QVC Group Inc. Financial Ratios — QVCGP Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	28.24	25.46	- -	- -	- -	- -	53.81	12.42	-8.62	28.41	10.53	-158.65	-53.6	- -	- -
Return on Assets (%)	4.31	3.05	2.92	3.76	4.59	8.37	12.69	4.37	-2.59	6.97	2.05	-18.03	-1.21	-12.52	-28.89
Return on Capital (%)	12.54	9.96	11.4	12.31	12.76	22.18	- -	7.92	- -	- -	5.42	- -	-12.34	- -	- -
Return on Invested Capital (%)	4.67	6.34	6.01	7.22	7.32	5.94	- -	8	- -	- -	9.37	- -	-12.83	- -	- -
Gross Margin (%)	36.42	36.22	36.07	36.4	36.23	35.12	34.75	34.55	33.88	34.46	34.27	30.47	33.76	35	34.3
EBITDA Margin (%)	18.49	18.4	17.75	18.51	19.93	17.3	16.99	14.17	14.54	15.05	14.3	7.51	9.35	10.67	8.18
Operating Margin (%)	11.82	12.42	11.6	12.03	12.76	9.09	10.02	9.64	10.04	11.09	10.47	3.54	5.63	6.85	3.87
Incremental Operating Margin (%)	3.8	33.46	-12.99	-10.99	4.19	-13.67	-30.86	8.57	0.98	30.74	75.94	53.82	-15.62	-8.43	41.02
Pretax Margin (%)	9.7	9.43	8.28	8.78	10.67	10.25	10.09	6.28	-4.62	7.41	4.54	-19.06	0.6	-12.86	-27.98
Profit Margin (%)	9.41	4.71	4.29	5.19	6.98	11.6	23.46	6.51	-3.39	8.44	2.42	-21.43	-1.33	-12.85	-26.42
Net Income to Common Margin (%)	9.41	4.71	4.29	5.19	6.98	11.6	23.46	6.51	-3.39	8.44	2.42	-21.43	-1.33	-12.85	-26.42
Effective Tax Rate (%)	37.83	38.3	40.9	34.77	31.08	28.96	- -	6.8	- -	- -	34.01	- -	242.42	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	95.35	100.2	-0.49	-18.6	-0.33	-0.04
Sustainable Growth Rate (%)	28.24	25.46	- -	- -	- -	- -	53.81	12.42	-8.62	1.32	-0.02	-159.43	-63.58	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	3,596	4,542	5,083	5,817	6,535	6,375	8,549	7,373	7,412	6,936	7,292	6,871	5,955	5,566	6,445
ST Debt	21	265	39	9	358	14	996	1,410	1,557	1,750	1,315	828	642	867	5,075
LT Debt	3,575	4,277	5,044	5,808	6,177	6,361	7,553	5,963	5,855	5,186	5,977	6,043	5,313	4,699	1,370
Total Debt/EBITDA	2.02	2.5	2.8	3.13	3.58	3.46	4.84	3.7	3.79	3.25	3.63	7.56	5.83	5.2	8.54
Net Debt/EBITDA	1.55	2.11	2.47	2.91	3.34	3.28	4.32	3.37	3.44	2.87	3.19	5.59	4.13	3.79	5.16
Total Debt/EBIT	3.16	3.7	4.29	4.82	5.59	6.59	8.2	5.43	5.49	4.41	4.96	16.05	9.7	8.09	18.05
Net Debt/EBIT	2.42	3.13	3.79	4.47	5.22	6.24	7.33	4.95	4.99	3.9	4.35	11.86	6.87	5.91	10.9
EBITDA to Interest Expense	5.61	5.65	6.26	5.95	6.46	5.07	4.98	5.23	5.23	5.23	4.29	1.99	2.26	2.29	1.52
EBITDA-CapEx/Interest Expense	4.62	4.61	5.25	5.22	5.69	4.43	4.26	4.14	4.01	5.09	4.29	1.99	2.26	2.29	1.52
EBIT to Interest Expense	3.59	3.81	4.09	3.87	4.13	2.67	2.94	3.56	3.61	3.85	3.14	0.94	1.36	1.47	0.72
Interest Expense	317	322	290	312	283	363	355	381	374	408	468	456	451	468	496
Common Equity/Total Assets	23.73	- -	- -	- -	- -	- -	37.61	31.83	28.29	20.74	18.08	2.71	1.76	-11.84	-46.23
Long-Term Debt/Equity (%)	41.58	59.73	77.58	132.57	116.7	128.27	74.91	103.81	117.76	138.92	200.17	1,151.05	1,086.5	- -	- -
Long-Term Debt/Capital (%)	48.38	91.17	96.87	98.14	93.13	98.25	42.62	45.27	47.07	48.94	57.71	82.5	84.89	103.09	45.74
Long-Term Debt/Total Assets (%)	23.18	28.3	33.94	45.48	40.8	44.31	31.31	33.42	33.83	30.51	36.89	48.07	46.74	50.84	17.92
Total Debt/Equity (%)	41.82	63.44	78.18	132.78	123.46	128.55	84.79	128.36	149.07	185.8	244.21	1,308.76	1,217.79	-628.93	-213.62
Total Debt/Capital (%)	48.66	96.82	97.62	98.29	98.52	98.47	48.24	55.97	59.59	65.45	70.41	93.8	95.14	122.11	215.19
Total Debt/Total Assets (%)	23.31	30.05	34.2	45.55	43.16	44.4	35.44	41.33	42.83	40.8	45.01	54.66	52.38	60.22	84.33
Net Debt to Equity	31.97	53.67	69.02	123.15	115.42	121.74	75.83	116.99	135.54	164.21	214.4	967.24	862.78	-459.1	-129.04
Net Debt/Capital (%)	42.01	96.27	97.31	98.16	98.42	98.39	45.46	53.68	57.28	62.61	65.53	83.93	82.11	111.22	380.55
EBITDA	1,778	1,819	1,814	1,856	1,827	1,842	1,768	1,994	1,957	2,134	2,008	909	1,021	1,071	755
EBITDA-CapEx	1,466	1,486	1,523	1,630	1,609	1,609	1,513	1,579	1,498	2,078	2,008	909	1,021	1,071	755
Operating Income (Loss)	1,137	1,228	1,185	1,206	1,170	968	1,043	1,357	1,351	1,572	1,471	428	614	688	357

