vs
美客多（MELI）与NRG Energy（NRG）财务数据对比。点击上方公司名可切换其他公司
NRG Energy的季度营收约是美客多的1.3倍（$7.7B vs $6.1B），美客多净利率更高（9.1% vs 0.9%，领先8.3%），美客多同比增速更快（40.2% vs 13.6%），美客多自由现金流更多（$4.8B vs $-175.0M），过去两年美客多的营收复合增速更高（40.7% vs 2.0%）
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。
NRG Energy是总部位于美国得克萨斯州休斯敦的能源企业，前身为北方州电力公司（后发展为Xcel Energy）的批发业务板块，2000年独立运营。公司业务覆盖能源发电与电力零售，资产组合涵盖天然气、煤炭、石油、核能、风电、公用事业级发电及分布式太阳能发电等多个领域。
MELI vs NRG — 直观对比
营收规模更大
NRG
是对方的1.3倍
$6.1B
营收增速更快
MELI
高出26.5%
13.6%
净利率更高
MELI
高出8.3%
0.9%
自由现金流更多
MELI
多$5.0B
$-175.0M
两年增速更快
MELI
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $7.7B |
| 净利润 | $559.0M | $66.0M |
| 毛利率 | 61.7% | — |
| 营业利润率 | 14.5% | 3.9% |
| 净利率 | 9.1% | 0.9% |
| 营收同比 | 40.2% | 13.6% |
| 净利润同比 | -12.5% | -89.7% |
| 每股收益（稀释后） | $11.03 | $0.33 |
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MELINRG
| Q4 25 | $6.1B | $7.7B | ||
| Q3 25 | $5.2B | $7.5B | ||
| Q2 25 | $4.8B | $6.7B | ||
| Q1 25 | $4.2B | $8.5B | ||
| Q4 24 | $4.4B | $6.8B | ||
| Q3 24 | $3.9B | $7.1B | ||
| Q2 24 | $3.8B | $6.5B | ||
| Q1 24 | $3.1B | $7.4B |
净利润MELINRG
| Q4 25 | $559.0M | $66.0M | ||
| Q3 25 | $421.0M | $152.0M | ||
| Q2 25 | $523.0M | $-104.0M | ||
| Q1 25 | $494.0M | $750.0M | ||
| Q4 24 | $639.0M | $643.0M | ||
| Q3 24 | $397.0M | $-767.0M | ||
| Q2 24 | $531.0M | $738.0M | ||
| Q1 24 | $344.0M | $511.0M |
毛利率MELINRG
| 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MELINRG
| Q4 25 | 14.5% | 3.9% | ||
| Q3 25 | 13.9% | 5.5% | ||
| Q2 25 | 17.2% | — | ||
| Q1 25 | 18.2% | 13.4% | ||
| Q4 24 | 18.7% | 14.1% | ||
| Q3 24 | 14.3% | -11.4% | ||
| Q2 24 | 19.3% | 21.8% | ||
| Q1 24 | 17.0% | 11.8% |
净利率MELINRG
| Q4 25 | 9.1% | 0.9% | ||
| Q3 25 | 8.1% | 2.0% | ||
| Q2 25 | 10.9% | -1.6% | ||
| Q1 25 | 11.8% | 8.8% | ||
| Q4 24 | 14.6% | 9.5% | ||
| Q3 24 | 10.2% | -10.8% | ||
| Q2 24 | 14.1% | 11.4% | ||
| Q1 24 | 11.1% | 6.9% |
每股收益（稀释后）MELINRG
| Q4 25 | $11.03 | $0.33 | ||
| Q3 25 | $8.32 | $0.69 | ||
| Q2 25 | $10.31 | $-0.62 | ||
| Q1 25 | $9.74 | $3.61 | ||
| Q4 24 | $12.60 | $3.10 | ||
| Q3 24 | $7.83 | $-3.79 | ||
| Q2 24 | $10.48 | $3.37 | ||
| Q1 24 | $6.78 | $2.31 |
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 | $16.4B |
| 股东权益账面价值 | $6.7B | $1.7B |
| 总资产 | $42.7B | $29.1B |
| 负债/权益比越低杠杆越低 | 0.68× | 9.76× |
8季度趋势，按日历期对齐
现金及短期投资MELINRG
| Q4 25 | $6.3B | $4.7B | ||
| Q3 25 | $6.3B | $732.0M | ||
| Q2 25 | $7.6B | $180.0M | ||
| Q1 25 | $8.1B | $693.0M | ||
| Q4 24 | $7.1B | $966.0M | ||
| Q3 24 | $6.7B | $1.1B | ||
| Q2 24 | $6.9B | $376.0M | ||
| Q1 24 | $6.3B | $278.0M |
总债务MELINRG
