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ACV Auctions Inc.（ACVA）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
美客多的季度营收约是ACV Auctions Inc.的33.4倍（$6.1B vs $183.6M）。美客多同比增速更快（40.2% vs 15.1%）。美客多自由现金流更多（$4.8B vs $-14.7M）。过去两年美客多的营收复合增速更高（40.7% vs 12.3%）
ACV Auctions Inc.是北美领先的数字化二手车批发拍卖平台，主要服务美加两地汽车经销商，提供车辆透明检测、安全支付、物流配送等全链条服务，助力注册批发买卖双方无需线下到场即可高效完成二手车交易。
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。
ACVA vs MELI — 直观对比
营收规模更大
MELI
是对方的33.4倍
$183.6M
营收增速更快
MELI
高出25.0%
15.1%
自由现金流更多
MELI
多$4.8B
$-14.7M
两年增速更快
MELI
近两年复合增速
12.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $183.6M | $6.1B |
| 净利润 | — | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | -9.7% | 14.5% |
| 净利率 | — | 9.1% |
| 营收同比 | 15.1% | 40.2% |
| 净利润同比 | — | -12.5% |
| 每股收益（稀释后） | $-0.12 | $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ACVAMELI
| Q4 25 | $183.6M | $6.1B | ||
| Q3 25 | $199.6M | $5.2B | ||
| Q2 25 | $193.7M | $4.8B | ||
| Q1 25 | $182.7M | $4.2B | ||
| Q4 24 | $159.5M | $4.4B | ||
| Q3 24 | $171.3M | $3.9B | ||
| Q2 24 | $160.6M | $3.8B | ||
| Q1 24 | $145.7M | $3.1B |
净利润ACVAMELI
| Q4 25 | — | $559.0M | ||
| Q3 25 | $-24.5M | $421.0M | ||
| Q2 25 | $-7.3M | $523.0M | ||
| Q1 25 | $-14.8M | $494.0M | ||
| Q4 24 | — | $639.0M | ||
| Q3 24 | $-16.0M | $397.0M | ||
| Q2 24 | $-17.1M | $531.0M | ||
| Q1 24 | $-20.5M | $344.0M |
毛利率ACVAMELI
| Q4 25 | — | 61.7% | ||
| Q3 25 | — | 61.7% | ||
| Q2 25 | — | 64.4% | ||
| Q1 25 | — | 66.1% | ||
| Q4 24 | — | 62.8% | ||
| Q3 24 | — | 62.6% | ||
| Q2 24 | — | 62.8% | ||
| Q1 24 | — | 65.3% |
营业利润率ACVAMELI
| Q4 25 | -9.7% | 14.5% | ||
| Q3 25 | -11.9% | 13.9% | ||
| Q2 25 | -3.7% | 17.2% | ||
| Q1 25 | -7.9% | 18.2% | ||
| Q4 24 | -16.2% | 18.7% | ||
| Q3 24 | -10.0% | 14.3% | ||
| Q2 24 | -11.6% | 19.3% | ||
| Q1 24 | -15.5% | 17.0% |
净利率ACVAMELI
| Q4 25 | — | 9.1% | ||
| Q3 25 | -12.3% | 8.1% | ||
| Q2 25 | -3.8% | 10.9% | ||
| Q1 25 | -8.1% | 11.8% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | -9.4% | 10.2% | ||
| Q2 24 | -10.6% | 14.1% | ||
| Q1 24 | -14.1% | 11.1% |
每股收益（稀释后）ACVAMELI
| Q4 25 | $-0.12 | $11.03 | ||
| Q3 25 | $-0.14 | $8.32 | ||
| Q2 25 | $-0.04 | $10.31 | ||
| Q1 25 | $-0.09 | $9.74 | ||
| Q4 24 | $-0.15 | $12.60 | ||
| Q3 24 | $-0.10 | $7.83 | ||
| Q2 24 | $-0.10 | $10.48 | ||
| Q1 24 | $-0.13 | $6.78 |
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 | $271.5M | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $429.7M | $6.7B |
| 总资产 | $1.1B | $42.7B |
| 负债/权益比越低杠杆越低 | — | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资ACVAMELI
| Q4 25 | $271.5M | $6.3B | ||
