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超威半导体（AMD）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
超威半导体的季度营收约是美客多的1.7倍（$10.3B vs $6.1B），超威半导体净利率更高（14.7% vs 9.1%，领先5.6%），美客多同比增速更快（40.2% vs 34.1%），美客多自由现金流更多（$4.8B vs $2.4B），过去两年美客多的营收复合增速更高（40.7% vs 37.0%）
超威半导体（AMD）是总部位于美国加利福尼亚州圣克拉拉的跨国半导体企业，专注研发生产面向数据中心、游戏、个人电脑、嵌入式系统的高性能CPU、GPU及自适应片上系统，旗下拥有锐龙、霄龙、镭龙、Instinct等核心产品线，2022年收购赛灵思后拓展了FPGA及自适应计算业务，直接与英特尔、英伟达展开竞争。
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。
AMD vs MELI — 直观对比
营收规模更大
AMD
是对方的1.7倍
$6.1B
营收增速更快
MELI
高出6.0%
34.1%
净利率更高
AMD
高出5.6%
9.1%
自由现金流更多
MELI
多$2.4B
$2.4B
两年增速更快
MELI
近两年复合增速
37.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $6.1B |
| 净利润 | $1.5B | $559.0M |
| 毛利率 | 54.3% | 61.7% |
| 营业利润率 | 17.1% | 14.5% |
| 净利率 | 14.7% | 9.1% |
| 营收同比 | 34.1% | 40.2% |
| 净利润同比 | 213.5% | -12.5% |
| 每股收益（稀释后） | $0.92 | $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AMDMELI
| Q4 25 | $10.3B | $6.1B | ||
| Q3 25 | $9.2B | $5.2B | ||
| Q2 25 | $7.7B | $4.8B | ||
| Q1 25 | $7.4B | $4.2B | ||
| Q4 24 | $7.7B | $4.4B | ||
| Q3 24 | $6.8B | $3.9B | ||
| Q2 24 | $5.8B | $3.8B | ||
| Q1 24 | $5.5B | $3.1B |
净利润AMDMELI
| Q4 25 | $1.5B | $559.0M | ||
| Q3 25 | $1.2B | $421.0M | ||
| Q2 25 | $872.0M | $523.0M | ||
| Q1 25 | $709.0M | $494.0M | ||
| Q4 24 | $482.0M | $639.0M | ||
| Q3 24 | $771.0M | $397.0M | ||
| Q2 24 | $265.0M | $531.0M | ||
| Q1 24 | $123.0M | $344.0M |
毛利率AMDMELI
| Q4 25 | 54.3% | 61.7% | ||
| Q3 25 | 51.7% | 61.7% | ||
| Q2 25 | 39.8% | 64.4% | ||
| Q1 25 | 50.2% | 66.1% | ||
| Q4 24 | 50.7% | 62.8% | ||
| Q3 24 | 50.1% | 62.6% | ||
| Q2 24 | 49.1% | 62.8% | ||
| Q1 24 | 46.8% | 65.3% |
营业利润率AMDMELI
| Q4 25 | 17.1% | 14.5% | ||
| Q3 25 | 13.7% | 13.9% | ||
| Q2 25 | -1.7% | 17.2% | ||
| Q1 25 | 10.8% | 18.2% | ||
| Q4 24 | 11.4% | 18.7% | ||
| Q3 24 | 10.6% | 14.3% | ||
| Q2 24 | 4.6% | 19.3% | ||
| Q1 24 | 0.7% | 17.0% |
净利率AMDMELI
| Q4 25 | 14.7% | 9.1% | ||
| Q3 25 | 13.4% | 8.1% | ||
| Q2 25 | 11.3% | 10.9% | ||
| Q1 25 | 9.5% | 11.8% | ||
| Q4 24 | 6.3% | 14.6% | ||
| Q3 24 | 11.3% | 10.2% | ||
| Q2 24 | 4.5% | 14.1% | ||
| Q1 24 | 2.2% | 11.1% |
每股收益（稀释后）AMDMELI
| Q4 25 | $0.92 | $11.03 | ||
| Q3 25 | $0.75 | $8.32 | ||
| Q2 25 | $0.54 | $10.31 | ||
| Q1 25 | $0.44 | $9.74 | ||
| Q4 24 | $0.30 | $12.60 | ||
| Q3 24 | $0.47 | $7.83 | ||
| Q2 24 | $0.16 | $10.48 | ||
| Q1 24 | $0.07 | $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 | $10.6B | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $63.0B | $6.7B |
| 总资产 | $76.9B | $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AMDMELI
