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天弘科技（CLS）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天弘科技的1.5倍（$6.1B vs $4.0B），美客多净利率更高（9.1% vs 5.2%，领先3.9%），天弘科技同比增速更快（52.8% vs 40.2%），美客多自由现金流更多（$4.8B vs $137.9M），过去两年美客多的营收复合增速更高（40.7% vs 35.4%）
天弘科技（Celestica Inc.）是总部位于加拿大安大略省多伦多的跨国电子制造服务（EMS）企业，业务涵盖设计、生产制造、硬件平台搭建及供应链服务，目前在全球15个国家设有50个运营站点，为各行业客户提供专业的电子产业链相关解决方案。
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。
CLS vs MELI — 直观对比
营收规模更大
MELI
是对方的1.5倍
$4.0B
营收增速更快
CLS
高出12.6%
40.2%
净利率更高
MELI
高出3.9%
5.2%
自由现金流更多
MELI
多$4.6B
$137.9M
两年增速更快
MELI
近两年复合增速
35.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $6.1B |
| 净利润 | $212.3M | $559.0M |
| 毛利率 | 10.8% | 61.7% |
| 营业利润率 | 6723.5% | 14.5% |
| 净利率 | 5.2% | 9.1% |
| 营收同比 | 52.8% | 40.2% |
| 净利润同比 | 146.3% | -12.5% |
| 每股收益（稀释后） | $1.83 | $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CLSMELI
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.7B | $6.1B | ||
| Q3 25 | $3.2B | $5.2B | ||
| Q2 25 | $2.9B | $4.8B | ||
| Q1 25 | $2.6B | $4.2B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $2.5B | $3.9B | ||
| Q2 24 | $2.4B | $3.8B |
净利润CLSMELI
| Q1 26 | $212.3M | — | ||
| Q4 25 | $267.5M | $559.0M | ||
| Q3 25 | $267.8M | $421.0M | ||
| Q2 25 | $211.0M | $523.0M | ||
| Q1 25 | $86.2M | $494.0M | ||
| Q4 24 | — | $639.0M | ||
| Q3 24 | $89.5M | $397.0M | ||
| Q2 24 | $95.0M | $531.0M |
毛利率CLSMELI
| Q1 26 | 10.8% | — | ||
| Q4 25 | 11.8% | 61.7% | ||
| Q3 25 | 13.0% | 61.7% | ||
| Q2 25 | 12.8% | 64.4% | ||
| Q1 25 | 10.3% | 66.1% | ||
| Q4 24 | — | 62.8% | ||
| Q3 24 | 10.4% | 62.6% | ||
| Q2 24 | 10.6% | 62.8% |
营业利润率CLSMELI
| Q1 26 | 6723.5% | — | ||
| Q4 25 | 8.6% | 14.5% | ||
| Q3 25 | 10.2% | 13.9% | ||
| Q2 25 | 9.4% | 17.2% | ||
| Q1 25 | 4.9% | 18.2% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | 5.5% | 14.3% | ||
| Q2 24 | 5.6% | 19.3% |
净利率CLSMELI
| Q1 26 | 5.2% | — | ||
| Q4 25 | 7.3% | 9.1% | ||
| Q3 25 | 8.4% | 8.1% | ||
| Q2 25 | 7.3% | 10.9% | ||
| Q1 25 | 3.3% | 11.8% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | 3.6% | 10.2% | ||
| Q2 24 | 4.0% | 14.1% |
每股收益（稀释后）CLSMELI
| Q1 26 | $1.83 | — | ||
| Q4 25 | $2.29 | $11.03 | ||
| Q3 25 | $2.31 | $8.32 | ||
| Q2 25 | $1.82 | $10.31 | ||
| Q1 25 | $0.74 | $9.74 | ||
| Q4 24 | — | $12.60 | ||
| Q3 24 | $0.75 | $7.83 | ||
| Q2 24 | $0.80 | $10.48 |
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 | $378.0M | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $2.1B | $6.7B |
| 总资产 | $8260.0B | $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CLSMELI
| Q1 26 | $378.0M | — | ||
| Q4 25 | $595.6M | $6.3B | ||
| Q3 25 | $305.9M | $6.3B | ||
| Q2 25 | $313.8M | $7.6B | ||