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.56	0.33	0.31	0.28	0.21	0.19	0.26	0.17	0.17	0.17	0.14	0.41	0.43	0.33	0.3
Current Ratio	2.17	1.48	1.69	1.63	1.34	1.5	1.21	1.06	1.14	0.97	1.05	1.38	1.41	1.21	0.63
Quick Ratio	1.26	0.84	0.91	1.03	0.86	0.91	0.76	0.63	0.68	0.59	0.61	0.88	0.93	0.75	0.45
CFO/Avg Current Liab	0.32	0.81	0.49	0.7	0.54	0.75	0.57	0.34	0.32	0.56	0.27	0.05	0.32	0.2	0.06
Common Equity/Total Assets	23.73	- -	- -	- -	- -	- -	37.61	31.83	28.29	20.74	18.08	2.71	1.76	-11.84	-46.23
Long-Term Debt/Equity (%)	41.58	59.73	77.58	132.57	116.7	128.27	74.91	103.81	117.76	138.92	200.17	1,151.05	1,086.5	- -	- -
Long-Term Debt/Capital (%)	48.38	91.17	96.87	98.14	93.13	98.25	42.62	45.27	47.07	48.94	57.71	82.5	84.89	103.09	45.74
Long-Term Debt/Total Assets (%)	23.18	28.3	33.94	45.48	40.8	44.31	31.31	33.42	33.83	30.51	36.89	48.07	46.74	50.84	17.92
Total Debt/Equity (%)	41.82	63.44	78.18	132.78	123.46	128.55	84.79	128.36	149.07	185.8	244.21	1,308.76	1,217.79	-628.93	-213.62
Total Debt/Capital (%)	48.66	96.82	97.62	98.29	98.52	98.47	48.24	55.97	59.59	65.45	70.41	93.8	95.14	122.11	215.19
Total Debt/Total Assets (%)	23.31	30.05	34.2	45.55	43.16	44.4	35.44	41.33	42.83	40.8	45.01	54.66	52.38	60.22	84.33
CFO/Total Liabilities	14.47	18.5	11.78	14.59	10.21	15.35	10.61	10.52	10.41	18.51	9.27	1.61	8.45	5.18	2.57
CFO/CapEx	3.17	4.42	3.38	5.42	4.61	6.19	5.84	3.07	2.8	43.84	- -	- -	- -	- -	- -
Altman's Z-Score	4.37	3.19	3.21	3.79	3.33	3.7	2.31	4.56	3.85	3.76	3.83	2.68	2.91	2.55	0.47