| Q4 25 | $4.6B | $16.4B | ||
| Q3 25 | $3.4B | $11.2B | ||
| Q2 25 | $3.5B | $9.8B | ||
| Q1 25 | $2.9B | $9.8B | ||
| Q4 24 | $2.9B | $9.8B | ||
| Q3 24 | $3.1B | $10.4B | ||
| Q2 24 | $2.4B | $10.4B | ||
| Q1 24 | $2.2B | $9.6B |
股东权益MELINRG
| Q4 25 | $6.7B | $1.7B | ||
| Q3 25 | $6.2B | $2.0B | ||
| Q2 25 | $5.7B | $2.3B | ||
| Q1 25 | $5.0B | $2.8B | ||
| Q4 24 | $4.4B | $2.5B | ||
| Q3 24 | $4.0B | $2.5B | ||
| Q2 24 | $3.7B | $3.6B | ||
| Q1 24 | $3.4B | $3.3B |
总资产MELINRG
| Q4 25 | $42.7B | $29.1B | ||
| Q3 25 | $36.7B | $24.0B | ||
| Q2 25 | $32.9B | $24.1B | ||
| Q1 25 | $27.7B | $25.0B | ||
| Q4 24 | $25.2B | $24.0B | ||
| Q3 24 | $22.6B | $23.7B | ||
| Q2 24 | $20.0B | $25.8B | ||
| Q1 24 | $19.1B | $25.4B |
负债/权益比MELINRG
| Q4 25 | 0.68× | 9.76× | ||
| Q3 25 | 0.55× | 5.66× | ||
| Q2 25 | 0.61× | 4.29× | ||
| Q1 25 | 0.57× | 3.53× | ||
| Q4 24 | 0.66× | 3.96× | ||
| Q3 24 | 0.78× | 4.14× | ||
| Q2 24 | 0.67× | 2.88× | ||
| Q1 24 | 0.66× | 2.90× |
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 | $123.0M |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $-175.0M |
| 自由现金流率自由现金流/营收 | 77.9% | -2.3% |
| 资本支出强度资本支出/营收 | 7.0% | 3.9% |
| 现金转化率经营现金流/净利润 | 9.32× | 1.86× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $766.0M |
8季度趋势，按日历期对齐
经营现金流MELINRG
| Q4 25 | $5.2B | $123.0M | ||
| Q3 25 | $3.0B | $484.0M | ||
| Q2 25 | $2.9B | $451.0M | ||
| Q1 25 | $1.0B | $855.0M | ||
| Q4 24 | $2.9B | $952.0M | ||
| Q3 24 | $1.6B | $31.0M | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $1.5B | $267.0M |
自由现金流MELINRG
| Q4 25 | $4.8B | $-175.0M | ||
| Q3 25 | $2.6B | $230.0M | ||
| Q2 25 | $2.6B | $73.0M | ||
| Q1 25 | $759.0M | $638.0M | ||
| Q4 24 | $2.6B | $766.0M | ||
| Q3 24 | $1.4B | $-83.0M | ||
| Q2 24 | $1.7B | $953.0M | ||
| Q1 24 | $1.4B | $198.0M |
自由现金流率MELINRG
| Q4 25 | 77.9% | -2.3% | ||
| Q3 25 | 50.0% | 3.1% | ||
| Q2 25 | 54.8% | 1.1% | ||
| Q1 25 | 18.1% | 7.5% | ||
| Q4 24 | 59.8% | 11.3% | ||
| Q3 24 | 35.4% | -1.2% | ||
| Q2 24 | 45.1% | 14.7% | ||
| Q1 24 | 44.1% | 2.7% |
资本支出强度MELINRG
| Q4 25 | 7.0% | 3.9% | ||
| Q3 25 | 6.9% | 3.4% | ||
| Q2 25 | 6.0% | 5.7% | ||
| Q1 25 | 6.5% | 2.6% | ||
| Q4 24 | 7.0% | 2.8% | ||
| Q3 24 | 5.7% | 1.6% | ||
| Q2 24 | 4.9% | 1.6% | ||
| Q1 24 | 4.7% | 0.9% |
现金转化率MELINRG
| Q4 25 | 9.32× | 1.86× | ||
| Q3 25 | 7.03× | 3.18× | ||
| Q2 25 | 5.58× | — | ||
| Q1 25 | 2.09× | 1.14× | ||
| Q4 24 | 4.58× | 1.48× | ||
| Q3 24 | 4.03× | — | ||
| Q2 24 | 3.54× | 1.43× | ||
| Q1 24 | 4.40× | 0.52× |
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% |
NRG
暂无分部数据
