QVC Group, Inc. is a US-listed company in the retail-catalog & mail-order houses industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
Under review: every model's value for QVC Group, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: our cash-flow value ($1,174,410,374.90) was left out of our combined valuation (it is 152125696.23x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.
QVC Group, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $7.94bn, down 8.1% on a year earlier, a steeper fall than the 7.2% decline a quarter earlier. Free-cash-flow margin held at 0.7%. Operating margin widened to 4.3% from -38.6%. It passes 4 of our 5 financial-health checks.
Our model value for QVC Group is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
QVC Group, Inc.'s trailing-twelve-month revenue fell 8.1% year on year, with a free-cash-flow margin of 0.7%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 317 consumer discretionary companies we cover. Where it lags: revenue growth of -8.1% ranks 389 of 452 consumer discretionary companies we cover.
Our discounted-cash-flow model values the business at ~$1200000000 per share in the base case (—–$2800000000 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 166.7% while net income grew 99.5%: a 67pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Our value per share comes from a discounted-cash-flow model of QVC Group, Inc.'s free cash flow after stock-based pay ( $288M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value QVC Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$1200000000 | Left out: out of range vs price (154731274.69x) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare QVC Group, Inc. with Consumer Discretionary sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard QVC Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 4.6% of total assets over 10 years.
Gross margin has been a median 36.4%, moving by 1.4 percentage points (standard deviation) across 7 years.
Operating margin has been a median 11.8%; its worst year was -38.6%.
Free cash flow was positive in 10 of 10 years, at a median 6.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (42 before it).
Next results: November 4, 2026, after the close.
No analyst estimates are published for QVC Group, Inc.: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $9.5B |
| FY23 Q4 | $9.4B |
| FY24 Q1 | $9.4B |
| FY24 Q2 | $9.3B |
| FY24 Q3 | $9.2B |
| FY24 Q4 | $9B |
| FY25 Q1 | $8.8B |
| FY25 Q2 | $8.6B |
| FY25 Q3 | $8.5B |
| FY25 Q4 | $8.3B |
| FY26 Q1 | $8.2B |
| FY26 Q2 | $7.9B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -7.6% |
| FY23 Q4 | -4.4% |
| FY24 Q1 | -3.7% |
| FY24 Q2 | -2.9% |
| FY24 Q3 | -3.8% |
| FY24 Q4 | -4.8% |
| FY25 Q1 | -6.1% |
| FY25 Q2 | -6.9% |
| FY25 Q3 | -7.0% |
| FY25 Q4 | -7.8% |
| FY26 Q1 | -7.2% |
| FY26 Q2 | -8.1% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 9.1% |
