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国际纸业（IP）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国际纸业的1.3倍（$6.1B vs $4.7B），美客多净利率更高（9.1% vs -50.3%，领先59.4%），美客多同比增速更快（40.2% vs 3.6%），美客多自由现金流更多（$4.8B vs $255.0M），过去两年美客多的营收复合增速更高（40.7% vs 1.3%）
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
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。
IP vs MELI — 直观对比
营收规模更大
MELI
是对方的1.3倍
$4.7B
营收增速更快
MELI
高出36.6%
3.6%
净利率更高
MELI
高出59.4%
-50.3%
自由现金流更多
MELI
多$4.5B
$255.0M
两年增速更快
MELI
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $6.1B |
| 净利润 | $-2.4B | $559.0M |
| 毛利率 | 32.2% | 61.7% |
| 营业利润率 | -56.4% | 14.5% |
| 净利率 | -50.3% | 9.1% |
| 营收同比 | 3.6% | 40.2% |
| 净利润同比 | -1521.8% | -12.5% |
| 每股收益（稀释后） | $-4.76 | $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IPMELI
| Q4 25 | $4.7B | $6.1B | ||
| Q3 25 | $6.2B | $5.2B | ||
| Q2 25 | $6.8B | $4.8B | ||
| Q1 25 | $5.9B | $4.2B | ||
| Q4 24 | $4.6B | $4.4B | ||
| Q3 24 | $4.7B | $3.9B | ||
| Q2 24 | $4.7B | $3.8B | ||
| Q1 24 | $4.6B | $3.1B |
净利润IPMELI
| Q4 25 | $-2.4B | $559.0M | ||
| Q3 25 | $-1.1B | $421.0M | ||
| Q2 25 | $75.0M | $523.0M | ||
| Q1 25 | $-105.0M | $494.0M | ||
| Q4 24 | $-147.0M | $639.0M | ||
| Q3 24 | $150.0M | $397.0M | ||
| Q2 24 | $498.0M | $531.0M | ||
| Q1 24 | $56.0M | $344.0M |
毛利率IPMELI
| Q4 25 | 32.2% | 61.7% | ||
| Q3 25 | 31.1% | 61.7% | ||
| Q2 25 | 27.9% | 64.4% | ||
| Q1 25 | 27.8% | 66.1% | ||
| Q4 24 | 29.0% | 62.8% | ||
| Q3 24 | 28.7% | 62.6% | ||
| Q2 24 | 29.0% | 62.8% | ||
| Q1 24 | 25.9% | 65.3% |
营业利润率IPMELI
| Q4 25 | -56.4% | 14.5% | ||
| Q3 25 | -10.8% | 13.9% | ||
| Q2 25 | 1.7% | 17.2% | ||
| Q1 25 | -2.3% | 18.2% | ||
| Q4 24 | -4.9% | 18.7% | ||
| Q3 24 | 5.1% | 14.3% | ||
| Q2 24 | 6.8% | 19.3% | ||
| Q1 24 | 3.7% | 17.0% |
净利率IPMELI
| Q4 25 | -50.3% | 9.1% | ||
| Q3 25 | -17.7% | 8.1% | ||
| Q2 25 | 1.1% | 10.9% | ||
| Q1 25 | -1.8% | 11.8% | ||
| Q4 24 | -3.2% | 14.6% | ||
| Q3 24 | 3.2% | 10.2% | ||
| Q2 24 | 10.5% | 14.1% | ||
| Q1 24 | 1.2% | 11.1% |
每股收益（稀释后）IPMELI
| Q4 25 | $-4.76 | $11.03 | ||
| Q3 25 | $-2.09 | $8.32 | ||
| Q2 25 | $0.14 | $10.31 | ||
| Q1 25 | $-0.24 | $9.74 | ||
| Q4 24 | $-0.42 | $12.60 | ||
| Q3 24 | $0.42 | $7.83 | ||
| Q2 24 | $1.41 | $10.48 | ||
| Q1 24 | $0.16 | $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 | $1.1B | $6.3B |
| 总债务越低越好 | $8.8B | $4.6B |
| 股东权益账面价值 | $14.8B | $6.7B |
| 总资产 | $38.0B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资IPMELI
| Q4 25 | $1.1B | $6.3B | ||
| Q3 25 | $995.0M | $6.3B | ||
| Q2 25 | $1.1B | $7.6B | ||
| Q1 25 | $1.2B | $8.1B | ||
| Q4 24 | $1.2B | $7.1B | ||