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	18.25	9.2	9.11	8.56	7.12	8.04	6.95	7.9	7.3	8.12	8.46	7.88	8.08	8.19	8.46
Days Sales Outstanding	20	39.66	40.06	42.66	51.25	45.41	52.55	46.19	50.03	44.98	43.13	46.33	45.18	44.57	43.16
Inventory Turnover	5.71	5.79	5.86	6.36	6.4	7.22	5.71	6.38	6.16	6.85	6.31	5.67	6.05	6.2	5.97
Days Inventory Outstanding	63.88	62.99	62.27	57.37	57.03	50.54	63.95	57.17	59.21	53.31	57.81	64.37	60.33	58.88	61.18
Accounts Payable Turnover	9.95	9.73	9.99	9.94	8.66	9.09	7.46	7.87	7.7	7.66	6.99	6.77	7.41	7.83	8.09
Accounts Payable Turnover Days	36.67	37.52	36.53	36.73	42.15	40.15	48.96	46.35	47.39	47.64	52.23	53.92	49.29	46.62	45.11
Cash Conversion Cycle	47.21	65.13	65.8	63.3	66.13	55.79	67.55	57.01	61.84	50.65	48.71	56.78	56.22	56.83	59.23
Inventory to Cash Days	-43.87	-23.33	-22.21	-14.71	-5.77	-5.13	-11.4	-10.98	-9.18	-8.33	-14.68	-18.05	-15.15	-14.32	-18.02
Inventories	1,071	1,106	1,123	882	945	968	1,411	1,474	1,413	1,301	1,623	1,346	1,044	1,061	972
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1,071	1,106	1,123	882	945	968	1,411	1,474	1,413	1,301	1,623	1,346	1,044	1,061	972

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	847	699	595	422	426	338	903	653	673	806	587	1,275	1,121	905	1,972
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	134	149	124	101	98	99	99	120	132	135	136	113	104	86	83
+ Total Debt	3,596	4,542	5,083	5,817	6,535	6,375	8,549	7,373	7,412	6,936	7,292	6,871	5,955	5,566	6,445
Enterprise Value	2,883	3,992	4,612	5,475	6,195	6,136	7,745	6,840	6,871	6,265	6,841	5,709	4,938	4,747	4,556
Total Capital	7,390	4,691	5,207	5,918	6,633	6,474	17,721	13,172	12,439	10,597	10,357	7,325	6,259	4,558	2,995
Total Debt/Capital (%)	48.66	96.82	97.62	98.29	98.52	98.47	48.24	55.97	59.59	65.45	70.41	93.8	95.14	122.11	215.19
Total Debt / EV	1.25	1.14	1.1	1.06	1.05	1.04	1.1	1.08	1.08	1.11	1.07	1.2	1.21	1.17	1.41
EV/Sales	0.3	0.4	0.45	0.55	0.68	0.58	0.74	0.49	0.51	0.44	0.49	0.47	0.45	0.47	0.49
EV/EBITDA	1.62	2.19	2.54	2.95	3.39	3.33	4.38	3.43	3.51	2.94	3.41	6.28	4.84	4.43	6.03
EV/EBIT	2.54	3.25	3.89	4.54	5.29	6.34	7.43	5.04	5.09	3.99	4.65	13.34	8.04	6.9	12.76
EV/Cash Flow to Firm	2.43	2.39	3.99	3.84	5.16	3.61	3.56	4.2	4.5	2.13	4.46	8.22	17.85	4.85	6.2
EV/Free Cash Flow to Firm	1.93	1.99	3.19	3.31	4.37	3.17	3.18	3.35	3.46	2.09	4.46	8.22	17.85	4.85	6.2
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	2,883	3,992	4,612	5,496	6,207	6,136	7,745	6,840	6,871	6,265	6,841	5,709	4,938	4,747	4,556
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	9,616	9,888	10,219	10,028	9,169	10,647	10,404	14,070	13,458	14,177	14,044	12,106	10,915	10,037	9,230
TTM EBITDA	1,778	1,819	1,814	1,856	1,827	1,842	1,768	1,994	1,957	2,134	2,008	909	1,021	1,071	755
TTM Operating Income	1,137	1,228	1,185	1,206	1,170	968	1,043	1,357	1,351	1,572	1,471	428	614	688	357
TTM Cash Flow to Firm	1,185	1,671	1,156	1,428	1,200	1,701	2,178	1,628	1,528	2,942	1,534	694	277	978	734
TTM Free Cash Flow to Firm	1,497	2,004	1,447	1,654	1,418	1,934	2,433	2,043	1,987	2,998	1,534	694	277	978	734

