MercadoLibre
MELI Nasdaq Broadline Retail Financials FY2016–FY2025
MercadoLibre's revenue rose 39.1% to $28.9 billion in fiscal 2025. Its operating margin was 11.1%, down from 12.7% a year earlier. Free cash flow was $10.8 billion, up 52.6%. It paid out $1 million in dividends and buybacks, 0% of free cash flow.
About these figures. MercadoLibre's debt is its loans payable and other financial liabilities, which include the borrowings that fund its lending business; 2016–17 were tagged only under those labels.
What MercadoLibre does
MercadoLibre runs an online shopping marketplace and a payments and financial services business in Latin America. It says it is the largest e-commerce platform in the region by the value of goods sold, and that its payments app, Mercado Pago, has the most monthly active users among fintech companies in Argentina, Chile and Mexico. The marketplace is in 18 countries and Mercado Pago is in 8.
Outside sellers account for most of the goods sold on the Marketplace. MercadoLibre also sells directly to consumers in some categories, which accounts for less than 10% of goods sold. Other services include Mercado Envios, a logistics service with fulfillment centers and delivery partners; Mercado Ads, which sells advertising to sellers and brands; and a classifieds service for vehicles, property and services. Mercado Pago handles payments and offers day-to-day financial services, including lending.
It points out that online shopping makes up a small share of total retail in Latin America compared with places such as the United States, the United Kingdom and China, and that it competes in an environment it describes as highly competitive.
- Legal name
- MercadoLibre, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001099590-26-000006
0001099590
Revenue and margins
MercadoLibre had $28.9B of revenue in fiscal 2025, up 39.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 32.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $10.8B in fiscal 2025, 37.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
MercadoLibre returned $1.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.
Value MercadoLibre yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.0B and divides by 50.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 49.2x · peers 9.8x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably MercadoLibre can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.4B | $4.2B | $6.0B | $7.1B | $6.3B |
| Debt incl. finance leases | $3.6B | $4.8B | $4.6B | $5.8B | $9.3B |
| Net debt / EBITDA | 0.3x | 0.4x | −0.5x | −0.4x | 0.8x |
| Debt / equity | 2.3x | 2.6x | 1.5x | 1.3x | 1.4x |
| Interest coverage | 7.6x | 4.3x | 3.6x | 5.8x | 5.2x |
| Current ratio | 1.4x | 1.3x | 1.3x | 1.2x | 1.2x |
| Quick ratio | 1.4x | 1.3x | 1.2x | 1.2x | 1.2x |
| Total assets | $10.1B | $13.7B | $17.6B | $25.2B | $42.7B |
| Total liabilities | $8.6B | $11.9B | $14.5B | $20.8B | $35.9B |
| Shareholders' equity | $1.5B | $1.8B | $3.1B | $4.4B | $6.7B |
| Net debt (− = net cash) | $169M | $560M | −$1.4B | −$1.3B | $3.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.3M
2 insiders
Sold, 12 months