| FY23 Q4 | 6.8% |
| FY24 Q1 | 6.1% |
| FY24 Q2 | 3.9% |
| FY24 Q3 | 4.0% |
| FY24 Q4 | -8.6% |
| FY25 Q1 | -10.2% |
| FY25 Q2 | -38.6% |
| FY25 Q3 | -39.9% |
| FY25 Q4 | -24.3% |
| FY26 Q1 | -24.4% |
| FY26 Q2 | 4.3% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 6.5% |
| FY23 Q4 | 7.6% |
| FY24 Q1 | 6.7% |
| FY24 Q2 | 4.1% |
| FY24 Q3 | 3.5% |
| FY24 Q4 | 2.0% |
| FY25 Q1 | 1.6% |
| FY25 Q2 | 0.2% |
| FY25 Q3 | -0.1% |
| FY25 Q4 | 0.6% |
| FY26 Q1 | -0.9% |
| FY26 Q2 | 0.7% |
| Fiscal year | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||
| Revenue | 8.3 | 8.5 | 8.6 | 8.8 | 8.7 | 8.7 | 8.8 | 11.3 | 11.0 | 11.5 | 11.4 | 9.9 | 9.4 | 9.0 | 8.3 | 7.9 |
| Gross profit | 3.0 | 3.1 | 3.2 | 3.3 | 3.2 | 3.1 | 3.2 | 4.0 | 3.8 | 4.1 | 4.0 | 3.1 | 3.2 | 3.1 | 2.8 | 2.6 |
| EBITDA | 1.7 | 1.8 | 1.8 | 1.9 | 1.9 | 1.8 | 1.8 | 1.9 | 1.8 | 2.0 | 1.9 | −1.0 | 1.0 | −0.4 | −1.6 | 0.7 |
| Operating income | 1.1 | 1.3 | 1.2 | 1.3 | 1.3 | 1.2 | 1.3 | 1.5 | 1.3 | 1.6 | 1.5 | −1.4 | 0.6 | −0.8 | −2.0 | 0.3 |
| Net income | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 | −1.9 | 0.2 | −1.1 | −2.2 | −0.0 |
| Growth (year on year) | ||||||||||||||||
| Revenue | — | +3.0% | +1.3% | +2.1% | −0.7% | −0.7% | +1.0% | +28.6% | −2.6% | +4.4% | −1.0% | −12.9% | −4.4% | −4.8% | −7.8% | −8.1% |
| EBITDA | — | +4.9% | +0.5% | +3.5% | −0.2% | −3.0% | +1.1% | +5.2% | −6.7% | +12.5% | −4.2% | −151.5% | — | −141.2% | — | — |
| Operating income | — | +11.5% | −1.8% | +2.7% | −0.3% | −5.6% | +8.8% | +15.5% | −12.2% | +18.1% | −3.8% | −192.8% | — | −219.4% | — | — |
| Net income | — | +11.4% | −5.8% | +1.0% | +5.7% | −3.8% | +49.2% | −2.1% | −13.0% | +10.0% | −6.8% | −337.2% | — | — | — | — |
| Margins | ||||||||||||||||
| Gross margin | 36.2% | 36.4% | 36.6% | 37.0% | 36.8% | 36.2% | 36.2% | 35.8% | 34.9% | 35.3% | 35.1% | 31.7% | 33.6% | 34.4% | 33.6% | 33.3% |
| EBITDA margin | 20.7% | 21.1% | 20.9% | 21.2% | 21.3% | 20.8% | 20.8% | 17.0% | 16.3% | 17.6% | 17.1% | −10.1% | 10.8% | −4.7% | −19.9% | 8.4% |
| Operating margin | 13.8% | 14.9% | 14.4% | 14.5% | 14.6% | 13.9% | 14.9% | 13.4% | 12.1% | 13.7% | 13.3% | −14.1% | 6.8% | −8.6% | −24.3% | 4.3% |
| Net margin | 6.8% | 7.3% | 6.8% | 6.7% | 7.2% | 7.0% | 10.3% | 7.8% | 7.0% | 7.4% | 6.9% | −18.9% | 1.7% | −11.9% | −26.1% | −0.2% |
| Free-cash-flow margin | — | — | — | — | — | — | — | — | 9.4% | 17.6% | 8.4% | 2.0% | 9.7% | 4.0% | 3.5% | — |
| Cash flow | ||||||||||||||||
| Cash from operations | 0.8 | 1.2 | 1.0 | 1.2 | 1.0 | 1.2 | 1.2 | 1.2 | 1.3 | 2.2 | 1.2 | 0.4 | 1.1 | 0.5 | 0.4 | 0.4 |
| Capital spending | — | — | — | — | — | — | — | — | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | — |
| Free cash flow | — | — | — | — | — | — | — | — | 1.0 | 2.0 | 1.0 | 0.2 | 0.9 | 0.4 | 0.3 | — |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow after stock pay | — | — | — | — | — | — | — | — | 1.0 | 2.0 | 0.9 | 0.2 | 0.9 | 0.3 | 0.3 | — |
