eBay vs MercadoLibre
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The short version
- MercadoLibre is the larger business, with $28.9B of revenue in fiscal 2025 against $11.1B for eBay, about 2.6 times as much.
- MercadoLibre grew revenue faster (39.1%, against 8.0%).
- eBay kept more of each dollar of sales as operating profit (20.5% operating margin, against 11.1%).
- MercadoLibre turned more of its sales into free cash flow (37.3% FCF margin, against 12.9%).
- MercadoLibre earned a higher return on the capital invested in it (35.0%, against 26.8%).
- Investors pay more for each dollar of MercadoLibre’s earnings: a P/E of 49.2x against 25.2x for eBay.
| Latest fiscal year | EBAY · FY25 | MELI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.2B | $91.8B |
| Revenue | $11.1B | $28.9B |
| Free cash flow | $1.4B | $10.8B |
| Net income | $2.0B | $2.0B |
| Growth | ||
| Revenue growth | 8.0% | 39.1% |
| 5-year growth | 4.5% | 48.7% |
| Share count change | −6.6% | 0.0% |
| Profitability | ||
| Gross margin | 71.5% | 44.5% |
| Operating margin | 20.5% | 11.1% |
| Net margin | 18.3% | 6.9% |
| FCF margin | 12.9% | 37.3% |
| Return on capital | 26.8% | 35.0% |
| Return on equity | 41.6% | 36.0% |
| Balance sheet | ||
| Net debt | $3.8B | $3.0B |
| Net debt / EBITDA | 1.4x | 0.8x |
| Dividends and buybacks | $3.0B | $1.0M |
| Valuation & quality | ||
| P/E | 25.2x | 49.2x |
| Piotroski F-score | 5 | 4 |
FY16
EBAY $9.3B
MELI $844M
FY17
EBAY $9.9B
MELI $1.2B
FY18
EBAY $8.7B
MELI $1.4B
FY19
EBAY $7.4B
MELI $2.3B
FY20
EBAY $8.9B
MELI $4.0B
FY21
EBAY $10.4B
MELI $7.1B
FY22
EBAY $9.8B
MELI $10.8B
FY23
EBAY $10.1B
MELI $15.1B
FY24
EBAY $10.3B
MELI $20.8B
FY25
EBAY $11.1B
MELI $28.9B
EBAY
MELI
FY16
EBAY 25.0%
MELI 21.4%
FY17
EBAY 22.8%
MELI 4.6%
FY18
EBAY 20.3%
MELI −4.8%
FY19
EBAY 23.8%
MELI −6.7%
FY20
EBAY 29.6%
MELI 3.2%
FY21
EBAY 28.1%
MELI 6.2%
FY22
EBAY 24.0%
MELI 9.9%
FY23
EBAY 19.2%
MELI 14.6%
FY24
EBAY 22.5%
MELI 12.7%
FY25
EBAY 20.5%
MELI 11.1%
EBAY
MELI
FY16
EBAY $2.2B
MELI $122M
FY17
EBAY $2.5B
MELI $214M
FY18
EBAY $2.0B
MELI $138M
FY19
EBAY $2.6B
MELI $314M
FY20
EBAY $2.0B
MELI $935M
FY21
EBAY $2.2B
MELI $392M
FY22
EBAY $1.8B
MELI $2.5B
FY23
EBAY $2.0B
MELI $4.6B
FY24
EBAY $2.0B
MELI $7.1B
FY25
EBAY $1.4B
MELI $10.8B
EBAY
MELI
FY16
EBAY 23.8%
MELI 51.1%
FY17
EBAY 9.2%
MELI 16.0%
FY18
EBAY 14.5%
MELI —
FY19
EBAY 16.6%
MELI —
FY20
EBAY 24.9%
MELI —
FY21
EBAY 19.1%
MELI 19.0%
FY22
EBAY 17.9%
MELI 32.3%
FY23
EBAY 15.4%
MELI 69.1%
FY24
EBAY 25.5%
MELI 87.4%
FY25
EBAY 26.8%
MELI 35.0%
EBAY
MELI
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.