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美客多（MELI）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是美客多的2.0倍（$12.3B vs $6.1B），高通净利率更高（24.5% vs 9.1%，领先15.4%），美客多同比增速更快（40.2% vs 5.0%），美客多自由现金流更多（$4.8B vs $4.4B），过去两年美客多的营收复合增速更高（40.7% vs 14.2%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
MELI vs QCOM — 直观对比
营收规模更大
QCOM
是对方的2.0倍
$6.1B
营收增速更快
MELI
高出35.2%
5.0%
净利率更高
QCOM
高出15.4%
9.1%
自由现金流更多
MELI
多$366.0M
$4.4B
两年增速更快
MELI
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $12.3B |
| 净利润 | $559.0M | $3.0B |
| 毛利率 | 61.7% | 54.6% |
| 营业利润率 | 14.5% | 27.5% |
| 净利率 | 9.1% | 24.5% |
| 营收同比 | 40.2% | 5.0% |
| 净利润同比 | -12.5% | -5.5% |
| 每股收益（稀释后） | $11.03 | $2.78 |
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MELIQCOM
| Q4 25 | $6.1B | $12.3B | ||
| Q3 25 | $5.2B | $11.3B | ||
| Q2 25 | $4.8B | $10.4B | ||
| Q1 25 | $4.2B | $11.0B | ||
| Q4 24 | $4.4B | $11.7B | ||
| Q3 24 | $3.9B | $10.2B | ||
| Q2 24 | $3.8B | $9.4B | ||
| Q1 24 | $3.1B | $9.4B |
净利润MELIQCOM
| Q4 25 | $559.0M | $3.0B | ||
| Q3 25 | $421.0M | $-3.1B | ||
| Q2 25 | $523.0M | $2.7B | ||
| Q1 25 | $494.0M | $2.8B | ||
| Q4 24 | $639.0M | $3.2B | ||
| Q3 24 | $397.0M | $2.9B | ||
| Q2 24 | $531.0M | $2.1B | ||
| Q1 24 | $344.0M | $2.3B |
毛利率MELIQCOM
| Q4 25 | 61.7% | 54.6% | ||
| Q3 25 | 61.7% | 55.3% | ||
| Q2 25 | 64.4% | 55.6% | ||
| Q1 25 | 66.1% | 55.0% | ||
| Q4 24 | 62.8% | 55.8% | ||
| Q3 24 | 62.6% | 56.4% | ||
| Q2 24 | 62.8% | 55.6% | ||
| Q1 24 | 65.3% | 56.3% |
营业利润率MELIQCOM
| Q4 25 | 14.5% | 27.5% | ||
| Q3 25 | 13.9% | 25.9% | ||
| Q2 25 | 17.2% | 26.6% | ||
| Q1 25 | 18.2% | 28.4% | ||
| Q4 24 | 18.7% | 30.5% | ||
| Q3 24 | 14.3% | 25.2% | ||
| Q2 24 | 19.3% | 23.6% | ||
| Q1 24 | 17.0% | 24.9% |
净利率MELIQCOM
| Q4 25 | 9.1% | 24.5% | ||
| Q3 25 | 8.1% | -27.7% | ||
| Q2 25 | 10.9% | 25.7% | ||
| Q1 25 | 11.8% | 25.6% | ||
| Q4 24 | 14.6% | 27.3% | ||
| Q3 24 | 10.2% | 28.5% | ||
| Q2 24 | 14.1% | 22.7% | ||
| Q1 24 | 11.1% | 24.8% |
每股收益（稀释后）MELIQCOM
| Q4 25 | $11.03 | $2.78 | ||
| Q3 25 | $8.32 | $-2.77 | ||
| Q2 25 | $10.31 | $2.43 | ||
| Q1 25 | $9.74 | $2.52 | ||
| Q4 24 | $12.60 | $2.83 | ||
| Q3 24 | $7.83 | $2.57 | ||
| Q2 24 | $10.48 | $1.88 | ||
| Q1 24 | $6.78 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $4.6B | $14.8B |
| 股东权益账面价值 | $6.7B | $23.1B |
| 总资产 | $42.7B | $53.0B |
| 负债/权益比越低杠杆越低 | 0.68× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资MELIQCOM
| Q4 25 | $6.3B | $11.8B | ||
| Q3 25 | $6.3B | $10.2B | ||
| Q2 25 | $7.6B | $10.0B | ||
| Q1 25 | $8.1B | $13.8B | ||
