The company's financial position appears increasingly vulnerable, as evidenced by the deterioration of total equity to a negative $3.1 billion alongside a substantial $6.4 billion debt load as of 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 4.22B | 3.3B | 3.68B | 4.28B | 4.45B | 4.57B | 4.58B | 4.19B | 4.17B | 2.64B | 2.83B | 2.58B | 3.25B | 3.14B | 3.27B | 6.55B | 3.38B | 3.28B | 2.92B | 2.98B | 4.13B |
| Cash & Short-Term Investments | 1.97B | 905M | 1.12B | 1.27B | 587M | 806M | 673M | 653M | 903M | 338M | 438M | 443M | 595M | 699M | 847M | 1.35B | 884M | 832M | 557M | 946M | 1.56B |
| Cash Only | 1.97B | 905M | 1.12B | 1.27B | 587M | 806M | 673M | 653M | 903M | 338M | 426M | 422M | 595M | 699M | 847M | 1.35B | 884M | 832M | 557M | 946M | 1.56B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.04B | 1.14B | 1.31B | 1.44B | 2B | 1.99B | 2.06B | 1.83B | 1.73B | 1.27B | 1.38B | 1.2B | 1.15B | 1.09B | 1.05B | 885M | 1.25B | 1.17B | 1.18B | 977M | 885M |
| Days Sales Outstanding | 41.13 | 41.57 | 43.74 | 43.54 | 52.06 | 51.11 | 55.76 | 47.6 | 60.55 | 43.54 | 54.9 | 43.53 | 41 | 40.42 | 40.01 | 36.16 | 54.94 | 52.9 | 55.16 | 48.68 | 49.69 |
| Inventory | 972M | 1.06B | 1.04B | 1.35B | 1.62B | 1.3B | 1.41B | 1.47B | 1.41B | 968M | 945M | 882M | 1.12B | 1.11B | 1.07B | 1.07B | 985M | 1.03B | 975M | 831M | 575M |
| Days Inventory Outstanding | 58.51 | 59.36 | 52.71 | 58.37 | 64.17 | 51.11 | 57.96 | 58.42 | 75.86 | 51.15 | 58.99 | 50.48 | 62.74 | 64.01 | 63.94 | 68.39 | 67.43 | 63.07 | 64.02 | 58.77 | 44.83 |
| Other Current Assets | 239M | 190M | 209M | 210M | 235M | 473M | 434M | 224M | 125M | 66M | 65M | 63M | 379M | 241M | 303M | 3.25B | 260M | 247M | 210M | 230M | 1.11B |
| Total Non-Current Assets | 3.42B | 5.94B | 7.69B | 8.3B | 11.75B | 12.43B | 12.73B | 13.65B | 19.96B | 11.71B | 12.31B | 10.19B | 11.62B | 11.97B | 12.15B | 20.05B | 13.96B | 14.21B | 16.41B | 16.84B | 29.43B |
| Property, Plant & Equipment | 971M | 1.1B | 1.15B | 1.16B | 1.38B | 1.3B | 1.35B | 1.32B | 1.34B | 1.13B | 1.1B | 1.03B | 1.21B | 1.22B | 1.13B | 1.04B | 1.03B | 1.06B | 1.07B | 912M | 905M |
| Fixed Asset Turnover | 9.51x | 9.11x | 9.52x | 10.48x | 10.17x | 10.91x | 9.96x | 10.64x | 7.76x | 9.41x | 8.31x | 9.77x | 8.46x | 8.10x | 8.49x | 8.61x | 8.06x | 7.59x | 7.26x | 8.03x | 7.18x |
| Goodwill | 800M | 2.22B | 3.16B | 3.5B | 6.34B | 6.64B | 6.58B | 7.02B | 7.08B | 0 | 0 | 0 | 0 | 0 | 5.98B | 5.98B | 5.89B | 5.86B | 5.93B | 5.75B | 5.56B |
| Intangible Assets | 1.53B | 2.52B | 3.22B | 3.33B | 3.78B | 3.95B | 4.12B | 4.95B | 5.18B | 10.33B | 10.96B | 8.76B | 9.97B | 10.37B | 10.71B | 5.11B | 5.33B | 2.49B | 5.99B | 6.21B | 5.13B |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 76M | 96M | 2.36B | 228M | 212M | 379M | 347M | 308M | 233M | 2.06B | 1.63B | 1.64B | 0 | 0 | 0 |
| Other Non-Current Assets | 123M | 103M | 151M | 310M | 251M | 549M | 603M | 267M | 3.99B | 30M | 33M | 17M | 92M | 81M | 78M | 5.86B | 82M | 3.15B | 3.41B | 3.96B | 17.84B |
