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美客多（MELI）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的5.1倍（$6.1B vs $1.2B）。利氏兄弟拍卖行净利率更高（9.1% vs 9.1%，领先0.0%）。美客多同比增速更快（40.2% vs 5.4%）。美客多自由现金流更多（$4.8B vs $186.5M）。过去两年美客多的营收复合增速更高（40.7% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
MELI vs RBA — 直观对比
营收规模更大
MELI
是对方的5.1倍
$1.2B
营收增速更快
MELI
高出34.7%
5.4%
净利率更高
RBA
高出0.0%
9.1%
自由现金流更多
MELI
多$4.6B
$186.5M
两年增速更快
MELI
近两年复合增速
6.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $1.2B |
| 净利润 | $559.0M | $109.7M |
| 毛利率 | 61.7% | — |
| 营业利润率 | 14.5% | 14.7% |
| 净利率 | 9.1% | 9.1% |
| 营收同比 | 40.2% | 5.4% |
| 净利润同比 | -12.5% | -7.4% |
| 每股收益（稀释后） | $11.03 | $0.53 |
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MELIRBA
| Q4 25 | $6.1B | $1.2B | ||
| Q3 25 | $5.2B | $1.1B | ||
| Q2 25 | $4.8B | $1.2B | ||
| Q1 25 | $4.2B | $1.1B | ||
| Q4 24 | $4.4B | $1.1B | ||
| Q3 24 | $3.9B | $981.8M | ||
| Q2 24 | $3.8B | $1.1B | ||
| Q1 24 | $3.1B | $1.1B |
净利润MELIRBA
| Q4 25 | $559.0M | $109.7M | ||
| Q3 25 | $421.0M | $95.5M | ||
| Q2 25 | $523.0M | $109.8M | ||
| Q1 25 | $494.0M | $113.4M | ||
| Q4 24 | $639.0M | $118.5M | ||
| Q3 24 | $397.0M | $76.1M | ||
| Q2 24 | $531.0M | $111.1M | ||
| Q1 24 | $344.0M | $107.4M |
毛利率MELIRBA
| 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MELIRBA
| Q4 25 | 14.5% | 14.7% | ||
| Q3 25 | 13.9% | 14.5% | ||
| Q2 25 | 17.2% | 15.9% | ||
| Q1 25 | 18.2% | 17.1% | ||
| Q4 24 | 18.7% | 18.1% | ||
| Q3 24 | 14.3% | 15.6% | ||
| Q2 24 | 19.3% | 18.4% | ||
| Q1 24 | 17.0% | 18.7% |
净利率MELIRBA
| Q4 25 | 9.1% | 9.1% | ||
| Q3 25 | 8.1% | 8.7% | ||
| Q2 25 | 10.9% | 9.3% | ||
| Q1 25 | 11.8% | 10.2% | ||
| Q4 24 | 14.6% | 10.4% | ||
| Q3 24 | 10.2% | 7.8% | ||
| Q2 24 | 14.1% | 10.1% | ||
| Q1 24 | 11.1% | 10.1% |
每股收益（稀释后）MELIRBA
| Q4 25 | $11.03 | $0.53 | ||
| Q3 25 | $8.32 | $0.43 | ||
| Q2 25 | $10.31 | $0.53 | ||
| Q1 25 | $9.74 | $0.55 | ||
| Q4 24 | $12.60 | $0.58 | ||
| Q3 24 | $7.83 | $0.36 | ||
| Q2 24 | $10.48 | $0.54 | ||
| Q1 24 | $6.78 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $4.6B | $2.3B |
| 股东权益账面价值 | $6.7B | $5.6B |
| 总资产 | $42.7B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.68× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MELIRBA
| Q4 25 | $6.3B | $531.5M | ||
| Q3 25 | $6.3B | $674.7M | ||
| Q2 25 | $7.6B | $710.2M | ||
| Q1 25 | $8.1B | $578.1M | ||
| Q4 24 | $7.1B | $533.9M | ||
| Q3 24 | $6.7B | $650.7M | ||
| Q2 24 | $6.9B | $599.5M | ||
