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美客多（MELI）与PILGRIMS PRIDE CORP（PPC）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PILGRIMS PRIDE CORP的1.4倍（$6.1B vs $4.5B），美客多净利率更高（9.1% vs 1.9%，领先7.2%），美客多同比增速更快（40.2% vs 3.3%），美客多自由现金流更多（$4.8B vs $10.0M），过去两年美客多的营收复合增速更高（40.7% vs 1.8%）
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。
Pilgrim's Pride是美国跨国食品企业，为美国及波多黎各最大的鸡肉生产商之一，同时是墨西哥第二大鸡肉生产商。公司2009年12月脱离破产状态，2011年将美国总部迁至科罗拉多州格里利，由JBS集团控股，2016年11月底以3.5亿美元收购Gold'n Plump。
MELI vs PPC — 直观对比
营收规模更大
MELI
是对方的1.4倍
$4.5B
营收增速更快
MELI
高出36.8%
3.3%
净利率更高
MELI
高出7.2%
1.9%
自由现金流更多
MELI
多$4.8B
$10.0M
两年增速更快
MELI
近两年复合增速
1.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $4.5B |
| 净利润 | $559.0M | $88.0M |
| 毛利率 | 61.7% | 9.5% |
| 营业利润率 | 14.5% | 4.5% |
| 净利率 | 9.1% | 1.9% |
| 营收同比 | 40.2% | 3.3% |
| 净利润同比 | -12.5% | -62.7% |
| 每股收益（稀释后） | $11.03 | $0.37 |
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MELIPPC
| Q4 25 | $6.1B | $4.5B | ||
| Q3 25 | $5.2B | $4.8B | ||
| Q2 25 | $4.8B | $4.8B | ||
| Q1 25 | $4.2B | $4.5B | ||
| Q4 24 | $4.4B | $4.4B | ||
| Q3 24 | $3.9B | $4.6B | ||
| Q2 24 | $3.8B | $4.6B | ||
| Q1 24 | $3.1B | $4.4B |
净利润MELIPPC
| Q4 25 | $559.0M | $88.0M | ||
| Q3 25 | $421.0M | $342.8M | ||
| Q2 25 | $523.0M | $355.5M | ||
| Q1 25 | $494.0M | $296.0M | ||
| Q4 24 | $639.0M | $235.9M | ||
| Q3 24 | $397.0M | $349.9M | ||
| Q2 24 | $531.0M | $326.3M | ||
| Q1 24 | $344.0M | $174.4M |
毛利率MELIPPC
| Q4 25 | 61.7% | 9.5% | ||
| Q3 25 | 61.7% | 13.9% | ||
| Q2 25 | 64.4% | 15.0% | ||
| Q1 25 | 66.1% | 12.4% | ||
| Q4 24 | 62.8% | 12.7% | ||
| Q3 24 | 62.6% | 14.9% | ||
| Q2 24 | 62.8% | 15.2% | ||
| Q1 24 | 65.3% | 8.8% |
营业利润率MELIPPC
| Q4 25 | 14.5% | 4.5% | ||
| Q3 25 | 13.9% | 10.4% | ||
| Q2 25 | 17.2% | 10.8% | ||
| Q1 25 | 18.2% | 9.1% | ||
| Q4 24 | 18.7% | 7.0% | ||
| Q3 24 | 14.3% | 11.1% | ||
| Q2 24 | 19.3% | 9.7% | ||
| Q1 24 | 17.0% | 5.7% |
净利率MELIPPC
| Q4 25 | 9.1% | 1.9% | ||
| Q3 25 | 8.1% | 7.2% | ||
| Q2 25 | 10.9% | 7.5% | ||
| Q1 25 | 11.8% | 6.6% | ||
| Q4 24 | 14.6% | 5.4% | ||
| Q3 24 | 10.2% | 7.6% | ||
| Q2 24 | 14.1% | 7.2% | ||
| Q1 24 | 11.1% | 4.0% |
每股收益（稀释后）MELIPPC
| Q4 25 | $11.03 | $0.37 | ||
| Q3 25 | $8.32 | $1.44 | ||
| Q2 25 | $10.31 | $1.49 | ||
| Q1 25 | $9.74 | $1.24 | ||
| Q4 24 | $12.60 | $1.00 | ||
| Q3 24 | $7.83 | $1.47 | ||
| Q2 24 | $10.48 | $1.37 | ||
| Q1 24 | $6.78 | $0.73 |
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 | $640.2M |
| 总债务越低越好 | $4.6B | $3.1B |
| 股东权益账面价值 | $6.7B | $3.7B |
| 总资产 | $42.7B | $10.3B |
| 负债/权益比越低杠杆越低 | 0.68× | 0.84× |
8季度趋势，按日历期对齐
现金及短期投资MELIPPC
| Q4 25 | $6.3B | $640.2M | ||
| Q3 25 | $6.3B | $612.6M | ||
| Q2 25 | $7.6B | $849.0M | ||
| Q1 25 | $8.1B | $2.1B | ||
| Q4 24 | $7.1B | $2.0B | ||
| Q3 24 | $6.7B | $1.9B | ||
| Q2 24 | $6.9B | $1.3B | ||
| Q1 24 | $6.3B | $870.8M |
总债务MELIPPC
| Q4 25 | $4.6B | $3.1B | ||
| Q3 25 | $3.4B | $3.1B | ||