| Total Assets | 7.64B | 9.24B | 11.37B | 12.57B | 16.2B | 17B | 17.3B | 17.84B | 24.12B | 14.36B | 15.14B | 12.77B | 14.86B | 15.12B | 15.42B | 26.6B | 17.34B | 17.49B | 19.33B | 19.82B | 33.56B |
| Asset Turnover | 1.21x | 1.09x | 0.96x | 0.96x | 0.87x | 0.83x | 0.78x | 0.79x | 0.43x | 0.74x | 0.61x | 0.79x | 0.69x | 0.65x | 0.62x | 0.34x | 0.48x | 0.46x | 0.40x | 0.37x | 0.19x |
| Asset Growth % | -17.31% | -18.69% | -9.57% | -22.41% | -4.69% | -1.77% | -3% | -26.04% | 68.02% | -5.18% | 18.57% | -14.08% | -1.67% | -2% | -42.02% | 53.38% | -0.82% | -9.52% | -2.49% | -40.94% | - |
| Total Current Liabilities | 6.67B | 2.72B | 2.62B | 3.1B | 4.22B | 4.7B | 4B | 3.95B | 3.44B | 1.76B | 2.1B | 1.59B | 1.92B | 2.13B | 1.51B | 4.74B | 2.74B | 1.71B | 1.5B | 1.46B | 4.23B |
| Accounts Payable | 701M | 776M | 895M | 976M | 1.43B | 1.3B | 1.09B | 1.2B | 1.15B | 789M | 736M | 624M | 606M | 705M | 599M | 630M | 578M | 513M | 571M | 475M | 413M |
| Days Payables Outstanding | 42.19 | 43.42 | 45.18 | 42.32 | 56.5 | 51.27 | 44.75 | 47.72 | 61.88 | 41.69 | 45.94 | 35.71 | 33.86 | 40.8 | 35.76 | 40.31 | 39.57 | 31.35 | 37.49 | 33.59 | 32.2 |
| Short-Term Debt | 5.08B | 867M | 642M | 828M | 1.31B | 1.75B | 1.56B | 1.41B | 996M | 14M | 358M | 9M | 39M | 265M | 21M | 493M | 663M | 175M | 13M | 11M | 1.1B |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 97M | 128M | 97M | 162M | 244M | 231M | 180M | 155M | 169M | 160M | 219M | 269M | 167M | 267M | 128M | 2.66B | 618M | 210M | 157M | 172M | 1.79B |
| Current Ratio | 0.63x | 1.21x | 1.41x | 1.38x | 1.05x | 0.97x | 1.14x | 1.06x | 1.21x | 1.50x | 1.34x | 1.63x | 1.69x | 1.48x | 2.17x | 1.38x | 1.23x | 1.92x | 1.94x | 2.05x | 0.98x |
| Quick Ratio | 0.49x | 0.82x | 1.01x | 0.95x | 0.67x | 0.69x | 0.79x | 0.69x | 0.80x | 0.95x | 0.89x | 1.07x | 1.11x | 0.96x | 1.46x | 1.16x | 0.87x | 1.32x | 1.29x | 1.48x | 0.84x |
| Cash Conversion Cycle | 57.44 | 57.51 | 51.26 | 59.58 | 59.73 | 50.95 | 68.97 | 58.3 | 74.53 | 53 | 67.94 | 58.3 | 69.89 | 63.63 | 68.19 | 64.25 | 82.8 | 84.63 | 81.68 | 73.85 | 62.32 |
| Total Non-Current Liabilities | 3.99B | 7.4B | 8.26B | 8.95B | 8.99B | 8.56B | 8.33B | 8.15B | 10.6B | 7.64B | 7.75B | 6.8B | 6.44B | 5.83B | 5.32B | 10.42B | 7.68B | 9.32B | 10.18B | 9.71B | 13.8B |
| Long-Term Debt | 790M | 4.1B | 4.7B | 5.53B | 5.67B | 5.19B | 5.86B | 5.96B | 7.55B | 6.36B | 6.18B | 5.81B | 5.04B | 4.28B | 3.58B | 5.97B | 5.41B | 7.13B | 7.16B | 6.37B | 5.1B |
| Capital Lease Obligations | 580M | 598M | 615M | 518M | 303M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.14B | 1.31B | 1.53B | 1.44B | 1.35B | 1.36B | 1.72B | 1.93B | 2.5B | 1.12B | 1.36B | 834M | 1.21B | 1.32B | 1.49B | 2.71B | 1.94B | 2B | 2.67B | 3.12B | 6.98B |
| Other Non-Current Liabilities | 1.47B | 1.39B | 1.42B | 1.46B | 1.67B | 2.02B | 761M | 258M | 545M | 161M | 209M | 157M | 193M | 234M | 248M | 1.73B | 328M | 187M | 350M | 219M | 1.73B |
