vs
埃森哲（ACN）与美客多（MELI）财务数据对比。点击上方公司名可切换其他公司
埃森哲的季度营收约是美客多的2.9倍（$18.0B vs $6.1B）。埃森哲净利率更高（10.1% vs 9.1%，领先1.0%）。美客多同比增速更快（40.2% vs 8.3%）。美客多自由现金流更多（$4.8B vs $3.7B）。过去两年美客多的营收复合增速更高（40.7% vs 4.7%）
埃森哲是总部位于爱尔兰都柏林的科技咨询企业，成立于1989年，业务覆盖全球120个国家和地区，面向各行业客户提供信息技术、管理咨询等专业服务，助力企业优化运营效率、实现数字化升级。
美客多（Mercado Libre）是起源于阿根廷、在美国特拉华州注册的互联网企业，核心业务涵盖电商平台运营及在线拍卖服务，是拉丁美洲头部电商平台。截至2016年，其在拉美地区拥有1.742亿用户，是当地访问量最高的电商站点。
ACN vs MELI — 直观对比
营收规模更大
ACN
是对方的2.9倍
$6.1B
营收增速更快
MELI
高出31.8%
8.3%
净利率更高
ACN
高出1.0%
9.1%
自由现金流更多
MELI
多$1.1B
$3.7B
两年增速更快
MELI
近两年复合增速
4.7%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $18.0B | $6.1B |
| 净利润 | $1.8B | $559.0M |
| 毛利率 | 30.3% | 61.7% |
| 营业利润率 | 13.8% | 14.5% |
| 净利率 | 10.1% | 9.1% |
| 营收同比 | 8.3% | 40.2% |
| 净利润同比 | 2.1% | -12.5% |
| 每股收益（稀释后） | $2.93 | $11.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACNMELI
| Q1 26 | $18.0B | — | ||
| Q4 25 | $18.7B | $6.1B | ||
| Q3 25 | $17.6B | $5.2B | ||
| Q2 25 | $17.7B | $4.8B | ||
| Q1 25 | $16.7B | $4.2B | ||
| Q4 24 | $17.7B | $4.4B | ||
| Q3 24 | $16.4B | $3.9B | ||
| Q2 24 | $16.5B | $3.8B |
净利润ACNMELI
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.2B | $559.0M | ||
| Q3 25 | $1.4B | $421.0M | ||
| Q2 25 | $2.2B | $523.0M | ||
| Q1 25 | $1.8B | $494.0M | ||
| Q4 24 | $2.3B | $639.0M | ||
| Q3 24 | $1.7B | $397.0M | ||
| Q2 24 | $1.9B | $531.0M |
毛利率ACNMELI
| Q1 26 | 30.3% | — | ||
| Q4 25 | 33.1% | 61.7% | ||
| Q3 25 | 31.9% | 61.7% | ||
| Q2 25 | 32.9% | 64.4% | ||
| Q1 25 | 29.9% | 66.1% | ||
| Q4 24 | 32.9% | 62.8% | ||
| Q3 24 | 32.5% | 62.6% | ||
| Q2 24 | 33.4% | 62.8% |
营业利润率ACNMELI
| Q1 26 | 13.8% | — | ||
| Q4 25 | 15.3% | 14.5% | ||
| Q3 25 | 11.6% | 13.9% | ||
| Q2 25 | 16.8% | 17.2% | ||
| Q1 25 | 13.5% | 18.2% | ||
| Q4 24 | 16.7% | 18.7% | ||
| Q3 24 | 14.3% | 14.3% | ||
| Q2 24 | 16.0% | 19.3% |
净利率ACNMELI
| Q1 26 | 10.1% | — | ||
| Q4 25 | 11.8% | 9.1% | ||
| Q3 25 | 8.0% | 8.1% | ||
| Q2 25 | 12.4% | 10.9% | ||
| Q1 25 | 10.7% | 11.8% | ||
| Q4 24 | 12.9% | 14.6% | ||
| Q3 24 | 10.3% | 10.2% | ||
| Q2 24 | 11.7% | 14.1% |
每股收益（稀释后）ACNMELI
| Q1 26 | $2.93 | — | ||
| Q4 25 | $3.54 | $11.03 | ||
| Q3 25 | $2.25 | $8.32 | ||
| Q2 25 | $3.49 | $10.31 | ||
| Q1 25 | $2.82 | $9.74 | ||
| Q4 24 | $3.59 | $12.60 | ||
| Q3 24 | $2.67 | $7.83 | ||
| Q2 24 | $3.04 | $10.48 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $9.4B | $6.3B |
| 总债务越低越好 | $5.0B | $4.6B |
| 股东权益账面价值 | $31.2B | $6.7B |
| 总资产 | $67.1B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资ACNMELI
| Q1 26 | $9.4B | — | ||
| Q4 25 | $9.7B | $6.3B | ||
| Q3 25 | $11.5B | $6.3B | ||
| Q2 25 | $9.6B | $7.6B | ||
| Q1 25 | $8.5B | $8.1B | ||
| Q4 24 | $8.3B | $7.1B | ||
| Q3 24 | $5.0B | $6.7B | ||
| Q2 24 | $5.5B | $6.9B |
总债务ACNMELI
