# MercadoLibre, Inc. (MELI)

> Source: Nexqual · https://nexqual.com/MELI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MercadoLibre, Inc. (MELI), nexqual.com/MELI" · informational, not investment advice.

**Price:** USD 1,824.95 (-1.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,854.88 · day 1,803.49–1,856.74 · 52w 1,495–2,428 · market cap $92.5B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $35.2B, net income $1.86B (5.3% margin), free cash flow $12.4B (SEC filings).
- Valuation: P/E 49.7x (avg 59.1x at the last 3 fiscal year-ends), EV/EBITDA 25.0x, net debt $4.90B.
- 7 of 80 tracked superinvestors hold MELI (13F, Q2 2026): 0 new, 3 added, 3 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.2M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -15.1% vs S&P 500 +14.9%; 5Y +21.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 9.34, revenue estimate $10.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.07B | $10.8B | $15.1B | $20.8B | $28.9B | $35.2B |
| Gross profit | $3.00B | $5.20B | $7.59B | $9.58B | $12.9B | — |
| Operating income | $441M | $1.07B | $2.21B | $2.63B | $3.20B | $2.91B |
| Net income | $83.0M | $482M | $987M | $1.91B | $2.00B | $1.86B |
| EPS (diluted) | $1.67 | $9.53 | $19.46 | $37.69 | $39.40 | — |
| Free cash flow | $392M | $2.49B | $4.63B | $7.06B | $10.8B | $12.4B |
| Gross margin | 42.5% | 48.2% | 50.2% | 46.1% | 44.5% | — |
| Operating margin | 6.2% | 9.9% | 14.6% | 12.7% | 11.1% | 8.3% |
| Net margin | 1.2% | 4.5% | 6.5% | 9.2% | 6.9% | 5.3% |
| Revenue growth | +77.9% | +52.5% | +40.1% | +37.5% | +39.1% | — |
| Cash + short-term investments | $3.40B | $4.25B | $6.04B | $7.12B | $6.30B | — |
| Total debt | $3.52B | $4.76B | $4.50B | $5.71B | $9.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 49.7x · P/S 2.6x · EV/EBITDA 25.0x · EV/Sales 2.8x · P/FCF 7.5x · P/B 11.8x · FCF yield 13.41% · Earnings yield 2.01% · Net debt $4.90B · EV $97.4B
P/E at fiscal year-ends: Dec 2025 51.1x, Dec 2024 45.1x, Dec 2023 81.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold MELI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 5.10% | $524M | Reduced -12.0% |
| Chase Coleman | Tiger Global Management | 1.08% | $260M | Added +13.4% |
| Wallace Weitz | Weitz Investment Management | 1.08% | $15.6M | Added +15.0% |
| Bill Miller | Miller Value Partners | 0.69% | $2.9M | Reduced -22.7% |
| Polen Capital | Polen Capital Management | 0.38% | $44.0M | Reduced -24.8% |
| Thomas Gayner | Markel Group | 0.31% | $40.7M | Added +340.4% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $3.4M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.2M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Melamud Marcelo | SVP - Chief Accounting Officer | 125 | $200K | 1,604.62 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Aguzin Alejandro Nicolas | Director | 600 | $994K | 1,655.93 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Citigroup | Target lowered | Neutral | $2150 → $2100 |
| 2026-10-12 | Cantor Fitzgerald | Target lowered | Overweight | $2300 → $2200 |
| 2026-10-06 | Susquehanna | Target raised | Positive | $2400 → $2500 |
| 2026-09-03 | BTIG | Reiterated | Buy | $2150 |
| 2026-08-11 | JP Morgan | Target raised | Neutral | $1900 → $2150 |
| 2026-08-06 | Cantor Fitzgerald | Target raised | Overweight | $2150 → $2300 |
| 2026-08-06 | BTIG | Reiterated | Buy | $2150 |
| 2026-07-15 | Citigroup | Target raised | Neutral | $1950 → $2000 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.1% | +21.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.1% | +3.9% |
| Volatility (annualized) | 40.5% | 47.9% |
| Max drawdown | -34.5% (Oct 2025→May 2026) | -61.0% (Nov 2021→Jun 2022) |

## Peers (Internet Retail)
DASH (DoorDash, Inc.) USD 185.94 +0.81% · PDD (PDD Holdings Inc.) USD 79.17 +0.57% · EBAY (eBay Inc.) USD 122.04 -0.70% · SE (Sea Limited) USD 75.69 -2.89% · JD (JD.com, Inc.) USD 25.68 -0.43% · BABA (Alibaba Group Holding Limited) USD 101.82 -2.48%

## More
Full page: https://nexqual.com/MELI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MELI's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Alphabet (Google) (GOOGL) | "■We rely on third-party platforms, such as Google Play and Apple app stores, to access our Mercado Libre and Mercado Pago apps;" |
| Supplier | Apple (AAPL) | "■We rely on third-party platforms, such as Google Play and Apple app stores, to access our Mercado Libre and Mercado Pago apps;" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Brazil | $5.53B | 54.4% | +59.2% |
| Mexico | $2.34B | 23.0% | +55.2% |
| Argentina | $1.84B | 18.1% | +20.4% |
| Other Countries | $463.0M | 4.6% | +63.0% |
| Total revenue | $10.17B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net service revenues and financial income | $8.69B | 85.5% | +45.7% |
| Net product revenues | $1.48B | 14.5% | +78.8% |
| Total revenue | $10.17B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "MercadoLibre Letter to Shareholders 16 Q2'26 Results FX neutral We believe that FX neutral measures provide useful information to both Management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $9.34 | $9.63 | -3.0% | $10.70B | 10 |
| Next quarter (ends 2026-12-31) | $11.25 | $11.72 | -4.0% | $11.98B | 10 |
| Current fiscal year (ends 2026-12-31) | $38.35 | $39.92 | -3.9% | $41.86B | 22 |
| Next fiscal year (ends 2027-12-31) | $55.70 | $57.39 | -2.9% | $54.13B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±10.6%; earnings reaction alone ±4.9%; last 8 reports averaged ±7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 59.4% | ±7.1% |
| 2026-11-06 | 14 | 64.9% | ±10.6% |
| 2026-11-13 | 21 | 57.5% | ±11.4% |
| 2026-11-20 | 28 | 53.6% | ±12.1% |
| 2026-11-27 | 35 | 50.9% | ±12.8% |
| 2026-12-04 | 42 | 48.7% | ±13.4% |
| 2026-12-18 | 56 | 46.2% | ±14.7% |
| 2027-01-15 | 84 | 43.4% | ±16.8% |