MercadoLibre, Inc. (MELI)财务
NASDAQ · Consumer Cyclical · Specialty Retail · 员工123,670人 · CEO Ariel Szarfsztejn
- 股价
- $1,624.53 -2.14%
- 市值
- $824亿
- 企业价值
- $919亿
- 最近财报
- Q2 '26 2026-08-06提交
- 下次财报
- 2026-11-04 EPS预期 $9.27
营收(TTM)$352亿+46.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)8.3%-4.0 百分点 对比去年同期营业利润 $29.1亿
净利润(TTM)$18.6亿-9.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$117亿+71.5% 对比去年同期资本支出 $14.2亿
稀释EPS(TTM)$36.75-9.2% 对比去年同期最近4个季度之和
净现金-$74.5亿-48.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $824亿 EV $919亿
- 营收
- $352亿 过去12个月
- 营收增速
- +45% FY2026年一致预期
- 净利润率
- 5.3% 净利润 / 营收,TTM
- P/E
- 44.2× 预期 42.6×(FY2026)
- P/S
- 2.3× 股价 / 营收,TTM
- EV / EBITDA
- 27.1× TTM
- 自由现金流
- $117亿 过去12个月
- 净利润
- $18.6亿 过去12个月
- 营收预期
- $418亿 FY2026年一致预期
- 盈利
- 2026-11-04 营收预期 $107亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-05):营收超预期4.1%,EPS 超预期6.2%营收$102亿,预期$97.9亿(+4.1%);EPS $9.19,预期$8.65(+6.2%)。
- 营收增长加速:同比49.8%Q2 '26营收$102亿,此前四个季度的平均值为41.7%。
- 营业利润率8.3%(TTM),较去年同期-4.0 百分点营收增长46.0%,营业利润增长-2.0%。
- 税前利润的31.5%被营业外亏损吞噬税前利润$22.1亿,营业利润$29.1亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的4.0%(去年为4.4%)最近4个季度投入$14.2亿(同比+33.0%)。自由现金流$117亿,相当于净利润的630.6%。
- 股东回报$88.7万 = 自由现金流的0.0%回购$88.7万(去年为-$5.51万),股息$0,股权激励$2.11亿(TTM)。
- 稀释股数一年内减少0.0%Q2 '26稀释股数5070万,一年前为5070万。
- 净债务 $74.5亿现金 + 短期投资 $57.3亿,含租赁债务 $132亿;一年前净债务 $50.1亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $102亿 | $67.9亿 | +49.8% |
| 毛利率 | 40.9% | 45.6% | -4.7 百分点 |
| 营业利润 | $6.83亿 | $8.25亿 | -17.2% |
| 营业利润率 | 6.7% | 12.2% | -5.4 百分点 |
| 净利润 | $4.66亿 | $5.23亿 | -10.9% |
| 稀释EPS | $9.19 | $10.32 | -10.9% |
| 经营现金流 | $36.6亿 | $24.5亿 | +49.8% |
| 资本支出 | $4.41亿 | $2.64亿 | +66.9% |
| 自由现金流 | $32.2亿 | $21.8亿 | +47.7% |
| R&D | $7.29亿 | $5.67亿 | +28.6% |
| 股权激励费用 | $0 | $9600万 | -100.0% |
实际 vs 一致预期
2026-08-05| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $102亿 | $97.9亿 | +4.1% |
| EPS(一致预期口径) | $9.19 | $8.65 | +6.2% |
来自2026-08-05发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Service | $86.9亿 | +45.7% | 85.5% | $304亿 | +42.3% | |
| Product | $14.8亿 | +78.8% | 14.5% | $47.7亿 | +75.4% |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Brazil Segment | $55.3亿 | +59.2% | 54.4% | $190亿 | +33.9% | |
| Mexico Segment | $23.4亿 | +55.2% | 23.0% | $80.6亿 | +34.3% | |
| Argentina Segment | $18.4亿 | +20.4% | 18.1% | $65.9亿 | +19.7% | |
| Other Countries Segment | $4.63亿 | +63.0% | 4.6% | $15.8亿 | +31.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $132亿
- 资本支出
- -$14.2亿
- 股票回购
- -$88.7万
- 股息
- $0
- 收购
- $0
- 债务净发行
- $33.3亿
- 股权激励费用
- $2.11亿
- 自由现金流
- $117亿
- 股东回报 / FCF
- 0.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 44.2× | 214.4× | 45.1× – 807.4× |
| EV / EBITDA | 27.1× | 46.0× | 28.1× – 101.7× |
| EV / 营收 | 2.6× | 5.5× | 3.8× – 9.7× |
| 股价 / FCF | 7.0× | 49.0× | 9.5× – 188.9× |
| 股价 / 净资产 | 10.5× | 25.6× | 15.1× – 43.9× |
| FCF收益率 | 14.3% | 6.2% | 0.5% – 10.5% |
| 投入资本回报率 | 11.4% | 11.4% | 2.8% – 17.7% |
| 净资产收益率 | 26.5% | 27.5% | 5.4% – 43.9% |
