Coupang vs MercadoLibre
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KIRAβs take AI analyst
I put Coupang and MercadoLibre side by side, using each oneβs latest annual report. Here is what stands out:
- Coupang is the larger business, with $34.5B of revenue in fiscal 2025 against $28.9B for MercadoLibre.
- MercadoLibre grew revenue faster (39.1%, against 14.1%).
- MercadoLibre kept more of each dollar of sales as operating profit (11.1% operating margin, against 1.4%).
- MercadoLibre turned more of its sales into free cash flow (37.3% FCF margin, against 1.5%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Coupang
CPNG
2/10
Piotroski F-scoreNet debt / EBITDA
MercadoLibre
MELI
8/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | CPNG FY25 | MELI FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.7B | $84.6B |
| Revenue | $34.5B | $28.9B |
| Free cash flow | $522M | $10.8B |
| Net income | $208M | $2.0B |
| Growth | ||
| Revenue growth | 14.1% | 39.1% |
| 5-year growth | 23.6% | 48.7% |
| Share count change | 1.6% | 0.0% |
| Profitability | ||
| Gross margin | 29.4% | 44.5% |
| Operating margin | 1.4% | 11.1% |
| Net margin | 0.6% | 6.9% |
| FCF margin | 1.5% | 37.3% |
| Return on capital | β | 35.0% |
| Return on equity | 4.8% | 36.0% |
| Balance sheet | ||
| Net debt | β$4.7B | $3.0B |
| Net debt / EBITDA | β4.8x | 0.8x |
| Dividends and buybacks | $243M | $1.0M |
| Valuation & quality | ||
| P/E | β | 45.4x |
| Piotroski F-score | 6 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.