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DoorDash（DASH）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DoorDash的1.6倍（$6.1B vs $4.0B）。美客多净利率更高（9.1% vs 5.4%，领先3.7%）。美客多同比增速更快（40.2% vs 37.7%）。美客多自由现金流更多（$4.8B vs $367.0M）。过去两年美客多的营收复合增速更高（40.7% vs 25.5%）
DoorDash是美国头部在线订餐及配送平台，也是美国规模最大的外卖配送服务商，占据当地外卖配送市场56%的份额，便民配送品类市场占比更是高达60%。截至2020年12月31日，平台合作商户超45万家，服务消费者超2000万，注册配送员数量突破100万。
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。
DASH vs MELI — 直观对比
营收规模更大
MELI
是对方的1.6倍
$4.0B
营收增速更快
MELI
高出2.5%
37.7%
净利率更高
MELI
高出3.7%
5.4%
自由现金流更多
MELI
多$4.4B
$367.0M
两年增速更快
MELI
近两年复合增速
25.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $6.1B |
| 净利润 | $213.0M | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | 3.7% | 14.5% |
| 净利率 | 5.4% | 9.1% |
| 营收同比 | 37.7% | 40.2% |
| 净利润同比 | 51.1% | -12.5% |
| 每股收益（稀释后） | $0.49 | $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DASHMELI
| Q4 25 | $4.0B | $6.1B | ||
| Q3 25 | $3.4B | $5.2B | ||
| Q2 25 | $3.3B | $4.8B | ||
| Q1 25 | $3.0B | $4.2B | ||
| Q4 24 | $2.9B | $4.4B | ||
| Q3 24 | $2.7B | $3.9B | ||
| Q2 24 | $2.6B | $3.8B | ||
| Q1 24 | $2.5B | $3.1B |
净利润DASHMELI
| Q4 25 | $213.0M | $559.0M | ||
| Q3 25 | $244.0M | $421.0M | ||
| Q2 25 | $285.0M | $523.0M | ||
| Q1 25 | $193.0M | $494.0M | ||
| Q4 24 | $141.0M | $639.0M | ||
| Q3 24 | $162.0M | $397.0M | ||
| Q2 24 | $-157.0M | $531.0M | ||
| Q1 24 | $-23.0M | $344.0M |
毛利率DASHMELI
| 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DASHMELI
| Q4 25 | 3.7% | 14.5% | ||
| Q3 25 | 7.5% | 13.9% | ||
| Q2 25 | 5.0% | 17.2% | ||
| Q1 25 | 5.1% | 18.2% | ||
| Q4 24 | 4.1% | 18.7% | ||
| Q3 24 | 4.0% | 14.3% | ||
| Q2 24 | -7.6% | 19.3% | ||
| Q1 24 | -2.4% | 17.0% |
净利率DASHMELI
| Q4 25 | 5.4% | 9.1% | ||
| Q3 25 | 7.1% | 8.1% | ||
| Q2 25 | 8.7% | 10.9% | ||
| Q1 25 | 6.4% | 11.8% | ||
| Q4 24 | 4.9% | 14.6% | ||
| Q3 24 | 6.0% | 10.2% | ||
| Q2 24 | -6.0% | 14.1% | ||
| Q1 24 | -0.9% | 11.1% |
每股收益（稀释后）DASHMELI
| Q4 25 | $0.49 | $11.03 | ||
| Q3 25 | $0.55 | $8.32 | ||
| Q2 25 | $0.65 | $10.31 | ||
| Q1 25 | $0.44 | $9.74 | ||
| Q4 24 | $0.35 | $12.60 | ||
| Q3 24 | $0.38 | $7.83 | ||
| Q2 24 | $-0.38 | $10.48 | ||
| Q1 24 | $-0.06 | $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 | $4.4B | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $10.0B | $6.7B |
| 总资产 | $19.7B | $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DASHMELI
