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亚马逊（AMZN）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
亚马逊的季度营收约是美客多的34.8倍（$213.4B vs $6.1B），亚马逊净利率更高（9.9% vs 9.1%，领先0.8%），美客多同比增速更快（40.2% vs 13.6%），亚马逊自由现金流更多（$14.9B vs $4.8B），过去两年美客多的营收复合增速更高（40.7% vs 22.0%）
亚马逊是全球知名的综合电商与科技企业，业务覆盖北美及全球多个地区，设有北美零售、国际零售、亚马逊云科技（AWS）三大业务板块。除运营线上线下零售渠道、提供消费商品售卖与订阅服务外，也为第三方卖家提供销售平台，还自主研发销售Kindle、Fire平板等电子设备。
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。
AMZN vs MELI — 直观对比
营收规模更大
AMZN
是对方的34.8倍
$6.1B
营收增速更快
MELI
高出26.5%
13.6%
净利率更高
AMZN
高出0.8%
9.1%
自由现金流更多
AMZN
多$10.2B
$4.8B
两年增速更快
MELI
近两年复合增速
22.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $6.1B |
| 净利润 | $21.2B | $559.0M |
| 毛利率 | 48.5% | 61.7% |
| 营业利润率 | 11.7% | 14.5% |
| 净利率 | 9.9% | 9.1% |
| 营收同比 | 13.6% | 40.2% |
| 净利润同比 | 5.9% | -12.5% |
| 每股收益（稀释后） | $1.95 | $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AMZNMELI
| Q4 25 | $213.4B | $6.1B | ||
| Q3 25 | $180.2B | $5.2B | ||
| Q2 25 | $167.7B | $4.8B | ||
| Q1 25 | $155.7B | $4.2B | ||
| Q4 24 | $187.8B | $4.4B | ||
| Q3 24 | $158.9B | $3.9B | ||
| Q2 24 | $148.0B | $3.8B | ||
| Q1 24 | $143.3B | $3.1B |
净利润AMZNMELI
| Q4 25 | $21.2B | $559.0M | ||
| Q3 25 | $21.2B | $421.0M | ||
| Q2 25 | $18.2B | $523.0M | ||
| Q1 25 | $17.1B | $494.0M | ||
| Q4 24 | $20.0B | $639.0M | ||
| Q3 24 | $15.3B | $397.0M | ||
| Q2 24 | $13.5B | $531.0M | ||
| Q1 24 | $10.4B | $344.0M |
毛利率AMZNMELI
| Q4 25 | 48.5% | 61.7% | ||
| Q3 25 | 50.8% | 61.7% | ||
| Q2 25 | 51.8% | 64.4% | ||
| Q1 25 | 50.6% | 66.1% | ||
| Q4 24 | 47.3% | 62.8% | ||
| Q3 24 | 49.0% | 62.6% | ||
| Q2 24 | 50.1% | 62.8% | ||
| Q1 24 | 49.3% | 65.3% |
营业利润率AMZNMELI
| Q4 25 | 11.7% | 14.5% | ||
| Q3 25 | 9.7% | 13.9% | ||
| Q2 25 | 11.4% | 17.2% | ||
| Q1 25 | 11.8% | 18.2% | ||
| Q4 24 | 11.3% | 18.7% | ||
| Q3 24 | 11.0% | 14.3% | ||
| Q2 24 | 9.9% | 19.3% | ||
| Q1 24 | 10.7% | 17.0% |
净利率AMZNMELI
| Q4 25 | 9.9% | 9.1% | ||
| Q3 25 | 11.8% | 8.1% | ||
| Q2 25 | 10.8% | 10.9% | ||
| Q1 25 | 11.0% | 11.8% | ||
| Q4 24 | 10.7% | 14.6% | ||
| Q3 24 | 9.6% | 10.2% | ||
| Q2 24 | 9.1% | 14.1% | ||
| Q1 24 | 7.3% | 11.1% |
每股收益（稀释后）AMZNMELI
| Q4 25 | $1.95 | $11.03 | ||
| Q3 25 | $1.95 | $8.32 | ||
| Q2 25 | $1.68 | $10.31 | ||
| Q1 25 | $1.59 | $9.74 | ||
| Q4 24 | $1.86 | $12.60 | ||
| Q3 24 | $1.43 | $7.83 | ||
| Q2 24 | $1.26 | $10.48 | ||
| Q1 24 | $0.98 | $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 | $123.0B | $6.3B |
| 总债务越低越好 | $68.8B | $4.6B |
| 股东权益账面价值 | $411.1B | $6.7B |
| 总资产 | $818.0B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资AMZNMELI
| Q4 25 | $123.0B | $6.3B | ||
| Q3 25 | $94.2B | $6.3B | ||
| Q2 25 | $93.2B | $7.6B | ||
| Q1 25 | $94.6B | $8.1B | ||