分析师
一致目标价 $2,160.00 (+33.0%)
区间 $1,750.00 – $2,450.00 · 评级 Buy
强烈买入1
买入24
持有8
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $418亿 | +44.6% | $38.18 | -3.1% | 42.6× | 16 |
| FY2027 | $540亿 | +29.1% | $55.27 | +44.8% | 29.4× | 16 |
| FY2028 | $665亿 | +23.3% | $75.73 | +37.0% | 21.5× | 17 |
| FY2029 | $838亿 | +26.0% | $106.64 | +40.8% | 15.2× | 12 |
| FY2030 | $993亿 | +18.5% | $129.77 | +21.7% | 12.5× | 7 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
MercadoLibre, Inc.在近期10-Q / 10-K文件中标记的全部287项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $57.4亿 | $38.8亿 | +48.1% | $45亿 | $32亿 | +40.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $4.18亿 | $3.13亿 | +33.5% | $3.69亿 | $2.55亿 | +44.7% |
| Accounts Receivable, Allowance for Credit Loss | $44.3亿 | $24.8亿 | +78.4% | $31.8亿 | $17.1亿 | +86.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $2500万2025-12-31 | $1500万 | +66.7% | $2500万 | $1500万 | +66.7% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $3.94亿2025-12-31 | $2.7亿 | +45.9% | $3.94亿 | $2.7亿 | +45.9% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $12.8亿 | $6.9亿 | +84.9% | $30.9亿 | $18.6亿 | +66.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $14.2亿2025-12-31 | $10.3亿 | +37.9% | $14.2亿 | $10.3亿 | +37.9% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$3.8亿2026-03-31 | -$7.65亿 | +50.3% | -$5.23亿2021-12-31 | -$4.67亿 | -12.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3.17亿 | -$5.75亿 | +44.9% | -$5.2亿 | -$9.2亿 | +43.5% |
| Additional Paid in Capital | $17.7亿 | $17.7亿 | +0.1% | $17.7亿 | $17.7亿 | +0.1% |
| Advertising Expense | – | – | – | $16.9亿 | $10.5亿 | +60.5% |
| Amortization of Intangible Assets | $300万 | $200万 | +50.0% | $900万 | $500万 | +80.0% |
| APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | $100万 | – | – | $100万 | – | – |
| Asset Retirement Obligations, Noncurrent | $5800万2025-12-31 | $3600万 | +61.1% | $5800万 | $3600万 | +61.1% |
| AssetAcquisitionContingentConsiderationLiabilityNoncurrent | $900万2025-12-31 | $800万 | +12.5% | $900万 | $800万 | +12.5% |
| Assets | $514亿 | $329亿 | +55.9% | $427亿 | $252亿 | +69.3% |
| Assets, Current | $408亿 | $261亿 | +56.5% | $336亿 | $201亿 | +66.7% |
| Assets, Fair Value Disclosure | $48.3亿 | – | – | $36.7亿2021-12-31 | $17.1亿 | +114.7% |
| Assets, Noncurrent | $106亿 | $68.9亿 | +53.6% | $90.9亿 | $50.5亿 | +79.9% |
| Bank Overdrafts | $1000万 | $800万 | +25.0% | $1600万 | $2600万 | -38.5% |
| Broker-Dealer, Payable to Customer | $160亿 | $93.8亿 | +71.0% | $130亿 | $69.5亿 | +87.4% |
| Capitalized Computer Software, Gross | $3.78亿2025-12-31 | $2.92亿 | +29.5% | $3.78亿 | $2.92亿 | +29.5% |
| Cash and Cash Equivalents, at Carrying Value | $36.5亿 | $30.1亿 | +21.3% | $36.7亿 | $26.4亿 | +39.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $168亿 | $68.9亿 | +143.4% | $135亿 | $47亿 | +188.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $16.2亿 | $23.9亿 | -32.1% | $88.4亿 | $8.51亿 | +938.5% |
