QVC, Inc. 6.375% Senior Secured (QVCD) 10-Year Financial Performance & Capital Metrics

QVCD • • Industrial / General

Communication ServicesBroadcastingTelevision BroadcastingSpecialty TV Networks

AboutQVC was founded in 1986 by Joseph Segel, an entrepreneur who saw an opportunity to create a new and engaging shopping experience through television broadcasts. He named the company QVC to represent its three guiding principles: Quality, Value, and Convenience. These values were created to build trust with consumers, creating lifetime, avid fans.Show more

Revenue $9B -4.8%
EBITDA -$566M -163.7%
Net Income -$1.07B -772.3%
EPS (Diluted) 0.00
Gross Margin 92.3% +174.6%
EBITDA Margin -6.29% -166.9%
Operating Margin -8.56% -225.4%
Net Margin -11.88% -806.1%
ROE -27.74% -877.3%
ROIC -7.06% -234.7%
Debt/Equity 1.31 +16.8%
Interest Coverage -3.07 -208.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.22%

5Y-3.92%

3Y-7.46%

TTM-7.02%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-49257.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg6.9%

5Y Avg1.73%

3Y Avg-4.71%

Latest-8.99%

Peer Comparison

Specialty TV Networks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
NMAXNewsmax, Inc.	699.34M	7.78	-12.55	26.42%	-57.42%	-98.95%
QVCDQVC, Inc. 6.375% Senior Secured		8.80		-4.78%	-40.5%	-275.3%	1.31
QVCCQVC, Inc. 6.250% Senior Secured		8.65		-4.78%	-39.74%	-270.12%	1.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	8.74B	8.68B	8.77B	11.28B	10.99B	11.47B	11.35B	9.89B	9.45B	9B
Revenue Growth %	-0.01%	-0.01%	0.01%	0.29%	-0.03%	0.04%	-0.01%	-0.13%	-0.04%	-0.05%
Cost of Goods Sold+	5.53B	5.54B	5.6B	7.25B	7.15B	7.42B	7.37B	6.85B	6.27B	693M
COGS % of Revenue	0.63%	0.64%	0.64%	0.64%	0.65%	0.65%	0.65%	0.69%	0.66%	0.08%
Gross Profit+	3.21B	3.14B	3.17B	4.03B	3.84B	4.05B	3.99B	3.04B	3.18B	8.3B
Gross Margin %	0.37%	0.36%	0.36%	0.36%	0.35%	0.35%	0.35%	0.31%	0.34%	0.92%
Gross Profit Growth %	-0.01%	-0.02%	0.01%	0.27%	-0.05%	0.06%	-0.02%	-0.24%	0.04%	1.61%
Operating Expenses+	1.96B	1.91B	1.87B	2.53B	2.51B	2.49B	2.49B	4.44B	2.53B	3.86B
OpEx % of Revenue	0.22%	0.22%	0.21%	0.22%	0.23%	0.22%	0.22%	0.45%	0.27%	0.43%
Selling, General & Admin	1.35B	1.33B	1.31B	2.02B	1.9B	2.03B	2.03B	2.06B	2.14B	989M
SG&A % of Revenue	0.15%	0.15%	0.15%	0.18%	0.17%	0.18%	0.18%	0.21%	0.23%	0.11%
Research & Development	0	0	0	15M	15M	15M	15M	15M	15M	0
R&D % of Revenue	-	-	-	0%	0%	0%	0%	0%	0%	-
Other Operating Expenses	0	0	0	0	604M	439M	442M	2.36B	374M	2.87B
Operating Income+	1.27B	1.2B	1.35B	1.6B	1.48B	1.57B	1.51B	-1.4B	645M	-770M
Operating Margin %	0.15%	0.14%	0.15%	0.14%	0.13%	0.14%	0.13%	-0.14%	0.07%	-0.09%
Operating Income Growth %	-0%	-0.06%	0.12%	0.19%	-0.08%	0.06%	-0.04%	-1.93%	1.46%	-2.19%
EBITDA+	1.77B	1.71B	1.77B	1.92B	1.86B	1.94B	1.83B	-1.11B	888M	-566M
EBITDA Margin %	0.2%	0.2%	0.2%	0.17%	0.17%	0.17%	0.16%	-0.11%	0.09%	-0.06%
EBITDA Growth %	-0%	-0.04%	0.04%	0.08%	-0.03%	0.04%	-0.05%	-1.6%	1.8%	-1.64%
D&A (Non-Cash Add-back)	495M	505M	426M	316M	383M	368M	328M	289M	243M	204M
EBIT	1.27B	1.2B	1.35B	1.6B	1.48B	1.57B	1.53B	576M	662M	727M
