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Advantage Solutions Inc.（ADV）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Advantage Solutions Inc.的6.6倍（$6.1B vs $932.1M）。美客多净利率更高（9.1% vs -17.4%，领先26.5%）。美客多同比增速更快（40.2% vs 4.5%）。美客多自由现金流更多（$4.8B vs $23.4M）。过去两年美客多的营收复合增速更高（40.7% vs 4.0%）
该公司是一家全球数据与分析企业，为众多行业提供数据技术服务、分析工具、预测洞察与欺诈防范方案，总部位于佐治亚州阿尔法利塔，在美国全境以及澳大利亚、巴西、中国、法国、中国香港、印度、爱尔兰、以色列、菲律宾、英国均设有办公地点。
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。
ADV vs MELI — 直观对比
营收规模更大
MELI
是对方的6.6倍
$932.1M
营收增速更快
MELI
高出35.7%
4.5%
净利率更高
MELI
高出26.5%
-17.4%
自由现金流更多
MELI
多$4.8B
$23.4M
两年增速更快
MELI
近两年复合增速
4.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $932.1M | $6.1B |
| 净利润 | $-161.7M | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | -17.4% | 14.5% |
| 净利率 | -17.4% | 9.1% |
| 营收同比 | 4.5% | 40.2% |
| 净利润同比 | 9.2% | -12.5% |
| 每股收益（稀释后） | — | $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ADVMELI
| Q4 25 | $932.1M | $6.1B | ||
| Q3 25 | $915.0M | $5.2B | ||
| Q2 25 | $873.7M | $4.8B | ||
| Q1 25 | $821.8M | $4.2B | ||
| Q4 24 | $892.3M | $4.4B | ||
| Q3 24 | $939.3M | $3.9B | ||
| Q2 24 | $873.4M | $3.8B | ||
| Q1 24 | $861.4M | $3.1B |
净利润ADVMELI
| Q4 25 | $-161.7M | $559.0M | ||
| Q3 25 | $20.6M | $421.0M | ||
| Q2 25 | $-30.4M | $523.0M | ||
| Q1 25 | $-56.1M | $494.0M | ||
| Q4 24 | $-178.0M | $639.0M | ||
| Q3 24 | $-42.8M | $397.0M | ||
| Q2 24 | $-100.8M | $531.0M | ||
| Q1 24 | $-5.3M | $344.0M |
毛利率ADVMELI
| 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ADVMELI
| Q4 25 | -17.4% | 14.5% | ||
| Q3 25 | 4.4% | 13.9% | ||
| Q2 25 | 1.1% | 17.2% | ||
| Q1 25 | -1.8% | 18.2% | ||
| Q4 24 | -19.1% | 18.7% | ||
| Q3 24 | -0.3% | 14.3% | ||
| Q2 24 | -10.4% | 19.3% | ||
| Q1 24 | -3.5% | 17.0% |
净利率ADVMELI
| Q4 25 | -17.4% | 9.1% | ||
| Q3 25 | 2.2% | 8.1% | ||
| Q2 25 | -3.5% | 10.9% | ||
| Q1 25 | -6.8% | 11.8% | ||
| Q4 24 | -20.0% | 14.6% | ||
| Q3 24 | -4.6% | 10.2% | ||
| Q2 24 | -11.5% | 14.1% | ||
| Q1 24 | -0.6% | 11.1% |
每股收益（稀释后）ADVMELI
| Q4 25 | — | $11.03 | ||
| Q3 25 | — | $8.32 | ||
| Q2 25 | — | $10.31 | ||
| Q1 25 | — | $9.74 | ||
| Q4 24 | — | $12.60 | ||
| Q3 24 | $-0.13 | $7.83 | ||
| Q2 24 | $-0.31 | $10.48 | ||
| Q1 24 | $-0.02 | $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 | $240.8M | $6.3B |
| 总债务越低越好 | $1.7B | $4.6B |
| 股东权益账面价值 | $554.0M | $6.7B |
| 总资产 | $2.8B | $42.7B |
| 负债/权益比越低杠杆越低 | 3.05× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资ADVMELI
| Q4 25 | $240.8M | $6.3B | ||
