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缤客控股（BKNG）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
缤客控股的季度营收约是美客多的1.0倍（$6.3B vs $6.1B），美客多同比增速更快（40.2% vs 16.0%），美客多自由现金流更多（$4.8B vs $1.4B），过去两年美客多的营收复合增速更高（40.7% vs 19.9%）
缤客控股是全球领先的旅行服务集团，旗下运营Booking.com、Priceline、Agoda、Kayak等知名在线平台，为休闲及商务旅客提供酒店预订、机票订购、租车服务、度假套餐、餐厅预约等服务，业务覆盖全球绝大多数国家和地区，合作数百万家旅游及餐饮商户。
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。
BKNG vs MELI — 直观对比
营收规模更大
BKNG
是对方的1.0倍
$6.1B
营收增速更快
MELI
高出24.1%
16.0%
自由现金流更多
MELI
多$3.4B
$1.4B
两年增速更快
MELI
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $6.1B |
| 净利润 | — | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | 32.0% | 14.5% |
| 净利率 | — | 9.1% |
| 营收同比 | 16.0% | 40.2% |
| 净利润同比 | — | -12.5% |
| 每股收益（稀释后） | $43.66 | $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BKNGMELI
| Q4 25 | $6.3B | $6.1B | ||
| Q3 25 | $9.0B | $5.2B | ||
| Q2 25 | $6.8B | $4.8B | ||
| Q1 25 | $4.8B | $4.2B | ||
| Q4 24 | $5.5B | $4.4B | ||
| Q3 24 | $8.0B | $3.9B | ||
| Q2 24 | $5.9B | $3.8B | ||
| Q1 24 | $4.4B | $3.1B |
净利润BKNGMELI
| Q4 25 | — | $559.0M | ||
| Q3 25 | — | $421.0M | ||
| Q2 25 | — | $523.0M | ||
| Q1 25 | — | $494.0M | ||
| Q4 24 | — | $639.0M | ||
| Q3 24 | — | $397.0M | ||
| Q2 24 | — | $531.0M | ||
| Q1 24 | — | $344.0M |
毛利率BKNGMELI
| 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BKNGMELI
| Q4 25 | 32.0% | 14.5% | ||
| Q3 25 | 38.7% | 13.9% | ||
| Q2 25 | 33.1% | 17.2% | ||
| Q1 25 | 22.3% | 18.2% | ||
| Q4 24 | 31.6% | 18.7% | ||
| Q3 24 | 39.8% | 14.3% | ||
| Q2 24 | 31.7% | 19.3% | ||
| Q1 24 | 17.9% | 17.0% |
净利率BKNGMELI
| Q4 25 | — | 9.1% | ||
| Q3 25 | — | 8.1% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 14.1% | ||
| Q1 24 | — | 11.1% |
每股收益（稀释后）BKNGMELI
| Q4 25 | $43.66 | $11.03 | ||
| Q3 25 | $84.41 | $8.32 | ||
| Q2 25 | $27.43 | $10.31 | ||
| Q1 25 | $10.07 | $9.74 | ||
| Q4 24 | $31.60 | $12.60 | ||
| Q3 24 | $74.34 | $7.83 | ||
| Q2 24 | $44.38 | $10.48 | ||
| Q1 24 | $22.37 | $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 | $17.2B | $6.3B |
| 总债务越低越好 | $18.7B | $4.6B |
| 股东权益账面价值 | $-5.6B | $6.7B |
| 总资产 | $29.3B | $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BKNGMELI
| Q4 25 | $17.2B | $6.3B | ||
| Q3 25 | $16.5B | $6.3B | ||
| Q2 25 | $17.6B | $7.6B | ||
| Q1 25 | $15.6B | $8.1B | ||
| Q4 24 | $16.2B | $7.1B | ||
| Q3 24 | $15.8B | $6.7B | ||
| Q2 24 | $16.3B | $6.9B | ||
| Q1 24 | $16.0B | $6.3B |
总债务BKNGMELI
| Q4 25 | $18.7B | $4.6B | ||
| Q3 25 | $17.0B | $3.4B | ||
| Q2 25 | $18.5B | $3.5B | ||
| Q1 25 | $16.0B | $2.9B | ||
| Q4 24 | $16.6B | $2.9B | ||
| Q3 24 | $16.2B | $3.1B | ||
| Q2 24 | $16.8B | $2.4B | ||
| Q1 24 | $16.9B | $2.2B |
股东权益BKNGMELI
| Q4 25 | $-5.6B | $6.7B | ||
| Q3 25 | $-4.7B | $6.2B | ||
| Q2 25 | $-6.7B | $5.7B | ||
| Q1 25 | $-6.1B | $5.0B | ||
| Q4 24 | $-4.0B | $4.4B | ||
| Q3 24 | $-3.7B | $4.0B | ||
| Q2 24 | $-4.3B | $3.7B | ||
| Q1 24 | $-4.1B | $3.4B |
总资产BKNGMELI
| Q4 25 | $29.3B | $42.7B | ||
| Q3 25 | $28.8B | $36.7B | ||
| Q2 25 | $30.7B | $32.9B | ||
| Q1 25 | $27.2B | $27.7B | ||
| Q4 24 | $27.7B | $25.2B | ||
| Q3 24 | $28.0B | $22.6B | ||
| Q2 24 | $28.5B | $20.0B | ||
| Q1 24 | $27.7B | $19.1B |
负债/权益比BKNGMELI
| 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 | $1.5B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $4.8B |
| 自由现金流率自由现金流/营收 | 22.3% | 77.9% |
| 资本支出强度资本支出/营收 | 1.1% | 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 | $9.1B | $10.8B |
8季度趋势，按日历期对齐
经营现金流BKNGMELI
| Q4 25 | $1.5B | $5.2B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $3.2B | $2.9B | ||
| Q1 25 | $3.3B | $1.0B | ||
| Q4 24 | $721.0M | $2.9B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.5B | $1.9B | ||
| Q1 24 | $2.7B | $1.5B |
自由现金流BKNGMELI
| Q4 25 | $1.4B | $4.8B | ||
| Q3 25 | $1.4B | $2.6B | ||
| Q2 25 | $3.1B | $2.6B | ||
| Q1 25 | $3.2B | $759.0M | ||
| Q4 24 | $645.0M | $2.6B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.4B | $1.7B | ||
| Q1 24 | $2.6B | $1.4B |
自由现金流率BKNGMELI
| Q4 25 | 22.3% | 77.9% | ||
| Q3 25 | 15.2% | 50.0% | ||
| Q2 25 | 46.1% | 54.8% | ||
| Q1 25 | 66.4% | 18.1% | ||
| Q4 24 | 11.8% | 59.8% | ||
| Q3 24 | 28.7% | 35.4% | ||
| Q2 24 | 40.6% | 45.1% | ||
| Q1 24 | 58.3% | 44.1% |
资本支出强度BKNGMELI
| Q4 25 | 1.1% | 7.0% | ||
| Q3 25 | 0.7% | 6.9% | ||
| Q2 25 | 0.9% | 6.0% | ||
| Q1 25 | 2.5% | 6.5% | ||
| Q4 24 | 1.4% | 7.0% | ||
| Q3 24 | 1.0% | 5.7% | ||
| Q2 24 | 2.5% | 4.9% | ||
| Q1 24 | 2.9% | 4.7% |
现金转化率BKNGMELI
| 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
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