Net Interest Income+	-208M	-208M	-214M	-245M	-245M	-254M	-241M	-237M	-229M	-251M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	208M	208M	214M	245M	245M	254M	241M	237M	229M	251M
Other Income/Expense	-224M	-176M	-261M	-250M	-248M	-320M	-248M	-191M	-229M	-249M
Pretax Income+	1.05B	1.03B	1.09B	1.26B	1.08B	1.25B	1.26B	-1.59B	416M	-1.02B
Pretax Margin %	0.12%	0.12%	0.12%	0.11%	0.1%	0.11%	0.11%	-0.16%	0.04%	-0.11%
Income Tax+	389M	385M	139M	334M	262M	345M	408M	220M	205M	3M
Effective Tax Rate %	0.6%	0.59%	0.83%	0.7%	0.71%	0.68%	0.63%	1.17%	0.38%	1.05%
Net Income+	628M	604M	901M	882M	767M	844M	787M	-1.87B	159M	-1.07B
Net Margin %	0.07%	0.07%	0.1%	0.08%	0.07%	0.07%	0.07%	-0.19%	0.02%	-0.12%
Net Income Growth %	0.06%	-0.04%	0.49%	-0.02%	-0.13%	0.1%	-0.07%	-3.37%	1.09%	-7.72%
Net Income (Continuing)	662M	642M	947M	928M	817M	902M	851M	-1.81B	211M	-1.02B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	100M	100M	110M	119M	130M	133M	122M	95M	87M	76M
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPS Growth %	-	-	-	-	-	-	-	-	-	-
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Diluted Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Basic Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Dividend Payout Ratio	2.36%	1.16%	0.96%	0.42%	1.15%	1.4%	1.22%	-	2.75%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.68B	2.54B	3.25B	3.83B	3.78B	3.7B	3.7B	2.91B	2.64B	2.5B
Cash & Short-Term Investments	327M	284M	282M	548M	561M	682M	510M	357M	307M	297M
Cash Only	327M	284M	282M	543M	561M	682M	510M	357M	307M	297M
Short-Term Investments	0	0	0	5M	0	0	0	0	0	0
Accounts Receivable	1.3B	1.18B	1.6B	1.69B	1.71B	1.51B	1.42B	1.22B	1.19B	1.05B
Days Sales Outstanding	54.4	49.52	66.58	54.68	56.81	47.92	45.71	44.93	46.08	42.64
Inventory	929M	950M	1.2B	1.28B	1.21B	1.12B	1.35B	1.03B	860M	0
Days Inventory Outstanding	61.34	62.59	78.5	64.46	61.99	55.06	67.12	55.18	50.04	-
Other Current Assets	78M	78M	88M	220M	111M	104M	232M	155M	117M	1.16B
Total Non-Current Assets+	9.38B	9.01B	11.07B	11.02B	11.15B	12.85B	12.44B	9.5B	9.08B	7.38B
Property, Plant & Equipment	1B	1.03B	1.17B	1.17B	1.43B	1.4B	1.12B	891M	937M	0
Fixed Asset Turnover	8.73x	8.42x	7.50x	9.68x	7.69x	8.20x	10.14x	11.10x	10.08x	-
Goodwill	5.04B	5B	5.98B	5.97B	5.97B	6.03B	5.97B	3.47B	3.15B	2.2B
Intangible Assets	3.27B	2.91B	3.84B	3.8B	3.63B	3.51B	3.54B	3.25B	3.19B	2.5B
Long-Term Investments	11M	2M	7M	38M	40M	10M	9.99B	7.03B	0	0
Other Non-Current Assets	74M	141M	23M	110M	104M	1.19B	-8.82B	-5.73B	1.8B	2.68B
Total Assets+	12.06B	11.54B	14.32B	14.86B	14.93B	16.56B	16.14B	12.4B	11.72B	9.89B
Asset Turnover	0.73x	0.75x	0.61x	0.76x	0.74x	0.69x	0.70x	0.80x	0.81x	0.91x
Asset Growth %	-0.01%	-0.04%	0.24%	0.04%	0%	0.11%	-0.03%	-0.23%	-0.06%	-0.16%
Total Current Liabilities+	1.54B	1.46B	2.03B	2.46B	1.98B	2.84B	2.47B	2.02B	2.25B	2.23B
Accounts Payable	658M	678M	958M	1.01B	913M	1.13B	1.27B	832M	838M	722M
Days Payables Outstanding	43.45	44.67	62.46	50.76	46.62	55.45	62.96	44.36	48.76	380.27
Short-Term Debt	0	14M	17M	421M	0	392M	1M	214M	423M	585M
