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FISERV INC（FISV）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FISERV INC的1.2倍（$6.1B vs $5.3B）。FISERV INC净利率更高（15.3% vs 9.1%，领先6.2%）。美客多同比增速更快（40.2% vs 0.6%）。美客多自由现金流更多（$4.8B vs $1.5B）。过去两年美客多的营收复合增速更高（40.7% vs 4.0%）
Fiserv是总部位于美国威斯康星州密尔沃基的跨国金融科技企业，面向银行机构提供借记卡、信用卡交易处理、忠诚度计划管理、贷款服务、电子账单支付、电汇及ACH转账、支票存款、ATM交易处理等解决方案，同时生产借记卡、信用卡及POS终端设备。
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。
FISV vs MELI — 直观对比
营收规模更大
MELI
是对方的1.2倍
$5.3B
营收增速更快
MELI
高出39.5%
0.6%
净利率更高
FISV
高出6.2%
9.1%
自由现金流更多
MELI
多$3.3B
$1.5B
两年增速更快
MELI
近两年复合增速
4.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $6.1B |
| 净利润 | $811.0M | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | 24.4% | 14.5% |
| 净利率 | 15.3% | 9.1% |
| 营收同比 | 0.6% | 40.2% |
| 净利润同比 | -13.5% | -12.5% |
| 每股收益（稀释后） | $1.51 | $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FISVMELI
| Q4 25 | $5.3B | $6.1B | ||
| Q3 25 | $5.3B | $5.2B | ||
| Q2 25 | $5.5B | $4.8B | ||
| Q1 25 | $5.1B | $4.2B | ||
| Q4 24 | $5.3B | $4.4B | ||
| Q3 24 | $5.2B | $3.9B | ||
| Q2 24 | $5.1B | $3.8B | ||
| Q1 24 | $4.9B | $3.1B |
净利润FISVMELI
| Q4 25 | $811.0M | $559.0M | ||
| Q3 25 | $792.0M | $421.0M | ||
| Q2 25 | $1.0B | $523.0M | ||
| Q1 25 | $851.0M | $494.0M | ||
| Q4 24 | $938.0M | $639.0M | ||
| Q3 24 | $564.0M | $397.0M | ||
| Q2 24 | $894.0M | $531.0M | ||
| Q1 24 | $735.0M | $344.0M |
毛利率FISVMELI
| 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FISVMELI
| Q4 25 | 24.4% | 14.5% | ||
| Q3 25 | 27.3% | 13.9% | ||
| Q2 25 | 30.7% | 17.2% | ||
| Q1 25 | 27.2% | 18.2% | ||
| Q4 24 | 31.8% | 18.7% | ||
| Q3 24 | 30.7% | 14.3% | ||
| Q2 24 | 28.0% | 19.3% | ||
| Q1 24 | 24.2% | 17.0% |
净利率FISVMELI
| Q4 25 | 15.3% | 9.1% | ||
| Q3 25 | 15.0% | 8.1% | ||
| Q2 25 | 18.6% | 10.9% | ||
| Q1 25 | 16.6% | 11.8% | ||
| Q4 24 | 17.9% | 14.6% | ||
| Q3 24 | 10.8% | 10.2% | ||
| Q2 24 | 17.5% | 14.1% | ||
| Q1 24 | 15.1% | 11.1% |
每股收益（稀释后）FISVMELI
| Q4 25 | $1.51 | $11.03 | ||
| Q3 25 | $1.46 | $8.32 | ||
| Q2 25 | $1.86 | $10.31 | ||
| Q1 25 | $1.51 | $9.74 | ||
| Q4 24 | $1.63 | $12.60 | ||
| Q3 24 | $0.98 | $7.83 | ||
| Q2 24 | $1.53 | $10.48 | ||
| Q1 24 | $1.24 | $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 | $798.0M | $6.3B |
| 总债务越低越好 | $27.8B | $4.6B |
| 股东权益账面价值 | $25.8B | $6.7B |
| 总资产 | $80.1B | $42.7B |
| 负债/权益比越低杠杆越低 | 1.08× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资FISVMELI
| Q4 25 | $798.0M | $6.3B | ||
| Q3 25 | $1.1B | $6.3B | ||
| Q2 25 | $999.0M | $7.6B | ||
| Q1 25 | $1.2B | $8.1B | ||
| Q4 24 | $1.2B | $7.1B | ||
| Q3 24 | $1.2B | $6.7B | ||
| Q2 24 | $1.2B | $6.9B | ||
| Q1 24 | $1.2B | $6.3B |
总债务FISVMELI
| Q4 25 | $27.8B | $4.6B | ||
| Q3 25 | $28.9B | $3.4B | ||
| Q2 25 | $28.1B | $3.5B | ||