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $4.6B | ||
| Q3 25 | $5.0B | $3.4B | ||
| Q2 25 | $5.0B | $3.5B | ||
| Q1 25 | $5.0B | $2.9B | ||
| Q4 24 | $5.0B | $2.9B | ||
| Q3 24 | $78.6M | $3.1B | ||
| Q2 24 | $68.9M | $2.4B |
股东权益ACNMELI
| Q1 26 | $31.2B | — | ||
| Q4 25 | $30.9B | $6.7B | ||
| Q3 25 | $31.2B | $6.2B | ||
| Q2 25 | $30.6B | $5.7B | ||
| Q1 25 | $29.2B | $5.0B | ||
| Q4 24 | $29.2B | $4.4B | ||
| Q3 24 | $28.3B | $4.0B | ||
| Q2 24 | $27.7B | $3.7B |
总资产ACNMELI
| Q1 26 | $67.1B | — | ||
| Q4 25 | $64.7B | $42.7B | ||
| Q3 25 | $65.4B | $36.7B | ||
| Q2 25 | $63.4B | $32.9B | ||
| Q1 25 | $59.9B | $27.7B | ||
| Q4 24 | $59.9B | $25.2B | ||
| Q3 24 | $55.9B | $22.6B | ||
| Q2 24 | $54.1B | $20.0B |
负债/权益比ACNMELI
| Q1 26 | 0.16× | — | ||
| Q4 25 | 0.16× | 0.68× | ||
| Q3 25 | 0.16× | 0.55× | ||
| Q2 25 | 0.16× | 0.61× | ||
| Q1 25 | 0.17× | 0.57× | ||
| Q4 24 | 0.17× | 0.66× | ||
| Q3 24 | 0.00× | 0.78× | ||
| Q2 24 | 0.00× | 0.67× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $3.8B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $3.7B | $4.8B |
| 自由现金流率自由现金流/营收 | 20.3% | 77.9% |
| 资本支出强度资本支出/营收 | 0.8% | 7.0% |
| 现金转化率经营现金流/净利润 | 2.09× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $12.5B | $10.8B |
8季度趋势，按日历期对齐
经营现金流ACNMELI
| Q1 26 | $3.8B | — | ||
| Q4 25 | $1.7B | $5.2B | ||
| Q3 25 | $3.9B | $3.0B | ||
| Q2 25 | $3.7B | $2.9B | ||
| Q1 25 | $2.9B | $1.0B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $3.4B | $1.6B | ||
| Q2 24 | $3.1B | $1.9B |
自由现金流ACNMELI
| Q1 26 | $3.7B | — | ||
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $3.8B | $2.6B | ||
| Q2 25 | $3.5B | $2.6B | ||
| Q1 25 | $2.7B | $759.0M | ||
| Q4 24 | $870.3M | $2.6B | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $3.0B | $1.7B |
自由现金流率ACNMELI
| Q1 26 | 20.3% | — | ||
| Q4 25 | 8.0% | 77.9% | ||
| Q3 25 | 21.6% | 50.0% | ||
| Q2 25 | 19.8% | 54.8% | ||
| Q1 25 | 16.1% | 18.1% | ||
| Q4 24 | 4.9% | 59.8% | ||
| Q3 24 | 19.4% | 35.4% | ||
| Q2 24 | 18.3% | 45.1% |
资本支出强度ACNMELI
| Q1 26 | 0.8% | — | ||
| Q4 25 | 0.8% | 7.0% | ||
| Q3 25 | 0.6% | 6.9% | ||
| Q2 25 | 1.0% | 6.0% | ||
| Q1 25 | 1.0% | 6.5% | ||
| Q4 24 | 0.9% | 7.0% | ||
| Q3 24 | 1.3% | 5.7% | ||
| Q2 24 | 0.8% | 4.9% |
现金转化率ACNMELI
| Q1 26 | 2.09× | — | ||
| Q4 25 | 0.75× | 9.32× | ||
| Q3 25 | 2.77× | 7.03× | ||
| Q2 25 | 1.68× | 5.58× | ||
| Q1 25 | 1.60× | 2.09× | ||
| Q4 24 | 0.45× | 4.58× | ||
| Q3 24 | 2.01× | 4.03× | ||
| Q2 24 | 1.63× | 3.54× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ACN
| Products | $5.5B | 30% |
| Health And Public Service | $3.7B | 20% |
| Financial Services Sector | $3.4B | 19% |
| Communications Media And Technology | $3.1B | 17% |
| Resources | $2.4B | 13% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
