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美客多（MELI）与福泰制药（VRTX）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福泰制药的1.9倍（$6.1B vs $3.2B），福泰制药净利率更高（37.3% vs 9.1%，领先28.2%），美客多同比增速更快（40.2% vs 9.5%），美客多自由现金流更多（$4.8B vs $348.6M），过去两年美客多的营收复合增速更高（40.7% vs 8.9%）
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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
MELI vs VRTX — 直观对比
营收规模更大
MELI
是对方的1.9倍
$3.2B
营收增速更快
MELI
高出30.6%
9.5%
净利率更高
VRTX
高出28.2%
9.1%
自由现金流更多
MELI
多$4.4B
$348.6M
两年增速更快
MELI
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.2B |
| 净利润 | $559.0M | $1.2B |
| 毛利率 | 61.7% | 85.4% |
| 营业利润率 | 14.5% | 37.8% |
| 净利率 | 9.1% | 37.3% |
| 营收同比 | 40.2% | 9.5% |
| 净利润同比 | -12.5% | 30.5% |
| 每股收益（稀释后） | $11.03 | $4.64 |
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MELIVRTX
| Q4 25 | $6.1B | $3.2B | ||
| Q3 25 | $5.2B | $3.1B | ||
| Q2 25 | $4.8B | $3.0B | ||
| Q1 25 | $4.2B | $2.8B | ||
| Q4 24 | $4.4B | $2.9B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $3.8B | $2.6B | ||
| Q1 24 | $3.1B | $2.7B |
净利润MELIVRTX
| Q4 25 | $559.0M | $1.2B | ||
| Q3 25 | $421.0M | $1.1B | ||
| Q2 25 | $523.0M | $1.0B | ||
| Q1 25 | $494.0M | $646.3M | ||
| Q4 24 | $639.0M | $913.0M | ||
| Q3 24 | $397.0M | $1.0B | ||
| Q2 24 | $531.0M | $-3.6B | ||
| Q1 24 | $344.0M | $1.1B |
毛利率MELIVRTX
| Q4 25 | 61.7% | 85.4% | ||
| Q3 25 | 61.7% | 86.5% | ||
| Q2 25 | 64.4% | 86.3% | ||
| Q1 25 | 66.1% | 86.9% | ||
| Q4 24 | 62.8% | 85.5% | ||
| Q3 24 | 62.6% | 85.8% | ||
| Q2 24 | 62.8% | 85.9% | ||
| Q1 24 | 65.3% | 87.3% |
营业利润率MELIVRTX
| Q4 25 | 14.5% | 37.8% | ||
| Q3 25 | 13.9% | 38.6% | ||
| Q2 25 | 17.2% | 38.8% | ||
| Q1 25 | 18.2% | 22.7% | ||
| Q4 24 | 18.7% | 35.2% | ||
| Q3 24 | 14.3% | 40.3% | ||
| Q2 24 | 19.3% | -132.9% | ||
| Q1 24 | 17.0% | 42.4% |
净利率MELIVRTX
| Q4 25 | 9.1% | 37.3% | ||
| Q3 25 | 8.1% | 35.2% | ||
| Q2 25 | 10.9% | 34.8% | ||
| Q1 25 | 11.8% | 23.3% | ||
| Q4 24 | 14.6% | 31.4% | ||
| Q3 24 | 10.2% | 37.7% | ||
| Q2 24 | 14.1% | -135.8% | ||
| Q1 24 | 11.1% | 40.9% |
每股收益（稀释后）MELIVRTX
| Q4 25 | $11.03 | $4.64 | ||
| Q3 25 | $8.32 | $4.20 | ||
| Q2 25 | $10.31 | $3.99 | ||
| Q1 25 | $9.74 | $2.49 | ||
| Q4 24 | $12.60 | $3.62 | ||
| Q3 24 | $7.83 | $4.01 | ||
| Q2 24 | $10.48 | $-13.92 | ||
| Q1 24 | $6.78 | $4.21 |
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 | $6.6B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $6.7B | $18.7B |
| 总资产 | $42.7B | $25.6B |