$2.3M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 11, 2026 | Marcelo MelamudSVP - Chief Accounting Officer | Bought | 125 | $1,604.62 | $0.2M | Form 4 |
| May 22, 2026 | Alejandro Nicolas AguzinDirector | Bought | 600 | $1,655.93 | $1.0M | Form 4 |
| Feb 27, 2026 | Marcelo MelamudSVP - Chief Accounting Officer | Bought | 57 | $1,755.77 | $0.1M | Form 4 |
| Dec 12, 2025 | Henrique Vasoncelos DubugrasDirector | Sold | 845 | $2,028.14 | $1.7M | Form 4 |
| Dec 11, 2025 | Emiliano CalemzukDirector | Sold | 45 | $2,027.37 | $0.1M | Form 4 |
| Dec 9, 2025 | Stelleo ToldaDirector | Sold | 246 | $2,047.88 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 8 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | −26.5% | −28.1% | −29.8% |
| Altman Z'' | 2.53 | 2.34 | 1.90 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| MercadoLibre MELI | $91.8B | 39.1% | 11.1% | 37.3% | 35.0% | 49.2x | 4 | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $844M | $1.2B | $1.4B | $2.3B | $4.0B | $7.1B | $10.8B | $15.1B | $20.8B | $28.9B |
| Gross profit | $537M | $720M | $697M | $1.1B | $1.7B | $3.0B | $5.2B | $7.6B | $9.6B | $12.9B |
| Research and development | $98.5M | $127M | $146M | $224M | $353M | $590M | $1.1B | $1.8B | $1.9B | $2.3B |
| Operating income | $181M | $56.3M | −$69.5M | −$153M | $128M | $441M | $1.1B | $2.2B | $2.6B | $3.2B |
| Interest expense | $17.9M | $18.5M | $19.5M | $40.5M | $54.0M | $58.0M | $247M | $608M | $456M | $611M |
| Pretax income | $185M | $54.1M | −$65.5M | −$107M | $81.0M | $241M | $780M | $1.6B | $2.4B | $2.8B |
| Income tax | $49.0M | $40.3M | −$28.9M | $64.8M | $82.0M | $149M | $298M | $569M | $521M | $845M |
| Net income | $136M | $13.8M | −$36.6M | −$172M | −$1.0M | $83.0M | $482M | $987M | $1.9B | $2.0B |
| Diluted EPS | $3.09 | $0.31 | −$0.82 | −$3.71 | −$0.08 | $1.67 | $9.53 | $19.46 | $37.69 | $39.40 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $190M | $269M | $231M | $451M | $1.2B | $965M | $2.9B | $5.1B | $7.9B | $12.1B |
| Capital expenditure | $68.5M | $55.2M | $93.1M | $137M | $247M | $573M | $454M | $509M | $860M | $1.3B |
| Free cash flow | $122M | $214M | $138M | $314M | $935M | $392M | $2.5B | $4.6B | $7.1B | $10.8B |
| Depreciation and amortization | $29.0M | $40.9M | $45.8M | $73.3M | $105M | $204M | $403M | $524M | $617M | $818M |
| Stock-based compensation | $23.0M | $35.7M | $27.5M | — | — | — | — | — | — | — |
| Acquisitions | $7.3M | $8.6M | $4.2M | $0.0M | $7.0M | $51.0M | $0.0M | $0.0M | $6.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.7M | $54.0M | $486M | $148M | $356M | $1.0M | $1.0M |
| Dividends paid | $24.4M | $26.5M | $6.6M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $24.4M | $26.5M | $6.6M | $0.7M | $54.0M | $486M | $148M | $356M | $1.0M | $1.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $488M | $598M | $902M | $3.0B | $2.5B | $3.4B | $4.2B | $6.0B | $7.1B | $6.3B |
| Total debt | $314M | $368M | $735M | $818M | $1.4B | $3.5B | $4.8B | $4.5B | $5.7B | $9.2B |
| Finance lease liabilities | $0.0M | $0.0M | $7.1M | $9.4M | $23.7M | $46.0M | $51.0M | $131M | $122M | $130M |
| Current assets | $870M | $1.3B | $1.5B | $3.8B | $5.3B | $8.2B | $11.0B | $14.3B | $20.1B | $33.6B |
