vs
艺康（ECL）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艺康的1.5倍（$6.1B vs $4.1B），艺康净利率更高（10.6% vs 9.1%，领先1.5%），美客多同比增速更快（40.2% vs 10.0%），过去两年美客多的营收复合增速更高（40.7% vs 1.0%）
艺康（Ecolab）总部位于美国明尼苏达州圣保罗市，是全球领先的水处理、清洁消毒与卫生防护产品提供商，核心客户群体覆盖各领域商业机构与工业企业，可助力客户提升运营效率、保障公共卫生安全、实现可持续发展。
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。
ECL vs MELI — 直观对比
营收规模更大
MELI
是对方的1.5倍
$4.1B
营收增速更快
MELI
高出30.1%
10.0%
净利率更高
ECL
高出1.5%
9.1%
两年增速更快
MELI
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $6.1B |
| 净利润 | $432.6M | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | 15.3% | 14.5% |
| 净利率 | 10.6% | 9.1% |
| 营收同比 | 10.0% | 40.2% |
| 净利润同比 | 1.3% | -12.5% |
| 每股收益（稀释后） | $1.52 | $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ECLMELI
| Q2 26 | $4.1B | — | ||
| Q4 25 | $4.2B | $6.1B | ||
| Q3 25 | $4.2B | $5.2B | ||
| Q2 25 | $4.0B | $4.8B | ||
| Q1 25 | $3.7B | $4.2B | ||
| Q4 24 | $4.0B | $4.4B | ||
| Q3 24 | $4.0B | $3.9B | ||
| Q2 24 | $4.0B | $3.8B |
净利润ECLMELI
| Q2 26 | $432.6M | — | ||
| Q4 25 | $563.9M | $559.0M | ||
| Q3 25 | $585.0M | $421.0M | ||
| Q2 25 | $524.2M | $523.0M | ||
| Q1 25 | $402.5M | $494.0M | ||
| Q4 24 | $472.9M | $639.0M | ||
| Q3 24 | $736.5M | $397.0M | ||
| Q2 24 | $490.9M | $531.0M |
毛利率ECLMELI
| Q2 26 | — | — | ||
| Q4 25 | 44.0% | 61.7% | ||
| Q3 25 | 44.8% | 61.7% | ||
| Q2 25 | 44.8% | 64.4% | ||
| Q1 25 | 44.2% | 66.1% | ||
| Q4 24 | 43.3% | 62.8% | ||
| Q3 24 | 43.4% | 62.6% | ||
| Q2 24 | 43.8% | 62.8% |
营业利润率ECLMELI
| Q2 26 | 15.3% | — | ||
| Q4 25 | 17.0% | 14.5% | ||
| Q3 25 | 18.3% | 13.9% | ||
| Q2 25 | 17.6% | 17.2% | ||
| Q1 25 | 15.0% | 18.2% | ||
| Q4 24 | 14.6% | 18.7% | ||
| Q3 24 | 26.1% | 14.3% | ||
| Q2 24 | 16.5% | 19.3% |
净利率ECLMELI
| Q2 26 | 10.6% | — | ||
| Q4 25 | 13.4% | 9.1% | ||
| Q3 25 | 14.0% | 8.1% | ||
| Q2 25 | 13.0% | 10.9% | ||
| Q1 25 | 10.9% | 11.8% | ||
| Q4 24 | 11.8% | 14.6% | ||
| Q3 24 | 18.4% | 10.2% | ||
| Q2 24 | 12.3% | 14.1% |
每股收益（稀释后）ECLMELI
| Q2 26 | $1.52 | — | ||
| Q4 25 | $1.98 | $11.03 | ||
| Q3 25 | $2.05 | $8.32 | ||
| Q2 25 | $1.84 | $10.31 | ||
| Q1 25 | $1.41 | $9.74 | ||
| Q4 24 | $1.65 | $12.60 | ||
| Q3 24 | $2.58 | $7.83 | ||
| Q2 24 | $1.71 | $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 | $519.8K | $6.3B |
| 总债务越低越好 | $8.5M | $4.6B |
| 股东权益账面价值 | $10.0M | $6.7B |
| 总资产 | $25.0M | $42.7B |
| 负债/权益比越低杠杆越低 | 0.85× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资ECLMELI
| Q2 26 | $519.8K | — | ||
| Q4 25 | $646.2M | $6.3B | ||
| Q3 25 | $2.0B | $6.3B | ||
| Q2 25 | $1.9B | $7.6B | ||
| Q1 25 | $1.2B | $8.1B | ||