Deferred Revenue (Current)	-1000K	0	0	0	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	542M	497M	590M	617M	509M	62M	365M	-510M	51M	899M
Current Ratio	1.74x	1.74x	1.60x	1.56x	1.91x	1.30x	1.50x	1.44x	1.17x	1.12x
Quick Ratio	1.14x	1.09x	1.00x	1.04x	1.30x	0.91x	0.95x	0.93x	0.79x	1.12x
Cash Conversion Cycle	72.29	67.44	82.62	68.37	72.18	47.52	49.87	55.75	47.36	-
Total Non-Current Liabilities+	6.4B	6.19B	6.49B	5.57B	6.15B	5.58B	5.95B	5.82B	5.13B	4.29B
Long-Term Debt	5.33B	5.28B	5.63B	4.7B	4.94B	4.4B	4.89B	4.72B	3.91B	3.31B
Capital Lease Obligations	63M	0	0	0	353M	345M	314M	379M	489M	475M
Deferred Tax Liabilities	0	0	0	0	0	0	0	577M	0	0
Other Non-Current Liabilities	1.01B	914M	858M	873M	856M	837M	750M	-4B	733M	499M
Total Liabilities	7.94B	7.65B	8.52B	8.03B	8.12B	8.42B	8.42B	7.83B	7.38B	6.52B
Total Debt+	5.39B	5.29B	5.65B	5.12B	5.34B	5.18B	5.25B	5.35B	4.85B	4.4B
Net Debt	5.07B	5B	5.37B	4.58B	4.78B	4.5B	4.74B	4.96B	4.54B	4.1B
Debt / Equity	1.31x	1.36x	0.97x	0.75x	0.78x	0.64x	0.68x	1.17x	1.12x	1.31x
Debt / EBITDA	3.05x	3.10x	3.18x	2.67x	2.87x	2.68x	2.86x	-	5.46x	-
Net Debt / EBITDA	2.86x	2.93x	3.03x	2.39x	2.57x	2.32x	2.58x	-	5.12x	-
Interest Coverage	6.13x	5.78x	6.30x	6.54x	6.02x	6.17x	6.25x	-5.90x	2.82x	-3.07x
Total Equity+	4.12B	3.9B	5.8B	6.83B	6.8B	8.13B	7.72B	4.57B	4.34B	3.37B
Equity Growth %	-0.18%	-0.05%	0.49%	0.18%	-0%	0.2%	-0.05%	-0.41%	-0.05%	-0.22%
Book Value per Share	-	-	-	-	-	-	-	-	-	-
Total Shareholders' Equity	4.02B	3.79B	5.69B	6.71B	6.67B	8B	7.6B	4.48B	4.25B	3.29B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-2.67B	-2.83B	-2.8B	-2.27B	-2.39B	-2.72B	-2.94B	-6.08B	-6.36B	-7.54B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-140M	-224M	-93M	-144M	-144M	-17M	-146M	-312M	-290M	-370M
Minority Interest	100M	100M	110M	119M	130M	133M	122M	95M	87M	76M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.03B	1.18B	1.2B	1.16B	1.32B	2.23B	1.17B	409M	1.09B	535M
Operating CF Margin %	0.12%	0.14%	0.14%	0.1%	0.12%	0.19%	0.1%	0.04%	0.12%	0.06%
Operating CF Growth %	-0.16%	0.15%	0.02%	-0.04%	0.14%	0.69%	-0.48%	-0.65%	1.67%	-0.51%
Net Income	628M	604M	901M	882M	767M	844M	787M	47M	159M	-190M
Depreciation & Amortization	495M	505M	426M	316M	383M	453M	429M	289M	372M	351M
Stock-Based Compensation	31M	32M	39M	46M	39M	37M	44M	36M	37M	20M
Deferred Taxes	0	0	0	0	-97M	0	273M	-61M	0	308M
Other Non-Cash Items	87M	90M	-127M	165M	344M	351M	-2M	-51M	390M	101M
Working Capital Changes	-213M	-53M	-37M	-253M	-114M	549M	-362M	149M	136M	-55M
Change in Receivables	-178M	117M	-127M	-110M	-10M	229M	71M	144M	38M	142M
Change in Inventory	-68M	-38M	-43M	-113M	68M	115M	-388M	296M	184M	-53M
Change in Payables	0	0	0	0	0	0	0	0	-1M	0
Cash from Investing+	-285M	-221M	-181M	-413M	-407M	-279M	-255M	638M	-47M	-206M
Capital Expenditures	-215M	-179M	-152M	-228M	-291M	-218M	-210M	-216M	-182M	0
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-70M	-42M	-51M	-185M	-116M	-61M	-45M	854M	135M	-206M