| Q3 24 | $1.2B | $6.7B | ||
| Q2 24 | $1.0B | $6.9B | ||
| Q1 24 | $1.1B | $6.3B |
总债务IPMELI
| Q4 25 | $8.8B | $4.6B | ||
| Q3 25 | $9.0B | $3.4B | ||
| Q2 25 | $9.7B | $3.5B | ||
| Q1 25 | $9.2B | $2.9B | ||
| Q4 24 | $5.4B | $2.9B | ||
| Q3 24 | $5.3B | $3.1B | ||
| Q2 24 | $5.3B | $2.4B | ||
| Q1 24 | $5.5B | $2.2B |
股东权益IPMELI
| Q4 25 | $14.8B | $6.7B | ||
| Q3 25 | $17.3B | $6.2B | ||
| Q2 25 | $18.6B | $5.7B | ||
| Q1 25 | $18.1B | $5.0B | ||
| Q4 24 | $8.2B | $4.4B | ||
| Q3 24 | $8.6B | $4.0B | ||
| Q2 24 | $8.6B | $3.7B | ||
| Q1 24 | $8.3B | $3.4B |
总资产IPMELI
| Q4 25 | $38.0B | $42.7B | ||
| Q3 25 | $40.6B | $36.7B | ||
| Q2 25 | $42.4B | $32.9B | ||
| Q1 25 | $41.2B | $27.7B | ||
| Q4 24 | $22.8B | $25.2B | ||
| Q3 24 | $23.2B | $22.6B | ||
| Q2 24 | $23.1B | $20.0B | ||
| Q1 24 | $23.0B | $19.1B |
负债/权益比IPMELI
| Q4 25 | 0.60× | 0.68× | ||
| Q3 25 | 0.52× | 0.55× | ||
| Q2 25 | 0.52× | 0.61× | ||
| Q1 25 | 0.51× | 0.57× | ||
| Q4 24 | 0.66× | 0.66× | ||
| Q3 24 | 0.62× | 0.78× | ||
| Q2 24 | 0.62× | 0.67× | ||
| Q1 24 | 0.66× | 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 | $905.0M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $4.8B |
| 自由现金流率自由现金流/营收 | 5.4% | 77.9% |
| 资本支出强度资本支出/营收 | 13.7% | 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 | $-159.0M | $10.8B |
8季度趋势，按日历期对齐
经营现金流IPMELI
| Q4 25 | $905.0M | $5.2B | ||
| Q3 25 | $605.0M | $3.0B | ||
| Q2 25 | $476.0M | $2.9B | ||
| Q1 25 | $-288.0M | $1.0B | ||
| Q4 24 | $397.0M | $2.9B | ||
| Q3 24 | $521.0M | $1.6B | ||
| Q2 24 | $365.0M | $1.9B | ||
| Q1 24 | $395.0M | $1.5B |
自由现金流IPMELI
| Q4 25 | $255.0M | $4.8B | ||
| Q3 25 | $150.0M | $2.6B | ||
| Q2 25 | $54.0M | $2.6B | ||
| Q1 25 | $-618.0M | $759.0M | ||
| Q4 24 | $137.0M | $2.6B | ||
| Q3 24 | $309.0M | $1.4B | ||
| Q2 24 | $167.0M | $1.7B | ||
| Q1 24 | $144.0M | $1.4B |
自由现金流率IPMELI
| Q4 25 | 5.4% | 77.9% | ||
| Q3 25 | 2.4% | 50.0% | ||
| Q2 25 | 0.8% | 54.8% | ||
| Q1 25 | -10.5% | 18.1% | ||
| Q4 24 | 3.0% | 59.8% | ||
| Q3 24 | 6.6% | 35.4% | ||
| Q2 24 | 3.5% | 45.1% | ||
| Q1 24 | 3.1% | 44.1% |
资本支出强度IPMELI
| Q4 25 | 13.7% | 7.0% | ||
| Q3 25 | 7.3% | 6.9% | ||
| Q2 25 | 6.2% | 6.0% | ||
| Q1 25 | 5.6% | 6.5% | ||
| Q4 24 | 5.7% | 7.0% | ||
| Q3 24 | 4.5% | 5.7% | ||
| Q2 24 | 4.2% | 4.9% | ||
| Q1 24 | 5.4% | 4.7% |
现金转化率IPMELI
| Q4 25 | — | 9.32× | ||
| Q3 25 | — | 7.03× | ||
| Q2 25 | 6.35× | 5.58× | ||
| Q1 25 | — | 2.09× | ||
| Q4 24 | — | 4.58× | ||
| Q3 24 | 3.47× | 4.03× | ||
| Q2 24 | 0.73× | 3.54× | ||
| Q1 24 | 7.05× | 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
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
