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空气化工产品公司（APD）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空气化工产品公司的2.0倍（$6.1B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 9.1%，领先12.7%），美客多同比增速更快（40.2% vs 5.8%），美客多自由现金流更多（$4.8B vs $-350.5M），过去两年美客多的营收复合增速更高（40.7% vs 2.9%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
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。
APD vs MELI — 直观对比
营收规模更大
MELI
是对方的2.0倍
$3.1B
营收增速更快
MELI
高出34.3%
5.8%
净利率更高
APD
高出12.7%
9.1%
自由现金流更多
MELI
多$5.1B
$-350.5M
两年增速更快
MELI
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $6.1B |
| 净利润 | $678.2M | $559.0M |
| 毛利率 | 32.1% | 61.7% |
| 营业利润率 | 23.7% | 14.5% |
| 净利率 | 21.9% | 9.1% |
| 营收同比 | 5.8% | 40.2% |
| 净利润同比 | 9.8% | -12.5% |
| 每股收益（稀释后） | $3.04 | $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APDMELI
| Q4 25 | $3.1B | $6.1B | ||
| Q3 25 | $3.2B | $5.2B | ||
| Q2 25 | $3.0B | $4.8B | ||
| Q1 25 | $2.9B | $4.2B | ||
| Q4 24 | $2.9B | $4.4B | ||
| Q3 24 | $3.2B | $3.9B | ||
| Q2 24 | $3.0B | $3.8B | ||
| Q1 24 | $2.9B | $3.1B |
净利润APDMELI
| Q4 25 | $678.2M | $559.0M | ||
| Q3 25 | $4.9M | $421.0M | ||
| Q2 25 | $713.8M | $523.0M | ||
| Q1 25 | $-1.7B | $494.0M | ||
| Q4 24 | $617.4M | $639.0M | ||
| Q3 24 | $1.9B | $397.0M | ||
| Q2 24 | $696.6M | $531.0M | ||
| Q1 24 | $572.4M | $344.0M |
毛利率APDMELI
| Q4 25 | 32.1% | 61.7% | ||
| Q3 25 | 32.3% | 61.7% | ||
| Q2 25 | 32.5% | 64.4% | ||
| Q1 25 | 29.6% | 66.1% | ||
| Q4 24 | 31.2% | 62.8% | ||
| Q3 24 | 34.0% | 62.6% | ||
| Q2 24 | 32.8% | 62.8% | ||
| Q1 24 | 32.0% | 65.3% |
营业利润率APDMELI
| Q4 25 | 23.7% | 14.5% | ||
| Q3 25 | 0.5% | 13.9% | ||
| Q2 25 | 26.2% | 17.2% | ||
| Q1 25 | -79.8% | 18.2% | ||
| Q4 24 | 22.0% | 18.7% | ||
| Q3 24 | 76.1% | 14.3% | ||
| Q2 24 | 24.7% | 19.3% | ||
| Q1 24 | 21.7% | 17.0% |
净利率APDMELI
| Q4 25 | 21.9% | 9.1% | ||
| Q3 25 | 0.2% | 8.1% | ||
| Q2 25 | 23.6% | 10.9% | ||
| Q1 25 | -59.3% | 11.8% | ||
| Q4 24 | 21.1% | 14.6% | ||
| Q3 24 | 61.2% | 10.2% | ||
| Q2 24 | 23.3% | 14.1% | ||
| Q1 24 | 19.5% | 11.1% |
每股收益（稀释后）APDMELI
| Q4 25 | $3.04 | $11.03 | ||
| Q3 25 | $0.03 | $8.32 | ||
| Q2 25 | $3.20 | $10.31 | ||
| Q1 25 | $-7.77 | $9.74 | ||
| Q4 24 | $2.77 | $12.60 | ||
| Q3 24 | $8.75 | $7.83 | ||
| Q2 24 | $3.13 | $10.48 | ||
| Q1 24 | $2.57 | $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 | $1.0B | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $15.4B | $6.7B |
| 总资产 | $41.2B | $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APDMELI
| Q4 25 | $1.0B | $6.3B | ||
| Q3 25 | $1.9B | $6.3B | ||
| Q2 25 | $2.3B | $7.6B | ||
| Q1 25 | $1.6B | $8.1B | ||
| Q4 24 | $2.0B | $7.1B | ||
| Q3 24 | $3.0B | $6.7B | ||
| Q2 24 | $2.4B | $6.9B | ||
| Q1 24 | $2.6B | $6.3B |
总债务APDMELI
| 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APDMELI
| Q4 25 | $15.4B | $6.7B | ||
| Q3 25 | $15.0B | $6.2B | ||
| Q2 25 | $15.5B | $5.7B | ||
| Q1 25 | $14.7B | $5.0B | ||
| Q4 24 | $16.7B | $4.4B | ||
| Q3 24 | $17.0B | $4.0B | ||
| Q2 24 | $15.1B | $3.7B | ||
| Q1 24 | $14.9B | $3.4B |
总资产APDMELI
| Q4 25 | $41.2B | $42.7B | ||
| Q3 25 | $41.1B | $36.7B | ||
| Q2 25 | $41.7B | $32.9B | ||
| Q1 25 | $38.9B | $27.7B | ||
| Q4 24 | $40.0B | $25.2B | ||
| Q3 24 | $39.6B | $22.6B | ||
| Q2 24 | $37.0B | $20.0B | ||
| Q1 24 | $35.9B | $19.1B |
负债/权益比APDMELI
| 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 | $900.7M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $4.8B |
| 自由现金流率自由现金流/营收 | -11.3% | 77.9% |
| 资本支出强度资本支出/营收 | 40.3% | 7.0% |
| 现金转化率经营现金流/净利润 | 1.33× | 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APDMELI
| Q4 25 | $900.7M | $5.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | $855.8M | $2.9B | ||
| Q1 25 | $328.1M | $1.0B | ||
| Q4 24 | $811.7M | $2.9B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $801.7M | $1.5B |
自由现金流APDMELI
| Q4 25 | $-350.5M | $4.8B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | $-640.0M | $2.6B | ||
| Q1 25 | $-1.6B | $759.0M | ||
| Q4 24 | $-1.3B | $2.6B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $-345.2M | $1.7B | ||
| Q1 24 | $-867.7M | $1.4B |
自由现金流率APDMELI
| Q4 25 | -11.3% | 77.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | -21.2% | 54.8% | ||
| Q1 25 | -53.6% | 18.1% | ||
| Q4 24 | -44.5% | 59.8% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | -11.6% | 45.1% | ||
| Q1 24 | -29.6% | 44.1% |
资本支出强度APDMELI
| Q4 25 | 40.3% | 7.0% | ||
| Q3 25 | 47.9% | 6.9% | ||
| Q2 25 | 49.5% | 6.0% | ||
| Q1 25 | 64.9% | 6.5% | ||
| Q4 24 | 72.2% | 7.0% | ||
| Q3 24 | 65.1% | 5.7% | ||
| Q2 24 | 53.8% | 4.9% | ||
| Q1 24 | 57.0% | 4.7% |
现金转化率APDMELI
| Q4 25 | 1.33× | 9.32× | ||
| Q3 25 | — | 7.03× | ||
| Q2 25 | 1.20× | 5.58× | ||
| Q1 25 | — | 2.09× | ||
| Q4 24 | 1.31× | 4.58× | ||
| Q3 24 | — | 4.03× | ||
| Q2 24 | 1.81× | 3.54× | ||
| Q1 24 | 1.40× | 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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
