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CDW Corporation（CDW）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CDW Corporation的1.1倍（$6.1B vs $5.5B），美客多同比增速更快（40.2% vs 6.3%），美客多自由现金流更多（$4.8B vs $395.9M），过去两年美客多的营收复合增速更高（40.7% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
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。
CDW vs MELI — 直观对比
营收规模更大
MELI
是对方的1.1倍
$5.5B
营收增速更快
MELI
高出33.9%
6.3%
自由现金流更多
MELI
多$4.4B
$395.9M
两年增速更快
MELI
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $6.1B |
| 净利润 | — | $559.0M |
| 毛利率 | 22.8% | 61.7% |
| 营业利润率 | 7.8% | 14.5% |
| 净利率 | — | 9.1% |
| 营收同比 | 6.3% | 40.2% |
| 净利润同比 | — | -12.5% |
| 每股收益（稀释后） | $2.13 | $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CDWMELI
| Q4 25 | $5.5B | $6.1B | ||
| Q3 25 | $5.7B | $5.2B | ||
| Q2 25 | $6.0B | $4.8B | ||
| Q1 25 | $5.2B | $4.2B | ||
| Q4 24 | $5.2B | $4.4B | ||
| Q3 24 | $5.5B | $3.9B | ||
| Q2 24 | $5.4B | $3.8B | ||
| Q1 24 | $4.9B | $3.1B |
净利润CDWMELI
| Q4 25 | — | $559.0M | ||
| Q3 25 | $291.0M | $421.0M | ||
| Q2 25 | $271.2M | $523.0M | ||
| Q1 25 | $224.9M | $494.0M | ||
| Q4 24 | — | $639.0M | ||
| Q3 24 | $316.4M | $397.0M | ||
| Q2 24 | $281.1M | $531.0M | ||
| Q1 24 | $216.1M | $344.0M |
毛利率CDWMELI
| Q4 25 | 22.8% | 61.7% | ||
| Q3 25 | 21.9% | 61.7% | ||
| Q2 25 | 20.8% | 64.4% | ||
| Q1 25 | 21.6% | 66.1% | ||
| Q4 24 | 22.3% | 62.8% | ||
| Q3 24 | 21.8% | 62.6% | ||
| Q2 24 | 21.8% | 62.8% | ||
| Q1 24 | 21.8% | 65.3% |
营业利润率CDWMELI
| Q4 25 | 7.8% | 14.5% | ||
| Q3 25 | 7.7% | 13.9% | ||
| Q2 25 | 7.0% | 17.2% | ||
| Q1 25 | 7.0% | 18.2% | ||
| Q4 24 | 7.9% | 18.7% | ||
| Q3 24 | 8.7% | 14.3% | ||
| Q2 24 | 8.0% | 19.3% | ||
| Q1 24 | 6.7% | 17.0% |
净利率CDWMELI
| Q4 25 | — | 9.1% | ||
| Q3 25 | 5.1% | 8.1% | ||
| Q2 25 | 4.5% | 10.9% | ||
| Q1 25 | 4.3% | 11.8% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | 5.7% | 10.2% | ||
| Q2 24 | 5.2% | 14.1% | ||
| Q1 24 | 4.4% | 11.1% |
每股收益（稀释后）CDWMELI
| Q4 25 | $2.13 | $11.03 | ||
| Q3 25 | $2.21 | $8.32 | ||
| Q2 25 | $2.05 | $10.31 | ||
| Q1 25 | $1.69 | $9.74 | ||
| Q4 24 | $1.97 | $12.60 | ||
| Q3 24 | $2.34 | $7.83 | ||
| Q2 24 | $2.07 | $10.48 | ||
| Q1 24 | $1.59 | $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 | $618.7M | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $2.6B | $6.7B |
| 总资产 | $16.0B | $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CDWMELI
