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美客多（MELI）与纽蒙特（NEM）财务数据对比。点击上方公司名可切换其他公司
纽蒙特的季度营收约是美客多的1.2倍（$7.3B vs $6.1B），纽蒙特净利率更高（26.0% vs 9.1%，领先16.9%），美客多同比增速更快（40.2% vs -31.4%），美客多自由现金流更多（$4.8B vs $1.2B），过去两年美客多的营收复合增速更高（40.7% vs 28.8%）
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。
纽蒙特公司是总部位于美国科罗拉多州丹佛市的金矿企业，为全球规模最大的金矿开采集团。公司成立于1921年，在全球十余个国家持有金矿资产，还与巴里克矿业共同持有内华达金矿的部分股权，除黄金外也开采铜、银、锌、铅等多种金属。
MELI vs NEM — 直观对比
营收规模更大
NEM
是对方的1.2倍
$6.1B
营收增速更快
MELI
高出71.6%
-31.4%
净利率更高
NEM
高出16.9%
9.1%
自由现金流更多
MELI
多$3.6B
$1.2B
两年增速更快
MELI
近两年复合增速
28.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $7.3B |
| 净利润 | $559.0M | $1.9B |
| 毛利率 | 61.7% | — |
| 营业利润率 | 14.5% | — |
| 净利率 | 9.1% | 26.0% |
| 营收同比 | 40.2% | -31.4% |
| 净利润同比 | -12.5% | -8.3% |
| 每股收益（稀释后） | $11.03 | $1.68 |
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MELINEM
| Q1 26 | — | $7.3B | ||
| Q4 25 | $6.1B | $6.8B | ||
| Q3 25 | $5.2B | $5.5B | ||
| Q2 25 | $4.8B | $5.3B | ||
| Q1 25 | $4.2B | $5.0B | ||
| Q4 24 | $4.4B | $5.7B | ||
| Q3 24 | $3.9B | $4.6B | ||
| Q2 24 | $3.8B | $4.4B |
净利润MELINEM
| Q1 26 | — | $1.9B | ||
| Q4 25 | $559.0M | $1.3B | ||
| Q3 25 | $421.0M | $1.8B | ||
| Q2 25 | $523.0M | $2.1B | ||
| Q1 25 | $494.0M | $1.9B | ||
| Q4 24 | $639.0M | $1.4B | ||
| Q3 24 | $397.0M | $922.0M | ||
| Q2 24 | $531.0M | $853.0M |
毛利率MELINEM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率MELINEM
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | 47.6% | ||
| Q3 25 | 13.9% | 45.4% | ||
| Q2 25 | 17.2% | 58.6% | ||
| Q1 25 | 18.2% | 49.3% | ||
| Q4 24 | 18.7% | 36.3% | ||
| Q3 24 | 14.3% | 23.0% | ||
| Q2 24 | 19.3% | 23.5% |
净利率MELINEM
| Q1 26 | — | 26.0% | ||
| Q4 25 | 9.1% | 19.1% | ||
| Q3 25 | 8.1% | 33.2% | ||
| Q2 25 | 10.9% | 38.8% | ||
| Q1 25 | 11.8% | 37.7% | ||
| Q4 24 | 14.6% | 24.8% | ||
| Q3 24 | 10.2% | 20.0% | ||
| Q2 24 | 14.1% | 19.4% |
每股收益（稀释后）MELINEM
| Q1 26 | — | $1.68 | ||
| Q4 25 | $11.03 | $1.19 | ||
| Q3 25 | $8.32 | $1.67 | ||
| Q2 25 | $10.31 | $1.85 | ||
| Q1 25 | $9.74 | $1.68 | ||
| Q4 24 | $12.60 | $1.23 | ||
| Q3 24 | $7.83 | $0.80 | ||
| Q2 24 | $10.48 | $0.74 |
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 | $4.7B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $6.7B | $31.4B |
| 总资产 | $42.7B | $55.5B |
| 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MELINEM
| Q1 26 | — | $4.7B | ||
| Q4 25 | $6.3B | $8.2B | ||
| Q3 25 | $6.3B | $6.0B | ||
| Q2 25 | $7.6B | $6.7B | ||
| Q1 25 | $8.1B | $4.7B | ||
| Q4 24 | $7.1B | $3.6B | ||
| Q3 24 | $6.7B | $3.1B | ||
| Q2 24 | $6.9B | $2.7B |
总债务MELINEM
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | $5.1B | ||