| 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MELIVRTX
| Q4 25 | $6.3B | $6.6B | ||
| Q3 25 | $6.3B | $6.3B | ||
| Q2 25 | $7.6B | $6.4B | ||
| Q1 25 | $8.1B | $6.2B | ||
| Q4 24 | $7.1B | $6.1B | ||
| Q3 24 | $6.7B | $6.5B | ||
| Q2 24 | $6.9B | $5.8B | ||
| Q1 24 | $6.3B | $10.2B |
总债务MELIVRTX
| 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MELIVRTX
| Q4 25 | $6.7B | $18.7B | ||
| Q3 25 | $6.2B | $17.3B | ||
| Q2 25 | $5.7B | $17.2B | ||
| Q1 25 | $5.0B | $16.5B | ||
| Q4 24 | $4.4B | $16.4B | ||
| Q3 24 | $4.0B | $15.6B | ||
| Q2 24 | $3.7B | $14.8B | ||
| Q1 24 | $3.4B | $18.5B |
总资产MELIVRTX
| Q4 25 | $42.7B | $25.6B | ||
| Q3 25 | $36.7B | $24.9B | ||
| Q2 25 | $32.9B | $24.0B | ||
| Q1 25 | $27.7B | $22.9B | ||
| Q4 24 | $25.2B | $22.5B | ||
| Q3 24 | $22.6B | $22.2B | ||
| Q2 24 | $20.0B | $20.1B | ||
| Q1 24 | $19.1B | $23.9B |
负债/权益比MELIVRTX
| 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 | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $4.8B | $348.6M |
| 自由现金流率自由现金流/营收 | 77.9% | 10.9% |
| 资本支出强度资本支出/营收 | 7.0% | 4.7% |
| 现金转化率经营现金流/净利润 | 9.32× | 0.42× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $3.2B |
8季度趋势，按日历期对齐
经营现金流MELIVRTX
| Q4 25 | $5.2B | $498.0M | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $2.9B | $1.1B | ||
| Q1 25 | $1.0B | $818.9M | ||
| Q4 24 | $2.9B | $584.6M | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.9B | $-3.8B | ||
| Q1 24 | $1.5B | $1.3B |
自由现金流MELIVRTX
| Q4 25 | $4.8B | $348.6M | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $2.6B | $927.4M | ||
| Q1 25 | $759.0M | $778.2M | ||
| Q4 24 | $2.6B | $492.0M | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.7B | $-3.8B | ||
| Q1 24 | $1.4B | $1.2B |
自由现金流率MELIVRTX
| Q4 25 | 77.9% | 10.9% | ||
| Q3 25 | 50.0% | 37.0% | ||
| Q2 25 | 54.8% | 31.3% | ||
| Q1 25 | 18.1% | 28.1% | ||
| Q4 24 | 59.8% | 16.9% | ||
| Q3 24 | 35.4% | 47.0% | ||
| Q2 24 | 45.1% | -144.5% | ||
| Q1 24 | 44.1% | 46.0% |
资本支出强度MELIVRTX
| Q4 25 | 7.0% | 4.7% | ||
| Q3 25 | 6.9% | 3.3% | ||
| Q2 25 | 6.0% | 4.9% | ||
| Q1 25 | 6.5% | 1.5% | ||
| Q4 24 | 7.0% | 3.2% | ||
| Q3 24 | 5.7% | 2.4% | ||
| Q2 24 | 4.9% | 2.6% | ||
| Q1 24 | 4.7% | 2.5% |
现金转化率MELIVRTX
| Q4 25 | 9.32× | 0.42× | ||
| Q3 25 | 7.03× | 1.15× | ||
| Q2 25 | 5.58× | 1.04× | ||
| Q1 25 | 2.09× | 1.27× | ||
| Q4 24 | 4.58× | 0.64× | ||
| Q3 24 | 4.03× | 1.31× | ||
| Q2 24 | 3.54× | — | ||
| Q1 24 | 4.40× | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
