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美客多（MELI）与网飞（NFLX）财务数据对比。点击上方公司名可切换其他公司
网飞的季度营收约是美客多的2.0倍（$12.2B vs $6.1B），网飞净利率更高（43.1% vs 9.1%，领先34.0%），美客多同比增速更快（40.2% vs 16.2%），网飞自由现金流更多（$5.1B vs $4.8B），过去两年美客多的营收复合增速更高（40.7% vs 13.2%）
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。
网飞是来自美国的会员制点播流媒体服务平台，主要提供不同品类的原创及引进电影、电视剧内容，业务覆盖全球众多国家和地区，支持多语言服务，致力于为全球用户提供多元优质的视听娱乐体验。
MELI vs NFLX — 直观对比
营收规模更大
NFLX
是对方的2.0倍
$6.1B
营收增速更快
MELI
高出24.0%
16.2%
净利率更高
NFLX
高出34.0%
9.1%
自由现金流更多
NFLX
多$312.1M
$4.8B
两年增速更快
MELI
近两年复合增速
13.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $12.2B |
| 净利润 | $559.0M | $5.3B |
| 毛利率 | 61.7% | 51.9% |
| 营业利润率 | 14.5% | 32.3% |
| 净利率 | 9.1% | 43.1% |
| 营收同比 | 40.2% | 16.2% |
| 净利润同比 | -12.5% | 82.8% |
| 每股收益（稀释后） | $11.03 | $1.23 |
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MELINFLX
| Q1 26 | — | $12.2B | ||
| Q4 25 | $6.1B | $12.1B | ||
| Q3 25 | $5.2B | $11.5B | ||
| Q2 25 | $4.8B | $11.1B | ||
| Q1 25 | $4.2B | $10.5B | ||
| Q4 24 | $4.4B | $10.2B | ||
| Q3 24 | $3.9B | $9.8B | ||
| Q2 24 | $3.8B | $9.6B |
净利润MELINFLX
| Q1 26 | — | $5.3B | ||
| Q4 25 | $559.0M | $2.4B | ||
| Q3 25 | $421.0M | $2.5B | ||
| Q2 25 | $523.0M | $3.1B | ||
| Q1 25 | $494.0M | $2.9B | ||
| Q4 24 | $639.0M | $1.9B | ||
| Q3 24 | $397.0M | $2.4B | ||
| Q2 24 | $531.0M | $2.1B |
毛利率MELINFLX
| Q1 26 | — | 51.9% | ||
| Q4 25 | 61.7% | 45.9% | ||
| Q3 25 | 61.7% | 46.4% | ||
| Q2 25 | 64.4% | 51.9% | ||
| Q1 25 | 66.1% | 50.1% | ||
| Q4 24 | 62.8% | 43.7% | ||
| Q3 24 | 62.6% | 47.9% | ||
| Q2 24 | 62.8% | 45.9% |
营业利润率MELINFLX
| Q1 26 | — | 32.3% | ||
| Q4 25 | 14.5% | 24.5% | ||
| Q3 25 | 13.9% | 28.2% | ||
| Q2 25 | 17.2% | 34.1% | ||
| Q1 25 | 18.2% | 31.7% | ||
| Q4 24 | 18.7% | 22.2% | ||
| Q3 24 | 14.3% | 29.6% | ||
| Q2 24 | 19.3% | 27.2% |
净利率MELINFLX
| Q1 26 | — | 43.1% | ||
| Q4 25 | 9.1% | 20.1% | ||
| Q3 25 | 8.1% | 22.1% | ||
| Q2 25 | 10.9% | 28.2% | ||
| Q1 25 | 11.8% | 27.4% | ||
| Q4 24 | 14.6% | 18.2% | ||
| Q3 24 | 10.2% | 24.1% | ||
| Q2 24 | 14.1% | 22.5% |
每股收益（稀释后）MELINFLX
| Q1 26 | — | $1.23 | ||
| Q4 25 | $11.03 | $-17.14 | ||
| Q3 25 | $8.32 | $5.87 | ||
| Q2 25 | $10.31 | $7.19 | ||
| Q1 25 | $9.74 | $0.66 | ||
| Q4 24 | $12.60 | $4.27 | ||
| Q3 24 | $7.83 | $5.40 | ||
| Q2 24 | $10.48 | $4.88 |
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 | $12.3B |
| 总债务越低越好 | $4.6B | $13.4B |
| 股东权益账面价值 | $6.7B | $31.1B |
| 总资产 | $42.7B | $61.0B |
| 负债/权益比越低杠杆越低 | 0.68× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资MELINFLX
| Q1 26 | — | $12.3B | ||
| Q4 25 | $6.3B | $9.1B | ||
| Q3 25 | $6.3B | $9.3B | ||
| Q2 25 | $7.6B | $8.4B | ||