| Q4 25 | $618.7M | $6.3B | ||
| Q3 25 | $452.9M | $6.3B | ||
| Q2 25 | $481.0M | $7.6B | ||
| Q1 25 | $688.1M | $8.1B | ||
| Q4 24 | $717.7M | $7.1B | ||
| Q3 24 | $1.2B | $6.7B | ||
| Q2 24 | $665.3M | $6.9B | ||
| Q1 24 | $803.8M | $6.3B |
总债务CDWMELI
| 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CDWMELI
| Q4 25 | $2.6B | $6.7B | ||
| Q3 25 | $2.5B | $6.2B | ||
| Q2 25 | $2.5B | $5.7B | ||
| Q1 25 | $2.3B | $5.0B | ||
| Q4 24 | $2.4B | $4.4B | ||
| Q3 24 | $2.3B | $4.0B | ||
| Q2 24 | $2.2B | $3.7B | ||
| Q1 24 | $2.1B | $3.4B |
总资产CDWMELI
| Q4 25 | $16.0B | $42.7B | ||
| Q3 25 | $15.2B | $36.7B | ||
| Q2 25 | $15.3B | $32.9B | ||
| Q1 25 | $15.0B | $27.7B | ||
| Q4 24 | $14.7B | $25.2B | ||
| Q3 24 | $14.4B | $22.6B | ||
| Q2 24 | $13.6B | $20.0B | ||
| Q1 24 | $13.2B | $19.1B |
负债/权益比CDWMELI
| 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 | $433.8M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $4.8B |
| 自由现金流率自由现金流/营收 | 7.2% | 77.9% |
| 资本支出强度资本支出/营收 | 0.7% | 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 | $1.1B | $10.8B |
8季度趋势，按日历期对齐
经营现金流CDWMELI
| Q4 25 | $433.8M | $5.2B | ||
| Q3 25 | $328.3M | $3.0B | ||
| Q2 25 | $155.9M | $2.9B | ||
| Q1 25 | $287.2M | $1.0B | ||
| Q4 24 | $345.3M | $2.9B | ||
| Q3 24 | $342.1M | $1.6B | ||
| Q2 24 | $149.9M | $1.9B | ||
| Q1 24 | $440.0M | $1.5B |
自由现金流CDWMELI
| Q4 25 | $395.9M | $4.8B | ||
| Q3 25 | $298.5M | $2.6B | ||
| Q2 25 | $133.4M | $2.6B | ||
| Q1 25 | $260.3M | $759.0M | ||
| Q4 24 | $316.7M | $2.6B | ||
| Q3 24 | $308.5M | $1.4B | ||
| Q2 24 | $119.0M | $1.7B | ||
| Q1 24 | $410.5M | $1.4B |
自由现金流率CDWMELI
| Q4 25 | 7.2% | 77.9% | ||
| Q3 25 | 5.2% | 50.0% | ||
| Q2 25 | 2.2% | 54.8% | ||
| Q1 25 | 5.0% | 18.1% | ||
| Q4 24 | 6.1% | 59.8% | ||
| Q3 24 | 5.6% | 35.4% | ||
| Q2 24 | 2.2% | 45.1% | ||
| Q1 24 | 8.4% | 44.1% |
资本支出强度CDWMELI
| Q4 25 | 0.7% | 7.0% | ||
| Q3 25 | 0.5% | 6.9% | ||
| Q2 25 | 0.4% | 6.0% | ||
| Q1 25 | 0.5% | 6.5% | ||
| Q4 24 | 0.6% | 7.0% | ||
| Q3 24 | 0.6% | 5.7% | ||
| Q2 24 | 0.6% | 4.9% | ||
| Q1 24 | 0.6% | 4.7% |
现金转化率CDWMELI
| Q4 25 | — | 9.32× | ||
| Q3 25 | 1.13× | 7.03× | ||
| Q2 25 | 0.57× | 5.58× | ||
| Q1 25 | 1.28× | 2.09× | ||
| Q4 24 | — | 4.58× | ||
| Q3 24 | 1.08× | 4.03× | ||
| Q2 24 | 0.53× | 3.54× | ||
| Q1 24 | 2.04× | 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
CDW
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% |