| Q4 25 | $10.6B | $6.3B | ||
| Q3 25 | $7.2B | $6.3B | ||
| Q2 25 | $5.9B | $7.6B | ||
| Q1 25 | $7.3B | $8.1B | ||
| Q4 24 | $5.1B | $7.1B | ||
| Q3 24 | $4.5B | $6.7B | ||
| Q2 24 | $5.3B | $6.9B | ||
| Q1 24 | $6.0B | $6.3B |
总债务AMDMELI
| 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AMDMELI
| Q4 25 | $63.0B | $6.7B | ||
| Q3 25 | $60.8B | $6.2B | ||
| Q2 25 | $59.7B | $5.7B | ||
| Q1 25 | $57.9B | $5.0B | ||
| Q4 24 | $57.6B | $4.4B | ||
| Q3 24 | $57.0B | $4.0B | ||
| Q2 24 | $56.5B | $3.7B | ||
| Q1 24 | $56.2B | $3.4B |
总资产AMDMELI
| Q4 25 | $76.9B | $42.7B | ||
| Q3 25 | $76.9B | $36.7B | ||
| Q2 25 | $74.8B | $32.9B | ||
| Q1 25 | $71.5B | $27.7B | ||
| Q4 24 | $69.2B | $25.2B | ||
| Q3 24 | $69.6B | $22.6B | ||
| Q2 24 | $67.9B | $20.0B | ||
| Q1 24 | $67.9B | $19.1B |
负债/权益比AMDMELI
| 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 | $2.6B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $4.8B |
| 自由现金流率自由现金流/营收 | 23.2% | 77.9% |
| 资本支出强度资本支出/营收 | 2.2% | 7.0% |
| 现金转化率经营现金流/净利润 | 1.72× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $10.8B |
8季度趋势，按日历期对齐
经营现金流AMDMELI
| Q4 25 | $2.6B | $5.2B | ||
| Q3 25 | $2.2B | $3.0B | ||
| Q2 25 | $2.0B | $2.9B | ||
| Q1 25 | $939.0M | $1.0B | ||
| Q4 24 | $1.3B | $2.9B | ||
| Q3 24 | $628.0M | $1.6B | ||
| Q2 24 | $593.0M | $1.9B | ||
| Q1 24 | $521.0M | $1.5B |
自由现金流AMDMELI
| Q4 25 | $2.4B | $4.8B | ||
| Q3 25 | $1.9B | $2.6B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $727.0M | $759.0M | ||
| Q4 24 | $1.1B | $2.6B | ||
| Q3 24 | $496.0M | $1.4B | ||
| Q2 24 | $439.0M | $1.7B | ||
| Q1 24 | $379.0M | $1.4B |
自由现金流率AMDMELI
| Q4 25 | 23.2% | 77.9% | ||
| Q3 25 | 20.6% | 50.0% | ||
| Q2 25 | 22.5% | 54.8% | ||
| Q1 25 | 9.8% | 18.1% | ||
| Q4 24 | 14.2% | 59.8% | ||
| Q3 24 | 7.3% | 35.4% | ||
| Q2 24 | 7.5% | 45.1% | ||
| Q1 24 | 6.9% | 44.1% |
资本支出强度AMDMELI
| Q4 25 | 2.2% | 7.0% | ||
| Q3 25 | 2.8% | 6.9% | ||
| Q2 25 | 3.7% | 6.0% | ||
| Q1 25 | 2.9% | 6.5% | ||
| Q4 24 | 2.7% | 7.0% | ||
| Q3 24 | 1.9% | 5.7% | ||
| Q2 24 | 2.6% | 4.9% | ||
| Q1 24 | 2.6% | 4.7% |
现金转化率AMDMELI
| Q4 25 | 1.72× | 9.32× | ||
| Q3 25 | 1.74× | 7.03× | ||
| Q2 25 | 2.31× | 5.58× | ||
| Q1 25 | 1.32× | 2.09× | ||
| Q4 24 | 2.70× | 4.58× | ||
| Q3 24 | 0.81× | 4.03× | ||
| Q2 24 | 2.24× | 3.54× | ||
| Q1 24 | 4.24× | 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
AMD
| Other | $5.4B | 52% |
| Client | $3.1B | 30% |
| Embedded | $950.0M | 9% |
| Gaming | $843.0M | 8% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
