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贝壳控股（BEKE）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贝壳控股的1.9倍（$6.1B vs $3.2B），美客多净利率更高（9.1% vs 3.2%，领先5.9%），过去两年美客多的营收复合增速更高（40.7% vs 9.8%）
贝壳控股是中国领先的线上线下一体化居住服务平台，旗下运营贝壳找房等品牌，业务覆盖二手房交易经纪、新房代理销售、房屋租赁、家装改造及居住相关金融咨询服务，可满足消费者全周期居住需求。
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。
BEKE vs MELI — 直观对比
营收规模更大
MELI
是对方的1.9倍
$3.2B
净利率更高
MELI
高出5.9%
3.2%
两年增速更快
MELI
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $6.1B |
| 净利润 | $104.9M | $559.0M |
| 毛利率 | 21.4% | 61.7% |
| 营业利润率 | 2.6% | 14.5% |
| 净利率 | 3.2% | 9.1% |
| 营收同比 | — | 40.2% |
| 净利润同比 | — | -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BEKEMELI
| Q4 25 | $3.2B | $6.1B | ||
| Q3 25 | $3.6B | $5.2B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | $3.2B | $4.2B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $3.2B | $3.9B | ||
| Q2 24 | $3.2B | $3.8B | ||
| Q1 24 | $2.3B | $3.1B |
净利润BEKEMELI
| Q4 25 | $104.9M | $559.0M | ||
| Q3 25 | $182.4M | $421.0M | ||
| Q2 25 | — | $523.0M | ||
| Q1 25 | $117.9M | $494.0M | ||
| Q4 24 | — | $639.0M | ||
| Q3 24 | $166.5M | $397.0M | ||
| Q2 24 | $261.5M | $531.0M | ||
| Q1 24 | $59.8M | $344.0M |
毛利率BEKEMELI
| Q4 25 | 21.4% | 61.7% | ||
| Q3 25 | 21.9% | 61.7% | ||
| Q2 25 | — | 64.4% | ||
| Q1 25 | 20.7% | 66.1% | ||
| Q4 24 | — | 62.8% | ||
| Q3 24 | 22.7% | 62.6% | ||
| Q2 24 | 27.9% | 62.8% | ||
| Q1 24 | 25.2% | 65.3% |
营业利润率BEKEMELI
| Q4 25 | 2.6% | 14.5% | ||
| Q3 25 | 4.1% | 13.9% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | 2.5% | 18.2% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | 3.2% | 14.3% | ||
| Q2 24 | 8.6% | 19.3% | ||
| Q1 24 | 0.1% | 17.0% |
净利率BEKEMELI
| Q4 25 | 3.2% | 9.1% | ||
| Q3 25 | 5.0% | 8.1% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | 3.7% | 11.8% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | 5.2% | 10.2% | ||
| Q2 24 | 8.1% | 14.1% | ||
| Q1 24 | 2.6% | 11.1% |
每股收益（稀释后）BEKEMELI
| 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 | $1.3B | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | — | $6.7B |
| 总资产 | $16.8B | $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BEKEMELI
| Q4 25 | $1.3B | $6.3B | ||
| Q3 25 | $1.6B | $6.3B | ||
| Q2 25 | — | $7.6B | ||
| Q1 25 | $1.8B | $8.1B | ||
| Q4 24 | — | $7.1B | ||
| Q3 24 | $1.4B | $6.7B | ||
| Q2 24 | $1.3B | $6.9B | ||
| Q1 24 | $2.5B | $6.3B |
总债务BEKEMELI
| 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BEKEMELI
| Q4 25 | — | $6.7B | ||
| Q3 25 | $9.6B | $6.2B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | $9.5B | $5.0B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $10.1B | $4.0B | ||
| Q2 24 | $9.7B | $3.7B | ||
| Q1 24 | $9.6B | $3.4B |
总资产BEKEMELI
| Q4 25 | $16.8B | $42.7B | ||
| Q3 25 | $17.3B | $36.7B | ||
| Q2 25 | — | $32.9B | ||
| Q1 25 | $18.0B | $27.7B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | $17.5B | $22.6B | ||
| Q2 24 | $16.9B | $20.0B | ||
| Q1 24 | $16.5B | $19.1B |
负债/权益比BEKEMELI
| 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 | — | $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 | — | 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BEKEMELI
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | $-546.4M | $1.0B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $64.0M | $1.6B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.5B |
自由现金流BEKEMELI
| 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BEKEMELI
| 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BEKEMELI
| 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BEKEMELI
| Q4 25 | — | 9.32× | ||
| Q3 25 | — | 7.03× | ||
| Q2 25 | — | 5.58× | ||
| Q1 25 | -4.64× | 2.09× | ||
| Q4 24 | — | 4.58× | ||
| Q3 24 | 0.38× | 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
BEKE
| New home transaction services | $932.6M | 29% |
| Existing home transaction services | $841.5M | 26% |
| Home rental services | $804.4M | 25% |
| Home renovation and furnishing | $604.0M | 19% |
| Emerging and other services | $55.6M | 2% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