| Total Liabilities | 10.66B | 10.13B | 10.88B | 12.05B | 13.22B | 13.27B | 12.33B | 12.1B | 14.04B | 9.4B | 9.85B | 8.39B | 8.36B | 7.96B | 6.83B | 15.16B | 10.42B | 11.03B | 11.69B | 11.16B | 18.03B |
| Total Debt | 6.45B | 5.57B | 5.96B | 6.87B | 7.29B | 6.94B | 7.41B | 7.37B | 8.55B | 6.38B | 6.54B | 5.82B | 5.08B | 4.54B | 3.6B | 6.46B | 6.07B | 7.31B | 7.18B | 6.38B | 6.2B |
| Net Debt | 4.47B | 4.66B | 4.83B | 5.6B | 6.71B | 6.13B | 6.74B | 6.72B | 7.65B | 6.04B | 6.11B | 5.39B | 4.49B | 3.84B | 2.75B | 5.11B | 5.19B | 6.48B | 6.62B | 5.44B | 4.64B |
| Debt / Equity | - | - | 12.18x | 13.09x | 2.44x | 1.86x | 1.49x | 1.28x | 0.85x | 1.29x | 1.23x | 1.33x | 0.78x | 0.63x | 0.42x | 0.56x | 0.88x | 1.13x | 0.94x | 0.74x | 0.40x |
| Debt / EBITDA | 8.54x | - | 5.97x | - | 4.49x | 3.25x | 9.38x | 3.76x | 4.84x | 3.46x | 3.58x | 3.13x | 2.85x | 2.57x | 2.02x | 3.84x | 3.78x | 4.98x | 4.35x | 3.94x | 4.54x |
| Net Debt / EBITDA | 5.92x | - | 4.85x | - | 4.13x | 2.87x | 8.53x | 3.43x | 4.32x | 3.28x | 3.34x | 2.91x | 2.52x | 2.18x | 1.55x | 3.04x | 3.23x | 4.42x | 4.01x | 3.35x | 3.40x |
| Interest Coverage | -4.21x | 1.47x | 1.16x | 1.30x | 3.10x | 3.85x | 3.61x | 3.32x | 3.96x | 4.01x | 4.46x | 3.82x | 3.92x | 3.89x | 3.94x | 3.00x | 1.88x | 0.26x | 2.39x | 2.71x | 2.47x |
| Total Equity | -3.02B | -885M | 489M | 525M | 2.99B | 3.73B | 4.97B | 5.74B | 10.08B | 4.96B | 5.29B | 4.38B | 6.5B | 7.16B | 8.6B | 11.44B | 6.92B | 6.46B | 7.64B | 8.66B | 15.53B |
| Equity Growth % | -240.9% | -280.98% | -6.86% | -82.42% | -20.01% | -24.92% | -13.44% | -43.03% | 103.33% | -6.31% | 20.82% | -32.62% | -9.19% | -16.72% | -24.86% | 65.28% | 7.22% | -15.45% | -11.78% | -44.25% | - |
| Book Value per Share | -374.74 | -2.23 | 1.26 | 1.37 | 7.20 | 8.87 | 11.73 | 12.35 | 22.51 | 10.82 | 11.14 | 8.90 | 12.34 | 13.14 | 14.87 | 19.08 | 5.98 | 10.87 | 12.01 | 12.92 | 22.16 |
| Total Shareholders' Equity | -3.1B | -971M | 385M | 412M | 2.85B | 3.6B | 4.84B | 5.62B | 9.98B | 4.86B | 5.2B | 4.28B | 6.38B | 7.01B | 8.46B | 11.31B | 6.79B | 6.3B | 7.53B | 8.56B | 15.3B |
| Common Stock | 0 | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 5M | 0 | 0 | 0 | 0 | 0 | 6M | 7M | 0 | 0 | 0 | 0 | 23M |
| Retained Earnings | -3.53B | -1.09B | 196M | 337M | 2.92B | 3.52B | 4.89B | 5.67B | 9.07B | 0 | 0 | 0 | 0 | 0 | 3.65B | 2.74B | 0 | 0 | 0 | 0 | -10.62B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100M |
| Accumulated OCI | 291M | -15M | 86M | 18M | -79M | 72M | -55M | -55M | -133M | 0 | 0 | 0 | 0 | 0 | 152M | 226M | 0 | 6.3B | 7.53B | 8.56B | 2.74B |
| Minority Interest | 83M | 86M | 104M | 113M | 136M | 135M | 132M | 120M | 99M | 99M | 98M | 101M | 124M | 149M | 134M | 129M | 129M | 154M | 107M | 96M | 232M |
Negative equity and leverage