| Collateralized Financings | $35.9亿 | $25.8亿 | +39.3% | $28.5亿 | $18.4亿 | +54.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1.1亿 | 1.1亿 | 0.0% | 1.1亿 | 1.1亿 | 0.0% |
| Common Stock, Shares, Issued | 5070万 | 5070万 | 0.0% | 5070万 | 5070万 | 0.0% |
| Common Stock, Shares, Outstanding | 5070万 | 5070万 | 0.0% | 5070万 | 5070万 | 0.0% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.53亿 | $7.09亿 | -22.0% | $24亿 | $12.8亿 | +87.1% |
| Contract with Customer, Liability | $1.72亿 | $9700万 | +77.3% | $1.33亿 | $7700万 | +72.7% |
| Contract with Customer, Liability, Current | $1.33亿2025-12-31 | $7700万 | +72.7% | $1.33亿 | $7700万 | +72.7% |
| Contract with Customer, Liability, Revenue Recognized | $400万 | $200万 | +100.0% | – | – | – |
| Cost of Goods and Services Sold | $60.1亿 | $37亿 | +62.6% | $160亿 | $112亿 | +43.2% |
| CryptoAssetAddition | – | – | – | $1600万 | $0 | – |
| CryptoAssetDisposition | – | – | – | $7500万 | $0 | – |
| CryptoAssetFairValue | $02025-12-31 | $4900万 | -100.0% | $0 | $4900万 | -100.0% |
| CryptoAssetRealizedAndUnrealizedGainLossOperating | – | – | – | $1000万 | $2500万 | -60.0% |
| Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | $1.27亿2026-03-31 | $1.61亿 | -21.1% | – | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $3500万 | $6400万 | -45.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $12.8亿 | $7亿 | +82.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $13.1亿 | $7.64亿 | +72.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $300万 | $400万 | -25.0% | $700万 | $300万 | +133.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $300万 | – | – | $28.6万2021-12-31 | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $7600万 | $7600万 | 0.0% | $5400万 | $8700万 | -37.9% |
| DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne | $16.7亿 | $44.2亿 | -62.2% | $24.1亿 | $47.1亿 | -48.8% |
| DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss | $28.5亿 | $55.3亿 | -48.4% | $37.2亿 | $56.7亿 | -34.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $7100万 | $1700万 | +317.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$5.4亿 | -$2.6亿 | -107.7% |
| Deferred Income Tax Assets, Net | $21.7亿 | $11.4亿 | +90.3% | $15.4亿 | $8.02亿 | +92.1% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$4.69亿 | -$2.43亿 | -93.0% |
| Deferred Income Tax Liabilities, Net | $3.12亿 | $2.93亿 | +6.5% | $3.72亿 | $2.04亿 | +82.4% |
| Deferred Income Taxes and Tax Credits | -$3.45亿 | -$9400万 | -267.0% | -$4.69亿 | -$2.43亿 | -93.0% |
| Deferred Tax Assets, Gross | $23.9亿2025-12-31 | $14.4亿 | +65.3% | $23.9亿 | $14.4亿 | +65.3% |
| Deferred Tax Assets, Inventory | $1900万2025-12-31 | $1800万 | +5.6% | $1900万 | $1800万 | +5.6% |
| Deferred Tax Assets, Investments | $1700万2025-12-31 | $400万 | +325.0% | $1700万 | $400万 | +325.0% |
| Deferred Tax Assets, Net | $11.7亿2025-12-31 | $5.98亿 | +95.5% | $11.7亿 | $5.98亿 | +95.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $16.2亿2025-12-31 | $8.59亿 | +88.7% | $16.2亿 | $8.59亿 | +88.7% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01