| Q4 24 | $7.1B | $14.3B | ||
| Q3 24 | $6.7B | $13.3B | ||
| Q2 24 | $6.9B | $13.0B | ||
| Q1 24 | $6.3B | $13.9B |
总债务MELIQCOM
| Q4 25 | $4.6B | $14.8B | ||
| Q3 25 | $3.4B | $14.8B | ||
| Q2 25 | $3.5B | $14.8B | ||
| Q1 25 | $2.9B | $13.3B | ||
| Q4 24 | $2.9B | $13.2B | ||
| Q3 24 | $3.1B | $13.3B | ||
| Q2 24 | $2.4B | $13.2B | ||
| Q1 24 | $2.2B | $14.5B |
股东权益MELIQCOM
| Q4 25 | $6.7B | $23.1B | ||
| Q3 25 | $6.2B | $21.2B | ||
| Q2 25 | $5.7B | $27.2B | ||
| Q1 25 | $5.0B | $27.7B | ||
| Q4 24 | $4.4B | $26.9B | ||
| Q3 24 | $4.0B | $26.3B | ||
| Q2 24 | $3.7B | $24.7B | ||
| Q1 24 | $3.4B | $24.5B |
总资产MELIQCOM
| Q4 25 | $42.7B | $53.0B | ||
| Q3 25 | $36.7B | $50.1B | ||
| Q2 25 | $32.9B | $54.9B | ||
| Q1 25 | $27.7B | $55.4B | ||
| Q4 24 | $25.2B | $55.6B | ||
| Q3 24 | $22.6B | $55.2B | ||
| Q2 24 | $20.0B | $52.7B | ||
| Q1 24 | $19.1B | $53.2B |
负债/权益比MELIQCOM
| Q4 25 | 0.68× | 0.64× | ||
| Q3 25 | 0.55× | 0.70× | ||
| Q2 25 | 0.61× | 0.54× | ||
| Q1 25 | 0.57× | 0.48× | ||
| Q4 24 | 0.66× | 0.49× | ||
| Q3 24 | 0.78× | 0.51× | ||
| Q2 24 | 0.67× | 0.53× | ||
| Q1 24 | 0.66× | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $4.4B |
| 自由现金流率自由现金流/营收 | 77.9% | 36.0% |
| 资本支出强度资本支出/营收 | 7.0% | 4.5% |
| 现金转化率经营现金流/净利润 | 9.32× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $12.9B |
8季度趋势，按日历期对齐
经营现金流MELIQCOM
| Q4 25 | $5.2B | $5.0B | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $1.0B | $2.6B | ||
| Q4 24 | $2.9B | $4.6B | ||
| Q3 24 | $1.6B | $2.6B | ||
| Q2 24 | $1.9B | $3.1B | ||
| Q1 24 | $1.5B | $3.6B |
自由现金流MELIQCOM
| Q4 25 | $4.8B | $4.4B | ||
| Q3 25 | $2.6B | $3.6B | ||
| Q2 25 | $2.6B | $2.6B | ||
| Q1 25 | $759.0M | $2.3B | ||
| Q4 24 | $2.6B | $4.3B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.7B | $2.7B | ||
| Q1 24 | $1.4B | $3.4B |
自由现金流率MELIQCOM
| Q4 25 | 77.9% | 36.0% | ||
| Q3 25 | 50.0% | 31.8% | ||
| Q2 25 | 54.8% | 24.9% | ||
| Q1 25 | 18.1% | 21.3% | ||
| Q4 24 | 59.8% | 36.9% | ||
| Q3 24 | 35.4% | 23.3% | ||
| Q2 24 | 45.1% | 28.4% | ||
| Q1 24 | 44.1% | 35.9% |
资本支出强度MELIQCOM
| Q4 25 | 7.0% | 4.5% | ||
| Q3 25 | 6.9% | 3.6% | ||
| Q2 25 | 6.0% | 2.8% | ||
| Q1 25 | 6.5% | 1.9% | ||
| Q4 24 | 7.0% | 2.4% | ||
| Q3 24 | 5.7% | 2.5% | ||
| Q2 24 | 4.9% | 4.1% | ||
| Q1 24 | 4.7% | 2.0% |
现金转化率MELIQCOM
| Q4 25 | 9.32× | 1.65× | ||
| Q3 25 | 7.03× | — | ||
| Q2 25 | 5.58× | 1.08× | ||
| Q1 25 | 2.09× | 0.91× | ||
| Q4 24 | 4.58× | 1.44× | ||
| Q3 24 | 4.03× | 0.91× | ||
| Q2 24 | 3.54× | 1.43× | ||
| Q1 24 | 4.40× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
