vs
American Well Corp（AMWL）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American Well Corp的110.9倍（$6.1B vs $55.3M）。美客多净利率更高（9.1% vs -45.1%，领先54.2%）。美客多同比增速更快（40.2% vs -22.1%）。美客多自由现金流更多（$4.8B vs $-17.4M）。过去两年美客多的营收复合增速更高（40.7% vs -3.6%）
美国烟草公司由J.B.杜克于1890年整合多家美国烟草制造商合并创立，1896年成为道琼斯工业平均指数最初的12支成分股之一。该公司收购了好彩公司及超过200家竞争对手，一度垄断美国烟草行业。1907年美国联邦政府发起反垄断诉讼，最终将该公司分拆为多家企业。
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。
AMWL vs MELI — 直观对比
营收规模更大
MELI
是对方的110.9倍
$55.3M
营收增速更快
MELI
高出62.3%
-22.1%
净利率更高
MELI
高出54.2%
-45.1%
自由现金流更多
MELI
多$4.8B
$-17.4M
两年增速更快
MELI
近两年复合增速
-3.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $55.3M | $6.1B |
| 净利润 | $-24.9M | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | -45.5% | 14.5% |
| 净利率 | -45.1% | 9.1% |
| 营收同比 | -22.1% | 40.2% |
| 净利润同比 | 41.6% | -12.5% |
| 每股收益（稀释后） | $-1.53 | $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AMWLMELI
| Q4 25 | $55.3M | $6.1B | ||
| Q3 25 | $56.3M | $5.2B | ||
| Q2 25 | $70.9M | $4.8B | ||
| Q1 25 | $66.8M | $4.2B | ||
| Q4 24 | $71.0M | $4.4B | ||
| Q3 24 | $61.0M | $3.9B | ||
| Q2 24 | $62.8M | $3.8B | ||
| Q1 24 | $59.5M | $3.1B |
净利润AMWLMELI
| Q4 25 | $-24.9M | $559.0M | ||
| Q3 25 | $-32.4M | $421.0M | ||
| Q2 25 | $-19.7M | $523.0M | ||
| Q1 25 | $-18.7M | $494.0M | ||
| Q4 24 | $-42.7M | $639.0M | ||
| Q3 24 | $-43.5M | $397.0M | ||
| Q2 24 | $-49.9M | $531.0M | ||
| Q1 24 | $-72.1M | $344.0M |
毛利率AMWLMELI
| 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AMWLMELI
| Q4 25 | -45.5% | 14.5% | ||
| Q3 25 | -52.1% | 13.9% | ||
| Q2 25 | -28.7% | 17.2% | ||
| Q1 25 | -45.5% | 18.2% | ||
| Q4 24 | -60.2% | 18.7% | ||
| Q3 24 | -77.6% | 14.3% | ||
| Q2 24 | -83.4% | 19.3% | ||
| Q1 24 | -126.1% | 17.0% |
净利率AMWLMELI
| Q4 25 | -45.1% | 9.1% | ||
| Q3 25 | -57.5% | 8.1% | ||
| Q2 25 | -27.8% | 10.9% | ||
| Q1 25 | -28.0% | 11.8% | ||
| Q4 24 | -60.1% | 14.6% | ||
| Q3 24 | -71.2% | 10.2% | ||
| Q2 24 | -79.5% | 14.1% | ||
| Q1 24 | -121.1% | 11.1% |
每股收益（稀释后）AMWLMELI
| Q4 25 | $-1.53 | $11.03 | ||
| Q3 25 | $-2.00 | $8.32 | ||
| Q2 25 | $-1.24 | $10.31 | ||
| Q1 25 | $-1.19 | $9.74 | ||
| Q4 24 | $-2.71 | $12.60 | ||
| Q3 24 | $-2.87 | $7.83 | ||
| Q2 24 | $-3.36 | $10.48 | ||
| Q1 24 | $-4.94 | $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 | $182.3M | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $235.6M | $6.7B |
| 总资产 | $323.8M | $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AMWLMELI
| Q4 25 | $182.3M | $6.3B | ||
| Q3 25 | $200.9M | $6.3B | ||
| Q2 25 | $219.1M | $7.6B | ||
| Q1 25 | $222.4M | $8.1B | ||
| Q4 24 | $228.3M | $7.1B | ||
| Q3 24 | $244.6M | $6.7B | ||
| Q2 24 | $276.9M | $6.9B | ||
| Q1 24 | $308.6M | $6.3B |
总债务AMWLMELI
| 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AMWLMELI
| Q4 25 | $235.6M | $6.7B | ||
| Q3 25 | $254.9M | $6.2B | ||
| Q2 25 | $282.6M | $5.7B | ||
| Q1 25 | $294.0M | $5.0B | ||
| Q4 24 | $304.8M | $4.4B | ||
| Q3 24 | $336.7M | $4.0B | ||
| Q2 24 | $363.9M | $3.7B | ||
| Q1 24 | $408.7M | $3.4B |
总资产AMWLMELI
| Q4 25 | $323.8M | $42.7B | ||
| Q3 25 | $359.4M | $36.7B | ||
| Q2 25 | $388.7M | $32.9B | ||
| Q1 25 | $419.5M | $27.7B | ||
| Q4 24 | $436.0M | $25.2B | ||
| Q3 24 | $483.0M | $22.6B | ||
| Q2 24 | $507.8M | $20.0B | ||
| Q1 24 | $548.4M | $19.1B |
负债/权益比AMWLMELI
| 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 | $-17.4M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $-17.4M | $4.8B |
| 自由现金流率自由现金流/营收 | -31.4% | 77.9% |
| 资本支出强度资本支出/营收 | 0.0% | 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 | — | $10.8B |
8季度趋势，按日历期对齐
经营现金流AMWLMELI
| Q4 25 | $-17.4M | $5.2B | ||
| Q3 25 | $-18.8M | $3.0B | ||
| Q2 25 | $-4.7M | $2.9B | ||
| Q1 25 | $-25.1M | $1.0B | ||
| Q4 24 | $-13.4M | $2.9B | ||
| Q3 24 | $-32.4M | $1.6B | ||
| Q2 24 | $-21.8M | $1.9B | ||
| Q1 24 | $-59.8M | $1.5B |
自由现金流AMWLMELI
| Q4 25 | $-17.4M | $4.8B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | $-25.1M | $759.0M | ||
| Q4 24 | $-13.4M | $2.6B | ||
| Q3 24 | $-32.4M | $1.4B | ||
| Q2 24 | $-21.8M | $1.7B | ||
| Q1 24 | $-59.8M | $1.4B |
自由现金流率AMWLMELI
| Q4 25 | -31.4% | 77.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 54.8% | ||
| Q1 25 | -37.6% | 18.1% | ||
| Q4 24 | -18.9% | 59.8% | ||
| Q3 24 | -53.0% | 35.4% | ||
| Q2 24 | -34.7% | 45.1% | ||
| Q1 24 | -100.5% | 44.1% |
资本支出强度AMWLMELI
| Q4 25 | 0.0% | 7.0% | ||
| Q3 25 | 0.0% | 6.9% | ||
| Q2 25 | 0.0% | 6.0% | ||
| Q1 25 | 0.0% | 6.5% | ||
| Q4 24 | 0.0% | 7.0% | ||
| Q3 24 | 0.0% | 5.7% | ||
| Q2 24 | 0.0% | 4.9% | ||
| Q1 24 | 0.1% | 4.7% |
现金转化率AMWLMELI
| 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
AMWL
| Platform Subscription | $28.8M | 52% |
| Visits | $23.7M | 43% |
| Others | $2.8M | 5% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