| Q2 25 | $3.5B | $3.1B | ||
| Q1 25 | $2.9B | $3.2B | ||
| Q4 24 | $2.9B | $3.2B | ||
| Q3 24 | $3.1B | $3.2B | ||
| Q2 24 | $2.4B | $3.2B | ||
| Q1 24 | $2.2B | $3.3B |
股东权益MELIPPC
| Q4 25 | $6.7B | $3.7B | ||
| Q3 25 | $6.2B | $3.5B | ||
| Q2 25 | $5.7B | $3.7B | ||
| Q1 25 | $5.0B | $3.1B | ||
| Q4 24 | $4.4B | $4.2B | ||
| Q3 24 | $4.0B | $4.2B | ||
| Q2 24 | $3.7B | $3.7B | ||
| Q1 24 | $3.4B | $3.5B |
总资产MELIPPC
| Q4 25 | $42.7B | $10.3B | ||
| Q3 25 | $36.7B | $10.0B | ||
| Q2 25 | $32.9B | $10.1B | ||
| Q1 25 | $27.7B | $11.0B | ||
| Q4 24 | $25.2B | $10.7B | ||
| Q3 24 | $22.6B | $10.7B | ||
| Q2 24 | $20.0B | $10.1B | ||
| Q1 24 | $19.1B | $9.8B |
负债/权益比MELIPPC
| Q4 25 | 0.68× | 0.84× | ||
| Q3 25 | 0.55× | 0.87× | ||
| Q2 25 | 0.61× | 0.83× | ||
| Q1 25 | 0.57× | 1.02× | ||
| Q4 24 | 0.66× | 0.76× | ||
| Q3 24 | 0.78× | 0.76× | ||
| Q2 24 | 0.67× | 0.85× | ||
| Q1 24 | 0.66× | 0.96× |
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 | $291.2M |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $10.0M |
| 自由现金流率自由现金流/营收 | 77.9% | 0.2% |
| 资本支出强度资本支出/营收 | 7.0% | 6.2% |
| 现金转化率经营现金流/净利润 | 9.32× | 3.31× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $653.1M |
8季度趋势，按日历期对齐
经营现金流MELIPPC
| Q4 25 | $5.2B | $291.2M | ||
| Q3 25 | $3.0B | $458.3M | ||
| Q2 25 | $2.9B | $495.2M | ||
| Q1 25 | $1.0B | $126.9M | ||
| Q4 24 | $2.9B | $349.3M | ||
| Q3 24 | $1.6B | $651.1M | ||
| Q2 24 | $1.9B | $718.6M | ||
| Q1 24 | $1.5B | $271.0M |
自由现金流MELIPPC
| Q4 25 | $4.8B | $10.0M | ||
| Q3 25 | $2.6B | $275.9M | ||
| Q2 25 | $2.6B | $339.1M | ||
| Q1 25 | $759.0M | $28.1M | ||
| Q4 24 | $2.6B | $176.6M | ||
| Q3 24 | $1.4B | $565.3M | ||
| Q2 24 | $1.7B | $617.7M | ||
| Q1 24 | $1.4B | $171.9M |
自由现金流率MELIPPC
| Q4 25 | 77.9% | 0.2% | ||
| Q3 25 | 50.0% | 5.8% | ||
| Q2 25 | 54.8% | 7.1% | ||
| Q1 25 | 18.1% | 0.6% | ||
| Q4 24 | 59.8% | 4.0% | ||
| Q3 24 | 35.4% | 12.3% | ||
| Q2 24 | 45.1% | 13.5% | ||
| Q1 24 | 44.1% | 3.9% |
资本支出强度MELIPPC
| Q4 25 | 7.0% | 6.2% | ||
| Q3 25 | 6.9% | 3.8% | ||
| Q2 25 | 6.0% | 3.3% | ||
| Q1 25 | 6.5% | 2.2% | ||
| Q4 24 | 7.0% | 4.0% | ||
| Q3 24 | 5.7% | 1.9% | ||
| Q2 24 | 4.9% | 2.2% | ||
| Q1 24 | 4.7% | 2.3% |
现金转化率MELIPPC
| Q4 25 | 9.32× | 3.31× | ||
| Q3 25 | 7.03× | 1.34× | ||
| Q2 25 | 5.58× | 1.39× | ||
| Q1 25 | 2.09× | 0.43× | ||
| Q4 24 | 4.58× | 1.48× | ||
| Q3 24 | 4.03× | 1.86× | ||
| Q2 24 | 3.54× | 2.20× | ||
| Q1 24 | 4.40× | 1.55× |
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% |
PPC
| Retail | $1.5B | 33% |
| Europe Reportable Segment | $1.4B | 31% |
| Food Service | $889.2M | 20% |
| Prepared Product | $332.8M | 7% |
| Product Export | $122.7M | 3% |
| Other Sales Channel | $96.0M | 2% |
| Other Product And Service | $79.7M | 2% |
| Related Party | $21.7M | 0% |
| Seara Meats B.V. | $18.9M | 0% |
| Penasul UKLTD | $10.3M | 0% |
| JBSUSA Food Company | $5.4M | 0% |
