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MERCADOLIBRE INC

MELI· Nasdaq· Services-Business Services, NEC

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
53.0%
ROIC, 5 yr avg
44.7%
Revenue, 5 yr CAGR
+38.6%
We record prices for the companies we cover; MELI is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
50.7M
Revenue
$20.3B
Free cash flow
$10.8B
Owner earnings
–

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
63.2%
Operating
15.7%
Net
9.8%
Free cash flow
53.0%
Owner earnings
–
Stock pay
–

Returns

ROIC, FY2025
23.3%
ROIC, 5 yr avg
44.7%
ROE, FY2025
29.6%
ROE, 5 yr avg
27.5%

Growth (CAGR)

Revenue, 3 yr
39.8%
Revenue, 5 yr
38.6%
Revenue, 9 yr
42.4%
Diluted EPS, 3 yr
60.5%
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
32.7%
Free cash flow, 3 yr
63.0%
Free cash flow, 5 yr
63.0%
Free cash flow, 9 yr
64.6%

Financial health · FY2025

Cash and investments
$6.3B
Total debt
$9.2B
Net debt
$2.9B
Debt/Equity
1.4x
Debt/FCF
0.9x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
0.4%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$20.3B

+42.4% a year over 9 years

FY2016: Revenue $844.4MFY2017: Revenue $1.2BFY2018: Revenue $1.4BFY2019: Revenue $2.3BFY2020: Revenue $4.0BFY2021: Revenue $5.7BFY2022: Revenue $7.5BFY2023: Revenue $10.5BFY2024: Revenue $15.1BFY2025: Revenue $20.3B
FY2016FY2025

Margins

Gross63.2%Operating15.7%Net9.8%

FY2025

FY2016: Gross 63.6%, Operating 21.4%, Net 16.1%FY2017: Gross 59.2%, Operating 4.6%, Net 1.1%FY2018: Gross 48.4%, Operating -4.8%, Net -2.5%FY2019: Gross 48.0%, Operating -6.7%, Net -7.5%FY2020: Gross 43.0%, Operating 3.2%, Net 0.0%FY2021: Gross 52.6%, Operating 7.7%, Net 1.5%FY2022: Gross 69.8%, Operating 14.3%, Net 6.5%FY2023: Gross 72.4%, Operating 21.0%, Net 9.4%FY2024: Gross 63.3%, Operating 17.4%, Net 12.6%FY2025: Gross 63.2%, Operating 15.7%, Net 9.8%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$10.8BOwner earnings–

Free cash flow +64.6% a year

FY2016: Free cash flow $121.7M, Owner earnings $98.7MFY2017: Free cash flow $213.9M, Owner earnings $178.1MFY2018: Free cash flow $137.8M, Owner earnings $110.2MFY2019: Free cash flow $314.3M, Owner earnings –FY2020: Free cash flow $935.0M, Owner earnings –FY2021: Free cash flow $392.0M, Owner earnings –FY2022: Free cash flow $2.5B, Owner earnings –FY2023: Free cash flow $4.6B, Owner earnings –FY2024: Free cash flow $7.1B, Owner earnings –FY2025: Free cash flow $10.8B, Owner earnings –
FY2016FY2025

Diluted shares

50.7M

+14.8% over 9 years, net dilution

FY2016: Diluted shares 44.2MFY2017: Diluted shares 44.2MFY2018: Diluted shares 44.5MFY2019: Diluted shares 48.7MFY2020: Diluted shares 49.7MFY2021: Diluted shares 49.8MFY2022: Diluted shares 51.3MFY2023: Diluted shares 51.0MFY2024: Diluted shares 50.7MFY2025: Diluted shares 50.7M
FY2016FY2025

Return on invested capital

23.3%

FY2025

FY2016: ROIC –FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC 10.2%FY2022: ROIC 28.3%FY2023: ROIC 91.4%FY2024: ROIC 70.2%FY2025: ROIC 23.3%
FY2016FY2025

Net debt (below zero)

-$2.9B

$2.9B more debt than cash

FY2016: Net cash –FY2017: Net cash –FY2018: Net cash $287.0MFY2019: Net cash $2.4BFY2020: Net cash $2.5BFY2021: Net cash -$123.0MFY2022: Net cash -$509.0MFY2023: Net cash $1.5BFY2024: Net cash $1.4BFY2025: Net cash -$2.9B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$844.4M$1.2B$1.4B$2.3B$4.0B$5.7B$7.5B$10.5B$15.1B$20.3B
Revenue growth–44.1%18.3%59.5%73.1%43.7%30.5%40.8%44.3%34.3%
Gross margin63.6%59.2%48.4%48.0%43.0%52.6%69.8%72.4%63.3%63.2%
Operating margin21.4%4.6%-4.8%-6.7%3.2%7.7%14.3%21.0%17.4%15.7%
Net income$136.4M$13.8M-$36.6M-$172.0M-$1.0M$83.0M$482.0M$987.0M$1.9B$2.0B
Net margin16.1%1.1%-2.5%-7.5%0.0%1.5%6.5%9.4%12.6%9.8%
Diluted EPS$3.09$0.31$-0.82$-3.71$-0.08$1.67$9.53$19.46$37.69$39.40
Return on invested capital?–––––10.2%28.3%91.4%70.2%23.3%
Cash
Operating cash flow$190.3M$269.0M$230.9M$451.1M$1.2B$965.0M$2.9B$5.1B$7.9B$12.1B
Capital expenditure$68.5M$55.2M$93.1M$136.8M$247.0M$573.0M$454.0M$509.0M$860.0M$1.3B
Free cash flow$121.7M$213.9M$137.8M$314.3M$935.0M$392.0M$2.5B$4.6B$7.1B$10.8B
Stock-based compensation$23.0M$35.7M$27.5M–––––––
Owner earnings?$98.7M$178.1M$110.2M–––––––
Free cash flow per share$2.76$4.84$3.09$6.45$18.80$7.87$48.43$90.79$139.22$212.50
Capital allocation
Dividends paid$24.4M$26.5M$6.6M–––––––
Share repurchases–––$720.0K$54.0M$486.0M$148.0M$356.0M$1.0M$1.0M
Diluted shares44.2M44.2M44.5M48.7M49.7M49.8M51.3M51.0M50.7M50.7M
Share count change?0.0%0.0%0.8%9.3%2.2%0.1%3.1%-0.6%-0.6%0.0%
Balance sheet
Cash and equivalents$234.1M$388.3M$440.3M$1.4B$1.9B$2.6B$1.9B$2.6B$2.6B$3.7B
Short-term investments$253.3M$209.4M$461.5M$1.6B$1.2B$810.0M$2.3B$3.5B$4.5B$2.6B
Total debt––$614.9M$576.0M$602.4M$3.5B$4.8B$4.5B$5.7B$9.2B
Net debt––-$287.0M-$2.4B-$2.5B$123.0M$509.0M-$1.5B-$1.4B$2.9B
Shareholders' equity$428.9M$325.8M$336.7M$2.0B$1.7B$1.5B$1.8B$3.1B$4.4B$6.7B

Latest filings

All on EDGAR
2026-08-0610-QQuarterly report
2026-08-058-KEarnings release
2026-05-0810-QQuarterly report
2026-05-078-KEarnings release
2026-04-23DEF 14AProxy statement
2026-02-2510-KAnnual report
2026-02-248-KEarnings release
2025-10-3010-QQuarterly report
2025-10-298-KEarnings release
2025-08-0510-QQuarterly report

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