| Q1 25 | $303.0M | $8.1B | ||
| Q4 24 | — | $7.1B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.9B |
总债务CLSMELI
| Q1 26 | — | — | ||
| Q4 25 | $750.5M | $4.6B | ||
| Q3 25 | $756.7M | $3.4B | ||
| Q2 25 | $848.6M | $3.5B | ||
| Q1 25 | $915.0M | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $2.4B |
股东权益CLSMELI
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $6.7B | ||
| Q3 25 | $2.0B | $6.2B | ||
| Q2 25 | $1.8B | $5.7B | ||
| Q1 25 | $1.6B | $5.0B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $1.8B | $4.0B | ||
| Q2 24 | $1.8B | $3.7B |
总资产CLSMELI
| Q1 26 | $8260.0B | — | ||
| Q4 25 | $7.2B | $42.7B | ||
| Q3 25 | $6.6B | $36.7B | ||
| Q2 25 | $6.2B | $32.9B | ||
| Q1 25 | $5.8B | $27.7B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | — | $22.6B | ||
| Q2 24 | — | $20.0B |
负债/权益比CLSMELI
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 0.68× | ||
| Q3 25 | 0.37× | 0.55× | ||
| Q2 25 | 0.48× | 0.61× | ||
| Q1 25 | 0.59× | 0.57× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.67× |
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 | $356.3M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $137.9M | $4.8B |
| 自由现金流率自由现金流/营收 | 3.4% | 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 | 1.68× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $502.6M | $10.8B |
8季度趋势，按日历期对齐
经营现金流CLSMELI
| Q1 26 | $356.3M | — | ||
| Q4 25 | $250.6M | $5.2B | ||
| Q3 25 | $126.2M | $3.0B | ||
| Q2 25 | $152.4M | $2.9B | ||
| Q1 25 | $130.3M | $1.0B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $122.8M | $1.6B | ||
| Q2 24 | $99.6M | $1.9B |
自由现金流CLSMELI
| Q1 26 | $137.9M | — | ||
| Q4 25 | $155.9M | $4.8B | ||
| Q3 25 | $88.9M | $2.6B | ||
| Q2 25 | $119.9M | $2.6B | ||
| Q1 25 | $93.6M | $759.0M | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $76.8M | $1.4B | ||
| Q2 24 | $62.7M | $1.7B |
自由现金流率CLSMELI
| Q1 26 | 3.4% | — | ||
| Q4 25 | 4.3% | 77.9% | ||
| Q3 25 | 2.8% | 50.0% | ||
| Q2 25 | 4.1% | 54.8% | ||
| Q1 25 | 3.5% | 18.1% | ||
| Q4 24 | — | 59.8% | ||
| Q3 24 | 3.1% | 35.4% | ||
| Q2 24 | 2.6% | 45.1% |
资本支出强度CLSMELI
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 7.0% | ||
| Q3 25 | 1.2% | 6.9% | ||
| Q2 25 | 1.1% | 6.0% | ||
| Q1 25 | 1.4% | 6.5% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | 1.8% | 5.7% | ||
| Q2 24 | 1.5% | 4.9% |
现金转化率CLSMELI
| Q1 26 | 1.68× | — | ||
| Q4 25 | 0.94× | 9.32× | ||
| Q3 25 | 0.47× | 7.03× | ||
| Q2 25 | 0.72× | 5.58× | ||
| Q1 25 | 1.51× | 2.09× | ||
| Q4 24 | — | 4.58× | ||
| Q3 24 | 1.37× | 4.03× | ||
| Q2 24 | 1.05× | 3.54× |
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
CLS
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% |
