What are the investment strengths of QVC Group Inc (QVCGA)?

Trading at 0.01x P/S vs industry median 1.4x - any stabilization creates massive equity upside from near-zero base Gross margin 34% and 460M operating income TTM shows core business still generates cash before debt service

What are the investment risks for QVC Group Inc (QVCGA)?

Interest expense 478M exceeds operating income 460M - company cannot service debt from operations 5-year revenue CAGR of -8% with accelerating decline suggests terminal business model in e-commerce era

QVC Group Inc

QVCGA

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QVC Group Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-11

Snapshot

Negative equity of -3.1B with 6.5B debt creates 68x debt-to-enterprise value ratio - technically insolvent balance sheet[Total Equity]
Revenue declining -5.6% TTM and -6.9% 3Y CAGR while industry median grows 3.4% - structural decline evident[Total Revenue 1Y Growth]
Market cap of 95M vs 4.8B EV - equity is a call option on 6.5B debt restructuring[Market Cap TTM]

Watch Triggers

Free Cash Flow TTM: Turns positive >100M — Only path to avoiding restructuring - current -26M unsustainable
Total Revenue 1Y Growth: Stabilizes above -3% — Revenue stabilization required before any debt refinancing possible
Interest Expense: Rises above 500M or debt covenant breach — Triggers acceleration of restructuring timeline

Bull Case

Trading at 0.01x P/S vs industry median 1.4x - any stabilization creates massive equity upside from near-zero base

PS RatioMarket Cap TTM

Gross margin 34% and 460M operating income TTM shows core business still generates cash before debt service

Gross Margin TTMOperating Income TTM

Bear Case

Interest expense 478M exceeds operating income 460M - company cannot service debt from operations

Interest ExpenseOperating Income TTM

5-year revenue CAGR of -8% with accelerating decline suggests terminal business model in e-commerce era

Total Revenue 5Y GrowthTotal Revenue 1Y Growth

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

20%

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Forward Thesis

Debt restructuring or bankruptcy filing likely within 12-24 months without dramatic operational turnaround

1-3yhigh

Interest expense 478M TTM exceeds operating income 460M
FCF negative -26M cannot service 6.5B debt load
Revenue declining 7% annually accelerates cash burn

Net debt 4.1B vs negative equity -3.1BOperating margin 4.8% vs interest burden 5%975M new debt issuance signals refinancing stress

Valuation Context

Caveats

Public Strategies Rankings

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QVCGA Fundamentals

Retail Trade → Nonstore Retailers

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$93.99M		—
Enterprise Value	$4.76B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$9.5B	-7.2%	—
Earnings Per Share (diluted) - TTM	$-4.12		—
Operating Margin - TTM	4.84%	-2.1%	—
Net Margin - TTM	-38.8%	-36.1%	—
Free Cash Flow - TTM	$-26.0M		—
Return on Common Equity - TTM	0.00		—
Beta 5Y (Monthly)	unknown		—

