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Athene Holding Ltd.（ATHS）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
Athene Holding Ltd.的季度营收约是美客多的1.3倍（$8.1B vs $6.1B），美客多净利率更高（9.1% vs 6.4%，领先2.7%），Athene Holding Ltd.同比增速更快（115.1% vs 40.2%），过去两年美客多的营收复合增速更高（40.7% vs 19.2%）
Athene Holding Ltd.是一家领先的退休服务提供商，主要面向美国市场的个人消费者及机构客户提供固定年金、指数年金、可变年金及定制退休储蓄解决方案，帮助客户实现退休后的长期财务稳定。
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。
ATHS vs MELI — 直观对比
营收规模更大
ATHS
是对方的1.3倍
$6.1B
营收增速更快
ATHS
高出74.9%
40.2%
净利率更高
MELI
高出2.7%
6.4%
两年增速更快
MELI
近两年复合增速
19.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.1B | $6.1B |
| 净利润 | $523.0M | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | 16.9% | 14.5% |
| 净利率 | 6.4% | 9.1% |
| 营收同比 | 115.1% | 40.2% |
| 净利润同比 | -48.5% | -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ATHSMELI
| Q4 25 | $8.1B | $6.1B | ||
| Q3 25 | $8.0B | $5.2B | ||
| Q2 25 | $5.4B | $4.8B | ||
| Q1 25 | $4.2B | $4.2B | ||
| Q4 24 | $3.8B | $4.4B | ||
| Q3 24 | $6.5B | $3.9B | ||
| Q2 24 | $4.7B | $3.8B | ||
| Q1 24 | $5.7B | $3.1B |
净利润ATHSMELI
| Q4 25 | $523.0M | $559.0M | ||
| Q3 25 | $1.3B | $421.0M | ||
| Q2 25 | $464.0M | $523.0M | ||
| Q1 25 | $465.0M | $494.0M | ||
| Q4 24 | $1.0B | $639.0M | ||
| Q3 24 | $625.0M | $397.0M | ||
| Q2 24 | $629.0M | $531.0M | ||
| Q1 24 | $1.2B | $344.0M |
毛利率ATHSMELI
| 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ATHSMELI
| Q4 25 | 16.9% | 14.5% | ||
| Q3 25 | 26.8% | 13.9% | ||
| Q2 25 | 12.2% | 17.2% | ||
| Q1 25 | 22.3% | 18.2% | ||
| Q4 24 | 30.4% | 18.7% | ||
| Q3 24 | 25.7% | 14.3% | ||
| Q2 24 | 22.0% | 19.3% | ||
| Q1 24 | 31.1% | 17.0% |
净利率ATHSMELI
| Q4 25 | 6.4% | 9.1% | ||
| Q3 25 | 15.7% | 8.1% | ||
| Q2 25 | 8.7% | 10.9% | ||
| Q1 25 | 11.1% | 11.8% | ||
| Q4 24 | 26.8% | 14.6% | ||
| Q3 24 | 9.6% | 10.2% | ||
| Q2 24 | 13.5% | 14.1% | ||
| Q1 24 | 20.8% | 11.1% |
每股收益（稀释后）ATHSMELI
| Q4 25 | — | $11.03 | ||
| Q3 25 | — | $8.32 | ||
| Q2 25 | — | $10.31 | ||
| Q1 25 | — | $9.74 | ||
| Q4 24 | — | $12.60 | ||
| Q3 24 | — | $7.83 | ||
| Q2 24 | — | $10.48 | ||
| Q1 24 | — | $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 | — | $6.3B |
| 总债务越低越好 | $7.8B | $4.6B |
| 股东权益账面价值 | $20.5B | $6.7B |
| 总资产 | $442.2B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.38× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资ATHSMELI
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $7.6B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.1B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | $15.3B | $6.3B |
总债务ATHSMELI
| Q4 25 | $7.8B | $4.6B | ||
| Q3 25 | $7.9B | $3.4B | ||
| Q2 25 | $7.9B | $3.5B | ||
| Q1 25 | $6.3B | $2.9B | ||
| Q4 24 | $6.3B | $2.9B | ||
| Q3 24 | $5.7B | $3.1B | ||
| Q2 24 | $5.7B | $2.4B | ||
| Q1 24 | $5.7B | $2.2B |
股东权益ATHSMELI
| Q4 25 | $20.5B | $6.7B | ||
| Q3 25 | $20.4B | $6.2B | ||
| Q2 25 | $18.1B | $5.7B | ||
| Q1 25 | $17.5B | $5.0B | ||
| Q4 24 | $16.4B | $4.4B | ||
| Q3 24 | $17.4B | $4.0B | ||
| Q2 24 | $15.0B | $3.7B | ||
| Q1 24 | $14.8B | $3.4B |
总资产ATHSMELI
| Q4 25 | $442.2B | $42.7B | ||
| Q3 25 | $429.9B | $36.7B | ||
| Q2 25 | $405.3B | $32.9B | ||
| Q1 25 | $381.5B | $27.7B | ||
| Q4 24 | $363.3B | $25.2B | ||
| Q3 24 | $355.0B | $22.6B | ||
| Q2 24 | $332.6B | $20.0B | ||
| Q1 24 | $320.6B | $19.1B |
负债/权益比ATHSMELI
| Q4 25 | 0.38× | 0.68× | ||
| Q3 25 | 0.38× | 0.55× | ||
| Q2 25 | 0.43× | 0.61× | ||
| Q1 25 | 0.36× | 0.57× | ||
| Q4 24 | 0.39× | 0.66× | ||
| Q3 24 | 0.33× | 0.78× | ||
| Q2 24 | 0.38× | 0.67× | ||
| Q1 24 | 0.39× | 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 | $3.0B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | — | $4.8B |
| 自由现金流率自由现金流/营收 | — | 77.9% |
| 资本支出强度资本支出/营收 | — | 7.0% |
| 现金转化率经营现金流/净利润 | 5.82× | 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ATHSMELI
| Q4 25 | $3.0B | $5.2B | ||
| Q3 25 | $636.0M | $3.0B | ||
| Q2 25 | $1.1B | $2.9B | ||
| Q1 25 | $426.0M | $1.0B | ||
| Q4 24 | $386.0M | $2.9B | ||
| Q3 24 | $780.0M | $1.6B | ||
| Q2 24 | $525.0M | $1.9B | ||
| Q1 24 | $185.0M | $1.5B |
自由现金流ATHSMELI
| Q4 25 | — | $4.8B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $759.0M | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.4B |
自由现金流率ATHSMELI
| Q4 25 | — | 77.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 54.8% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 59.8% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 45.1% | ||
| Q1 24 | — | 44.1% |
资本支出强度ATHSMELI
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | — | 6.5% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 4.7% |
现金转化率ATHSMELI
| Q4 25 | 5.82× | 9.32× | ||
| Q3 25 | 0.51× | 7.03× | ||
| Q2 25 | 2.28× | 5.58× | ||
| Q1 25 | 0.92× | 2.09× | ||
| Q4 24 | 0.38× | 4.58× | ||
| Q3 24 | 1.25× | 4.03× | ||
| Q2 24 | 0.83× | 3.54× | ||
| Q1 24 | 0.16× | 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
ATHS
暂无分部数据
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
