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美客多（MELI）与Raymond James Financial（RJF）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Raymond James Financial的1.5倍（$6.1B vs $4.2B），Raymond James Financial净利率更高（13.5% vs 9.1%，领先4.4%），美客多同比增速更快（40.2% vs 3.5%），美客多自由现金流更多（$4.8B vs $-56.0M），过去两年美客多的营收复合增速更高（40.7% vs 7.1%）
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。
雷蒙德詹姆斯金融是美国跨国独立投资银行及金融服务机构，通过旗下子公司为个人、企业及市政主体提供多元金融服务，核心业务覆盖投资与财务规划、投资银行、资产管理等领域，总部位于美国佛罗里达州圣彼得堡。
MELI vs RJF — 直观对比
营收规模更大
MELI
是对方的1.5倍
$4.2B
营收增速更快
MELI
高出36.7%
3.5%
净利率更高
RJF
高出4.4%
9.1%
自由现金流更多
MELI
多$4.8B
$-56.0M
两年增速更快
MELI
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $4.2B |
| 净利润 | $559.0M | $563.0M |
| 毛利率 | 61.7% | — |
| 营业利润率 | 14.5% | — |
| 净利率 | 9.1% | 13.5% |
| 营收同比 | 40.2% | 3.5% |
| 净利润同比 | -12.5% | -6.2% |
| 每股收益（稀释后） | $11.03 | $2.79 |
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MELIRJF
| Q4 25 | $6.1B | $4.2B | ||
| Q3 25 | $5.2B | $4.2B | ||
| Q2 25 | $4.8B | $3.8B | ||
| Q1 25 | $4.2B | $3.8B | ||
| Q4 24 | $4.4B | $4.0B | ||
| Q3 24 | $3.9B | $4.0B | ||
| Q2 24 | $3.8B | $3.8B | ||
| Q1 24 | $3.1B | $3.6B |
净利润MELIRJF
| Q4 25 | $559.0M | $563.0M | ||
| Q3 25 | $421.0M | $604.0M | ||
| Q2 25 | $523.0M | $436.0M | ||
| Q1 25 | $494.0M | $495.0M | ||
| Q4 24 | $639.0M | $600.0M | ||
| Q3 24 | $397.0M | $602.0M | ||
| Q2 24 | $531.0M | $492.0M | ||
| Q1 24 | $344.0M | $476.0M |
毛利率MELIRJF
| 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MELIRJF
| Q4 25 | 14.5% | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 17.2% | 14.7% | ||
| Q1 25 | 18.2% | 17.5% | ||
| Q4 24 | 18.7% | 18.6% | ||
| Q3 24 | 14.3% | — | ||
| Q2 24 | 19.3% | 17.1% | ||
| Q1 24 | 17.0% | 16.7% |
净利率MELIRJF
| Q4 25 | 9.1% | 13.5% | ||
| Q3 25 | 8.1% | 14.4% | ||
| Q2 25 | 10.9% | 11.3% | ||
| Q1 25 | 11.8% | 12.9% | ||
| Q4 24 | 14.6% | 14.9% | ||
| Q3 24 | 10.2% | 15.0% | ||
| Q2 24 | 14.1% | 13.1% | ||
| Q1 24 | 11.1% | 13.1% |
每股收益（稀释后）MELIRJF
| Q4 25 | $11.03 | $2.79 | ||
| Q3 25 | $8.32 | $2.96 | ||
| Q2 25 | $10.31 | $2.12 | ||
| Q1 25 | $9.74 | $2.36 | ||
| Q4 24 | $12.60 | $2.86 | ||
| Q3 24 | $7.83 | $2.85 | ||
| Q2 24 | $10.48 | $2.31 | ||
| Q1 24 | $6.78 | $2.22 |
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 | $9.9B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $6.7B | $12.6B |
| 总资产 | $42.7B | $88.8B |
| 负债/权益比越低杠杆越低 | 0.68× | — |
8季度趋势，按日历期对齐
现金及短期投资MELIRJF
| Q4 25 | $6.3B | $9.9B | ||
| Q3 25 | $6.3B | $11.4B | ||
| Q2 25 | $7.6B | $9.2B | ||
| Q1 25 | $8.1B | $9.7B | ||
| Q4 24 | $7.1B | $10.0B | ||