| Current liabilities | $577M | $968M | $1.2B | $1.8B | $3.6B | $5.8B | $8.6B | $11.3B | $16.6B | $28.6B |
| Inventory | $1.1M | $2.5M | $4.6M | $8.6M | $118M | $253M | $152M | $238M | $296M | $570M |
| Property and equipment, net | $124M | $115M | $166M | $244M | $392M | $807M | $993M | $1.3B | $1.4B | $2.3B |
| Total assets | $1.4B | $1.7B | $2.2B | $4.8B | $6.5B | $10.1B | $13.7B | $17.6B | $25.2B | $42.7B |
| Total liabilities | $939M | $1.3B | $1.9B | $2.7B | $4.9B | $8.6B | $11.9B | $14.5B | $20.8B | $35.9B |
| Shareholders' equity | $429M | $326M | $337M | $2.0B | $1.7B | $1.5B | $1.8B | $3.1B | $4.4B | $6.7B |
| Margins | ||||||||||
| Gross margin | 63.6% | 59.2% | 48.4% | 48.0% | 43.0% | 42.5% | 48.2% | 50.2% | 46.1% | 44.5% |
| Operating margin | 21.4% | 4.6% | −4.8% | −6.7% | 3.2% | 6.2% | 9.9% | 14.6% | 12.7% | 11.1% |
| EBITDA margin | 24.9% | 8.0% | −1.7% | −3.5% | 5.9% | 9.1% | 13.7% | 18.1% | 15.6% | 13.9% |
| Net margin | 16.2% | 1.1% | −2.5% | −7.5% | −0.0% | 1.2% | 4.5% | 6.5% | 9.2% | 6.9% |
| FCF margin | 14.4% | 17.6% | 9.6% | 13.7% | 23.5% | 5.6% | 23.1% | 30.7% | 34.0% | 37.3% |
| Returns | ||||||||||
| Return on capital | 51.1% | 16.0% | — | — | — | 19.0% | 32.3% | 69.1% | 87.4% | 35.0% |
| Return on capital employed | 24.6% | 7.5% | −7.8% | −7.5% | 4.3% | 12.3% | 22.7% | 38.3% | 35.2% | 28.3% |
| Return on equity | 35.5% | 3.7% | −11.0% | −14.8% | −0.1% | 5.2% | 28.7% | 40.3% | 51.5% | 36.0% |
| Return on assets | 11.5% | 0.9% | −1.9% | −4.9% | −0.0% | 1.0% | 4.0% | 6.3% | 8.9% | 5.9% |
| Growth | ||||||||||
| Revenue growth | — | 44.1% | 18.3% | 59.5% | 73.1% | 77.9% | 52.5% | 40.1% | 37.5% | 39.1% |
| Net income growth | 28.9% | −89.9% | −365.5% | — | — | — | 480.7% | 104.8% | 93.6% | 4.5% |
| EPS growth | 28.8% | −90.0% | −364.5% | — | — | — | 470.7% | 104.2% | 93.7% | 4.5% |
| FCF growth | −33.2% | 75.7% | −35.6% | 128.1% | 197.5% | −58.1% | 534.2% | 86.3% | 52.4% | 52.6% |
| Share count change | 0.0% | 0.0% | 0.8% | 9.4% | 2.2% | 0.1% | 3.1% | −0.6% | −0.6% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.8x | −2.4x | — | — | −4.4x | 0.3x | 0.4x | −0.5x | −0.4x | 0.8x |
| Debt / equity | 0.7x | 1.1x | 2.2x | 0.4x | 0.9x | 2.3x | 2.6x | 1.5x | 1.3x | 1.4x |
| Interest coverage | 10.1x | 3.0x | −3.6x | −3.8x | 2.4x | 7.6x | 4.3x | 3.6x | 5.8x | 5.2x |
| Current ratio | 1.5x | 1.3x | 1.3x | 2.2x | 1.5x | 1.4x | 1.3x | 1.3x | 1.2x | 1.2x |
| Quick ratio | 1.5x | 1.3x | 1.3x | 2.2x | 1.4x | 1.4x | 1.3x | 1.2x | 1.2x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 8.1% | 4.5% | 6.5% | 6.0% | 6.2% | 8.1% | 4.2% | 3.4% | 4.1% | 4.7% |
| Stock comp / revenue | 2.7% | 2.9% | 1.9% | — | — | — | — | — | — | — |
| Payouts / FCF | 20.1% | 12.4% | 4.8% | 0.2% | 5.8% | 124.0% | 6.0% | 7.7% | 0.0% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 2.0 | 5.0 | 3.0 | 5.0 | 6.0 | 8.0 | 7.0 | 4.0 |
| Altman Z'' | 4.1 | 2.8 | 1.7 | 3.6 | 2.4 | 2.1 | 2.0 | 2.5 | 2.3 | 1.9 |
| Accruals ratio | −4.6% | −16.8% | −13.7% | −17.8% | −20.9% | −10.6% | −20.6% | −26.5% | −28.1% | −29.8% |
Source: SEC EDGAR XBRL filings (CIK 0001099590). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.