vs
美客多（MELI）与摩托罗拉解决方案（MSI）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摩托罗拉解决方案的1.8倍（$6.1B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 9.1%，领先10.1%），美客多同比增速更快（40.2% vs 12.3%），美客多自由现金流更多（$4.8B vs $1.1B），过去两年美客多的营收复合增速更高（40.7% vs 18.9%）
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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
MELI vs MSI — 直观对比
营收规模更大
MELI
是对方的1.8倍
$3.4B
营收增速更快
MELI
高出27.9%
12.3%
净利率更高
MSI
高出10.1%
9.1%
自由现金流更多
MELI
多$3.6B
$1.1B
两年增速更快
MELI
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.4B |
| 净利润 | $559.0M | $649.0M |
| 毛利率 | 61.7% | 52.3% |
| 营业利润率 | 14.5% | 27.9% |
| 净利率 | 9.1% | 19.2% |
| 营收同比 | 40.2% | 12.3% |
| 净利润同比 | -12.5% | 6.2% |
| 每股收益（稀释后） | $11.03 | $3.85 |
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MELIMSI
| Q4 25 | $6.1B | $3.4B | ||
| Q3 25 | $5.2B | $3.0B | ||
| Q2 25 | $4.8B | $2.8B | ||
| Q1 25 | $4.2B | $2.5B | ||
| Q4 24 | $4.4B | $3.0B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $3.8B | $2.6B | ||
| Q1 24 | $3.1B | $2.4B |
净利润MELIMSI
| Q4 25 | $559.0M | $649.0M | ||
| Q3 25 | $421.0M | $562.0M | ||
| Q2 25 | $523.0M | $513.0M | ||
| Q1 25 | $494.0M | $430.0M | ||
| Q4 24 | $639.0M | $611.0M | ||
| Q3 24 | $397.0M | $562.0M | ||
| Q2 24 | $531.0M | $443.0M | ||
| Q1 24 | $344.0M | $-39.0M |
毛利率MELIMSI
| Q4 25 | 61.7% | 52.3% | ||
| Q3 25 | 61.7% | 51.6% | ||
| Q2 25 | 64.4% | 51.1% | ||
| Q1 25 | 66.1% | 51.4% | ||
| Q4 24 | 62.8% | 51.4% | ||
| Q3 24 | 62.6% | 51.4% | ||
| Q2 24 | 62.8% | 51.0% | ||
| Q1 24 | 65.3% | 49.9% |
营业利润率MELIMSI
| Q4 25 | 14.5% | 27.9% | ||
| Q3 25 | 13.9% | 25.6% | ||
| Q2 25 | 17.2% | 25.0% | ||
| Q1 25 | 18.2% | 23.0% | ||
| Q4 24 | 18.7% | 27.0% | ||
| Q3 24 | 14.3% | 25.5% | ||
| Q2 24 | 19.3% | 24.5% | ||
| Q1 24 | 17.0% | 21.7% |
净利率MELIMSI
| Q4 25 | 9.1% | 19.2% | ||
| Q3 25 | 8.1% | 18.7% | ||
| Q2 25 | 10.9% | 18.6% | ||
| Q1 25 | 11.8% | 17.0% | ||
| Q4 24 | 14.6% | 20.3% | ||
| Q3 24 | 10.2% | 20.1% | ||
| Q2 24 | 14.1% | 16.9% | ||
| Q1 24 | 11.1% | -1.6% |
每股收益（稀释后）MELIMSI
| Q4 25 | $11.03 | $3.85 | ||
| Q3 25 | $8.32 | $3.33 | ||
| Q2 25 | $10.31 | $3.04 | ||
| Q1 25 | $9.74 | $2.53 | ||
| Q4 24 | $12.60 | $3.57 | ||
| Q3 24 | $7.83 | $3.29 | ||
| Q2 24 | $10.48 | $2.60 | ||
| Q1 24 | $6.78 | $-0.23 |
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 | $6.3B | $1.2B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $6.7B | $2.4B |
| 总资产 | $42.7B | $19.4B |
