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美客多（MELI）与皇家加勒比集团（RCL）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皇家加勒比集团的1.4倍（$6.1B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 9.1%，领先8.6%），美客多同比增速更快（40.2% vs 13.3%），美客多自由现金流更多（$4.8B vs $116.0M），过去两年美客多的营收复合增速更高（40.7% vs 6.9%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
MELI vs RCL — 直观对比
营收规模更大
MELI
是对方的1.4倍
$4.3B
营收增速更快
MELI
高出26.9%
13.3%
净利率更高
RCL
高出8.6%
9.1%
自由现金流更多
MELI
多$4.7B
$116.0M
两年增速更快
MELI
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $4.3B |
| 净利润 | $559.0M | $753.0M |
| 毛利率 | 61.7% | 47.4% |
| 营业利润率 | 14.5% | 21.9% |
| 净利率 | 9.1% | 17.7% |
| 营收同比 | 40.2% | 13.3% |
| 净利润同比 | -12.5% | 36.4% |
| 每股收益（稀释后） | $11.03 | $2.76 |
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MELIRCL
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $5.2B | $5.1B | ||
| Q2 25 | $4.8B | $4.5B | ||
| Q1 25 | $4.2B | $4.0B | ||
| Q4 24 | $4.4B | $3.8B | ||
| Q3 24 | $3.9B | $4.9B | ||
| Q2 24 | $3.8B | $4.1B | ||
| Q1 24 | $3.1B | $3.7B |
净利润MELIRCL
| Q4 25 | $559.0M | $753.0M | ||
| Q3 25 | $421.0M | $1.6B | ||
| Q2 25 | $523.0M | $1.2B | ||
| Q1 25 | $494.0M | $730.0M | ||
| Q4 24 | $639.0M | $552.0M | ||
| Q3 24 | $397.0M | $1.1B | ||
| Q2 24 | $531.0M | $854.0M | ||
| Q1 24 | $344.0M | $360.0M |
毛利率MELIRCL
| Q4 25 | 61.7% | 47.4% | ||
| Q3 25 | 61.7% | 51.8% | ||
| Q2 25 | 64.4% | 49.7% | ||
| Q1 25 | 66.1% | 48.0% | ||
| Q4 24 | 62.8% | 45.4% | ||
| Q3 24 | 62.6% | 51.1% | ||
| Q2 24 | 62.8% | 47.6% | ||
| Q1 24 | 65.3% | 44.8% |
营业利润率MELIRCL
| Q4 25 | 14.5% | 21.9% | ||
| Q3 25 | 13.9% | 33.1% | ||
| Q2 25 | 17.2% | 29.3% | ||
| Q1 25 | 18.2% | 23.6% | ||
| Q4 24 | 18.7% | 16.6% | ||
| Q3 24 | 14.3% | 33.4% | ||
| Q2 24 | 19.3% | 26.7% | ||
| Q1 24 | 17.0% | 20.1% |
净利率MELIRCL
| Q4 25 | 9.1% | 17.7% | ||
| Q3 25 | 8.1% | 30.6% | ||
| Q2 25 | 10.9% | 26.7% | ||
| Q1 25 | 11.8% | 18.3% | ||
| Q4 24 | 14.6% | 14.7% | ||
| Q3 24 | 10.2% | 22.7% | ||
| Q2 24 | 14.1% | 20.8% | ||
| Q1 24 | 11.1% | 9.7% |
每股收益（稀释后）MELIRCL
| Q4 25 | $11.03 | $2.76 | ||
| Q3 25 | $8.32 | $5.74 | ||
| Q2 25 | $10.31 | $4.41 | ||
| Q1 25 | $9.74 | $2.70 | ||
| Q4 24 | $12.60 | $2.27 | ||
| Q3 24 | $7.83 | $4.21 | ||
| Q2 24 | $10.48 | $3.11 | ||
| Q1 24 | $6.78 | $1.35 |
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 | $825.0M |
| 总债务越低越好 | $4.6B | $18.2B |
| 股东权益账面价值 | $6.7B | $10.0B |
| 总资产 | $42.7B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.68× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资MELIRCL
| Q4 25 | $6.3B | $825.0M | ||
| Q3 25 | $6.3B | $432.0M | ||