| Q4 24 | $101.2B | $7.1B | ||
| Q3 24 | $88.1B | $6.7B | ||
| Q2 24 | $89.1B | $6.9B | ||
| Q1 24 | $85.1B | $6.3B |
总债务AMZNMELI
| Q4 25 | $68.8B | $4.6B | ||
| Q3 25 | $55.1B | $3.4B | ||
| Q2 25 | $56.1B | $3.5B | ||
| Q1 25 | $58.8B | $2.9B | ||
| Q4 24 | $58.0B | $2.9B | ||
| Q3 24 | $60.5B | $3.1B | ||
| Q2 24 | $62.7B | $2.4B | ||
| Q1 24 | $66.9B | $2.2B |
股东权益AMZNMELI
| Q4 25 | $411.1B | $6.7B | ||
| Q3 25 | $369.6B | $6.2B | ||
| Q2 25 | $333.8B | $5.7B | ||
| Q1 25 | $305.9B | $5.0B | ||
| Q4 24 | $286.0B | $4.4B | ||
| Q3 24 | $259.2B | $4.0B | ||
| Q2 24 | $236.4B | $3.7B | ||
| Q1 24 | $216.7B | $3.4B |
总资产AMZNMELI
| Q4 25 | $818.0B | $42.7B | ||
| Q3 25 | $727.9B | $36.7B | ||
| Q2 25 | $682.2B | $32.9B | ||
| Q1 25 | $643.3B | $27.7B | ||
| Q4 24 | $624.9B | $25.2B | ||
| Q3 24 | $584.6B | $22.6B | ||
| Q2 24 | $554.8B | $20.0B | ||
| Q1 24 | $531.0B | $19.1B |
负债/权益比AMZNMELI
| Q4 25 | 0.17× | 0.68× | ||
| Q3 25 | 0.15× | 0.55× | ||
| Q2 25 | 0.17× | 0.61× | ||
| Q1 25 | 0.19× | 0.57× | ||
| Q4 24 | 0.20× | 0.66× | ||
| Q3 24 | 0.23× | 0.78× | ||
| Q2 24 | 0.27× | 0.67× | ||
| Q1 24 | 0.31× | 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 | $54.5B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $4.8B |
| 自由现金流率自由现金流/营收 | 7.0% | 77.9% |
| 资本支出强度资本支出/营收 | 18.5% | 7.0% |
| 现金转化率经营现金流/净利润 | 2.57× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $10.8B |
8季度趋势，按日历期对齐
经营现金流AMZNMELI
| Q4 25 | $54.5B | $5.2B | ||
| Q3 25 | $35.5B | $3.0B | ||
| Q2 25 | $32.5B | $2.9B | ||
| Q1 25 | $17.0B | $1.0B | ||
| Q4 24 | $45.6B | $2.9B | ||
| Q3 24 | $26.0B | $1.6B | ||
| Q2 24 | $25.3B | $1.9B | ||
| Q1 24 | $19.0B | $1.5B |
自由现金流AMZNMELI
| Q4 25 | $14.9B | $4.8B | ||
| Q3 25 | $430.0M | $2.6B | ||
| Q2 25 | $332.0M | $2.6B | ||
| Q1 25 | $-8.0B | $759.0M | ||
| Q4 24 | $17.8B | $2.6B | ||
| Q3 24 | $3.4B | $1.4B | ||
| Q2 24 | $7.7B | $1.7B | ||
| Q1 24 | $4.1B | $1.4B |
自由现金流率AMZNMELI
| Q4 25 | 7.0% | 77.9% | ||
| Q3 25 | 0.2% | 50.0% | ||
| Q2 25 | 0.2% | 54.8% | ||
| Q1 25 | -5.1% | 18.1% | ||
| Q4 24 | 9.5% | 59.8% | ||
| Q3 24 | 2.1% | 35.4% | ||
| Q2 24 | 5.2% | 45.1% | ||
| Q1 24 | 2.8% | 44.1% |
资本支出强度AMZNMELI
| Q4 25 | 18.5% | 7.0% | ||
| Q3 25 | 19.5% | 6.9% | ||
| Q2 25 | 19.2% | 6.0% | ||
| Q1 25 | 16.1% | 6.5% | ||
| Q4 24 | 14.8% | 7.0% | ||
| Q3 24 | 14.2% | 5.7% | ||
| Q2 24 | 11.9% | 4.9% | ||
| Q1 24 | 10.4% | 4.7% |
现金转化率AMZNMELI
| Q4 25 | 2.57× | 9.32× | ||
| Q3 25 | 1.68× | 7.03× | ||
| Q2 25 | 1.79× | 5.58× | ||
| Q1 25 | 0.99× | 2.09× | ||
| Q4 24 | 2.28× | 4.58× | ||
| Q3 24 | 1.69× | 4.03× | ||
| Q2 24 | 1.87× | 3.54× | ||
| Q1 24 | 1.82× | 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
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