| Q3 25 | $201.1M | $6.3B | ||
| Q2 25 | $102.9M | $7.6B | ||
| Q1 25 | $121.1M | $8.1B | ||
| Q4 24 | $205.2M | $7.1B | ||
| Q3 24 | $196.1M | $6.7B | ||
| Q2 24 | $154.0M | $6.9B | ||
| Q1 24 | $112.3M | $6.3B |
总债务ADVMELI
| Q4 25 | $1.7B | $4.6B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $1.7B | $2.9B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.2B |
股东权益ADVMELI
| Q4 25 | $554.0M | $6.7B | ||
| Q3 25 | $708.5M | $6.2B | ||
| Q2 25 | $683.6M | $5.7B | ||
| Q1 25 | $695.6M | $5.0B | ||
| Q4 24 | $748.7M | $4.4B | ||
| Q3 24 | $932.5M | $4.0B | ||
| Q2 24 | $973.7M | $3.7B | ||
| Q1 24 | $1.1B | $3.4B |
总资产ADVMELI
| Q4 25 | $2.8B | $42.7B | ||
| Q3 25 | $3.0B | $36.7B | ||
| Q2 25 | $3.0B | $32.9B | ||
| Q1 25 | $3.0B | $27.7B | ||
| Q4 24 | $3.1B | $25.2B | ||
| Q3 24 | $3.4B | $22.6B | ||
| Q2 24 | $3.5B | $20.0B | ||
| Q1 24 | $3.6B | $19.1B |
负债/权益比ADVMELI
| Q4 25 | 3.05× | 0.68× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | 2.30× | 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 | $45.6M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $23.4M | $4.8B |
| 自由现金流率自由现金流/营收 | 2.5% | 77.9% |
| 资本支出强度资本支出/营收 | 2.4% | 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 | $10.7M | $10.8B |
8季度趋势，按日历期对齐
经营现金流ADVMELI
| Q4 25 | $45.6M | $5.2B | ||
| Q3 25 | $63.6M | $3.0B | ||
| Q2 25 | $-8.1M | $2.9B | ||
| Q1 25 | $-39.6M | $1.0B | ||
| Q4 24 | $15.1M | $2.9B | ||
| Q3 24 | $34.0M | $1.6B | ||
| Q2 24 | $53.4M | $1.9B | ||
| Q1 24 | $-9.4M | $1.5B |
自由现金流ADVMELI
| Q4 25 | $23.4M | $4.8B | ||
| Q3 25 | $52.2M | $2.6B | ||
| Q2 25 | $-10.2M | $2.6B | ||
| Q1 25 | $-54.7M | $759.0M | ||
| Q4 24 | $-27.4M | $2.6B | ||
| Q3 24 | $8.6M | $1.4B | ||
| Q2 24 | $43.8M | $1.7B | ||
| Q1 24 | $-24.8M | $1.4B |
自由现金流率ADVMELI
| Q4 25 | 2.5% | 77.9% | ||
| Q3 25 | 5.7% | 50.0% | ||
| Q2 25 | -1.2% | 54.8% | ||
| Q1 25 | -6.7% | 18.1% | ||
| Q4 24 | -3.1% | 59.8% | ||
| Q3 24 | 0.9% | 35.4% | ||
| Q2 24 | 5.0% | 45.1% | ||
| Q1 24 | -2.9% | 44.1% |
资本支出强度ADVMELI
| Q4 25 | 2.4% | 7.0% | ||
| Q3 25 | 1.3% | 6.9% | ||
| Q2 25 | 0.2% | 6.0% | ||
| Q1 25 | 1.8% | 6.5% | ||
| Q4 24 | 4.8% | 7.0% | ||
| Q3 24 | 2.7% | 5.7% | ||
| Q2 24 | 1.1% | 4.9% | ||
| Q1 24 | 1.8% | 4.7% |
现金转化率ADVMELI
| Q4 25 | — | 9.32× | ||
| Q3 25 | 3.09× | 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
ADV
| Experiential Services | $395.9M | 42% |
| Branded Services | $289.8M | 31% |
| Retailer Services | $246.5M | 26% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