As reported in recent financial statements, QVCGB's total equity has deteriorated from a positive $590 million in 2023Q3 to a negative $3.1 billion by 2025Q4, signaling a rapid depletion of book value that warrants significant concern regarding the company's long-term solvency and capital structure stability.
The shift into negative equity territory suggests that cumulative losses and potential impairment charges have overwhelmed the company's capital base. Investors should monitor whether this trajectory reflects a permanent impairment of the business model or if management can stabilize the balance sheet through asset divestitures or operational restructuring.
Based on the provided quarterly data, the company's debt load remains substantial at $6.4 billion as of 2025Q4, which, when viewed against the backdrop of shrinking total assets, indicates a highly leveraged position that leaves little room for error in a high-interest rate environment.
The persistence of high debt levels despite a contracting asset base suggests that the company is struggling to deleverage effectively. This reliance on debt to fund operations may limit future strategic flexibility and increase the risk of refinancing difficulties as debt maturities approach.
According to recent SEC filings, the current ratio has fluctuated significantly, dropping to 0.63 in 2025Q4 from a peak of 2.49 in 2025Q3, which suggests that the company's ability to cover short-term obligations is becoming increasingly volatile and potentially insufficient for ongoing operational needs.
The sharp decline in the current ratio indicates that current assets are no longer comfortably covering current liabilities, which may force the company to rely on external financing or cash reserves to meet immediate obligations. This trend warrants further investigation into the composition of current liabilities and the speed of inventory turnover.
As indicated by the company's balance sheet, the reduction in goodwill from $3.5 billion in 2023Q3 to $800 million in 2025Q4 highlights the aggressive write-downs of past acquisitions, which have directly contributed to the erosion of the company's equity position and overall balance sheet health.
The significant impairment of goodwill suggests that previous capital allocation decisions, particularly regarding acquisitions, have failed to deliver expected value. This distortion makes headline equity figures misleading, as they reflect the accounting realization of past strategic missteps rather than the current operational value of the firm.
Quick answers to the most common questions about buying QVCGB stock.
As of 2025, QVC Group Inc. (QVCGB) had total assets of $7.64B including $4.22B in current assets.
QVC Group Inc. (QVCGB) carries total debt of $6.45B, offset by $1.97B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
QVC Group Inc. (QVCGB) has total shareholders' equity (book value) of $-3100.0M ($-374.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
QVC Group Inc. (QVCGB) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.