Loading…
Latin America's largest e-commerce marketplace, with an integrated digital payments and logistics platform.
Latin America's largest e-commerce marketplace, with an integrated digital payments and logistics platform.
Earns commissions and shipping fees from sellers on its marketplace and advertising income, while the fintech side earns payment-processing fees and interest on loans to consumers and merchants. Brazil is the largest market, followed by Argentina and Mexico. The fintech arm has grown into a second engine alongside the marketplace.
In one line: Latin America's Amazon plus PayPal combined.
Moat: narrow (network effects, scale, distribution). First-mover logistics and payments network across Latin America is costly for rivals to replicate.
Headquarters: Montevideo, Uruguay · Founded: 1999 · Employees: 123,670
Size MercadoLibre (MELI) is a United States Consumer Discretionary company (Internet Retail) with a market value of $76.6B, the 178th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1,510 on 6 Nov 2026.
Performance Over six months the shares fell 7.5%, against -4.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 6 in its peer set.
Growth Revenue grew 46.0% over the last twelve months (peer median +8.1%); the operating margin is 8.3% (peer median 4.1%).
Valuation It trades at 32.0× forward earnings against a peer median of 18.0× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +49%, so the hurdle is -37 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.6 points above its cost of capital (10.7% WACC).
Credit MercadoLibre has 3 bonds outstanding ($2.29B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 145 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $35.2B | $28.9B | $20.8B | $15.1B | $10.5B |
| Revenue growth | — | +39% | +38% | +43% | — |
| Gross profit | $15.0B | $12.6B | $9.28B | $7.33B | $4.96B |
| EBITDA | $3.89B | $3.77B | $3.10B | $2.62B | $1.36B |
| Net income | $1.86B | $2.00B | $1.91B | $987M | $482M |
| Free cash flow | $8.93B | $9.18B | $5.84B | $3.94B | $2.49B |
| Capital expenditure | $1.34B | $1.34B | $860M | $509M | $455M |
| Total debt | $18.4B | $15.2B | $8.81B | $6.42B | $5.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MercadoLibre MELI | $76.6B | -8% | +46% | 8% | 32.0× | 11.9% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Sea Limited Sponsored ADR SE | $49.1B | -13% | +43% | 8% | 18.0× | 11.7% |
| Coupang CPNG | $29.2B | -4% | +7% | -3% | 55.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MELI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.7% | +5.7% | lowest of 6 |
| 6-month return | -7.5% | -4.8% | 3rd lowest of 6 |
| Distance from 52-week high | -35.5% | -39.9% | 3rd highest of 6 |
| Revenue growth (TTM) | +46.0% | +8.1% | highest of 6 |
| Operating margin | 8.3% | 4.1% | 2nd highest of 6 |
| Forward P/E | 32.0× | 18.0× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 11.9% | 14.4% | 2nd least demanding of 4 |
| Growth delivered (Del g) | +48.7% | +11.1% | highest of 4 |
| Hurdle (Req g minus delivered) | -36.8 pp | +3.3 pp | least demanding of 4 |
| ROIC minus cost of capital | +18.6 pp | -8.9 pp | highest of 6 |
| EV / EBITDA | 19.7× | 19.1× | 2nd most expensive of 4 |
| Net debt / EBITDA | -0.1× | -2.4× | 2nd most indebted of 5 |
| Bond spread | 145 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MercadoLibre MELI | United States | $76.6B | -8% | +46% | 8% | 32.0× | 11.9% | +48.7% |
| eBay EBAY | United States | $53.5B | +14% | +15% | 21% | 18.4× | 15.4% | +4.6% |
| Sea Limited Sponsored ADR SE | United States | $49.1B | -13% | +43% | 8% | 18.0× | 11.7% | +39.3% |
| Jd-sw 9618.HK | Hong Kong | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% | +11.1% |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 55.9× | n/a | n/a |
| Baba-w 9988.HK | Hong Kong | $266B | -25% | +8% | 4% | 16.4× | n/a | n/a |
MercadoLibre has 3 bonds outstanding with $2.29B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.20%, a spread of 145 bp over government bonds.