| Balance sheet | ||||||||||||||||
| Cash | 0.6 | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.6 | 0.7 | 0.5 | 0.4 | 0.3 | 0.3 | 1.5 | 1.5 |
| Total debt | 0.0 | 3.5 | 3.8 | 4.6 | 5.4 | 5.3 | 5.7 | 5.1 | 5.1 | 5.0 | 5.0 | 4.9 | 4.3 | 3.9 | 5.0 | 5.0 |
| Net debt (negative = net cash) | −0.6 | 2.9 | 3.5 | 4.3 | 5.1 | 5.0 | 5.4 | 4.6 | 4.6 | 4.3 | 4.5 | 4.6 | 4.0 | 3.6 | 3.6 | 3.5 |
| Returned to shareholders | ||||||||||||||||
| Dividends | — | — | — | — | — | 0.7 | 0.9 | 0.4 | 0.9 | — | — | — | — | — | — | — |
| Total returned | — | — | — | — | — | 0.7 | 0.9 | 0.4 | 0.9 | — | — | — | — | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2,092 | 2,660 | 1,905 | 1,984 | 1,982 | 2,422 | 1,769 | 1,765 |
| Gross profit | 726 | 868 | 634 | 703 | 665 | 786 | 589 | 601 |
| EBITDA | 251 | −1,170 | 124 | −2,174 | 188 | 214 | 130 | 133 |
| Operating income | 164 | −1,254 | 29 | −2,272 | 91 | 135 | 56 | 62 |
| Net income | 51 | −1,224 | −42 | −2,165 | 2 | 37 | −25 | −31 |
| Growth (year on year) | ||||||||
| Revenue | −4.6% | −6.3% | −9.8% | −7.0% | −5.3% | −8.9% | −7.1% | −11.0% |
| EBITDA | −0.4% | — | −50.2% | −966.1% | −25.1% | — | +4.8% | — |
| Operating income | +6.5% | — | −81.5% | <−999% | −44.5% | — | — | — |
| Net income | 0.0% | — | −182.4% | <−999% | −96.1% | — | — | — |
| Margins | ||||||||
| Gross margin | 34.7% | 32.6% | 33.3% | 35.4% | 33.6% | 32.5% | 33.3% | 34.1% |
| EBITDA margin | 12.0% | −44.0% | 6.5% | −109.6% | 9.5% | 8.8% | 7.3% | 7.5% |
| Operating margin | 7.8% | −47.1% | 1.5% | −114.5% | 4.6% | 5.6% | 3.2% | 3.5% |
| Net margin | 2.4% | −46.0% | −2.2% | −109.1% | 0.1% | 1.5% | −1.4% | −1.8% |
| Free-cash-flow margin | 4.7% | 7.1% | 2.4% | 2.6% | 3.8% | 10.1% | −5.5% | 8.7% |
| Cash flow | ||||||||
| Cash from operations | 98 | 189 | 46 | 52 | 76 | 245 | −98 | 154 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 98 | 189 | 46 | 52 | 76 | 245 | −98 | 154 |
| Stock-based pay | 1 | 5 | 4 | 4 | 6 | 1 | 0 | 0 |
| Free cash flow after stock pay | 97 | 184 | 42 | 48 | 70 | 244 | −98 | 154 |
| Last 12 months unless stated | QVCG | ARKO | GRMN | TPR | WSM | RACE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $7.9bn | $7.9bn | $7.9bn | $8.0bn | $8.0bn | $8.1bn | $1.4bn |
| Revenue growth, last 12 months | −8.1% | −2.1% | 13.6% | 14.2% | 2.2% | 11.8% | 4.2% |
| Revenue growth, 3-year average | −6.0% | −4.8% | 16.0% | 6.3% | −1.1% | — | 2.4% |
| Revenue growth, latest quarter | −11.0% | 17.4% | 12.2% | 8.9% | 6.7% | — | 3.6% |
| Gross margin | 33.3% | — | 61.1% | 77.8% | 47.2% | 51.7% | 37.5% |
| Operating margin | 4.3% | 1.2% | 28.8% | 23.9% | 19.2% | 29.5% | 4.2% |
| Operating margin, 3-year average | −10.1% | 1.2% | 26.1% | 15.6% | 18.6% | 25.8% | 4.5% |
| Net margin | −0.2% | 0.2% | 25.6% | 19.1% | 14.7% | 22.3% | 2.4% |
| Cash from operations / revenue | 4.7% | 2.0% | 23.9% | 24.7% | 20.1% | 32.9% | 7.8% |