| Q3 25 | $265.3M | $6.3B | ||
| Q2 25 | $258.4M | $7.6B | ||
| Q1 25 | $291.9M | $8.1B | ||
| Q4 24 | $224.1M | $7.1B | ||
| Q3 24 | $252.5M | $6.7B | ||
| Q2 24 | $215.0M | $6.9B | ||
| Q1 24 | $209.8M | $6.3B |
总债务ACVAMELI
| 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 |
股东权益ACVAMELI
| Q4 25 | $429.7M | $6.7B | ||
| Q3 25 | $434.4M | $6.2B | ||
| Q2 25 | $448.8M | $5.7B | ||
| Q1 25 | $439.6M | $5.0B | ||
| Q4 24 | $440.0M | $4.4B | ||
| Q3 24 | $456.2M | $4.0B | ||
| Q2 24 | $457.6M | $3.7B | ||
| Q1 24 | $458.3M | $3.4B |
总资产ACVAMELI
| Q4 25 | $1.1B | $42.7B | ||
| Q3 25 | $1.2B | $36.7B | ||
| Q2 25 | $1.1B | $32.9B | ||
| Q1 25 | $1.2B | $27.7B | ||
| Q4 24 | $984.1M | $25.2B | ||
| Q3 24 | $1.0B | $22.6B | ||
| Q2 24 | $1.0B | $20.0B | ||
| Q1 24 | $1.0B | $19.1B |
负债/权益比ACVAMELI
| 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× |
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 | $-12.4M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $4.8B |
| 自由现金流率自由现金流/营收 | -8.0% | 77.9% |
| 资本支出强度资本支出/营收 | 1.2% | 7.0% |
| 现金转化率经营现金流/净利润 | — | 9.32× |
| 过去12个月自由现金流最近4个季度 | $69.1M | $10.8B |
8季度趋势，按日历期对齐
经营现金流ACVAMELI
| Q4 25 | $-12.4M | $5.2B | ||
| Q3 25 | $10.3M | $3.0B | ||
| Q2 25 | $13.7M | $2.9B | ||
| Q1 25 | $66.6M | $1.0B | ||
| Q4 24 | $-3.2M | $2.9B | ||
| Q3 24 | $21.1M | $1.6B | ||
| Q2 24 | $4.5M | $1.9B | ||
| Q1 24 | $43.0M | $1.5B |
自由现金流ACVAMELI
| Q4 25 | $-14.7M | $4.8B | ||
| Q3 25 | $7.7M | $2.6B | ||
| Q2 25 | $10.9M | $2.6B | ||
| Q1 25 | $65.3M | $759.0M | ||
| Q4 24 | $-3.9M | $2.6B | ||
| Q3 24 | $20.2M | $1.4B | ||
| Q2 24 | $2.7M | $1.7B | ||
| Q1 24 | $41.9M | $1.4B |
自由现金流率ACVAMELI
| Q4 25 | -8.0% | 77.9% | ||
| Q3 25 | 3.8% | 50.0% | ||
| Q2 25 | 5.6% | 54.8% | ||
| Q1 25 | 35.7% | 18.1% | ||
| Q4 24 | -2.5% | 59.8% | ||
| Q3 24 | 11.8% | 35.4% | ||
| Q2 24 | 1.7% | 45.1% | ||
| Q1 24 | 28.8% | 44.1% |
资本支出强度ACVAMELI
| Q4 25 | 1.2% | 7.0% | ||
| Q3 25 | 1.3% | 6.9% | ||
| Q2 25 | 1.5% | 6.0% | ||
| Q1 25 | 0.7% | 6.5% | ||
| Q4 24 | 0.4% | 7.0% | ||
| Q3 24 | 0.6% | 5.7% | ||
| Q2 24 | 1.1% | 4.9% | ||
| Q1 24 | 0.7% | 4.7% |
现金转化率ACVAMELI
| Q4 25 | — | 9.32× | ||
| Q3 25 | — | 7.03× | ||
| Q2 25 | — | 5.58× | ||
| Q1 25 | — | 2.09× | ||
| Q4 24 | — | 4.58× | ||
| Q3 24 | — | 4.03× | ||
| Q2 24 | — | 3.54× | ||
| Q1 24 | — | 4.40× |
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
ACVA
| Auction Marketplace Revenue | $77.6M | 42% |
| Other Marketplace Revenue | $72.4M | 39% |
| Customer Assurance | $24.1M | 13% |
| Data Services Revenue | $9.4M | 5% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