| Q2 25 | $7.6B | $735.0M | ||
| Q1 25 | $8.1B | $386.0M | ||
| Q4 24 | $7.1B | $388.0M | ||
| Q3 24 | $6.7B | $418.0M | ||
| Q2 24 | $6.9B | $391.0M | ||
| Q1 24 | $6.3B | $437.0M |
总债务MELIRCL
| Q4 25 | $4.6B | $18.2B | ||
| Q3 25 | $3.4B | $17.2B | ||
| Q2 25 | $3.5B | $17.6B | ||
| Q1 25 | $2.9B | $18.0B | ||
| Q4 24 | $2.9B | $18.5B | ||
| Q3 24 | $3.1B | $19.0B | ||
| Q2 24 | $2.4B | $19.8B | ||
| Q1 24 | $2.2B | $18.9B |
股东权益MELIRCL
| Q4 25 | $6.7B | $10.0B | ||
| Q3 25 | $6.2B | $10.1B | ||
| Q2 25 | $5.7B | $9.2B | ||
| Q1 25 | $5.0B | $8.0B | ||
| Q4 24 | $4.4B | $7.6B | ||
| Q3 24 | $4.0B | $7.0B | ||
| Q2 24 | $3.7B | $6.0B | ||
| Q1 24 | $3.4B | $5.2B |
总资产MELIRCL
| Q4 25 | $42.7B | $41.6B | ||
| Q3 25 | $36.7B | $40.1B | ||
| Q2 25 | $32.9B | $38.5B | ||
| Q1 25 | $27.7B | $37.5B | ||
| Q4 24 | $25.2B | $37.1B | ||
| Q3 24 | $22.6B | $37.1B | ||
| Q2 24 | $20.0B | $37.0B | ||
| Q1 24 | $19.1B | $35.2B |
负债/权益比MELIRCL
| Q4 25 | 0.68× | 1.81× | ||
| Q3 25 | 0.55× | 1.70× | ||
| Q2 25 | 0.61× | 1.92× | ||
| Q1 25 | 0.57× | 2.26× | ||
| Q4 24 | 0.66× | 2.44× | ||
| Q3 24 | 0.78× | 2.69× | ||
| Q2 24 | 0.67× | 3.29× | ||
| Q1 24 | 0.66× | 3.66× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $116.0M |
| 自由现金流率自由现金流/营收 | 77.9% | 2.7% |
| 资本支出强度资本支出/营收 | 7.0% | 35.4% |
| 现金转化率经营现金流/净利润 | 9.32× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MELIRCL
| Q4 25 | $5.2B | $1.6B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $1.6B | $897.0M | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.5B | $1.3B |
自由现金流MELIRCL
| Q4 25 | $4.8B | $116.0M | ||
| Q3 25 | $2.6B | $-989.0M | ||
| Q2 25 | $2.6B | $910.0M | ||
| Q1 25 | $759.0M | $1.2B | ||
| Q4 24 | $2.6B | $915.0M | ||
| Q3 24 | $1.4B | $563.0M | ||
| Q2 24 | $1.7B | $-567.0M | ||
| Q1 24 | $1.4B | $1.1B |
自由现金流率MELIRCL
| Q4 25 | 77.9% | 2.7% | ||
| Q3 25 | 50.0% | -19.2% | ||
| Q2 25 | 54.8% | 20.1% | ||
| Q1 25 | 18.1% | 30.0% | ||
| Q4 24 | 59.8% | 24.3% | ||
| Q3 24 | 35.4% | 11.5% | ||
| Q2 24 | 45.1% | -13.8% | ||
| Q1 24 | 44.1% | 29.1% |
资本支出强度MELIRCL
| Q4 25 | 7.0% | 35.4% | ||
| Q3 25 | 6.9% | 47.8% | ||
| Q2 25 | 6.0% | 18.4% | ||
| Q1 25 | 6.5% | 10.7% | ||
| Q4 24 | 7.0% | 14.7% | ||
| Q3 24 | 5.7% | 6.8% | ||
| Q2 24 | 4.9% | 52.1% | ||
| Q1 24 | 4.7% | 6.5% |
现金转化率MELIRCL
| Q4 25 | 9.32× | 2.16× | ||
| Q3 25 | 7.03× | 0.93× | ||
| Q2 25 | 5.58× | 1.44× | ||
| Q1 25 | 2.09× | 2.23× | ||
| Q4 24 | 4.58× | 2.66× | ||
| Q3 24 | 4.03× | 0.81× | ||
| Q2 24 | 3.54× | 1.84× | ||
| Q1 24 | 4.40× | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