| Free-cash-flow margin | 0.7% | 0.5% | 18.6% | 22.6% | 16.8% | 26.1% | 4.1% |
| Free-cash-flow margin, 3-year average | 1.7% | 0.8% | 19.6% | 18.5% | 15.6% | 20.6% | 4.1% |
| Stock pay / revenue | 0.1% | 0.2% | 2.2% | 1.3% | 1.5% | — | 0.8% |
| Change in share count | — | −2.0% | −0.1% | −5.5% | −3.4% | −0.9% | 0.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -8.1% | 4.3% | 389 of 452 |
| Change in growth rate Growth | -0.9pp | -0.0pp | 289 of 452 |
| Gross margin Profitability | 33.3% | 37.1% | 201 of 355 |
| Operating margin Profitability | 4.3% | 4.1% | 200 of 415 |
| Net margin Profitability | -0.2% | 2.5% | 290 of 454 |
| Free-cash-flow margin Cash generation | 0.7% | 4.1% | 308 of 449 |
| Stock pay as % of revenue Cash generation | 0.1% | 0.8% | 19 of 403 |
| Long-term debt as % of assets Balance sheet | 0.0% | 18.2% | 1 of 317 |
| Days sales outstanding Balance sheet | 31 days | 23 days | 169 of 299 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Qx H | $5.9B | 71.6% | ▼ 10.0% |
| QVC International | $2.4B | 28.4% | ▼ 1.8% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Home | $3.3B | 40.3% | ▼ 7.1% |
| Apparel | $1.5B | 18.3% | ▼ 5.0% |
| Beauty | $1.4B | 17.2% | ▼ 9.4% |
| Accessories | $914M | 11.0% | ▼ 9.2% |
| Electronics | $507M | 6.1% | ▼ 16.6% |
| Jewelry | $434M | 5.2% | ▼ 4.4% |
| Otherrevenue | $149M | 1.8% | ▼ 4.5% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.9B | 71.6% | ▼ 10.0% |
| Japan | $825M | 9.9% | ▼ 5.2% |
| Germany | $784M | 9.5% | ▼ 0.1% |
| United Kingdom | $636M | 7.7% | ▲ 1.1% |
| Othercountries | $112M | 1.4% | ▼ 2.6% |
From QVC Group, Inc.'s 10-K filed April 15, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Goldentree Asset Management Lp 10% owner | October 9, 2026 | Buy | 1,352,000 | $12.35 | $16.7M |
| Silver Point Capital, L.P. 10% owner | October 9, 2026 | Sell | 1,352,000 | $12.35 | $16.7M |
| Goldentree Asset Management Lp 10% owner | October 2, 2026 | Buy | 250,000 | $13.85 | $3.5M |
| Goldentree Asset Management Lp 10% owner | October 1, 2026 | Buy | 2,024 | $13.63 | $27,579 |
| Goldentree Asset Management Lp 10% owner | October 1, 2026 | Buy | 848 | $13.61 | $11,539 |
| Goldentree Asset Management Lp 10% owner | September 30, 2026 | Buy | 2,907 | $13.61 | $39,574 |
| Tananbaum Steven A. 10% owner | September 24, 2026 | Buy | 80,000 | $14.35 | $1.1M |
| Goldentree Asset Management Llc 10% owner | September 8, 2026 | Buy | 1,600,000 | $16.25 | $26M |
| O'Shea Robert J 10% owner | September 8, 2026 | Sell | 1,600,000 | $16.25 | $26M |
| Silver Point Capital L.P. 10% owner | September 3, 2026 | Sell | 720,000 | $16.45 | $11.8M |
| Goldentree Asset Management Lp 10% owner | September 3, 2026 | Buy | 720,000 | $16.45 | $11.8M |
| Goldentree Asset Management Lp 10% owner | August 28, 2026 | Buy | 915 | $15.98 | $14,622 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 4, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