| Q4 24 | $1.3B | $7.1B | ||
| Q3 24 | $1.3B | $6.7B | ||
| Q2 24 | $384.0M | $6.9B |
总债务ECLMELI
| Q2 26 | $8.5M | — | ||
| Q4 25 | $7.4B | $4.6B | ||
| Q3 25 | $8.1B | $3.4B | ||
| Q2 25 | $7.5B | $3.5B | ||
| Q1 25 | $7.0B | $2.9B | ||
| Q4 24 | $6.9B | $2.9B | ||
| Q3 24 | $7.0B | $3.1B | ||
| Q2 24 | $7.5B | $2.4B |
股东权益ECLMELI
| Q2 26 | $10.0M | — | ||
| Q4 25 | $9.8B | $6.7B | ||
| Q3 25 | $9.7B | $6.2B | ||
| Q2 25 | $9.3B | $5.7B | ||
| Q1 25 | $8.9B | $5.0B | ||
| Q4 24 | $8.8B | $4.4B | ||
| Q3 24 | $8.5B | $4.0B | ||
| Q2 24 | $8.3B | $3.7B |
总资产ECLMELI
| Q2 26 | $25.0M | — | ||
| Q4 25 | $24.7B | $42.7B | ||
| Q3 25 | $23.9B | $36.7B | ||
| Q2 25 | $23.7B | $32.9B | ||
| Q1 25 | $22.4B | $27.7B | ||
| Q4 24 | $22.4B | $25.2B | ||
| Q3 24 | $22.1B | $22.6B | ||
| Q2 24 | $21.5B | $20.0B |
负债/权益比ECLMELI
| Q2 26 | 0.85× | — | ||
| Q4 25 | 0.75× | 0.68× | ||
| Q3 25 | 0.83× | 0.55× | ||
| Q2 25 | 0.81× | 0.61× | ||
| Q1 25 | 0.79× | 0.57× | ||
| Q4 24 | 0.79× | 0.66× | ||
| Q3 24 | 0.82× | 0.78× | ||
| Q2 24 | 0.91× | 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 | — | $5.2B |
| 自由现金流经营现金流 - 资本支出 | — | $4.8B |
| 自由现金流率自由现金流/营收 | — | 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 | — | 9.32× |
| 过去12个月自由现金流最近4个季度 | — | $10.8B |
8季度趋势，按日历期对齐
经营现金流ECLMELI
| Q2 26 | — | — | ||
| Q4 25 | $1.1B | $5.2B | ||
| Q3 25 | $791.3M | $3.0B | ||
| Q2 25 | $701.8M | $2.9B | ||
| Q1 25 | $369.4M | $1.0B | ||
| Q4 24 | $766.7M | $2.9B | ||
| Q3 24 | $786.7M | $1.6B | ||
| Q2 24 | $611.1M | $1.9B |
自由现金流ECLMELI
| Q2 26 | — | — | ||
| Q4 25 | $758.0M | $4.8B | ||
| Q3 25 | $529.7M | $2.6B | ||
| Q2 25 | $485.1M | $2.6B | ||
| Q1 25 | $131.5M | $759.0M | ||
| Q4 24 | $407.0M | $2.6B | ||
| Q3 24 | $550.3M | $1.4B | ||
| Q2 24 | $414.2M | $1.7B |
自由现金流率ECLMELI
| Q2 26 | — | — | ||
| Q4 25 | 18.1% | 77.9% | ||
| Q3 25 | 12.7% | 50.0% | ||
| Q2 25 | 12.1% | 54.8% | ||
| Q1 25 | 3.6% | 18.1% | ||
| Q4 24 | 10.2% | 59.8% | ||
| Q3 24 | 13.8% | 35.4% | ||
| Q2 24 | 10.4% | 45.1% |
资本支出强度ECLMELI
| Q2 26 | — | — | ||
| Q4 25 | 7.9% | 7.0% | ||
| Q3 25 | 6.3% | 6.9% | ||
| Q2 25 | 5.4% | 6.0% | ||
| Q1 25 | 6.4% | 6.5% | ||
| Q4 24 | 9.0% | 7.0% | ||
| Q3 24 | 5.9% | 5.7% | ||
| Q2 24 | 4.9% | 4.9% |
现金转化率ECLMELI
| Q2 26 | — | — | ||
| Q4 25 | 1.93× | 9.32× | ||
| Q3 25 | 1.35× | 7.03× | ||
| Q2 25 | 1.34× | 5.58× | ||
| Q1 25 | 0.92× | 2.09× | ||
| Q4 24 | 1.62× | 4.58× | ||
| Q3 24 | 1.07× | 4.03× | ||
| Q2 24 | 1.24× | 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
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
