Qvc Inc. (QVCCQ) intrinsic value & 10-year financials
Qvc Inc. (QVCCQ) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 0.5% a year to $8.3B, with an average return on invested capital of -2.4%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $8.3B
- Revenue growth (10-yr CAGR)
- -0.5%
- ROIC (10-yr avg)
- -2.4%
- Free cash flow (FY2025)
- $287.0M
QVCCQ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.3B | -$2.2B | — | $287.0M | -24.3% | -62.7% |
| FY2024 | $9.0B | -$1.1B | — | $362.0M | -8.6% | -10.9% |
| FY2023 | $9.4B | $159.0M | — | $912.0M | 6.8% | 3.9% |
| FY2022 | $9.9B | -$1.9B | — | $193.0M | -14.1% | -13.3% |
| FY2021 | $11.4B | $787.0M | — | $959.0M | 13.3% | 8.3% |
| FY2020 | $11.5B | $852.0M | — | $2.0B | 13.7% | 9.7% |
| FY2019 | $11.0B | $767.0M | — | $1.0B | 12.1% | 9.0% |
| FY2018 | $11.3B | $882.0M | — | — | 13.4% | 11.1% |
| FY2017 | $8.8B | $926.0M | — | — | 15.4% | 13.1% |
| FY2016 | $8.7B | $604.0M | — | — | 13.9% | 8.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
QVC INC is facing top-line stagnation, with revenue contracting over the decade.
QVC INC has historically struggled to out-earn its cost of capital, averaging just -2.4% ROIC.
QVC INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, QVC INC is modeled at -0.5% normalized earnings growth with a 5.1% bond-yield adjustment.