Cash from Financing+	-760M	-981M	-1.04B	-485M	-894M	-1.85B	-1.06B	-1.17B	-1.09B	-321M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.49B	-703M	-866M	-367M	-879M	-1.18B	-963M	-1.27B	-437M	-108M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-72M	-50M	-56M	448M	-12M	-121M	-380M	-74M	-53M	226M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	813M	999M	1.05B	928M	1.03B	2.02B	959M	193M	912M	362M
FCF Margin %	0.09%	0.12%	0.12%	0.08%	0.09%	0.18%	0.08%	0.02%	0.1%	0.04%
FCF Growth %	-0.22%	0.23%	0.05%	-0.12%	0.11%	0.96%	-0.52%	-0.8%	3.73%	-0.6%
FCF per Share	-	-	-	-	-	-	-	-	-	-
FCF Conversion (FCF/Net Income)	1.64x	1.95x	1.33x	1.31x	1.72x	2.65x	1.49x	-0.22x	6.88x	-0.50x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.71%	15.08%	18.59%	13.97%	11.25%	11.3%	9.93%	-30.38%	3.57%	-27.74%
Return on Invested Capital (ROIC)	10.36%	9.98%	10.08%	10.65%	9.63%	9.71%	9.01%	-9.53%	5.25%	-7.06%
Gross Margin	36.77%	36.19%	36.18%	35.76%	34.94%	35.34%	35.11%	30.76%	33.61%	92.3%
Net Margin	7.18%	6.96%	10.27%	7.82%	6.98%	7.36%	6.93%	-18.88%	1.68%	-11.88%
Debt / Equity	1.31x	1.36x	0.97x	0.75x	0.78x	0.64x	0.68x	1.17x	1.12x	1.31x
Interest Coverage	6.13x	5.78x	6.30x	6.54x	6.02x	6.17x	6.25x	-5.90x	2.82x	-3.07x
FCF Conversion	1.64x	1.95x	1.33x	1.31x	1.72x	2.65x	1.49x	-0.22x	6.88x	-0.50x
Revenue Growth	-0.66%	-0.7%	1.03%	28.63%	-2.62%	4.42%	-1.03%	-12.92%	-4.43%	-4.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Home	-	-	-	4.2B	3.95B	4.73B	4.51B	3.86B	3.75B	3.6B
Home Growth	-	-	-	-	-5.86%	19.64%	-4.51%	-14.42%	-2.95%	-3.97%
Apparel	-	-	-	1.78B	1.71B	1.61B	1.78B	1.69B	1.64B	1.59B
Apparel Growth	-	-	-	-	-3.66%	-6.08%	10.95%	-5.33%	-2.67%	-2.92%
Beauty	-	-	-	1.97B	1.96B	1.99B	1.95B	1.69B	1.67B	1.58B
Beauty Growth	-	-	-	-	-0.41%	1.38%	-1.96%	-13.31%	-0.95%	-5.69%
Accessories	-	-	-	1.21B	1.29B	1.2B	1.25B	1.08B	1.05B	1.01B
Accessories Growth	-	-	-	-	7.30%	-6.96%	3.41%	-12.93%	-2.77%	-4.46%
Electronics	-	-	-	1.25B	1.25B	1.19B	1.08B	867M	685M	608M
Electronics Growth	-	-	-	-	0.00%	-4.57%	-9.07%	-19.94%	-20.99%	-11.24%
Jewelry	-	-	-	686M	628M	579M	587M	496M	469M	454M
Jewelry Growth	-	-	-	-	-8.45%	-7.80%	1.38%	-15.50%	-5.44%	-3.20%
Other revenue	-	-	-	202M	195M	178M	195M	201M	177M	156M
Other revenue Growth	-	-	-	-	-3.47%	-8.72%	9.55%	3.08%	-11.94%	-11.86%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	8.51B	8.28B	7.36B	7B	6.6B
UNITED STATES Growth	-	-	-	-	-	-	-2.68%	-11.09%	-4.95%	-5.68%
JAPAN	808M	-	-	-	-	1.13B	1.17B	1.02B	945M	870M
JAPAN Growth	-	-	-	-	-	-	3.09%	-12.85%	-7.08%	-7.94%
GERMANY	837M	-	-	-	-	978M	1.03B	813M	788M	785M
GERMANY Growth	-	-	-	-	-	-	5.01%	-20.84%	-3.08%	-0.38%
UNITED KINGDOM	718M	654M	640M	679M	640M	696M	722M	565M	594M	629M
UNITED KINGDOM Growth	-	-8.91%	-2.14%	6.09%	-5.74%	8.75%	3.74%	-21.75%	5.13%	5.89%
Other countries	123M	146M	158M	169M	151M	161M	161M	133M	127M	115M
Other countries Growth	-	18.70%	8.22%	6.96%	-10.65%	6.62%	0.00%	-17.39%	-4.51%	-9.45%
QVC-U.S.	-	-	-	8.54B	8.28B	-	-	-	-	-
QVC-U.S. Growth	-	-	-	-	-3.13%	-	-	-	-	-
QVC-Japan	-	897M	934M	947M	1.03B	-	-	-	-	-
QVC-Japan Growth	-	-	4.12%	1.39%	8.55%	-	-	-	-	-
QVC-Germany	-	865M	899M	943M	890M	-	-	-	-	-
QVC-Germany Growth	-	-	3.93%	4.89%	-5.62%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