| Q3 25 | $3.4B | $5.2B | ||
| Q2 25 | $3.5B | $7.1B | ||
| Q1 25 | $2.9B | $7.5B | ||
| Q4 24 | $2.9B | $8.5B | ||
| Q3 24 | $3.1B | $8.6B | ||
| Q2 24 | $2.4B | $8.7B |
股东权益MELINEM
| Q1 26 | — | $31.4B | ||
| Q4 25 | $6.7B | $33.9B | ||
| Q3 25 | $6.2B | $33.2B | ||
| Q2 25 | $5.7B | $32.1B | ||
| Q1 25 | $5.0B | $31.2B | ||
| Q4 24 | $4.4B | $29.9B | ||
| Q3 24 | $4.0B | $29.7B | ||
| Q2 24 | $3.7B | $29.4B |
总资产MELINEM
| Q1 26 | — | $55.5B | ||
| Q4 25 | $42.7B | $57.1B | ||
| Q3 25 | $36.7B | $54.7B | ||
| Q2 25 | $32.9B | $55.2B | ||
| Q1 25 | $27.7B | $55.5B | ||
| Q4 24 | $25.2B | $56.3B | ||
| Q3 24 | $22.6B | $56.2B | ||
| Q2 24 | $20.0B | $55.7B |
负债/权益比MELINEM
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | 0.15× | ||
| Q3 25 | 0.55× | 0.16× | ||
| Q2 25 | 0.61× | 0.22× | ||
| Q1 25 | 0.57× | 0.24× | ||
| Q4 24 | 0.66× | 0.28× | ||
| Q3 24 | 0.78× | 0.29× | ||
| Q2 24 | 0.67× | 0.30× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $1.2B |
| 自由现金流率自由现金流/营收 | 77.9% | 16.5% |
| 资本支出强度资本支出/营收 | 7.0% | 11.3% |
| 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 | $10.8B | $7.3B |
8季度趋势，按日历期对齐
经营现金流MELINEM
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $3.6B | ||
| Q3 25 | $3.0B | $2.3B | ||
| Q2 25 | $2.9B | $2.4B | ||
| Q1 25 | $1.0B | $2.0B | ||
| Q4 24 | $2.9B | $2.5B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.9B | $1.4B |
自由现金流MELINEM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $4.8B | $2.8B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $759.0M | $1.2B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $1.4B | $771.0M | ||
| Q2 24 | $1.7B | $628.0M |
自由现金流率MELINEM
| Q1 26 | — | 16.5% | ||
| Q4 25 | 77.9% | 41.3% | ||
| Q3 25 | 50.0% | 28.4% | ||
| Q2 25 | 54.8% | 32.2% | ||
| Q1 25 | 18.1% | 24.1% | ||
| Q4 24 | 59.8% | 28.9% | ||
| Q3 24 | 35.4% | 16.7% | ||
| Q2 24 | 45.1% | 14.3% |
资本支出强度MELINEM
| Q1 26 | — | 11.3% | ||
| Q4 25 | 7.0% | 11.9% | ||
| Q3 25 | 6.9% | 13.2% | ||
| Q2 25 | 6.0% | 12.7% | ||
| Q1 25 | 6.5% | 16.5% | ||
| Q4 24 | 7.0% | 15.5% | ||
| Q3 24 | 5.7% | 19.0% | ||
| Q2 24 | 4.9% | 18.2% |
现金转化率MELINEM
| Q1 26 | — | — | ||
| Q4 25 | 9.32× | 2.78× | ||
| Q3 25 | 7.03× | 1.25× | ||
| Q2 25 | 5.58× | 1.16× | ||
| Q1 25 | 2.09× | 1.07× | ||
| Q4 24 | 4.58× | 1.79× | ||
| Q3 24 | 4.03× | 1.79× | ||
| Q2 24 | 3.54× | 1.67× |
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% |
NEM
| Consolidated gold sales, net | $6.0B | 83% |
| Other | $506.0M | 7% |
| Consolidated copper sales, net | $354.0M | 5% |
| Consolidated silver sales, net | $188.0M | 3% |
| Consolidated zinc sales, net | $181.0M | 2% |
| Consolidated lead sales, net | $42.0M | 1% |
