vs
美客多（MELI）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是美客多的2.5倍（$15.2B vs $6.1B）。拼多多净利率更高（27.1% vs 9.1%，领先18.0%）。过去两年拼多多的营收复合增速更高（74.6% vs 40.7%）
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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
MELI vs PDD — 直观对比
营收规模更大
PDD
是对方的2.5倍
$6.1B
净利率更高
PDD
高出18.0%
9.1%
两年增速更快
PDD
近两年复合增速
40.7%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $15.2B |
| 净利润 | $559.0M | $4.1B |
| 毛利率 | 61.7% | 56.7% |
| 营业利润率 | 14.5% | 23.1% |
| 净利率 | 9.1% | 27.1% |
| 营收同比 | 40.2% | — |
| 净利润同比 | -12.5% | — |
| 每股收益（稀释后） | $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MELIPDD
| Q4 25 | $6.1B | — | ||
| Q3 25 | $5.2B | $15.2B | ||
| Q2 25 | $4.8B | $14.5B | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $3.9B | $14.2B | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.1B | $12.0B |
净利润MELIPDD
| Q4 25 | $559.0M | — | ||
| Q3 25 | $421.0M | $4.1B | ||
| Q2 25 | $523.0M | $4.3B | ||
| Q1 25 | $494.0M | — | ||
| Q4 24 | $639.0M | — | ||
| Q3 24 | $397.0M | $3.6B | ||
| Q2 24 | $531.0M | — | ||
| Q1 24 | $344.0M | $3.9B |
毛利率MELIPDD
| Q4 25 | 61.7% | — | ||
| Q3 25 | 61.7% | 56.7% | ||
| Q2 25 | 64.4% | 55.9% | ||
| Q1 25 | 66.1% | — | ||
| Q4 24 | 62.8% | — | ||
| Q3 24 | 62.6% | 60.0% | ||
| Q2 24 | 62.8% | — | ||
| Q1 24 | 65.3% | 62.3% |
营业利润率MELIPDD
| Q4 25 | 14.5% | — | ||
| Q3 25 | 13.9% | 23.1% | ||
| Q2 25 | 17.2% | 24.8% | ||
| Q1 25 | 18.2% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 14.3% | 24.5% | ||
| Q2 24 | 19.3% | — | ||
| Q1 24 | 17.0% | 29.9% |
净利率MELIPDD
| Q4 25 | 9.1% | — | ||
| Q3 25 | 8.1% | 27.1% | ||
| Q2 25 | 10.9% | 29.6% | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 10.2% | 25.1% | ||
| Q2 24 | 14.1% | — | ||
| Q1 24 | 11.1% | 32.3% |
每股收益（稀释后）MELIPDD
| Q4 25 | $11.03 | — | ||
| Q3 25 | $8.32 | — | ||
| Q2 25 | $10.31 | — | ||
| Q1 25 | $9.74 | — | ||
| Q4 24 | $12.60 | — | ||
| Q3 24 | $7.83 | — | ||
| Q2 24 | $10.48 | — | ||
| Q1 24 | $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 | $6.3B | $13.0B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $6.7B | $55.0B |
| 总资产 | $42.7B | $86.2B |
| 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MELIPDD
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.3B | $13.0B | ||
| Q2 25 | $7.6B | $8.8B | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.1B | — | ||
| Q3 24 | $6.7B | $9.3B | ||
| Q2 24 | $6.9B | — | ||
| Q1 24 | $6.3B | $7.7B |
总债务MELIPDD
| 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MELIPDD
| Q4 25 | $6.7B | — | ||
| Q3 25 | $6.2B | $55.0B | ||
| Q2 25 | $5.7B | $50.5B | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.0B | $39.7B | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.4B | $30.3B |
总资产MELIPDD
| Q4 25 | $42.7B | — | ||
| Q3 25 | $36.7B | $86.2B | ||
| Q2 25 | $32.9B | $79.2B | ||
| Q1 25 | $27.7B | — | ||
| Q4 24 | $25.2B | — | ||
| Q3 24 | $22.6B | $66.5B | ||
| Q2 24 | $20.0B | — | ||
| Q1 24 | $19.1B | $52.3B |
负债/权益比MELIPDD
| 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 | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $4.8B | — |
| 自由现金流率自由现金流/营收 | 77.9% | — |
| 资本支出强度资本支出/营收 | 7.0% | — |
| 现金转化率经营现金流/净利润 | 9.32× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $10.8B | — |
8季度趋势，按日历期对齐
经营现金流MELIPDD
| Q4 25 | $5.2B | — | ||
| Q3 25 | $3.0B | $6.4B | ||
| Q2 25 | $2.9B | $3.0B | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $1.6B | $3.9B | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.5B | $2.9B |
自由现金流MELIPDD
| Q4 25 | $4.8B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $759.0M | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.4B | — |
自由现金流率MELIPDD
| Q4 25 | 77.9% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 54.8% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 59.8% | — | ||
| Q3 24 | 35.4% | — | ||
| Q2 24 | 45.1% | — | ||
| Q1 24 | 44.1% | — |
资本支出强度MELIPDD
| Q4 25 | 7.0% | — | ||
| Q3 25 | 6.9% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 6.5% | — | ||
| Q4 24 | 7.0% | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 4.9% | — | ||
| Q1 24 | 4.7% | — |
现金转化率MELIPDD
| Q4 25 | 9.32× | — | ||
| Q3 25 | 7.03× | 1.56× | ||
| Q2 25 | 5.58× | 0.70× | ||
| Q1 25 | 2.09× | — | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.03× | 1.10× | ||
| Q2 24 | 3.54× | — | ||
| Q1 24 | 4.40× | 0.75× |
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% |
PDD
暂无分部数据