QVC, Inc. 6.375% Senior Secured (QVCD) reported $8.53B in revenue for fiscal year 2024. This represents a 0% increase from $8.52B in 2012.

QVC, Inc. 6.375% Senior Secured (QVCD) saw revenue decline by 4.8% over the past year.

QVC, Inc. 6.375% Senior Secured (QVCD) reported a net loss of $3.46B for fiscal year 2024.

Dividend & Returns

QVC, Inc. 6.375% Senior Secured (QVCD) has a return on equity (ROE) of -27.7%. Negative ROE indicates the company is unprofitable.

QVC, Inc. 6.375% Senior Secured (QVCD) had negative free cash flow of $142.0M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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QVC, Inc. 6.375% Senior Secured (QVCD) 10-Year Financial Performance & Capital Metrics

QVCD • • Industrial / General

Communication ServicesBroadcastingTelevision BroadcastingSpecialty TV Networks

Revenue $9B -4.8%
EBITDA -$566M -163.7%
Net Income -$1.07B -772.3%
EPS (Diluted) 0.00
Gross Margin 92.3% +174.6%
EBITDA Margin -6.29% -166.9%
Operating Margin -8.56% -225.4%
Net Margin -11.88% -806.1%
ROE -27.74% -877.3%
ROIC -7.06% -234.7%
Debt/Equity 1.31 +16.8%
Interest Coverage -3.07 -208.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y0.22%

5Y-3.92%

3Y-7.46%

TTM-7.02%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-49257.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg6.9%

