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Salesforce（CRM）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
Salesforce的季度营收约是美客多的1.7倍（$10.3B vs $6.1B），Salesforce净利率更高（20.3% vs 9.1%，领先11.2%），美客多同比增速更快（40.2% vs 8.6%），美客多自由现金流更多（$4.8B vs $2.2B），过去两年美客多的营收复合增速更高（40.7% vs 5.1%）
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
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。
CRM vs MELI — 直观对比
营收规模更大
CRM
是对方的1.7倍
$6.1B
营收增速更快
MELI
高出31.5%
8.6%
净利率更高
CRM
高出11.2%
9.1%
自由现金流更多
MELI
多$2.6B
$2.2B
两年增速更快
MELI
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $6.1B |
| 净利润 | $2.1B | $559.0M |
| 毛利率 | 78.0% | 61.7% |
| 营业利润率 | 21.3% | 14.5% |
| 净利率 | 20.3% | 9.1% |
| 营收同比 | 8.6% | 40.2% |
| 净利润同比 | 36.6% | -12.5% |
| 每股收益（稀释后） | $2.19 | $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CRMMELI
| Q4 25 | $10.3B | $6.1B | ||
| Q3 25 | $10.2B | $5.2B | ||
| Q2 25 | $9.8B | $4.8B | ||
| Q1 25 | $10.0B | $4.2B | ||
| Q4 24 | $9.4B | $4.4B | ||
| Q3 24 | $9.3B | $3.9B | ||
| Q2 24 | $9.1B | $3.8B | ||
| Q1 24 | $9.3B | $3.1B |
净利润CRMMELI
| Q4 25 | $2.1B | $559.0M | ||
| Q3 25 | $1.9B | $421.0M | ||
| Q2 25 | $1.5B | $523.0M | ||
| Q1 25 | $1.7B | $494.0M | ||
| Q4 24 | $1.5B | $639.0M | ||
| Q3 24 | $1.4B | $397.0M | ||
| Q2 24 | $1.5B | $531.0M | ||
| Q1 24 | $1.4B | $344.0M |
毛利率CRMMELI
| Q4 25 | 78.0% | 61.7% | ||
| Q3 25 | 78.1% | 61.7% | ||
| Q2 25 | 77.0% | 64.4% | ||
| Q1 25 | 77.8% | 66.1% | ||
| Q4 24 | 77.7% | 62.8% | ||
| Q3 24 | 76.8% | 62.6% | ||
| Q2 24 | 76.3% | 62.8% | ||
| Q1 24 | 76.9% | 65.3% |
营业利润率CRMMELI
| Q4 25 | 21.3% | 14.5% | ||
| Q3 25 | 22.8% | 13.9% | ||
| Q2 25 | 19.8% | 17.2% | ||
| Q1 25 | 18.2% | 18.2% | ||
| Q4 24 | 20.0% | 18.7% | ||
| Q3 24 | 19.1% | 14.3% | ||
| Q2 24 | 18.7% | 19.3% | ||
| Q1 24 | 17.5% | 17.0% |
净利率CRMMELI
| Q4 25 | 20.3% | 9.1% | ||
| Q3 25 | 18.4% | 8.1% | ||
| Q2 25 | 15.7% | 10.9% | ||
| Q1 25 | 17.1% | 11.8% | ||
| Q4 24 | 16.2% | 14.6% | ||
| Q3 24 | 15.3% | 10.2% | ||
| Q2 24 | 16.8% | 14.1% | ||
| Q1 24 | 15.6% | 11.1% |
每股收益（稀释后）CRMMELI
| Q4 25 | $2.19 | $11.03 | ||
| Q3 25 | $1.96 | $8.32 | ||
| Q2 25 | $1.59 | $10.31 | ||
| Q1 25 | $1.75 | $9.74 | ||
| Q4 24 | $1.58 | $12.60 | ||
| Q3 24 | $1.47 | $7.83 | ||
| Q2 24 | $1.56 | $10.48 | ||
| Q1 24 | $1.47 | $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 | $9.0B | $6.3B |
| 总债务越低越好 | $8.4B | $4.6B |
| 股东权益账面价值 | $60.0B | $6.7B |
| 总资产 | $95.1B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.14× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资CRMMELI
| Q4 25 | $9.0B | $6.3B | ||
| Q3 25 | $10.4B | $6.3B | ||
| Q2 25 | $10.9B | $7.6B | ||
| Q1 25 | $8.8B | $8.1B | ||
| Q4 24 | $8.0B | $7.1B | ||
