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亚德诺半导体（ADI）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亚德诺半导体的1.9倍（$6.1B vs $3.2B），亚德诺半导体净利率更高（26.3% vs 9.1%，领先17.2%），美客多同比增速更快（40.2% vs 30.4%），美客多自由现金流更多（$4.8B vs $1.3B），过去两年美客多的营收复合增速更高（40.7% vs 21.0%）
亚德诺半导体（ADI）是总部位于美国马萨诸塞州威尔明顿的跨国半导体企业，专注于数据转换、信号处理与电源管理技术研发，相关产品广泛应用于通信、工业、汽车等多个领域，是全球模拟芯片领域的领先厂商。
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。
ADI vs MELI — 直观对比
营收规模更大
MELI
是对方的1.9倍
$3.2B
营收增速更快
MELI
高出9.7%
30.4%
净利率更高
ADI
高出17.2%
9.1%
自由现金流更多
MELI
多$3.5B
$1.3B
两年增速更快
MELI
近两年复合增速
21.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $6.1B |
| 净利润 | $830.8M | $559.0M |
| 毛利率 | 64.7% | 61.7% |
| 营业利润率 | 31.5% | 14.5% |
| 净利率 | 26.3% | 9.1% |
| 营收同比 | 30.4% | 40.2% |
| 净利润同比 | 112.3% | -12.5% |
| 每股收益（稀释后） | $1.69 | $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ADIMELI
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $6.1B | ||
| Q3 25 | $2.9B | $5.2B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.4B | $4.2B | ||
| Q4 24 | $2.4B | $4.4B | ||
| Q3 24 | $2.3B | $3.9B | ||
| Q2 24 | $2.2B | $3.8B |
净利润ADIMELI
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $559.0M | ||
| Q3 25 | $518.5M | $421.0M | ||
| Q2 25 | $569.8M | $523.0M | ||
| Q1 25 | $391.3M | $494.0M | ||
| Q4 24 | $478.1M | $639.0M | ||
| Q3 24 | $392.2M | $397.0M | ||
| Q2 24 | $302.2M | $531.0M |
毛利率ADIMELI
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 61.7% | ||
| Q3 25 | 62.1% | 61.7% | ||
| Q2 25 | 61.0% | 64.4% | ||
| Q1 25 | 59.0% | 66.1% | ||
| Q4 24 | 58.0% | 62.8% | ||
| Q3 24 | 56.7% | 62.6% | ||
| Q2 24 | 54.7% | 62.8% |
营业利润率ADIMELI
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 14.5% | ||
| Q3 25 | 28.4% | 13.9% | ||
| Q2 25 | 25.7% | 17.2% | ||
| Q1 25 | 20.3% | 18.2% | ||
| Q4 24 | 23.3% | 18.7% | ||
| Q3 24 | 21.2% | 14.3% | ||
| Q2 24 | 17.9% | 19.3% |
净利率ADIMELI
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 9.1% | ||
| Q3 25 | 18.0% | 8.1% | ||
| Q2 25 | 21.6% | 10.9% | ||
| Q1 25 | 16.1% | 11.8% | ||
| Q4 24 | 19.6% | 14.6% | ||
| Q3 24 | 17.0% | 10.2% | ||
| Q2 24 | 14.0% | 14.1% |
每股收益（稀释后）ADIMELI
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $11.03 | ||
| Q3 25 | $1.04 | $8.32 | ||
| Q2 25 | $1.14 | $10.31 | ||
| Q1 25 | $0.78 | $9.74 | ||
| Q4 24 | $0.95 | $12.60 | ||
| Q3 24 | $0.79 | $7.83 | ||
| Q2 24 | $0.61 | $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 | $2.9B | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $33.8B | $6.7B |
| 总资产 | $48.0B | $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ADIMELI
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $6.3B | ||
| Q3 25 | $2.3B | $6.3B | ||
| Q2 25 | $2.4B | $7.6B | ||
| Q1 25 | $2.3B | $8.1B | ||
| Q4 24 | $2.4B | $7.1B | ||
| Q3 24 | $2.1B | $6.7B | ||
| Q2 24 | $2.4B | $6.9B |
总债务ADIMELI
| Q1 26 | — | — | ||
| 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 |
股东权益ADIMELI
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $6.7B | ||
| Q3 25 | $34.1B | $6.2B | ||
| Q2 25 | $35.0B | $5.7B | ||
| Q1 25 | $35.1B | $5.0B | ||
| Q4 24 | $35.2B | $4.4B | ||
| Q3 24 | $35.2B | $4.0B | ||
| Q2 24 | $35.2B | $3.7B |
总资产ADIMELI
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $42.7B | ||
| Q3 25 | $48.2B | $36.7B | ||
| Q2 25 | $47.3B | $32.9B | ||
| Q1 25 | $48.0B | $27.7B | ||
| Q4 24 | $48.2B | $25.2B | ||
| Q3 24 | $48.6B | $22.6B | ||
| Q2 24 | $48.9B | $20.0B |
负债/权益比ADIMELI
| Q1 26 | — | — | ||
| 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× |
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 | $1.4B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $4.8B |
| 自由现金流率自由现金流/营收 | 39.8% | 77.9% |
| 资本支出强度资本支出/营收 | 3.5% | 7.0% |
| 现金转化率经营现金流/净利润 | 1.65× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $4.6B | $10.8B |
8季度趋势，按日历期对齐
经营现金流ADIMELI
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $5.2B | ||
| Q3 25 | $1.2B | $3.0B | ||
| Q2 25 | $819.5M | $2.9B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $855.0M | $1.6B | ||
| Q2 24 | $807.9M | $1.9B |
自由现金流ADIMELI
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $1.1B | $2.6B | ||
| Q2 25 | $729.2M | $2.6B | ||
| Q1 25 | $977.8M | $759.0M | ||
| Q4 24 | $885.4M | $2.6B | ||
| Q3 24 | $701.1M | $1.4B | ||
| Q2 24 | $619.7M | $1.7B |
自由现金流率ADIMELI
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 77.9% | ||
| Q3 25 | 37.7% | 50.0% | ||
| Q2 25 | 27.6% | 54.8% | ||
| Q1 25 | 40.4% | 18.1% | ||
| Q4 24 | 36.2% | 59.8% | ||
| Q3 24 | 30.3% | 35.4% | ||
| Q2 24 | 28.7% | 45.1% |
资本支出强度ADIMELI
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 7.0% | ||
| Q3 25 | 2.7% | 6.9% | ||
| Q2 25 | 3.4% | 6.0% | ||
| Q1 25 | 6.1% | 6.5% | ||
| Q4 24 | 6.8% | 7.0% | ||
| Q3 24 | 6.7% | 5.7% | ||
| Q2 24 | 8.7% | 4.9% |
现金转化率ADIMELI
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | 9.32× | ||
| Q3 25 | 2.25× | 7.03× | ||
| Q2 25 | 1.44× | 5.58× | ||
| Q1 25 | 2.88× | 2.09× | ||
| Q4 24 | 2.20× | 4.58× | ||
| Q3 24 | 2.18× | 4.03× | ||
| Q2 24 | 2.67× | 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
ADI
| Sales Channel Directly To Consumer | $1.4B | 44% |
| Automotive | $794.4M | 25% |
| Communications | $476.8M | 15% |
| Consumer | $399.8M | 13% |
| Other | $71.3M | 2% |
| Sales Channel Other | $40.8M | 1% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