5Y Avg1.73%

3Y Avg-4.71%

Latest-8.99%

Peer Comparison

Specialty TV Networks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
NMAXNewsmax, Inc.	699.34M	7.78	-12.55	26.42%	-57.42%	-98.95%
QVCDQVC, Inc. 6.375% Senior Secured		8.80		-4.78%	-40.5%	-275.3%	1.31
QVCCQVC, Inc. 6.250% Senior Secured		8.65		-4.78%	-39.74%	-270.12%	1.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	8.74B	8.68B	8.77B	11.28B	10.99B	11.47B	11.35B	9.89B	9.45B	9B
Revenue Growth %	-0.01%	-0.01%	0.01%	0.29%	-0.03%	0.04%	-0.01%	-0.13%	-0.04%	-0.05%
Cost of Goods Sold+	5.53B	5.54B	5.6B	7.25B	7.15B	7.42B	7.37B	6.85B	6.27B	693M
COGS % of Revenue	0.63%	0.64%	0.64%	0.64%	0.65%	0.65%	0.65%	0.69%	0.66%	0.08%
Gross Profit+	3.21B	3.14B	3.17B	4.03B	3.84B	4.05B	3.99B	3.04B	3.18B	8.3B
Gross Margin %	0.37%	0.36%	0.36%	0.36%	0.35%	0.35%	0.35%	0.31%	0.34%	0.92%
Gross Profit Growth %	-0.01%	-0.02%	0.01%	0.27%	-0.05%	0.06%	-0.02%	-0.24%	0.04%	1.61%
Operating Expenses+	1.96B	1.91B	1.87B	2.53B	2.51B	2.49B	2.49B	4.44B	2.53B	3.86B
OpEx % of Revenue	0.22%	0.22%	0.21%	0.22%	0.23%	0.22%	0.22%	0.45%	0.27%	0.43%
Selling, General & Admin	1.35B	1.33B	1.31B	2.02B	1.9B	2.03B	2.03B	2.06B	2.14B	989M
SG&A % of Revenue	0.15%	0.15%	0.15%	0.18%	0.17%	0.18%	0.18%	0.21%	0.23%	0.11%
Research & Development	0	0	0	15M	15M	15M	15M	15M	15M	0
R&D % of Revenue	-	-	-	0%	0%	0%	0%	0%	0%	-
Other Operating Expenses	0	0	0	0	604M	439M	442M	2.36B	374M	2.87B
Operating Income+	1.27B	1.2B	1.35B	1.6B	1.48B	1.57B	1.51B	-1.4B	645M	-770M
Operating Margin %	0.15%	0.14%	0.15%	0.14%	0.13%	0.14%	0.13%	-0.14%	0.07%	-0.09%
Operating Income Growth %	-0%	-0.06%	0.12%	0.19%	-0.08%	0.06%	-0.04%	-1.93%	1.46%	-2.19%
EBITDA+	1.77B	1.71B	1.77B	1.92B	1.86B	1.94B	1.83B	-1.11B	888M	-566M
EBITDA Margin %	0.2%	0.2%	0.2%	0.17%	0.17%	0.17%	0.16%	-0.11%	0.09%	-0.06%
EBITDA Growth %	-0%	-0.04%	0.04%	0.08%	-0.03%	0.04%	-0.05%	-1.6%	1.8%	-1.64%
D&A (Non-Cash Add-back)	495M	505M	426M	316M	383M	368M	328M	289M	243M	204M
EBIT	1.27B	1.2B	1.35B	1.6B	1.48B	1.57B	1.53B	576M	662M	727M
Net Interest Income+	-208M	-208M	-214M	-245M	-245M	-254M	-241M	-237M	-229M	-251M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	208M	208M	214M	245M	245M	254M	241M	237M	229M	251M
Other Income/Expense	-224M	-176M	-261M	-250M	-248M	-320M	-248M	-191M	-229M	-249M
Pretax Income+	1.05B	1.03B	1.09B	1.26B	1.08B	1.25B	1.26B	-1.59B	416M	-1.02B
Pretax Margin %	0.12%	0.12%	0.12%	0.11%	0.1%	0.11%	0.11%	-0.16%	0.04%	-0.11%
Income Tax+	389M	385M	139M	334M	262M	345M	408M	220M	205M	3M
Effective Tax Rate %	0.6%	0.59%	0.83%	0.7%	0.71%	0.68%	0.63%	1.17%	0.38%	1.05%
Net Income+	628M	604M	901M	882M	767M	844M	787M	-1.87B	159M	-1.07B
Net Margin %	0.07%	0.07%	0.1%	0.08%	0.07%	0.07%	0.07%	-0.19%	0.02%	-0.12%
Net Income Growth %	0.06%	-0.04%	0.49%	-0.02%	-0.13%	0.1%	-0.07%	-3.37%	1.09%	-7.72%
Net Income (Continuing)	662M	642M	947M	928M	817M	902M	851M	-1.81B	211M	-1.02B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	100M	100M	110M	119M	130M	133M	122M	95M	87M	76M
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPS Growth %	-	-	-	-	-	-	-	-	-	-
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Diluted Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Basic Shares Outstanding	0	0	0	0	0	0	0	0	0	0
Dividend Payout Ratio	2.36%	1.16%	0.96%	0.42%	1.15%	1.4%	1.22%	-	2.75%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.68B	2.54B	3.25B	3.83B	3.78B	3.7B	3.7B	2.91B	2.64B	2.5B
Cash & Short-Term Investments	327M	284M	282M	548M	561M	682M	510M	357M	307M	297M
Cash Only	327M	284M	282M	543M	561M	682M	510M	357M	307M	297M
Short-Term Investments	0	0	0	5M	0	0	0	0	0	0
Accounts Receivable	1.3B	1.18B	1.6B	1.69B	1.71B	1.51B	1.42B	1.22B	1.19B	1.05B
Days Sales Outstanding	54.4	49.52	66.58	54.68	56.81	47.92	45.71	44.93	46.08	42.64
Inventory	929M	950M	1.2B	1.28B	1.21B	1.12B	1.35B	1.03B	860M	0
Days Inventory Outstanding	61.34	62.59	78.5	64.46	61.99	55.06	67.12	55.18	50.04	-
Other Current Assets	78M	78M	88M	220M	111M	104M	232M	155M	117M	1.16B