| Q4 25 | $4.4B | $6.3B | ||
| Q3 25 | $3.3B | $6.3B | ||
| Q2 25 | $3.9B | $7.6B | ||
| Q1 25 | $4.5B | $8.1B | ||
| Q4 24 | $4.0B | $7.1B | ||
| Q3 24 | $3.7B | $6.7B | ||
| Q2 24 | $3.4B | $6.9B | ||
| Q1 24 | $3.1B | $6.3B |
总债务DASHMELI
| 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DASHMELI
| Q4 25 | $10.0B | $6.7B | ||
| Q3 25 | $9.5B | $6.2B | ||
| Q2 25 | $8.9B | $5.7B | ||
| Q1 25 | $8.4B | $5.0B | ||
| Q4 24 | $7.8B | $4.4B | ||
| Q3 24 | $7.6B | $4.0B | ||
| Q2 24 | $7.2B | $3.7B | ||
| Q1 24 | $7.0B | $3.4B |
总资产DASHMELI
| Q4 25 | $19.7B | $42.7B | ||
| Q3 25 | $18.0B | $36.7B | ||
| Q2 25 | $16.9B | $32.9B | ||
| Q1 25 | $13.6B | $27.7B | ||
| Q4 24 | $12.8B | $25.2B | ||
| Q3 24 | $12.3B | $22.6B | ||
| Q2 24 | $11.8B | $20.0B | ||
| Q1 24 | $11.4B | $19.1B |
负债/权益比DASHMELI
| 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 | $421.0M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $4.8B |
| 自由现金流率自由现金流/营收 | 9.3% | 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 | 1.98× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $10.8B |
8季度趋势，按日历期对齐
经营现金流DASHMELI
| Q4 25 | $421.0M | $5.2B | ||
| Q3 25 | $871.0M | $3.0B | ||
| Q2 25 | $504.0M | $2.9B | ||
| Q1 25 | $635.0M | $1.0B | ||
| Q4 24 | $518.0M | $2.9B | ||
| Q3 24 | $531.0M | $1.6B | ||
| Q2 24 | $530.0M | $1.9B | ||
| Q1 24 | $553.0M | $1.5B |
自由现金流DASHMELI
| Q4 25 | $367.0M | $4.8B | ||
| Q3 25 | $808.0M | $2.6B | ||
| Q2 25 | $438.0M | $2.6B | ||
| Q1 25 | $561.0M | $759.0M | ||
| Q4 24 | $486.0M | $2.6B | ||
| Q3 24 | $499.0M | $1.4B | ||
| Q2 24 | $507.0M | $1.7B | ||
| Q1 24 | $536.0M | $1.4B |
自由现金流率DASHMELI
| Q4 25 | 9.3% | 77.9% | ||
| Q3 25 | 23.4% | 50.0% | ||
| Q2 25 | 13.3% | 54.8% | ||
| Q1 25 | 18.5% | 18.1% | ||
| Q4 24 | 16.9% | 59.8% | ||
| Q3 24 | 18.4% | 35.4% | ||
| Q2 24 | 19.3% | 45.1% | ||
| Q1 24 | 21.3% | 44.1% |
资本支出强度DASHMELI
| Q4 25 | 1.4% | 7.0% | ||
| Q3 25 | 1.8% | 6.9% | ||
| Q2 25 | 2.0% | 6.0% | ||
| Q1 25 | 2.4% | 6.5% | ||
| Q4 24 | 1.1% | 7.0% | ||
| Q3 24 | 1.2% | 5.7% | ||
| Q2 24 | 0.9% | 4.9% | ||
| Q1 24 | 0.7% | 4.7% |
现金转化率DASHMELI
| Q4 25 | 1.98× | 9.32× | ||
| Q3 25 | 3.57× | 7.03× | ||
| Q2 25 | 1.77× | 5.58× | ||
| Q1 25 | 3.29× | 2.09× | ||
| Q4 24 | 3.67× | 4.58× | ||
| Q3 24 | 3.28× | 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
DASH
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% |
