MercadoLibre vs Sea Limited
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The short version
- MercadoLibre is the larger business, with $28.9B of revenue in fiscal 2025 against $22.9B for Sea Limited.
- MercadoLibre grew revenue faster (39.1%, against 36.4%).
- MercadoLibre kept more of each dollar of sales as operating profit (11.1% operating margin, against 8.7%).
- MercadoLibre turned more of its sales into free cash flow (37.3% FCF margin, against 19.7%).
| Latest fiscal year | MELI · FY25 | SE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $91.8B | $47.6B |
| Revenue | $28.9B | $22.9B |
| Free cash flow | $10.8B | $4.5B |
| Net income | $2.0B | $1.6B |
| Growth | ||
| Revenue growth | 39.1% | 36.4% |
| 5-year growth | 48.7% | 39.3% |
| Share count change | 0.0% | 5.5% |
| Profitability | ||
| Gross margin | 44.5% | 44.7% |
| Operating margin | 11.1% | 8.7% |
| Net margin | 6.9% | 6.9% |
| FCF margin | 37.3% | 19.7% |
| Return on capital | 35.0% | — |
| Return on equity | 36.0% | 15.1% |
| Balance sheet | ||
| Net debt | $3.0B | −$10.5B |
| Net debt / EBITDA | 0.8x | −4.5x |
| Dividends and buybacks | $1.0M | $14.0M |
| Valuation & quality | ||
| P/E | 49.2x | — |
| Piotroski F-score | 4 | 8 |
Revenue
FY16
MELI $844M
SE $346M
FY17
MELI $1.2B
SE $414M
FY18
MELI $1.4B
SE $827M
FY19
MELI $2.3B
SE $2.2B
FY20
MELI $4.0B
SE $4.4B
FY21
MELI $7.1B
SE $10.0B
FY22
MELI $10.8B
SE $12.4B
FY23
MELI $15.1B
SE $13.1B
FY24
MELI $20.8B
SE $16.8B
FY25
MELI $28.9B
SE $22.9B
MELI
SE
Operating margin
FY16
MELI 21.4%
SE −59.4%
FY17
MELI 4.6%
SE −121.3%
FY18
MELI −4.8%
SE −119.6%
FY19
MELI −6.7%
SE −41.0%
FY20
MELI 3.2%
SE −29.8%
FY21
MELI 6.2%
SE −15.9%
FY22
MELI 9.9%
SE −12.0%
FY23
MELI 14.6%
SE 1.7%
FY24
MELI 12.7%
SE 3.9%
FY25
MELI 11.1%
SE 8.7%
MELI
SE
Free cash flow
FY16
MELI $122M
SE −$119M
FY17
MELI $214M
SE −$327M
FY18
MELI $138M
SE −$673M
FY19
MELI $314M
SE −$170M
FY20
MELI $935M
SE $220M
FY21
MELI $392M
SE −$564M
FY22
MELI $2.5B
SE −$2.0B
FY23
MELI $4.6B
SE $1.8B
FY24
MELI $7.1B
SE $3.0B
FY25
MELI $10.8B
SE $4.5B
MELI
SE
Return on capital
FY16
MELI 51.1%
SE —
FY17
MELI 16.0%
SE —
FY18
MELI —
SE —
FY19
MELI —
SE —
FY20
MELI —
SE —
FY21
MELI 19.0%
SE —
FY22
MELI 32.3%
SE —
FY23
MELI 69.1%
SE 3.4%
FY24
MELI 87.4%
SE 13.8%
FY25
MELI 35.0%
SE —
MELI
SE
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.