Total Non-Current Assets+	9.38B	9.01B	11.07B	11.02B	11.15B	12.85B	12.44B	9.5B	9.08B	7.38B
Property, Plant & Equipment	1B	1.03B	1.17B	1.17B	1.43B	1.4B	1.12B	891M	937M	0
Fixed Asset Turnover	8.73x	8.42x	7.50x	9.68x	7.69x	8.20x	10.14x	11.10x	10.08x	-
Goodwill	5.04B	5B	5.98B	5.97B	5.97B	6.03B	5.97B	3.47B	3.15B	2.2B
Intangible Assets	3.27B	2.91B	3.84B	3.8B	3.63B	3.51B	3.54B	3.25B	3.19B	2.5B
Long-Term Investments	11M	2M	7M	38M	40M	10M	9.99B	7.03B	0	0
Other Non-Current Assets	74M	141M	23M	110M	104M	1.19B	-8.82B	-5.73B	1.8B	2.68B
Total Assets+	12.06B	11.54B	14.32B	14.86B	14.93B	16.56B	16.14B	12.4B	11.72B	9.89B
Asset Turnover	0.73x	0.75x	0.61x	0.76x	0.74x	0.69x	0.70x	0.80x	0.81x	0.91x
Asset Growth %	-0.01%	-0.04%	0.24%	0.04%	0%	0.11%	-0.03%	-0.23%	-0.06%	-0.16%
Total Current Liabilities+	1.54B	1.46B	2.03B	2.46B	1.98B	2.84B	2.47B	2.02B	2.25B	2.23B
Accounts Payable	658M	678M	958M	1.01B	913M	1.13B	1.27B	832M	838M	722M
Days Payables Outstanding	43.45	44.67	62.46	50.76	46.62	55.45	62.96	44.36	48.76	380.27
Short-Term Debt	0	14M	17M	421M	0	392M	1M	214M	423M	585M
Deferred Revenue (Current)	-1000K	0	0	0	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	542M	497M	590M	617M	509M	62M	365M	-510M	51M	899M
Current Ratio	1.74x	1.74x	1.60x	1.56x	1.91x	1.30x	1.50x	1.44x	1.17x	1.12x
Quick Ratio	1.14x	1.09x	1.00x	1.04x	1.30x	0.91x	0.95x	0.93x	0.79x	1.12x
Cash Conversion Cycle	72.29	67.44	82.62	68.37	72.18	47.52	49.87	55.75	47.36	-
Total Non-Current Liabilities+	6.4B	6.19B	6.49B	5.57B	6.15B	5.58B	5.95B	5.82B	5.13B	4.29B
Long-Term Debt	5.33B	5.28B	5.63B	4.7B	4.94B	4.4B	4.89B	4.72B	3.91B	3.31B
Capital Lease Obligations	63M	0	0	0	353M	345M	314M	379M	489M	475M
Deferred Tax Liabilities	0	0	0	0	0	0	0	577M	0	0
Other Non-Current Liabilities	1.01B	914M	858M	873M	856M	837M	750M	-4B	733M	499M
Total Liabilities	7.94B	7.65B	8.52B	8.03B	8.12B	8.42B	8.42B	7.83B	7.38B	6.52B
Total Debt+	5.39B	5.29B	5.65B	5.12B	5.34B	5.18B	5.25B	5.35B	4.85B	4.4B
Net Debt	5.07B	5B	5.37B	4.58B	4.78B	4.5B	4.74B	4.96B	4.54B	4.1B
Debt / Equity	1.31x	1.36x	0.97x	0.75x	0.78x	0.64x	0.68x	1.17x	1.12x	1.31x
Debt / EBITDA	3.05x	3.10x	3.18x	2.67x	2.87x	2.68x	2.86x	-	5.46x	-
Net Debt / EBITDA	2.86x	2.93x	3.03x	2.39x	2.57x	2.32x	2.58x	-	5.12x	-
Interest Coverage	6.13x	5.78x	6.30x	6.54x	6.02x	6.17x	6.25x	-5.90x	2.82x	-3.07x
Total Equity+	4.12B	3.9B	5.8B	6.83B	6.8B	8.13B	7.72B	4.57B	4.34B	3.37B
Equity Growth %	-0.18%	-0.05%	0.49%	0.18%	-0%	0.2%	-0.05%	-0.41%	-0.05%	-0.22%
Book Value per Share	-	-	-	-	-	-	-	-	-	-
Total Shareholders' Equity	4.02B	3.79B	5.69B	6.71B	6.67B	8B	7.6B	4.48B	4.25B	3.29B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-2.67B	-2.83B	-2.8B	-2.27B	-2.39B	-2.72B	-2.94B	-6.08B	-6.36B	-7.54B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-140M	-224M	-93M	-144M	-144M	-17M	-146M	-312M	-290M	-370M
Minority Interest	100M	100M	110M	119M	130M	133M	122M	95M	87M	76M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.03B	1.18B	1.2B	1.16B	1.32B	2.23B	1.17B	409M	1.09B	535M
Operating CF Margin %	0.12%	0.14%	0.14%	0.1%	0.12%	0.19%	0.1%	0.04%	0.12%	0.06%
Operating CF Growth %	-0.16%	0.15%	0.02%	-0.04%	0.14%	0.69%	-0.48%	-0.65%	1.67%	-0.51%
Net Income	628M	604M	901M	882M	767M	844M	787M	47M	159M	-190M
Depreciation & Amortization	495M	505M	426M	316M	383M	453M	429M	289M	372M	351M
Stock-Based Compensation	31M	32M	39M	46M	39M	37M	44M	36M	37M	20M
Deferred Taxes	0	0	0	0	-97M	0	273M	-61M	0	308M
Other Non-Cash Items	87M	90M	-127M	165M	344M	351M	-2M	-51M	390M	101M
Working Capital Changes	-213M	-53M	-37M	-253M	-114M	549M	-362M	149M	136M	-55M
Change in Receivables	-178M	117M	-127M	-110M	-10M	229M	71M	144M	38M	142M
Change in Inventory	-68M	-38M	-43M	-113M	68M	115M	-388M	296M	184M	-53M
Change in Payables	0	0	0	0	0	0	0	0	-1M	0
Cash from Investing+	-285M	-221M	-181M	-413M	-407M	-279M	-255M	638M	-47M	-206M
Capital Expenditures	-215M	-179M	-152M	-228M	-291M	-218M	-210M	-216M	-182M	0