| 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MELIMSI
| Q4 25 | $6.3B | $1.2B | ||
| Q3 25 | $6.3B | $894.0M | ||
| Q2 25 | $7.6B | $3.2B | ||
| Q1 25 | $8.1B | $1.6B | ||
| Q4 24 | $7.1B | $2.1B | ||
| Q3 24 | $6.7B | $1.4B | ||
| Q2 24 | $6.9B | $1.4B | ||
| Q1 24 | $6.3B | $1.5B |
总债务MELIMSI
| 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MELIMSI
| Q4 25 | $6.7B | $2.4B | ||
| Q3 25 | $6.2B | $2.3B | ||
| Q2 25 | $5.7B | $2.0B | ||
| Q1 25 | $5.0B | $1.6B | ||
| Q4 24 | $4.4B | $1.7B | ||
| Q3 24 | $4.0B | $1.3B | ||
| Q2 24 | $3.7B | $802.0M | ||
| Q1 24 | $3.4B | $521.0M |
总资产MELIMSI
| Q4 25 | $42.7B | $19.4B | ||
| Q3 25 | $36.7B | $18.8B | ||
| Q2 25 | $32.9B | $16.4B | ||
| Q1 25 | $27.7B | $14.4B | ||
| Q4 24 | $25.2B | $14.6B | ||
| Q3 24 | $22.6B | $13.9B | ||
| Q2 24 | $20.0B | $13.3B | ||
| Q1 24 | $19.1B | $13.3B |
负债/权益比MELIMSI
| 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 | $5.2B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $1.1B |
| 自由现金流率自由现金流/营收 | 77.9% | 33.8% |
| 资本支出强度资本支出/营收 | 7.0% | 3.4% |
| 现金转化率经营现金流/净利润 | 9.32× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $2.6B |
8季度趋势，按日历期对齐
经营现金流MELIMSI
| Q4 25 | $5.2B | $1.3B | ||
| Q3 25 | $3.0B | $798.0M | ||
| Q2 25 | $2.9B | $273.0M | ||
| Q1 25 | $1.0B | $510.0M | ||
| Q4 24 | $2.9B | $1.1B | ||
| Q3 24 | $1.6B | $759.0M | ||
| Q2 24 | $1.9B | $180.0M | ||
| Q1 24 | $1.5B | $382.0M |
自由现金流MELIMSI
| Q4 25 | $4.8B | $1.1B | ||
| Q3 25 | $2.6B | $732.0M | ||
| Q2 25 | $2.6B | $225.0M | ||
| Q1 25 | $759.0M | $473.0M | ||
| Q4 24 | $2.6B | $984.0M | ||
| Q3 24 | $1.4B | $702.0M | ||
| Q2 24 | $1.7B | $112.0M | ||
| Q1 24 | $1.4B | $336.0M |
自由现金流率MELIMSI
| Q4 25 | 77.9% | 33.8% | ||
| Q3 25 | 50.0% | 24.3% | ||
| Q2 25 | 54.8% | 8.1% | ||
| Q1 25 | 18.1% | 18.7% | ||
| Q4 24 | 59.8% | 32.7% | ||
| Q3 24 | 35.4% | 25.2% | ||
| Q2 24 | 45.1% | 4.3% | ||
| Q1 24 | 44.1% | 14.1% |
资本支出强度MELIMSI
| Q4 25 | 7.0% | 3.4% | ||
| Q3 25 | 6.9% | 2.2% | ||
| Q2 25 | 6.0% | 1.7% | ||
| Q1 25 | 6.5% | 1.5% | ||
| Q4 24 | 7.0% | 2.9% | ||
| Q3 24 | 5.7% | 2.0% | ||
| Q2 24 | 4.9% | 2.6% | ||
| Q1 24 | 4.7% | 1.9% |
现金转化率MELIMSI
| Q4 25 | 9.32× | 1.94× | ||
| Q3 25 | 7.03× | 1.42× | ||
| Q2 25 | 5.58× | 0.53× | ||
| Q1 25 | 2.09× | 1.19× | ||
| Q4 24 | 4.58× | 1.75× | ||
| Q3 24 | 4.03× | 1.35× | ||
| Q2 24 | 3.54× | 0.41× | ||
| Q1 24 | 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
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
