QVC Group, Inc. (QVCG)

Price$15.92Cached quoteAs of 2026-09-17 06:09 UTC

AI: Fair-priced

Post-bankruptcy QVCG is economically a new equityThe supplied historical leverage and equity figures describe the pre-emergence business and are not directly comparable with today's QVCG.

QVC emerged from Chapter 11 on August 6, 2026. Old QVC Group equity, including its preferred stock, was canceled for no recovery; creditors received 49,999,897 newly issued QVCG shares. The reorganized company issued $1.325b of first-lien takeback debt and obtained a $600m undrawn asset-based revolver. QVC also received Cornerstone Brands, adding Ballard Designs, Frontgate, Garnet Hill and Grandin Road. Zulily is not part of QVCG: it was divested in May 2023.

Core shopping revenue remains under heavy pressureQVC and HSN retain large audiences, but lower unit volumes show that the transition from linear television to social and streaming commerce remains difficult.

Pre-emergence QVC revenue fell 11.0% year over year in Q2 to $1.765b. QxH, which includes QVC U.S. and HSN, declined 12.5% to $1.216b, primarily because of lower units shipped; QVC International revenue fell 4.9% in constant currency. Advertising spending increased as QVC invested in social and streaming platforms, and the company says QVC has become a leading TikTok Shop seller. Successful digital growth must eventually offset continued linear-TV and legacy-customer erosion.

Headline valuation is low but restructuring obscures normal earningsThe approximately $796m current equity value looks inexpensive against QVC's revenue scale, but debt service and falling operating profit consume much of that apparent discount.

At $15.92 and roughly 50.0m post-emergence shares, market capitalization is about $796m. QVC generated $293m of adjusted OIBDA in H1 2026 before Cornerstone was contributed; Old QVC Group, including Cornerstone and corporate costs, generated $289m. However, consolidated adjusted OIBDA fell about 30% year over year. The new $1.325b takeback debt carries approximately 10% interest, implying roughly $132.5m of annual cash interest before any ABL borrowing. Fresh-start accounting also means future reported results will not be directly comparable with historical figures.

Liquidity improved dramatically but equity remains high riskDebt reduction removed the immediate solvency crisis, yet QVC still needs stable cash generation while executing a major strategic and leadership reset.

The restructuring reduced total debt by more than $5b and provided access to the $600m ABL facility. Historical 2025 QVC operating cash flow was $419m, but H1 2026 operating cash flow fell to $56m amid declining earnings and working-capital outflows. June's $1.512b QVC cash balance should not be treated as current net cash because restructuring payments occurred afterward. Risks include secular cord-cutting, discretionary-spending weakness, tariffs, inventory markdowns, high post-emergence interest expense, social-commerce execution, management turnover and concentrated creditor ownership.

AI: News

Massive resale registration creates a stock-supply overhangQVCG's September 11 S-1 registered up to 37.63m creditor-owned shares for resale, equivalent to roughly three-quarters of the new share base.

The selling stockholders determine if and when shares are sold, and QVC receives no proceeds. The registered amount equals about 75% of the 49.9999m shares outstanding at emergence, so potential secondary supply is unusually large relative to current trading volume. Four stockholders initially controlled about 75.2% of QVCG, further highlighting concentrated ownership and possible volatility as restructuring creditors monetize positions.

Post-bankruptcy leadership is being rapidly reorganizedQVC emerged on August 6 with former QVC CEO Mike George as interim CEO and then eliminated additional senior operating roles later in August.

David Rawlinson stepped down at emergence as more than $5b of debt was eliminated. QVC subsequently disclosed that HSN/US Merchandising President Stacy Bowe and President/Chief Growth Officer Alex Wellen would depart September 4 and that the QxH and Growth president roles would be eliminated. The restructuring simplifies management but adds execution risk while QVC tries to shift toward TikTok, streaming, ecommerce and other live-social-shopping channels.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$8.29B	$9.00B	$9.45B	$9.89B	$11.35B	$11.47B	$10.99B	$11.28B	$8.77B	$8.68B	$8.74B	$8.80B	$8.62B	$8.52B	$8.27B
Gross profit	$2.79B	$3.09B	$3.18B	$3.14B	$3.99B	$4.05B	$3.84B	$4.03B	$3.17B	$3.14B	$3.21B	$3.25B	$3.16B	$3.10B	$2.99B
Gross margin	33.62%	34.37%	33.61%	31.72%	35.11%	35.34%	34.94%	35.76%	36.18%	36.19%	36.77%	36.97%	36.62%	36.37%	36.16%
Operating expenses	$10.31B	$9.77B	$8.80B	$11.29B	$9.85B	$9.90B	$9.66B	$9.77B	$7.46B	$7.48B	$7.47B	$1.98B	$1.91B	$1.83B	$1.85B
Operating income	−$2.02B	−$770.0M	$645.0M	−$1.40B	$1.51B	$1.57B	$1.33B	$1.51B	$1.31B	$1.20B	$1.27B	$1.28B	$1.25B	$1.27B	$1.14B
Operating margin	−24.32%	−8.56%	6.83%	−14.15%	13.27%	13.66%	12.08%	13.40%	14.92%	13.86%	14.58%	14.53%	14.44%	14.89%	13.75%
EBITDA	−$1.65B	−$419.0M	$1.02B	−$998.0M	$1.94B	$2.02B	$1.79B	$1.92B	$1.83B	$1.81B	$1.86B	$1.87B	$1.80B	$1.79B	$1.71B
EBITDA margin	−19.87%	−4.66%	10.76%	−10.09%	17.05%	17.61%	16.34%	17.04%	20.84%	20.82%	21.31%	21.20%	20.91%	21.07%	20.69%
Net income	−$2.17B	−$1.07B	$159.0M	−$1.87B	$787.0M	$844.0M	$767.0M	$882.0M	$901.0M	$604.0M	$628.0M	$594.0M	$588.0M	$624.0M	$560.0M
Net profit margin	−26.14%	−11.88%	1.68%	−18.88%	6.93%	7.36%	6.98%	7.82%	10.27%	6.96%	7.18%	6.75%	6.82%	7.33%	6.77%