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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $287.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -19%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -181% against ROIC -19% — -162% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -96.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 64.2 | 65.1 | 64.7 | 64.9 | 69.2 | 66.4 | 65.6 | 66.4 |
| Gross Profit | — | — | — | — | 31.7 | 33.6 | 34.4 | 33.6 |
| Operating Income | 13.4 | 12.1 | 13.7 | 13.3 | -14.1 | 6.8 | -8.6 | -24.3 |
| Income Tax | 3.0 | 2.4 | 3.0 | 3.6 | 2.2 | 2.2 | 0.0 | -1.8 |
| Net Income | 7.8 | 7.0 | 7.4 | 6.9 | -18.9 | 1.7 | -11.9 | -26.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on QVCCQ: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.50B is below the $2.90B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~2.8% on $10.05B of debt.
Cash of $1.50B is below short-term debt of $5.02B — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.29B 100.0% | $9.00B 100.0% | $9.45B 100.0% | $9.89B 100.0% | $11.35B 100.0% | $11.47B 100.0% | $10.99B 100.0% | $11.28B 100.0% | $8.77B 100.0% | $8.68B 100.0% |
| Cost of Revenue | $5.50B 66.4% | $5.91B 65.6% | $6.27B 66.4% | $6.85B 69.2% | $7.37B 64.9% | $7.42B 64.7% | $7.15B 65.1% | $7.25B 64.2% | $5.60B 63.8% | $5.54B 63.8% |
| Cost of Products | — | — | — | — | — | — | — | $7.25B 64.2% | $5.60B 63.8% | $5.54B 63.8% |
| Gross Profit | $2.79B 33.6% | $3.09B 34.4% | $3.18B 33.6% | $3.14B 31.7% | — | — | — | — | — | $3.14B 36.2% |
| Selling, General & Admin | — | — | — | — | — | — | — | — | $744.0M 8.5% | $728.0M 8.4% |
| Total Operating Expenses | $10.31B 124.3% | $9.77B 108.6% | $8.80B 93.2% | $11.29B 114.1% | $9.85B 86.7% | $9.90B 86.3% | $9.66B 87.9% | $9.77B 86.6% | $7.46B 85.1% | $7.48B 86.1% |
| Operating Income | -$2.02B -24.3% | -$770.0M -8.6% | $645.0M 6.8% | -$1.40B -14.1% | $1.51B 13.3% | $1.57B 13.7% | $1.33B 12.1% | $1.51B 13.4% | $1.31B 14.9% | $1.20B 13.9% |
| Interest Expense | $286.0M 3.4% | $267.0M 3.0% | $247.0M 2.6% | — | — | — | — | — | — | — |
| Interest & Investment Income | $35.0M 0.4% | $16.0M 0.2% | $19.0M 0.2% | — | — | — | — | — | — | — |
| Other Income (Expense), net | -$263.0M -3.2% | -$249.0M -2.8% | -$229.0M -2.4% | -$191.0M -1.9% | -$248.0M -2.2% | -$320.0M -2.8% | -$248.0M -2.3% | -$250.0M -2.2% | -$223.0M -2.5% | -$176.0M -2.0% |
| Pretax Income | -$2.28B -27.5% | -$1.02B -11.3% | $416.0M 4.4% | -$1.59B -16.1% | $1.26B 11.1% | $1.25B 10.9% | $1.08B 9.8% | $1.26B 11.2% | $1.09B 12.4% | $1.03B 11.8% |
| Income Tax Expense | -$153.0M -1.8% | $3.0M 0.0% | $205.0M 2.2% | $220.0M 2.2% | $408.0M 3.6% | $345.0M 3.0% | $262.0M 2.4% | $334.0M 3.0% | $139.0M 1.6% | $385.0M 4.4% |
| Net Income | -$2.17B -26.1% | -$1.07B -11.9% | $159.0M 1.7% | -$1.87B -18.9% | $787.0M 6.9% | $844.0M 7.4% | $767.0M 7.0% | $882.0M 7.8% | $901.0M 10.3% | $604.0M 7.0% |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.