| Q3 24 | $7.7B | $6.7B | ||
| Q2 24 | $10.0B | $6.9B | ||
| Q1 24 | $8.5B | $6.3B |
总债务CRMMELI
| Q4 25 | $8.4B | $4.6B | ||
| Q3 25 | $8.4B | $3.4B | ||
| Q2 25 | $8.4B | $3.5B | ||
| Q1 25 | $8.4B | $2.9B | ||
| Q4 24 | $8.4B | $2.9B | ||
| Q3 24 | $8.4B | $3.1B | ||
| Q2 24 | $9.4B | $2.4B | ||
| Q1 24 | $9.4B | $2.2B |
股东权益CRMMELI
| Q4 25 | $60.0B | $6.7B | ||
| Q3 25 | $61.3B | $6.2B | ||
| Q2 25 | $60.7B | $5.7B | ||
| Q1 25 | $61.2B | $5.0B | ||
| Q4 24 | $58.5B | $4.4B | ||
| Q3 24 | $57.6B | $4.0B | ||
| Q2 24 | $59.7B | $3.7B | ||
| Q1 24 | $59.6B | $3.4B |
总资产CRMMELI
| Q4 25 | $95.1B | $42.7B | ||
| Q3 25 | $97.6B | $36.7B | ||
| Q2 25 | $98.6B | $32.9B | ||
| Q1 25 | $102.9B | $27.7B | ||
| Q4 24 | $91.4B | $25.2B | ||
| Q3 24 | $92.2B | $22.6B | ||
| Q2 24 | $96.2B | $20.0B | ||
| Q1 24 | $99.8B | $19.1B |
负债/权益比CRMMELI
| Q4 25 | 0.14× | 0.68× | ||
| Q3 25 | 0.14× | 0.55× | ||
| Q2 25 | 0.14× | 0.61× | ||
| Q1 25 | 0.14× | 0.57× | ||
| Q4 24 | 0.14× | 0.66× | ||
| Q3 24 | 0.15× | 0.78× | ||
| Q2 24 | 0.16× | 0.67× | ||
| Q1 24 | 0.16× | 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 | $2.3B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $4.8B |
| 自由现金流率自由现金流/营收 | 21.2% | 77.9% |
| 资本支出强度资本支出/营收 | 1.4% | 7.0% |
| 现金转化率经营现金流/净利润 | 1.11× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $10.8B |
8季度趋势，按日历期对齐
经营现金流CRMMELI
| Q4 25 | $2.3B | $5.2B | ||
| Q3 25 | $740.0M | $3.0B | ||
| Q2 25 | $6.5B | $2.9B | ||
| Q1 25 | $4.0B | $1.0B | ||
| Q4 24 | $2.0B | $2.9B | ||
| Q3 24 | $892.0M | $1.6B | ||
| Q2 24 | $6.2B | $1.9B | ||
| Q1 24 | $3.4B | $1.5B |
自由现金流CRMMELI
| Q4 25 | $2.2B | $4.8B | ||
| Q3 25 | $605.0M | $2.6B | ||
| Q2 25 | $6.3B | $2.6B | ||
| Q1 25 | $3.8B | $759.0M | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $755.0M | $1.4B | ||
| Q2 24 | $6.1B | $1.7B | ||
| Q1 24 | $3.3B | $1.4B |
自由现金流率CRMMELI
| Q4 25 | 21.2% | 77.9% | ||
| Q3 25 | 5.9% | 50.0% | ||
| Q2 25 | 64.1% | 54.8% | ||
| Q1 25 | 38.2% | 18.1% | ||
| Q4 24 | 18.8% | 59.8% | ||
| Q3 24 | 8.1% | 35.4% | ||
| Q2 24 | 66.6% | 45.1% | ||
| Q1 24 | 35.1% | 44.1% |
资本支出强度CRMMELI
| Q4 25 | 1.4% | 7.0% | ||
| Q3 25 | 1.3% | 6.9% | ||
| Q2 25 | 1.8% | 6.0% | ||
| Q1 25 | 1.5% | 6.5% | ||
| Q4 24 | 2.2% | 7.0% | ||
| Q3 24 | 1.5% | 5.7% | ||
| Q2 24 | 1.8% | 4.9% | ||
| Q1 24 | 1.6% | 4.7% |
现金转化率CRMMELI
| Q4 25 | 1.11× | 9.32× | ||
| Q3 25 | 0.39× | 7.03× | ||
| Q2 25 | 4.20× | 5.58× | ||
| Q1 25 | 2.32× | 2.09× | ||
| Q4 24 | 1.30× | 4.58× | ||
| Q3 24 | 0.62× | 4.03× | ||
| Q2 24 | 4.08× | 3.54× | ||
| Q1 24 | 2.35× | 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
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