| Q1 25 | $8.1B | $8.4B | ||
| Q4 24 | $7.1B | $9.6B | ||
| Q3 24 | $6.7B | $9.2B | ||
| Q2 24 | $6.9B | $6.7B |
总债务MELINFLX
| Q1 26 | — | $13.4B | ||
| Q4 25 | $4.6B | $13.5B | ||
| Q3 25 | $3.4B | $14.5B | ||
| Q2 25 | $3.5B | $14.5B | ||
| Q1 25 | $2.9B | $14.0B | ||
| Q4 24 | $2.9B | $13.8B | ||
| Q3 24 | $3.1B | $14.2B | ||
| Q2 24 | $2.4B | $12.2B |
股东权益MELINFLX
| Q1 26 | — | $31.1B | ||
| Q4 25 | $6.7B | $26.6B | ||
| Q3 25 | $6.2B | $26.0B | ||
| Q2 25 | $5.7B | $25.0B | ||
| Q1 25 | $5.0B | $24.0B | ||
| Q4 24 | $4.4B | $24.7B | ||
| Q3 24 | $4.0B | $22.7B | ||
| Q2 24 | $3.7B | $22.1B |
总资产MELINFLX
| Q1 26 | — | $61.0B | ||
| Q4 25 | $42.7B | $55.6B | ||
| Q3 25 | $36.7B | $54.9B | ||
| Q2 25 | $32.9B | $53.1B | ||
| Q1 25 | $27.7B | $52.1B | ||
| Q4 24 | $25.2B | $53.6B | ||
| Q3 24 | $22.6B | $52.3B | ||
| Q2 24 | $20.0B | $49.1B |
负债/权益比MELINFLX
| Q1 26 | — | 0.43× | ||
| Q4 25 | 0.68× | 0.51× | ||
| Q3 25 | 0.55× | 0.56× | ||
| Q2 25 | 0.61× | 0.58× | ||
| Q1 25 | 0.57× | 0.58× | ||
| Q4 24 | 0.66× | 0.56× | ||
| Q3 24 | 0.78× | 0.62× | ||
| Q2 24 | 0.67× | 0.55× |
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 | $5.3B |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $5.1B |
| 自由现金流率自由现金流/营收 | 77.9% | 41.6% |
| 资本支出强度资本支出/营收 | 7.0% | 1.6% |
| 现金转化率经营现金流/净利润 | 9.32× | 1.00× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $11.9B |
8季度趋势，按日历期对齐
经营现金流MELINFLX
| Q1 26 | — | $5.3B | ||
| Q4 25 | $5.2B | $2.1B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $2.9B | $2.4B | ||
| Q1 25 | $1.0B | $2.8B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.9B | $1.3B |
自由现金流MELINFLX
| Q1 26 | — | $5.1B | ||
| Q4 25 | $4.8B | $1.9B | ||
| Q3 25 | $2.6B | $2.7B | ||
| Q2 25 | $2.6B | $2.3B | ||
| Q1 25 | $759.0M | $2.7B | ||
| Q4 24 | $2.6B | $1.4B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.7B | $1.2B |
自由现金流率MELINFLX
| Q1 26 | — | 41.6% | ||
| Q4 25 | 77.9% | 15.5% | ||
| Q3 25 | 50.0% | 23.1% | ||
| Q2 25 | 54.8% | 20.5% | ||
| Q1 25 | 18.1% | 25.2% | ||
| Q4 24 | 59.8% | 13.5% | ||
| Q3 24 | 35.4% | 22.3% | ||
| Q2 24 | 45.1% | 12.7% |
资本支出强度MELINFLX
| Q1 26 | — | 1.6% | ||
| Q4 25 | 7.0% | 2.0% | ||
| Q3 25 | 6.9% | 1.4% | ||
| Q2 25 | 6.0% | 1.4% | ||
| Q1 25 | 6.5% | 1.2% | ||
| Q4 24 | 7.0% | 1.5% | ||
| Q3 24 | 5.7% | 1.3% | ||
| Q2 24 | 4.9% | 0.8% |
现金转化率MELINFLX
| Q1 26 | — | 1.00× | ||
| Q4 25 | 9.32× | 0.87× | ||
| Q3 25 | 7.03× | 1.11× | ||
| Q2 25 | 5.58× | 0.78× | ||
| Q1 25 | 2.09× | 0.97× | ||
| Q4 24 | 4.58× | 0.82× | ||
| Q3 24 | 4.03× | 0.98× | ||
| Q2 24 | 3.54× | 0.60× |
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% |
NFLX
暂无分部数据
