现金流最近4个季度 | $118.0M | $831.0M |
8季度趋势，按日历期对齐
经营现金流QVCGAZBRA
| Q4 25 | $244.0M | $357.0M | ||
| Q3 25 | $4.0M | $235.0M | ||
| Q2 25 | $86.0M | $147.0M | ||
| Q1 25 | $-60.0M | $178.0M | ||
| Q4 24 | $212.0M | $306.0M | ||
| Q3 24 | $20.0M | $294.0M | ||
| Q2 24 | $267.0M | $288.0M | ||
| Q1 24 | $26.0M | $125.0M |
自由现金流QVCGAZBRA
| Q4 25 | $191.0M | $327.0M | ||
| Q3 25 | $-27.0M | $216.0M | ||
| Q2 25 | $48.0M | $130.0M | ||
| Q1 25 | $-94.0M | $158.0M | ||
| Q4 24 | $150.0M | $288.0M | ||
| Q3 24 | $-23.0M | $277.0M | ||
| Q2 24 | $213.0M | $278.0M | ||
| Q1 24 | $-14.0M | $111.0M |
自由现金流率QVCGAZBRA
| Q4 25 | 7.1% | 22.2% | ||
| Q3 25 | -1.2% | 16.4% | ||
| Q2 25 | 2.1% | 10.1% | ||
| Q1 25 | -4.5% | 12.1% | ||
| Q4 24 | 5.1% | 21.6% | ||
| Q3 24 | -1.0% | 22.1% | ||
| Q2 24 | 8.8% | 22.8% | ||
| Q1 24 | -0.6% | 9.4% |
资本支出强度QVCGAZBRA
| Q4 25 | 2.0% | 2.0% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 1.7% | 1.3% | ||
| Q1 25 | 1.6% | 1.5% | ||
| Q4 24 | 2.1% | 1.3% | ||
| Q3 24 | 1.8% | 1.4% | ||
| Q2 24 | 2.2% | 0.8% | ||
| Q1 24 | 1.7% | 1.2% |
现金转化率QVCGAZBRA
| Q4 25 | — | 5.10× | ||
| Q3 25 | — | 2.33× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | — | 2.15× | ||
| Q2 24 | 13.35× | 2.55× | ||
| Q1 24 | — | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
