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美敦力（MDT）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
美敦力的季度营收约是美客多的1.5倍（$9.0B vs $6.1B），美敦力净利率更高（15.3% vs 9.1%，领先6.2%），美客多同比增速更快（40.2% vs 6.6%），美客多自由现金流更多（$4.8B vs $457.0M），过去两年美客多的营收复合增速更高（40.7% vs 5.3%）
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
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。
MDT vs MELI — 直观对比
营收规模更大
MDT
是对方的1.5倍
$6.1B
营收增速更快
MELI
高出33.5%
6.6%
净利率更高
MDT
高出6.2%
9.1%
自由现金流更多
MELI
多$4.3B
$457.0M
两年增速更快
MELI
近两年复合增速
5.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.0B | $6.1B |
| 净利润 | $1.4B | $559.0M |
| 毛利率 | 65.8% | 61.7% |
| 营业利润率 | 18.8% | 14.5% |
| 净利率 | 15.3% | 9.1% |
| 营收同比 | 6.6% | 40.2% |
| 净利润同比 | 8.2% | -12.5% |
| 每股收益（稀释后） | $1.07 | $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MDTMELI
| Q4 25 | $9.0B | $6.1B | ||
| Q3 25 | $8.6B | $5.2B | ||
| Q2 25 | $8.9B | $4.8B | ||
| Q1 25 | $8.3B | $4.2B | ||
| Q4 24 | $8.4B | $4.4B | ||
| Q3 24 | $7.9B | $3.9B | ||
| Q2 24 | $8.6B | $3.8B | ||
| Q1 24 | $8.1B | $3.1B |
净利润MDTMELI
| Q4 25 | $1.4B | $559.0M | ||
| Q3 25 | $1.0B | $421.0M | ||
| Q2 25 | $1.1B | $523.0M | ||
| Q1 25 | $1.3B | $494.0M | ||
| Q4 24 | $1.3B | $639.0M | ||
| Q3 24 | $1.0B | $397.0M | ||
| Q2 24 | $654.0M | $531.0M | ||
| Q1 24 | $1.3B | $344.0M |
毛利率MDTMELI
| Q4 25 | 65.8% | 61.7% | ||
| Q3 25 | 65.0% | 61.7% | ||
| Q2 25 | 64.8% | 64.4% | ||
| Q1 25 | 66.5% | 66.1% | ||
| Q4 24 | 64.9% | 62.8% | ||
| Q3 24 | 65.1% | 62.6% | ||
| Q2 24 | 64.5% | 62.8% | ||
| Q1 24 | 65.6% | 65.3% |
营业利润率MDTMELI
| Q4 25 | 18.8% | 14.5% | ||
| Q3 25 | 16.8% | 13.9% | ||
| Q2 25 | 16.1% | 17.2% | ||
| Q1 25 | 19.9% | 18.2% | ||
| Q4 24 | 19.0% | 18.7% | ||
| Q3 24 | 16.1% | 14.3% | ||
| Q2 24 | 12.3% | 19.3% | ||
| Q1 24 | 18.3% | 17.0% |
净利率MDTMELI
| Q4 25 | 15.3% | 9.1% | ||
| Q3 25 | 12.1% | 8.1% | ||
| Q2 25 | 11.8% | 10.9% | ||
| Q1 25 | 15.6% | 11.8% | ||
| Q4 24 | 15.1% | 14.6% | ||
| Q3 24 | 13.2% | 10.2% | ||
| Q2 24 | 7.6% | 14.1% | ||
| Q1 24 | 16.3% | 11.1% |
每股收益（稀释后）MDTMELI
| Q4 25 | $1.07 | $11.03 | ||
| Q3 25 | $0.81 | $8.32 | ||
| Q2 25 | $0.81 | $10.31 | ||
| Q1 25 | $1.01 | $9.74 | ||
| Q4 24 | $0.99 | $12.60 | ||
| Q3 24 | $0.80 | $7.83 | ||
| Q2 24 | $0.50 | $10.48 | ||
| Q1 24 | $0.99 | $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 | $8.3B | $6.3B |
| 总债务越低越好 | $27.7B | $4.6B |
| 股东权益账面价值 | $48.7B | $6.7B |
| 总资产 | $91.3B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资MDTMELI
| Q4 25 | $8.3B | $6.3B | ||
| Q3 25 | $8.1B | $6.3B | ||
| Q2 25 | $9.0B | $7.6B | ||
| Q1 25 | $7.9B | $8.1B | ||
| Q4 24 | $8.0B | $7.1B | ||
| Q3 24 | $7.8B | $6.7B | ||
