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美客多（MELI）与美国再保险集团（RGA）财务数据对比。点击上方公司名可切换其他公司
美国再保险集团的季度营收约是美客多的1.1倍（$6.6B vs $6.1B），美客多净利率更高（9.1% vs 7.0%，领先2.1%），美客多同比增速更快（40.2% vs 26.6%），过去两年美客多的营收复合增速更高（40.7% vs 2.3%）
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。
美国再保险集团（RGA）是总部位于美国密苏里州大圣路易斯地区西郊切斯特菲尔德的全球人寿与健康再保险控股集团。截至2024年12月31日，集团有效人寿再保额约3.9万亿美元，总资产达1187亿美元，是全球唯一主营人寿及健康相关再保险业务的国际企业。
MELI vs RGA — 直观对比
营收规模更大
RGA
是对方的1.1倍
$6.1B
营收增速更快
MELI
高出13.6%
26.6%
净利率更高
MELI
高出2.1%
7.0%
两年增速更快
MELI
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $6.6B |
| 净利润 | $559.0M | $463.0M |
| 毛利率 | 61.7% | — |
| 营业利润率 | 14.5% | 7.7% |
| 净利率 | 9.1% | 7.0% |
| 营收同比 | 40.2% | 26.6% |
| 净利润同比 | -12.5% | 212.8% |
| 每股收益（稀释后） | $11.03 | $6.91 |
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MELIRGA
| Q4 25 | $6.1B | $6.6B | ||
| Q3 25 | $5.2B | $6.2B | ||
| Q2 25 | $4.8B | $5.6B | ||
| Q1 25 | $4.2B | $5.3B | ||
| Q4 24 | $4.4B | $5.2B | ||
| Q3 24 | $3.9B | $5.7B | ||
| Q2 24 | $3.8B | $4.9B | ||
| Q1 24 | $3.1B | $6.3B |
净利润MELIRGA
| Q4 25 | $559.0M | $463.0M | ||
| Q3 25 | $421.0M | $253.0M | ||
| Q2 25 | $523.0M | $180.0M | ||
| Q1 25 | $494.0M | $286.0M | ||
| Q4 24 | $639.0M | $148.0M | ||
| Q3 24 | $397.0M | $156.0M | ||
| Q2 24 | $531.0M | $203.0M | ||
| Q1 24 | $344.0M | $210.0M |
毛利率MELIRGA
| 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MELIRGA
| Q4 25 | 14.5% | 7.7% | ||
| Q3 25 | 13.9% | 5.2% | ||
| Q2 25 | 17.2% | 6.1% | ||
| Q1 25 | 18.2% | 7.0% | ||
| Q4 24 | 18.7% | 4.3% | ||
| Q3 24 | 14.3% | 3.8% | ||
| Q2 24 | 19.3% | 5.5% | ||
| Q1 24 | 17.0% | 4.3% |
净利率MELIRGA
| Q4 25 | 9.1% | 7.0% | ||
| Q3 25 | 8.1% | 4.1% | ||
| Q2 25 | 10.9% | 3.2% | ||
| Q1 25 | 11.8% | 5.4% | ||
| Q4 24 | 14.6% | 2.8% | ||
| Q3 24 | 10.2% | 2.8% | ||
| Q2 24 | 14.1% | 4.2% | ||
| Q1 24 | 11.1% | 3.3% |
每股收益（稀释后）MELIRGA
| Q4 25 | $11.03 | $6.91 | ||
| Q3 25 | $8.32 | $3.81 | ||
| Q2 25 | $10.31 | $2.70 | ||
| Q1 25 | $9.74 | $4.27 | ||
| Q4 24 | $12.60 | $2.21 | ||
| Q3 24 | $7.83 | $2.33 | ||
| Q2 24 | $10.48 | $3.03 | ||
| Q1 24 | $6.78 | $3.16 |
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 | $4.2B |
| 总债务越低越好 | $4.6B | $5.7B |
| 股东权益账面价值 | $6.7B | $13.5B |
| 总资产 | $42.7B | $156.6B |
| 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MELIRGA
| Q4 25 | $6.3B | $4.2B | ||
| Q3 25 | $6.3B | $4.6B | ||
| Q2 25 | $7.6B | $5.4B | ||
| Q1 25 | $8.1B | $5.2B | ||
| Q4 24 | $7.1B | $3.3B | ||
| Q3 24 | $6.7B | $5.2B | ||
| Q2 24 | $6.9B | $4.6B | ||
| Q1 24 | $6.3B | $5.9B |
总债务MELIRGA
| Q4 25 | $4.6B | $5.7B | ||
| Q3 25 | $3.4B | $5.7B | ||
| Q2 25 | $3.5B | $5.7B | ||
| Q1 25 | $2.9B | $5.7B | ||
| Q4 24 | $2.9B | $5.0B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $2.4B | $5.1B | ||
| Q1 24 | $2.2B | $4.4B |
股东权益MELIRGA
| Q4 25 | $6.7B | $13.5B | ||
| Q3 25 | $6.2B | $13.0B | ||
| Q2 25 | $5.7B | $12.1B | ||
| Q1 25 | $5.0B | $11.4B | ||
| Q4 24 | $4.4B | $10.8B | ||
| Q3 24 | $4.0B | $11.1B | ||
| Q2 24 | $3.7B | $9.7B | ||
| Q1 24 | $3.4B | $9.5B |
总资产MELIRGA
| Q4 25 | $42.7B | $156.6B | ||
| Q3 25 | $36.7B | $152.0B | ||
| Q2 25 | $32.9B | $133.5B | ||
| Q1 25 | $27.7B | $128.2B | ||
| Q4 24 | $25.2B | $118.7B | ||
| Q3 24 | $22.6B | $120.3B | ||
| Q2 24 | $20.0B | $109.9B | ||
| Q1 24 | $19.1B | $106.0B |
负债/权益比MELIRGA
| Q4 25 | 0.68× | 0.42× | ||
| Q3 25 | 0.55× | 0.44× | ||
| Q2 25 | 0.61× | 0.48× | ||
| Q1 25 | 0.57× | 0.50× | ||
| Q4 24 | 0.66× | 0.47× | ||
| Q3 24 | 0.78× | 0.46× | ||
| Q2 24 | 0.67× | 0.52× | ||
| Q1 24 | 0.66× | 0.47× |
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 | $7.3B |
| 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× | 15.83× |
| 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MELIRGA
| Q4 25 | $5.2B | $7.3B | ||
| Q3 25 | $3.0B | $-990.0M | ||
| Q2 25 | $2.9B | $-820.0M | ||
| Q1 25 | $1.0B | $-1.4B | ||
| Q4 24 | $2.9B | $17.1B | ||
| Q3 24 | $1.6B | $-1.1B | ||
| Q2 24 | $1.9B | $-967.0M | ||
| Q1 24 | $1.5B | $-5.7B |
自由现金流MELIRGA
| 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MELIRGA
| 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MELIRGA
| 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MELIRGA
| Q4 25 | 9.32× | 15.83× | ||
| Q3 25 | 7.03× | -3.91× | ||
| Q2 25 | 5.58× | -4.56× | ||
| Q1 25 | 2.09× | -5.00× | ||
| Q4 24 | 4.58× | 115.81× | ||
| Q3 24 | 4.03× | -6.84× | ||
| Q2 24 | 3.54× | -4.76× | ||
| Q1 24 | 4.40× | -27.31× |
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% |
RGA
暂无分部数据