QVCGA Dividend History

3 dividends

2021

11/12/21$1.2500

2020

11/27/20$1.5000

09/15/20$1.5000

QVCGA Stock Splits

2 stock splits

05/23/2550:1 split

10/15/141000:1182 split

QVCGA SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/05/25	09/30/25	10-Q	0001628280-25-049504
08/07/25	06/30/25	10-Q	0001558370-25-010714
05/07/25	03/31/25	10-Q	0001558370-25-006737
02/27/25	12/31/24	10-K	0001558370-25-001837
11/07/24	09/30/24	10-Q	0001558370-24-014835
08/08/24	06/30/24	10-Q	0001558370-24-011560
05/08/24	03/31/24	10-Q	0001558370-24-007297
02/28/24	12/31/23	10-K	0001558370-24-002032
11/03/23	09/30/23	10-Q	0001558370-23-017543
08/04/23	06/30/23	10-Q	0001558370-23-013362
05/05/23	03/31/23	10-Q	0001558370-23-008256
03/01/23	12/31/22	10-K	0001558370-23-002572
11/04/22	09/30/22	10-Q	0001558370-22-016448
08/05/22	06/30/22	10-Q	0001558370-22-012400
05/06/22	03/31/22	10-Q	0001558370-22-007586
02/25/22	12/31/21	10-K	0001558370-22-002174
11/04/21	09/30/21	10-Q	0001558370-21-014623
08/06/21	06/30/21	10-Q	0001558370-21-010758
05/07/21	03/31/21	10-Q	0001558370-21-006419
02/26/21	12/31/20	10-K	0001558370-21-001983
11/05/20	09/30/20	10-Q	0001558370-20-012923
08/10/20	06/30/20	10-Q	0001558370-20-010193
05/08/20	03/31/20	10-Q	0001558370-20-005820
02/26/20	12/31/19	10-K	0001558370-20-001490
11/12/19	09/30/19	10-Q	0001558370-19-010663
08/08/19	06/30/19	10-Q	0001558370-19-007730
05/10/19	03/31/19	10-Q	0001558370-19-004827
02/28/19	12/31/18	10-K	0001558370-19-001344
11/09/18	09/30/18	10-Q	0001558370-18-009149
08/08/18	06/30/18	10-Q	0001558370-18-006782
05/10/18	03/31/18	10-Q	0001558370-18-004617
03/01/18	12/31/17	10-K	0001558370-18-001400
11/09/17	09/30/17	10-Q	0001558370-17-008702
08/08/17	06/30/17	10-Q	0001558370-17-006289
05/09/17	03/31/17	10-Q	0001558370-17-003997
02/28/17	12/31/16	10-K	0001558370-17-001150
11/08/16	09/30/16	10-Q	0001558370-16-009662
08/05/16	06/30/16	10-Q	0001558370-16-007515
05/09/16	03/31/16	10-Q	0001558370-16-005655
02/26/16	12/31/15	10-K	0001558370-16-003621
11/05/15	09/30/15	10-Q	0001558370-15-002274
08/05/15	06/30/15	10-Q	0001558370-15-001408
05/08/15	03/31/15	10-Q	0001558370-15-000837
02/27/15	12/31/14	10-K	0001558370-15-000204
11/05/14	09/30/14	10-Q	0001355096-14-000081
08/05/14	06/30/14	10-Q	0001355096-14-000052
05/08/14	03/31/14	10-Q	0001355096-14-000036
02/28/14	12/31/13	10-K	0001355096-14-000015
11/05/13	09/30/13	10-Q	0001355096-13-000063
08/06/13	06/30/13	10-Q	0001355096-13-000045
05/08/13	03/31/13	10-Q	0001355096-13-000025
02/28/13	12/31/12	10-K	0001355096-13-000007
11/06/12	09/30/12	10-Q	0001355096-12-000062
08/08/12	06/30/12	10-Q	0001355096-12-000038
05/08/12	03/31/12	10-Q	0001355096-12-000008
02/23/12	12/31/11	10-K	0001355096-12-000005
11/08/11	09/30/11	10-Q	0001355096-11-000007
08/09/11	06/30/11	10-Q	0001047469-11-007145
05/06/11	03/31/11	10-Q	0001047469-11-004696
02/28/11	12/31/10	10-K	0001047469-11-001521
11/05/10	09/30/10	10-Q	0001047469-10-009302
08/09/10	06/30/10	10-Q	0001047469-10-007216
05/07/10	03/31/10	10-Q	0001047469-10-004949
02/25/10	12/31/09	10-K	0001047469-10-001362
11/09/09	09/30/09	10-Q	0001047469-09-009800
08/07/09	06/30/09	10-Q	0001047469-09-007370
05/08/09	03/31/09	10-Q	0001047469-09-005254
02/27/09	12/31/08	4	0001179110-09-000361
11/06/08	09/30/08	10-Q	0001047469-08-011720
08/11/08	06/30/08	4	0001179110-08-012954
05/08/08	03/31/08	10-Q	0001047469-08-006218
02/29/08	12/31/07	10-K	0001047469-08-001955
11/09/07	09/30/07	10-Q	0001047469-07-008854
08/08/07	06/30/07	10-Q	0001047469-07-006177
05/08/07	03/31/07	10-Q	0001047469-07-003821
03/01/07	12/31/06	10-K	0001047469-07-001499
11/06/06	09/30/06	10-Q	0001047469-06-013586
08/09/06	06/30/06	10-Q	0001047469-06-010620
03/31/06	03/31/06	Unknown	--