vs
Side-by-side financial comparison of MERCADOLIBRE INC (MELI) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
MERCADOLIBRE INC is the larger business by last-quarter revenue ($6.1B vs $4.0B, roughly 1.5× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 9.1%, a 21.9% gap on every dollar of revenue. MERCADOLIBRE INC produced more free cash flow last quarter ($4.8B vs $1.8B). Over the past eight quarters, MERCADOLIBRE INC's revenue compounded faster (40.7% CAGR vs 9.7%).
MercadoLibre, Inc., known as Mercado Livre in Brazil, literally meaning "free market" in both languages, is a company of Argentine origin and incorporated in Delaware in the United States that operates online marketplaces dedicated to e-commerce and online auctions. As of 2016, Mercado Libre had 174.2 million users in Latin America, making it the region's most popular e-commerce site by number of visitors.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
MELI vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.1B | $4.0B |
| Net Profit | $559.0M | $1.2B |
| Gross Margin | 61.7% | 64.1% |
| Operating Margin | 14.5% | 28.3% |
| Net Margin | 9.1% | 31.0% |
| Revenue YoY | 40.2% | — |
| Net Profit YoY | -12.5% | — |
| EPS (diluted) | $11.03 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $6.1B | — | ||
| Q3 25 | $5.2B | $4.0B | ||
| Q2 25 | $4.8B | $3.9B | ||
| Q1 25 | $4.2B | $4.0B | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $3.9B | $3.7B | ||
| Q2 24 | $3.8B | $3.5B | ||
| Q1 24 | $3.1B | $3.7B |
| Q4 25 | $559.0M | — | ||
| Q3 25 | $421.0M | $1.2B | ||
| Q2 25 | $523.0M | $1.3B | ||
| Q1 25 | $494.0M | $1.5B | ||
| Q4 24 | $639.0M | — | ||
| Q3 24 | $397.0M | $955.7M | ||
| Q2 24 | $531.0M | $939.6M | ||
| Q1 24 | $344.0M | $1.1B |
| Q4 25 | 61.7% | — | ||
| Q3 25 | 61.7% | 64.1% | ||
| Q2 25 | 64.4% | 64.7% | ||
| Q1 25 | 66.1% | 64.1% | ||
| Q4 24 | 62.8% | — | ||
| Q3 24 | 62.6% | 62.9% | ||
| Q2 24 | 62.8% | 62.9% | ||
| Q1 24 | 65.3% | 63.4% |
| Q4 25 | 14.5% | — | ||
| Q3 25 | 13.9% | 28.3% | ||
| Q2 25 | 17.2% | 32.5% | ||
| Q1 25 | 18.2% | 36.2% | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 14.3% | 27.3% | ||
| Q2 24 | 19.3% | 27.4% | ||
| Q1 24 | 17.0% | 28.4% |
| Q4 25 | 9.1% | — | ||
| Q3 25 | 8.1% | 31.0% | ||
| Q2 25 | 10.9% | 32.6% | ||
| Q1 25 | 11.8% | 36.6% | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 10.2% | 25.6% | ||
| Q2 24 | 14.1% | 26.8% | ||
| Q1 24 | 11.1% | 29.1% |
| Q4 25 | $11.03 | — | ||
| Q3 25 | $8.32 | — | ||
| Q2 25 | $10.31 | — | ||
| Q1 25 | $9.74 | — | ||
| Q4 24 | $12.60 | — | ||
| Q3 24 | $7.83 | — | ||
| Q2 24 | $10.48 | — | ||
| Q1 24 | $6.78 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.3B | $31.3B |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $6.7B | $160.8B |
| Total Assets | $42.7B | $214.5B |
| Debt / EquityLower = less leverage | 0.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.3B | $31.3B | ||
| Q2 25 | $7.6B | $54.4B | ||
| Q1 25 | $8.1B | $41.7B | ||
| Q4 24 | $7.1B | — | ||
| Q3 24 | $6.7B | $20.2B | ||
| Q2 24 | $6.9B | $19.0B | ||
| Q1 24 | $6.3B | $43.0B |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $3.4B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.2B | — |
| Q4 25 | $6.7B | — | ||
| Q3 25 | $6.2B | $160.8B | ||
| Q2 25 | $5.7B | $154.0B | ||
| Q1 25 | $5.0B | $147.8B | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.0B | $135.6B | ||
| Q2 24 | $3.7B | $134.2B | ||
| Q1 24 | $3.4B | $130.5B |
| Q4 25 | $42.7B | — | ||
| Q3 25 | $36.7B | $214.5B | ||
| Q2 25 | $32.9B | $208.5B | ||
| Q1 25 | $27.7B | $200.9B | ||
| Q4 24 | $25.2B | — | ||
| Q3 24 | $22.6B | $184.9B | ||
| Q2 24 | $20.0B | $183.3B | ||
| Q1 24 | $19.1B | $195.1B |
| Q4 25 | 0.68× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.57× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.78× | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | 0.66× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.2B | $1.8B |
| Free Cash FlowOCF − Capex | $4.8B | $1.8B |
| FCF MarginFCF / Revenue | 77.9% | 44.7% |
| Capex IntensityCapex / Revenue | 7.0% | 1.0% |
| Cash ConversionOCF / Net Profit | 9.32× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $10.8B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.2B | — | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $2.9B | $1.5B | ||
| Q1 25 | $1.0B | $1.7B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.9B | $898.8M | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | $4.8B | — | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $759.0M | $1.6B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.7B | $875.6M | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | 77.9% | — | ||
| Q3 25 | 50.0% | 44.7% | ||
| Q2 25 | 54.8% | 38.3% | ||
| Q1 25 | 18.1% | 40.4% | ||
| Q4 24 | 59.8% | — | ||
| Q3 24 | 35.4% | 38.9% | ||
| Q2 24 | 45.1% | 25.0% | ||
| Q1 24 | 44.1% | 34.0% |
| Q4 25 | 7.0% | — | ||
| Q3 25 | 6.9% | 1.0% | ||
| Q2 25 | 6.0% | 0.7% | ||
| Q1 25 | 6.5% | 1.6% | ||
| Q4 24 | 7.0% | — | ||
| Q3 24 | 5.7% | 1.4% | ||
| Q2 24 | 4.9% | 0.7% | ||
| Q1 24 | 4.7% | 1.5% |
| Q4 25 | 9.32× | — | ||
| Q3 25 | 7.03× | 1.47× | ||
| Q2 25 | 5.58× | 1.20× | ||
| Q1 25 | 2.09× | 1.15× | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.03× | 1.58× | ||
| Q2 24 | 3.54× | 0.96× | ||
| Q1 24 | 4.40× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