| Q2 24 | $8.0B | $6.9B | ||
| Q1 24 | $8.3B | $6.3B |
总债务MDTMELI
| Q4 25 | $27.7B | $4.6B | ||
| Q3 25 | $26.2B | $3.4B | ||
| Q2 25 | $25.6B | $3.5B | ||
| Q1 25 | $24.0B | $2.9B | ||
| Q4 24 | $24.6B | $2.9B | ||
| Q3 24 | $26.3B | $3.1B | ||
| Q2 24 | $23.9B | $2.4B | ||
| Q1 24 | $24.2B | $2.2B |
股东权益MDTMELI
| Q4 25 | $48.7B | $6.7B | ||
| Q3 25 | $47.9B | $6.2B | ||
| Q2 25 | $48.0B | $5.7B | ||
| Q1 25 | $49.4B | $5.0B | ||
| Q4 24 | $48.5B | $4.4B | ||
| Q3 24 | $47.9B | $4.0B | ||
| Q2 24 | $50.2B | $3.7B | ||
| Q1 24 | $51.8B | $3.4B |
总资产MDTMELI
| Q4 25 | $91.3B | $42.7B | ||
| Q3 25 | $91.0B | $36.7B | ||
| Q2 25 | $91.7B | $32.9B | ||
| Q1 25 | $90.0B | $27.7B | ||
| Q4 24 | $90.0B | $25.2B | ||
| Q3 24 | $89.7B | $22.6B | ||
| Q2 24 | $90.0B | $20.0B | ||
| Q1 24 | $90.8B | $19.1B |
负债/权益比MDTMELI
| Q4 25 | 0.57× | 0.68× | ||
| Q3 25 | 0.55× | 0.55× | ||
| Q2 25 | 0.53× | 0.61× | ||
| Q1 25 | 0.49× | 0.57× | ||
| Q4 24 | 0.51× | 0.66× | ||
| Q3 24 | 0.55× | 0.78× | ||
| Q2 24 | 0.48× | 0.67× | ||
| Q1 24 | 0.47× | 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 | $925.0M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $4.8B |
| 自由现金流率自由现金流/营收 | 5.1% | 77.9% |
| 资本支出强度资本支出/营收 | 5.2% | 7.0% |
| 现金转化率经营现金流/净利润 | 0.67× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $5.2B | $10.8B |
8季度趋势，按日历期对齐
经营现金流MDTMELI
| Q4 25 | $925.0M | $5.2B | ||
| Q3 25 | $1.1B | $3.0B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.6B | $1.0B | ||
| Q4 24 | $958.0M | $2.9B | ||
| Q3 24 | $986.0M | $1.6B | ||
| Q2 24 | $2.8B | $1.9B | ||
| Q1 24 | $2.5B | $1.5B |
自由现金流MDTMELI
| Q4 25 | $457.0M | $4.8B | ||
| Q3 25 | $584.0M | $2.6B | ||
| Q2 25 | $2.1B | $2.6B | ||
| Q1 25 | $2.1B | $759.0M | ||
| Q4 24 | $554.0M | $2.6B | ||
| Q3 24 | $466.0M | $1.4B | ||
| Q2 24 | $2.4B | $1.7B | ||
| Q1 24 | $2.1B | $1.4B |
自由现金流率MDTMELI
| Q4 25 | 5.1% | 77.9% | ||
| Q3 25 | 6.8% | 50.0% | ||
| Q2 25 | 23.2% | 54.8% | ||
| Q1 25 | 25.3% | 18.1% | ||
| Q4 24 | 6.6% | 59.8% | ||
| Q3 24 | 5.9% | 35.4% | ||
| Q2 24 | 27.4% | 45.1% | ||
| Q1 24 | 26.3% | 44.1% |
资本支出强度MDTMELI
| Q4 25 | 5.2% | 7.0% | ||
| Q3 25 | 5.9% | 6.9% | ||
| Q2 25 | 5.1% | 6.0% | ||
| Q1 25 | 5.7% | 6.5% | ||
| Q4 24 | 4.8% | 7.0% | ||
| Q3 24 | 6.6% | 5.7% | ||
| Q2 24 | 5.0% | 4.9% | ||
| Q1 24 | 4.3% | 4.7% |
现金转化率MDTMELI
| Q4 25 | 0.67× | 9.32× | ||
| Q3 25 | 1.05× | 7.03× | ||
| Q2 25 | 2.39× | 5.58× | ||
| Q1 25 | 1.99× | 2.09× | ||
| Q4 24 | 0.75× | 4.58× | ||
| Q3 24 | 0.95× | 4.03× | ||
| Q2 24 | 4.25× | 3.54× | ||
| Q1 24 | 1.87× | 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
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