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	2.54	3.25	3.89	4.54	5.29	6.34	7.43	5.04	5.09	3.99	4.65	13.34	8.04	6.9	12.76
Enterprise Value	2,883	3,992	4,612	5,475	6,195	6,136	7,745	6,840	6,871	6,265	6,841	5,709	4,938	4,747	4,556
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	88.63	98.43	32	18.33	30.63	3.18
EV/Sales	0.3	0.4	0.45	0.55	0.68	0.58	0.74	0.49	0.51	0.44	0.49	0.47	0.45	0.47	0.49
EV/EBITDA	1.62	2.19	2.54	2.95	3.39	3.33	4.38	3.43	3.51	2.94	3.41	6.28	4.84	4.43	6.03
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.3	0.4	0.45	0.55	0.68	0.58	0.74	0.49	0.51	0.44	0.49	0.47	0.45	0.47	0.49
EV/Sales High	0.3	0.4	0.45	0.55	0.68	0.58	0.74	0.49	0.51	0.44	0.49	0.47	0.45	0.47	0.49
EV/Sales Low	0.3	0.4	0.45	0.55	0.68	0.58	0.74	0.49	0.51	0.44	0.49	0.47	0.45	0.47	0.49
EV/EBITDA Average	1.62	2.19	2.54	2.96	3.4	3.33	4.38	3.43	3.51	2.94	3.41	6.28	4.84	4.43	6.03
EV/EBITDA High	1.62	2.19	2.54	2.96	3.4	3.33	4.38	3.43	3.51	2.94	3.41	6.28	4.84	4.43	6.03
EV/EBITDA Low	1.62	2.19	2.54	2.96	3.4	3.33	4.38	3.43	3.51	2.94	3.41	6.28	4.84	4.43	6.03
EV/EBIT Average	2.54	3.25	3.89	4.56	5.31	6.34	7.43	5.04	5.09	3.99	4.65	13.34	8.04	6.9	12.76
EV/EBIT High	2.54	3.25	3.89	4.56	5.31	6.34	7.43	5.04	5.09	3.99	4.65	13.34	8.04	6.9	12.76
EV/EBIT Low	2.54	3.25	3.89	4.56	5.31	6.34	7.43	5.04	5.09	3.99	4.65	13.34	8.04	6.9	12.76
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	99	103.22	34.26	35.96	34.5	3.64
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	106	110	104.8	53.96	53.15	40.79
Enterprise Value Average	2,883	3,992	4,612	5,496	6,207	6,136	7,745	6,840	6,871	6,265	6,841	5,709	4,938	4,747	4,556
Enterprise Value High	2,883	3,992	4,612	5,496	6,207	6,136	7,745	6,840	6,871	6,265	6,841	5,709	4,938	4,747	4,556
Enterprise Value Low	2,883	3,992	4,612	5,496	6,207	6,136	7,745	6,840	6,871	6,265	6,841	5,709	4,938	4,747	4,556

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	12	11	10	10	10	9	10	9	8	8	8	8	8	8	8
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

QVC Group Inc.

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