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美客多（MELI）与Welltower（WELL）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Welltower的1.8倍（$6.1B vs $3.4B），Welltower净利率更高（22.4% vs 9.1%，领先13.3%），美客多同比增速更快（40.2% vs 38.3%），过去两年Welltower的营收复合增速更高（55.1% vs 40.7%）
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。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
MELI vs WELL — 直观对比
营收规模更大
MELI
是对方的1.8倍
$3.4B
营收增速更快
MELI
高出1.8%
38.3%
净利率更高
WELL
高出13.3%
9.1%
两年增速更快
WELL
近两年复合增速
40.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.4B |
| 净利润 | $559.0M | $752.3M |
| 毛利率 | 61.7% | — |
| 营业利润率 | 14.5% | — |
| 净利率 | 9.1% | 22.4% |
| 营收同比 | 40.2% | 38.3% |
| 净利润同比 | -12.5% | 192.4% |
| 每股收益（稀释后） | $11.03 | — |
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MELIWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $6.1B | $2.6B | ||
| Q3 25 | $5.2B | $2.1B | ||
| Q2 25 | $4.8B | $2.0B | ||
| Q1 25 | $4.2B | $1.9B | ||
| Q4 24 | $4.4B | $1.8B | ||
| Q3 24 | $3.9B | $1.5B | ||
| Q2 24 | $3.8B | $1.4B |
净利润MELIWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $559.0M | $117.8M | ||
| Q3 25 | $421.0M | $282.2M | ||
| Q2 25 | $523.0M | $304.6M | ||
| Q1 25 | $494.0M | $257.3M | ||
| Q4 24 | $639.0M | $123.8M | ||
| Q3 24 | $397.0M | $456.8M | ||
| Q2 24 | $531.0M | $260.7M |
毛利率MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | 61.7% | 24.3% | ||
| Q3 25 | 61.7% | 23.5% | ||
| Q2 25 | 64.4% | 23.2% | ||
| Q1 25 | 66.1% | 21.6% | ||
| Q4 24 | 62.8% | 20.0% | ||
| Q3 24 | 62.6% | 19.8% | ||
| Q2 24 | 62.8% | 20.2% |
营业利润率MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | — | ||
| Q3 25 | 13.9% | 14.2% | ||
| Q2 25 | 17.2% | 15.1% | ||
| Q1 25 | 18.2% | 10.7% | ||
| Q4 24 | 18.7% | 6.2% | ||
| Q3 24 | 14.3% | 12.2% | ||
| Q2 24 | 19.3% | 6.5% |
净利率MELIWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 9.1% | 4.6% | ||
| Q3 25 | 8.1% | 13.7% | ||
| Q2 25 | 10.9% | 15.5% | ||
| Q1 25 | 11.8% | 13.8% | ||
| Q4 24 | 14.6% | 7.0% | ||
| Q3 24 | 10.2% | 30.2% | ||
| Q2 24 | 14.1% | 18.7% |
每股收益（稀释后）MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | $11.03 | $0.13 | ||
| Q3 25 | $8.32 | $0.41 | ||
| Q2 25 | $10.31 | $0.45 | ||
| Q1 25 | $9.74 | $0.40 | ||
| Q4 24 | $12.60 | $0.20 | ||
| Q3 24 | $7.83 | $0.73 | ||
| Q2 24 | $10.48 | $0.42 |
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 | $4.7B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $6.7B | $44.7B |
| 总资产 | $42.7B | $67.2B |
| 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MELIWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $6.3B | $5.0B | ||
| Q3 25 | $6.3B | $6.8B | ||
| Q2 25 | $7.6B | $4.4B | ||
| Q1 25 | $8.1B | $3.5B | ||
| Q4 24 | $7.1B | $3.5B | ||
| Q3 24 | $6.7B | $3.6B | ||
| Q2 24 | $6.9B | $2.8B |
总债务MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | $19.2B | ||
| Q3 25 | $3.4B | $16.9B | ||
| Q2 25 | $3.5B | $16.0B | ||
| Q1 25 | $2.9B | $15.7B | ||
| Q4 24 | $2.9B | $15.5B | ||
| Q3 24 | $3.1B | $15.8B | ||
| Q2 24 | $2.4B | $13.9B |
股东权益MELIWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $6.7B | $42.1B | ||
| Q3 25 | $6.2B | $38.8B | ||
| Q2 25 | $5.7B | $35.9B | ||
| Q1 25 | $5.0B | $34.0B | ||
| Q4 24 | $4.4B | $32.0B | ||
| Q3 24 | $4.0B | $30.3B | ||
| Q2 24 | $3.7B | $29.0B |
总资产MELIWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $42.7B | $67.3B | ||
| Q3 25 | $36.7B | $59.5B | ||
| Q2 25 | $32.9B | $55.8B | ||
| Q1 25 | $27.7B | $53.3B | ||
| Q4 24 | $25.2B | $51.0B | ||
| Q3 24 | $22.6B | $49.0B | ||
| Q2 24 | $20.0B | $45.5B |
负债/权益比MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | 0.46× | ||
| Q3 25 | 0.55× | 0.43× | ||
| Q2 25 | 0.61× | 0.44× | ||
| Q1 25 | 0.57× | 0.46× | ||
| Q4 24 | 0.66× | 0.49× | ||
| Q3 24 | 0.78× | 0.52× | ||
| Q2 24 | 0.67× | 0.48× |
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 | — |
| 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× | — |
| 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MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $654.3M | ||
| Q3 25 | $3.0B | $858.4M | ||
| Q2 25 | $2.9B | $770.0M | ||
| Q1 25 | $1.0B | $599.0M | ||
| Q4 24 | $2.9B | $559.2M | ||
| Q3 24 | $1.6B | $685.0M | ||
| Q2 24 | $1.9B | $605.4M |
自由现金流MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | $4.8B | $340.4M | ||
| Q3 25 | $2.6B | $595.3M | ||
| Q2 25 | $2.6B | $537.2M | ||
| Q1 25 | $759.0M | $358.6M | ||
| Q4 24 | $2.6B | $240.4M | ||
| Q3 24 | $1.4B | $443.8M | ||
| Q2 24 | $1.7B | $440.3M |
自由现金流率MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | 77.9% | 13.3% | ||
| Q3 25 | 50.0% | 28.9% | ||
| Q2 25 | 54.8% | 27.3% | ||
| Q1 25 | 18.1% | 19.2% | ||
| Q4 24 | 59.8% | 13.6% | ||
| Q3 24 | 35.4% | 29.4% | ||
| Q2 24 | 45.1% | 31.6% |
资本支出强度MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | 7.0% | 12.3% | ||
| Q3 25 | 6.9% | 12.8% | ||
| Q2 25 | 6.0% | 11.8% | ||
| Q1 25 | 6.5% | 12.9% | ||
| Q4 24 | 7.0% | 18.1% | ||
| Q3 24 | 5.7% | 16.0% | ||
| Q2 24 | 4.9% | 11.8% |
现金转化率MELIWELL
| Q1 26 | — | — | ||
| Q4 25 | 9.32× | 5.56× | ||
| Q3 25 | 7.03× | 3.04× | ||
| Q2 25 | 5.58× | 2.53× | ||
| Q1 25 | 2.09× | 2.33× | ||
| Q4 24 | 4.58× | 4.52× | ||
| Q3 24 | 4.03× | 1.50× | ||
| Q2 24 | 3.54× | 2.32× |
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% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