| Q1 25 | $27.0B | $2.9B | ||
| Q4 24 | $23.7B | $2.9B | ||
| Q3 24 | $24.1B | $3.1B | ||
| Q2 24 | $24.4B | $2.4B | ||
| Q1 24 | $23.8B | $2.2B |
股东权益FISVMELI
| Q4 25 | $25.8B | $6.7B | ||
| Q3 25 | $25.1B | $6.2B | ||
| Q2 25 | $25.2B | $5.7B | ||
| Q1 25 | $25.9B | $5.0B | ||
| Q4 24 | $27.1B | $4.4B | ||
| Q3 24 | $27.8B | $4.0B | ||
| Q2 24 | $28.2B | $3.7B | ||
| Q1 24 | $28.8B | $3.4B |
总资产FISVMELI
| Q4 25 | $80.1B | $42.7B | ||
| Q3 25 | $79.4B | $36.7B | ||
| Q2 25 | $81.5B | $32.9B | ||
| Q1 25 | $80.4B | $27.7B | ||
| Q4 24 | $77.2B | $25.2B | ||
| Q3 24 | $79.8B | $22.6B | ||
| Q2 24 | $93.4B | $20.0B | ||
| Q1 24 | $92.7B | $19.1B |
负债/权益比FISVMELI
| Q4 25 | 1.08× | 0.68× | ||
| Q3 25 | 1.15× | 0.55× | ||
| Q2 25 | 1.11× | 0.61× | ||
| Q1 25 | 1.04× | 0.57× | ||
| Q4 24 | 0.88× | 0.66× | ||
| Q3 24 | 0.87× | 0.78× | ||
| Q2 24 | 0.87× | 0.67× | ||
| Q1 24 | 0.82× | 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 | $1.9B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $4.8B |
| 自由现金流率自由现金流/营收 | 28.4% | 77.9% |
| 资本支出强度资本支出/营收 | 8.4% | 7.0% |
| 现金转化率经营现金流/净利润 | 2.40× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $10.8B |
8季度趋势，按日历期对齐
经营现金流FISVMELI
| Q4 25 | $1.9B | $5.2B | ||
| Q3 25 | $1.8B | $3.0B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $648.0M | $1.0B | ||
| Q4 24 | $2.2B | $2.9B | ||
| Q3 24 | $2.2B | $1.6B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $831.0M | $1.5B |
自由现金流FISVMELI
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $1.3B | $2.6B | ||
| Q2 25 | $1.2B | $2.6B | ||
| Q1 25 | $313.0M | $759.0M | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.8B | $1.4B | ||
| Q2 24 | $993.0M | $1.7B | ||
| Q1 24 | $411.0M | $1.4B |
自由现金流率FISVMELI
| Q4 25 | 28.4% | 77.9% | ||
| Q3 25 | 24.7% | 50.0% | ||
| Q2 25 | 21.5% | 54.8% | ||
| Q1 25 | 6.1% | 18.1% | ||
| Q4 24 | 34.7% | 59.8% | ||
| Q3 24 | 35.2% | 35.4% | ||
| Q2 24 | 19.4% | 45.1% | ||
| Q1 24 | 8.4% | 44.1% |
资本支出强度FISVMELI
| Q4 25 | 8.4% | 7.0% | ||
| Q3 25 | 9.6% | 6.9% | ||
| Q2 25 | 8.7% | 6.0% | ||
| Q1 25 | 6.5% | 6.5% | ||
| Q4 24 | 7.6% | 7.0% | ||
| Q3 24 | 7.7% | 5.7% | ||
| Q2 24 | 6.8% | 4.9% | ||
| Q1 24 | 8.6% | 4.7% |
现金转化率FISVMELI
| Q4 25 | 2.40× | 9.32× | ||
| Q3 25 | 2.28× | 7.03× | ||
| Q2 25 | 1.62× | 5.58× | ||
| Q1 25 | 0.76× | 2.09× | ||
| Q4 24 | 2.37× | 4.58× | ||
| Q3 24 | 3.97× | 4.03× | ||
| Q2 24 | 1.50× | 3.54× | ||
| Q1 24 | 1.13× | 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
FISV
| Small Business | $1.7B | 32% |
| Products | $1.0B | 19% |
| Digital Payments | $960.0M | 18% |
| Issuing | $792.0M | 15% |
| Enterprise | $587.0M | 11% |
| Processing | $265.0M | 5% |
| Affiliated Entity | $18.0M | 0% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