| Q3 24 | $6.7B | $11.0B | ||
| Q2 24 | $6.9B | $9.1B | ||
| Q1 24 | $6.3B | $10.0B |
总债务MELIRJF
| Q4 25 | $4.6B | — | ||
| Q3 25 | $3.4B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.2B | — |
股东权益MELIRJF
| Q4 25 | $6.7B | $12.6B | ||
| Q3 25 | $6.2B | $12.5B | ||
| Q2 25 | $5.7B | $12.3B | ||
| Q1 25 | $5.0B | $12.2B | ||
| Q4 24 | $4.4B | $11.9B | ||
| Q3 24 | $4.0B | $11.7B | ||
| Q2 24 | $3.7B | $11.2B | ||
| Q1 24 | $3.4B | $11.0B |
总资产MELIRJF
| Q4 25 | $42.7B | $88.8B | ||
| Q3 25 | $36.7B | $88.2B | ||
| Q2 25 | $32.9B | $84.8B | ||
| Q1 25 | $27.7B | $83.1B | ||
| Q4 24 | $25.2B | $82.3B | ||
| Q3 24 | $22.6B | $83.0B | ||
| Q2 24 | $20.0B | $80.6B | ||
| Q1 24 | $19.1B | $81.2B |
负债/权益比MELIRJF
| Q4 25 | 0.68× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.57× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.78× | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | 0.66× | — |
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 | $-10.0M |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $-56.0M |
| 自由现金流率自由现金流/营收 | 77.9% | -1.3% |
| 资本支出强度资本支出/营收 | 7.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 9.32× | -0.02× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $1.4B |
8季度趋势，按日历期对齐
经营现金流MELIRJF
| Q4 25 | $5.2B | $-10.0M | ||
| Q3 25 | $3.0B | $796.0M | ||
| Q2 25 | $2.9B | $691.0M | ||
| Q1 25 | $1.0B | $117.0M | ||
| Q4 24 | $2.9B | $830.0M | ||
| Q3 24 | $1.6B | $510.0M | ||
| Q2 24 | $1.9B | $711.0M | ||
| Q1 24 | $1.5B | $391.0M |
自由现金流MELIRJF
| Q4 25 | $4.8B | $-56.0M | ||
| Q3 25 | $2.6B | $752.0M | ||
| Q2 25 | $2.6B | $634.0M | ||
| Q1 25 | $759.0M | $71.0M | ||
| Q4 24 | $2.6B | $789.0M | ||
| Q3 24 | $1.4B | $460.0M | ||
| Q2 24 | $1.7B | $655.0M | ||
| Q1 24 | $1.4B | $342.0M |
自由现金流率MELIRJF
| Q4 25 | 77.9% | -1.3% | ||
| Q3 25 | 50.0% | 17.9% | ||
| Q2 25 | 54.8% | 16.5% | ||
| Q1 25 | 18.1% | 1.8% | ||
| Q4 24 | 59.8% | 19.6% | ||
| Q3 24 | 35.4% | 11.5% | ||
| Q2 24 | 45.1% | 17.4% | ||
| Q1 24 | 44.1% | 9.4% |
资本支出强度MELIRJF
| Q4 25 | 7.0% | 1.1% | ||
| Q3 25 | 6.9% | 1.1% | ||
| Q2 25 | 6.0% | 1.5% | ||
| Q1 25 | 6.5% | 1.2% | ||
| Q4 24 | 7.0% | 1.0% | ||
| Q3 24 | 5.7% | 1.2% | ||
| Q2 24 | 4.9% | 1.5% | ||
| Q1 24 | 4.7% | 1.3% |
现金转化率MELIRJF
| Q4 25 | 9.32× | -0.02× | ||
| Q3 25 | 7.03× | 1.32× | ||
| Q2 25 | 5.58× | 1.58× | ||
| Q1 25 | 2.09× | 0.24× | ||
| Q4 24 | 4.58× | 1.38× | ||
| Q3 24 | 4.03× | 0.85× | ||
| Q2 24 | 3.54× | 1.45× | ||
| Q1 24 | 4.40× | 0.82× |
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% |
RJF
暂无分部数据