| Q1 24 | $6.3B | $462.8M |
总债务MELIRBA
| Q4 25 | $4.6B | $2.3B | ||
| Q3 25 | $3.4B | $2.6B | ||
| Q2 25 | $3.5B | $2.6B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $2.4B | $2.8B | ||
| Q1 24 | $2.2B | $2.9B |
股东权益MELIRBA
| Q4 25 | $6.7B | $5.6B | ||
| Q3 25 | $6.2B | $5.5B | ||
| Q2 25 | $5.7B | $5.5B | ||
| Q1 25 | $5.0B | $5.3B | ||
| Q4 24 | $4.4B | $5.2B | ||
| Q3 24 | $4.0B | $5.2B | ||
| Q2 24 | $3.7B | $5.2B | ||
| Q1 24 | $3.4B | $5.1B |
总资产MELIRBA
| Q4 25 | $42.7B | $12.1B | ||
| Q3 25 | $36.7B | $12.2B | ||
| Q2 25 | $32.9B | $12.2B | ||
| Q1 25 | $27.7B | $11.9B | ||
| Q4 24 | $25.2B | $11.8B | ||
| Q3 24 | $22.6B | $11.9B | ||
| Q2 24 | $20.0B | $12.1B | ||
| Q1 24 | $19.1B | $12.0B |
负债/权益比MELIRBA
| Q4 25 | 0.68× | 0.42× | ||
| Q3 25 | 0.55× | 0.47× | ||
| Q2 25 | 0.61× | 0.47× | ||
| Q1 25 | 0.57× | 0.50× | ||
| Q4 24 | 0.66× | 0.50× | ||
| Q3 24 | 0.78× | 0.52× | ||
| Q2 24 | 0.67× | 0.55× | ||
| Q1 24 | 0.66× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $186.5M |
| 自由现金流率自由现金流/营收 | 77.9% | 15.5% |
| 资本支出强度资本支出/营收 | 7.0% | 5.7% |
| 现金转化率经营现金流/净利润 | 9.32× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $719.2M |
8季度趋势，按日历期对齐
经营现金流MELIRBA
| Q4 25 | $5.2B | $255.2M | ||
| Q3 25 | $3.0B | $239.7M | ||
| Q2 25 | $2.9B | $326.5M | ||
| Q1 25 | $1.0B | $156.8M | ||
| Q4 24 | $2.9B | $184.5M | ||
| Q3 24 | $1.6B | $285.4M | ||
| Q2 24 | $1.9B | $337.3M | ||
| Q1 24 | $1.5B | $124.8M |
自由现金流MELIRBA
| Q4 25 | $4.8B | $186.5M | ||
| Q3 25 | $2.6B | $188.5M | ||
| Q2 25 | $2.6B | $241.7M | ||
| Q1 25 | $759.0M | $102.5M | ||
| Q4 24 | $2.6B | $127.9M | ||
| Q3 24 | $1.4B | $248.5M | ||
| Q2 24 | $1.7B | $308.6M | ||
| Q1 24 | $1.4B | $79.6M |
自由现金流率MELIRBA
| Q4 25 | 77.9% | 15.5% | ||
| Q3 25 | 50.0% | 17.3% | ||
| Q2 25 | 54.8% | 20.4% | ||
| Q1 25 | 18.1% | 9.2% | ||
| Q4 24 | 59.8% | 11.2% | ||
| Q3 24 | 35.4% | 25.3% | ||
| Q2 24 | 45.1% | 28.2% | ||
| Q1 24 | 44.1% | 7.5% |
资本支出强度MELIRBA
| Q4 25 | 7.0% | 5.7% | ||
| Q3 25 | 6.9% | 4.7% | ||
| Q2 25 | 6.0% | 7.2% | ||
| Q1 25 | 6.5% | 4.9% | ||
| Q4 24 | 7.0% | 5.0% | ||
| Q3 24 | 5.7% | 3.8% | ||
| Q2 24 | 4.9% | 2.6% | ||
| Q1 24 | 4.7% | 4.2% |
现金转化率MELIRBA
| Q4 25 | 9.32× | 2.33× | ||
| Q3 25 | 7.03× | 2.51× | ||
| Q2 25 | 5.58× | 2.97× | ||
| Q1 25 | 2.09× | 1.38× | ||
| Q4 24 | 4.58× | 1.56× | ||
| Q3 24 | 4.03× | 3.75× | ||
| Q2 24 | 3.54× | 3.04× | ||
| Q1 24 | 4.40× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
