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万事达卡（MA）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
万事达卡的季度营收约是美客多的1.4倍（$8.8B vs $6.1B）。万事达卡净利率更高（46.1% vs 9.1%，领先37.0%）。美客多同比增速更快（40.2% vs 17.6%）。万事达卡自由现金流更多（$4.9B vs $4.8B）。过去两年美客多的营收复合增速更高（40.7% vs 17.8%）
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
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。
MA vs MELI — 直观对比
营收规模更大
MA
是对方的1.4倍
$6.1B
营收增速更快
MELI
高出22.6%
17.6%
净利率更高
MA
高出37.0%
9.1%
自由现金流更多
MA
多$108.0M
$4.8B
两年增速更快
MELI
近两年复合增速
17.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.1B |
| 净利润 | $4.1B | $559.0M |
| 毛利率 | — | 61.7% |
| 营业利润率 | 55.8% | 14.5% |
| 净利率 | 46.1% | 9.1% |
| 营收同比 | 17.6% | 40.2% |
| 净利润同比 | 21.5% | -12.5% |
| 每股收益（稀释后） | $4.52 | $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MAMELI
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $8.6B | $5.2B | ||
| Q2 25 | $8.1B | $4.8B | ||
| Q1 25 | $7.3B | $4.2B | ||
| Q4 24 | $7.5B | $4.4B | ||
| Q3 24 | $7.4B | $3.9B | ||
| Q2 24 | $7.0B | $3.8B | ||
| Q1 24 | $6.3B | $3.1B |
净利润MAMELI
| Q4 25 | $4.1B | $559.0M | ||
| Q3 25 | $3.9B | $421.0M | ||
| Q2 25 | $3.7B | $523.0M | ||
| Q1 25 | $3.3B | $494.0M | ||
| Q4 24 | $3.3B | $639.0M | ||
| Q3 24 | $3.3B | $397.0M | ||
| Q2 24 | $3.3B | $531.0M | ||
| Q1 24 | $3.0B | $344.0M |
毛利率MAMELI
| 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MAMELI
| Q4 25 | 55.8% | 14.5% | ||
| Q3 25 | 58.8% | 13.9% | ||
| Q2 25 | 58.7% | 17.2% | ||
| Q1 25 | 57.2% | 18.2% | ||
| Q4 24 | 52.6% | 18.7% | ||
| Q3 24 | 54.3% | 14.3% | ||
| Q2 24 | 58.0% | 19.3% | ||
| Q1 24 | 56.8% | 17.0% |
净利率MAMELI
| Q4 25 | 46.1% | 9.1% | ||
| Q3 25 | 45.7% | 8.1% | ||
| Q2 25 | 45.5% | 10.9% | ||
| Q1 25 | 45.2% | 11.8% | ||
| Q4 24 | 44.6% | 14.6% | ||
| Q3 24 | 44.3% | 10.2% | ||
| Q2 24 | 46.8% | 14.1% | ||
| Q1 24 | 47.4% | 11.1% |
每股收益（稀释后）MAMELI
| Q4 25 | $4.52 | $11.03 | ||
| Q3 25 | $4.34 | $8.32 | ||
| Q2 25 | $4.07 | $10.31 | ||
| Q1 25 | $3.59 | $9.74 | ||
| Q4 24 | $3.64 | $12.60 | ||
| Q3 24 | $3.53 | $7.83 | ||
| Q2 24 | $3.50 | $10.48 | ||
| Q1 24 | $3.22 | $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 | $10.6B | $6.3B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $7.7B | $6.7B |
| 总资产 | $54.2B | $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MAMELI
| Q4 25 | $10.6B | $6.3B | ||
| Q3 25 | $10.3B | $6.3B | ||
| Q2 25 | $9.0B | $7.6B | ||
| Q1 25 | $7.6B | $8.1B | ||
| Q4 24 | $8.4B | $7.1B | ||
| Q3 24 | $11.1B | $6.7B | ||
| Q2 24 | $7.0B | $6.9B | ||
| Q1 24 | $7.3B | $6.3B |
总债务MAMELI
| 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MAMELI
| Q4 25 | $7.7B | $6.7B | ||
| Q3 25 | $7.9B | $6.2B | ||
| Q2 25 | $7.9B | $5.7B | ||
| Q1 25 | $6.7B | $5.0B | ||
| Q4 24 | $6.5B | $4.4B | ||
| Q3 24 | $7.4B | $4.0B | ||
| Q2 24 | $7.4B | $3.7B | ||
| Q1 24 | $7.2B | $3.4B |
总资产MAMELI
| Q4 25 | $54.2B | $42.7B | ||
| Q3 25 | $53.3B | $36.7B | ||
| Q2 25 | $51.4B | $32.9B | ||
| Q1 25 | $48.5B | $27.7B | ||
| Q4 24 | $48.1B | $25.2B | ||
| Q3 24 | $47.2B | $22.6B | ||
| Q2 24 | $42.3B | $20.0B | ||
| Q1 24 | $42.6B | $19.1B |
负债/权益比MAMELI
| 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 | $5.0B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $4.8B |
| 自由现金流率自由现金流/营收 | 55.5% | 77.9% |
| 资本支出强度资本支出/营收 | 1.3% | 7.0% |
| 现金转化率经营现金流/净利润 | 1.23× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $10.8B |
8季度趋势，按日历期对齐
经营现金流MAMELI
| Q4 25 | $5.0B | $5.2B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $4.6B | $2.9B | ||
| Q1 25 | $2.4B | $1.0B | ||
| Q4 24 | $4.8B | $2.9B | ||
| Q3 24 | $5.1B | $1.6B | ||
| Q2 24 | $3.1B | $1.9B | ||
| Q1 24 | $1.7B | $1.5B |
自由现金流MAMELI
| Q4 25 | $4.9B | $4.8B | ||
| Q3 25 | $5.5B | $2.6B | ||
| Q2 25 | $4.6B | $2.6B | ||
| Q1 25 | $2.2B | $759.0M | ||
| Q4 24 | $4.7B | $2.6B | ||
| Q3 24 | $5.0B | $1.4B | ||
| Q2 24 | $3.0B | $1.7B | ||
| Q1 24 | $1.5B | $1.4B |
自由现金流率MAMELI
| Q4 25 | 55.5% | 77.9% | ||
| Q3 25 | 63.8% | 50.0% | ||
| Q2 25 | 56.1% | 54.8% | ||
| Q1 25 | 30.6% | 18.1% | ||
| Q4 24 | 63.3% | 59.8% | ||
| Q3 24 | 68.2% | 35.4% | ||
| Q2 24 | 43.4% | 45.1% | ||
| Q1 24 | 23.9% | 44.1% |
资本支出强度MAMELI
| Q4 25 | 1.3% | 7.0% | ||
| Q3 25 | 2.1% | 6.9% | ||
| Q2 25 | 0.5% | 6.0% | ||
| Q1 25 | 2.2% | 6.5% | ||
| Q4 24 | 1.3% | 7.0% | ||
| Q3 24 | 1.5% | 5.7% | ||
| Q2 24 | 1.7% | 4.9% | ||
| Q1 24 | 2.5% | 4.7% |
现金转化率MAMELI
| Q4 25 | 1.23× | 9.32× | ||
| Q3 25 | 1.44× | 7.03× | ||
| Q2 25 | 1.24× | 5.58× | ||
| Q1 25 | 0.73× | 2.09× | ||
| Q4 24 | 1.45× | 4.58× | ||
| Q3 24 | 1.57× | 4.03× | ||
| Q2 24 | 0.96× | 3.54× | ||
| Q1 24 | 0.56× | 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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