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-70M	-42M	-51M	-185M	-116M	-61M	-45M	854M	135M	-206M
Cash from Financing+	-760M	-981M	-1.04B	-485M	-894M	-1.85B	-1.06B	-1.17B	-1.09B	-321M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.49B	-703M	-866M	-367M	-879M	-1.18B	-963M	-1.27B	-437M	-108M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-72M	-50M	-56M	448M	-12M	-121M	-380M	-74M	-53M	226M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	813M	999M	1.05B	928M	1.03B	2.02B	959M	193M	912M	362M
FCF Margin %	0.09%	0.12%	0.12%	0.08%	0.09%	0.18%	0.08%	0.02%	0.1%	0.04%
FCF Growth %	-0.22%	0.23%	0.05%	-0.12%	0.11%	0.96%	-0.52%	-0.8%	3.73%	-0.6%
FCF per Share	-	-	-	-	-	-	-	-	-	-
FCF Conversion (FCF/Net Income)	1.64x	1.95x	1.33x	1.31x	1.72x	2.65x	1.49x	-0.22x	6.88x	-0.50x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.71%	15.08%	18.59%	13.97%	11.25%	11.3%	9.93%	-30.38%	3.57%	-27.74%
Return on Invested Capital (ROIC)	10.36%	9.98%	10.08%	10.65%	9.63%	9.71%	9.01%	-9.53%	5.25%	-7.06%
Gross Margin	36.77%	36.19%	36.18%	35.76%	34.94%	35.34%	35.11%	30.76%	33.61%	92.3%
Net Margin	7.18%	6.96%	10.27%	7.82%	6.98%	7.36%	6.93%	-18.88%	1.68%	-11.88%
Debt / Equity	1.31x	1.36x	0.97x	0.75x	0.78x	0.64x	0.68x	1.17x	1.12x	1.31x
Interest Coverage	6.13x	5.78x	6.30x	6.54x	6.02x	6.17x	6.25x	-5.90x	2.82x	-3.07x
FCF Conversion	1.64x	1.95x	1.33x	1.31x	1.72x	2.65x	1.49x	-0.22x	6.88x	-0.50x
Revenue Growth	-0.66%	-0.7%	1.03%	28.63%	-2.62%	4.42%	-1.03%	-12.92%	-4.43%	-4.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Home	-	-	-	4.2B	3.95B	4.73B	4.51B	3.86B	3.75B	3.6B
Home Growth	-	-	-	-	-5.86%	19.64%	-4.51%	-14.42%	-2.95%	-3.97%
Apparel	-	-	-	1.78B	1.71B	1.61B	1.78B	1.69B	1.64B	1.59B
Apparel Growth	-	-	-	-	-3.66%	-6.08%	10.95%	-5.33%	-2.67%	-2.92%
Beauty	-	-	-	1.97B	1.96B	1.99B	1.95B	1.69B	1.67B	1.58B
Beauty Growth	-	-	-	-	-0.41%	1.38%	-1.96%	-13.31%	-0.95%	-5.69%
Accessories	-	-	-	1.21B	1.29B	1.2B	1.25B	1.08B	1.05B	1.01B
Accessories Growth	-	-	-	-	7.30%	-6.96%	3.41%	-12.93%	-2.77%	-4.46%
Electronics	-	-	-	1.25B	1.25B	1.19B	1.08B	867M	685M	608M
Electronics Growth	-	-	-	-	0.00%	-4.57%	-9.07%	-19.94%	-20.99%	-11.24%
Jewelry	-	-	-	686M	628M	579M	587M	496M	469M	454M
Jewelry Growth	-	-	-	-	-8.45%	-7.80%	1.38%	-15.50%	-5.44%	-3.20%
Other revenue	-	-	-	202M	195M	178M	195M	201M	177M	156M
Other revenue Growth	-	-	-	-	-3.47%	-8.72%	9.55%	3.08%	-11.94%	-11.86%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	8.51B	8.28B	7.36B	7B	6.6B
UNITED STATES Growth	-	-	-	-	-	-	-2.68%	-11.09%	-4.95%	-5.68%
JAPAN	808M	-	-	-	-	1.13B	1.17B	1.02B	945M	870M
JAPAN Growth	-	-	-	-	-	-	3.09%	-12.85%	-7.08%	-7.94%
GERMANY	837M	-	-	-	-	978M	1.03B	813M	788M	785M
GERMANY Growth	-	-	-	-	-	-	5.01%	-20.84%	-3.08%	-0.38%
UNITED KINGDOM	718M	654M	640M	679M	640M	696M	722M	565M	594M	629M
UNITED KINGDOM Growth	-	-8.91%	-2.14%	6.09%	-5.74%	8.75%	3.74%	-21.75%	5.13%	5.89%
Other countries	123M	146M	158M	169M	151M	161M	161M	133M	127M	115M
Other countries Growth	-	18.70%	8.22%	6.96%	-10.65%	6.62%	0.00%	-17.39%	-4.51%	-9.45%
QVC-U.S.	-	-	-	8.54B	8.28B	-	-	-	-	-
QVC-U.S. Growth	-	-	-	-	-3.13%	-	-	-	-	-
QVC-Japan	-	897M	934M	947M	1.03B	-	-	-	-	-
QVC-Japan Growth	-	-	4.12%	1.39%	8.55%	-	-	-	-	-
QVC-Germany	-	865M	899M	943M	890M	-	-	-	-	-
QVC-Germany Growth	-	-	3.93%	4.89%	-5.62%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

QVC, Inc. 6.375% Senior Secured (QVCD) reported $8.53B in revenue for fiscal year 2024. This represents a 0% increase from $8.52B in 2012.

QVC, Inc. 6.375% Senior Secured (QVCD) saw revenue decline by 4.8% over the past year.

QVC, Inc. 6.375% Senior Secured (QVCD) reported a net loss of $3.46B for fiscal year 2024.

Dividend & Returns

QVC, Inc. 6.375% Senior Secured (QVCD) has a return on equity (ROE) of -27.7%. Negative ROE indicates the company is unprofitable.

QVC, Inc. 6.375% Senior Secured (QVCD) had negative free cash flow of $142.0M in fiscal year 2024, likely due to heavy capital investments.