MELI
MercadoLibre, Inc.Consumer Cyclical·Internet Retail
Current Price
$1740.88
Market Cap
$88.8B
Net Debt
-$1.7B
Shares Outstanding
0.05B
Financial Statements
| Metric | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM (Q4 FY2025) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $217M | $299M | $374M | $473M | $557M | $652M | $844M | $1.4B | $1.4B | $2.3B | $4.0B | $7.1B | $10.5B | $14.5B | $20.8B | $28.9B | $28.9B |
| Revenue Growth | — | 37.9% | 25.0% | 26.5% | 17.8% | 17.1% | 29.6% | 65.6% | 3.0% | 59.5% | 73.0% | 77.9% | 49.1% | 37.4% | 43.6% | 39.1% | 39.1% |
| Operating Income | $75M | $100M | $130M | $154M | $120M | $139M | $181M | $56M | -$69M | -$153M | $128M | $441M | $1.0B | $1.8B | $2.6B | $3.2B | $3.2B |
| Operating Margin | 34.4% | 33.4% | 34.7% | 32.5% | 21.6% | 21.4% | 21.4% | 4.0% | -4.8% | -6.7% | 3.2% | 6.2% | 9.8% | 12.6% | 12.7% | 11.1% | 11.1% |
| Net Income | $56M | $77M | $101M | $118M | $73M | $106M | $136M | $14M | -$37M | -$172M | -$1M | $83M | $482M | $987M | $1.9B | $2.0B | $2.0B |
| Net Margin | 25.9% | 25.7% | 27.1% | 24.9% | 13.0% | 16.2% | 16.1% | 1.0% | -2.5% | -7.5% | 0.0% | 1.2% | 4.6% | 6.8% | 9.2% | 6.9% | 6.9% |
| EPS (Diluted) | $1.27 | $1.73 | $2.30 | $2.66 | $1.63 | $2.40 | $3.09 | $0.31 | $-0.82 | $-3.71 | $-0.08 | $1.67 | $9.53 | $19.46 | $37.69 | $39.40 | $39.40 |
| Free Cash Flow | $55M | $71M | $123M | $29M | $162M | $182M | $122M | $214M | $138M | $314M | $936M | $392M | $2.5B | $4.6B | $7.1B | $10.8B | $10.8B |
| FCF Margin | 25.2% | 23.6% | 33.0% | 6.1% | 29.2% | 28.0% | 14.4% | 15.3% | 9.6% | 13.7% | 23.5% | 5.5% | 23.6% | 32.0% | 34.0% | 37.3% | 37.3% |
Historical Cash Flows
Historical Cash Flows
| ($M) | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $217M | $299M | $374M | $473M | $557M | $652M | $844M | $1.4B | $1.4B | $2.3B | $4.0B | $7.1B | $10.5B | $14.5B | $20.8B | $28.9B |
| Growth | — | 37.9% | 25.0% | 26.5% | 17.8% | 17.1% | 29.6% | 65.6% | 3.0% | 59.5% | 73.0% | 77.9% | 49.1% | 37.4% | 43.6% | 39.1% |
| EBIT | $75M | $100M | $130M | $154M | $120M | $139M | $181M | $56M | -$69M | -$153M | $128M | $441M | $1.0B | $1.8B | $2.6B | $3.2B |
| EBIT Margin | 34.4% | 33.4% | 34.7% | 32.5% | 21.6% | 21.4% | 21.4% | 4.0% | -4.8% | -6.7% | 3.2% | 6.2% | 9.8% | 12.6% | 12.7% | 11.1% |
| NOPAT | $59M | $68M | $91M | $108M | $71M | $94M | $132M | $28M | -$55M | -$121M | $64M | $292M | $736M | $1.3B | $2.1B | $2.4B |
| D&A | $5M | $7M | $9M | $12M | $17M | $23M | $29M | $41M | $46M | $73M | $105M | $204M | $403M | $524M | $617M | $818M |
| CapEx | $13M | $19M | $17M | $114M | $34M | $39M | $69M | $55M | $93M | $137M | $247M | $573M | $454M | $509M | $860M | $1.3B |
| ΔNWC | $0 | $69M | $24M | -$4M | $138M | -$8M | $60M | $26M | $26M | $1.7B | -$326M | $627M | $53M | $606M | $542M | $1.4B |
| Unlevered FCF | $50M | -$12M | $59M | $10M | -$84M | $86M | $32M | -$12M | -$128M | -$1.9B | $247M | -$704M | $632M | $663M | $1.3B | $430M |
DCF Valuation
Adjust the assumptions below to derive your own intrinsic value. All calculations update in real-time.
Perpetuity Growth
$1256.33
vs $1740.88-27.8%
Exit Multiple
$2937.03
vs $1740.88+68.7%
Projected Cash Flows
| ($M) | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| Revenue | $34.7B | $40.9B | $47.0B | $53.2B | $58.5B |
| Revenue % Chg. | % | % | % | % | % |
| EBIT | $4.5B | $5.7B | $7.1B | $8.5B | $9.9B |
| EBIT Margin | % | % | % | % | % |
| Tax Rate | % | % | % | % | % |
| NOPAT | $3.2B | $4.0B | $4.9B | $6.0B | $7.0B |
| NOPAT Margin | 9.1% | 9.8% | 10.5% | 11.2% | 11.9% |
| D&A | $1.4B | $1.6B | $1.9B | $1.6B | $1.8B |
| D&A / Revenue | % | % | % | % | % |
| CapEx | $1.4B | $1.6B | $1.4B | $1.6B | $1.8B |
| CapEx / Revenue | % | % | % | % | % |
| Chg. NWC | $693M | $818M | $470M | $532M | $585M |
| NWC / Revenue | % | % | % | % | % |
| Unlevered FCF | $2.5B | $3.2B | $4.9B | $5.4B | $6.4B |
| PV of UFCF | $2.2B | $2.5B | $3.5B | $3.4B | $3.6B |
| Σ PV of UFCF | $2.2B | $4.7B | $8.3B | $11.7B | $15.3B |
%
%
x
Valuation Waterfall
Perpetuity Method
PV of FCFs$15.3B
PV of Terminal Value$47.0B
Enterprise Value$62.3B
Less: Net Debt$1.7B
Equity Value$64.1B
Exit Multiple Method (EV/EBITDA)
PV of FCFs$15.3B
PV of Terminal Value$132.7B
Enterprise Value$148.1B
Less: Net Debt$1.7B
Equity Value$149.8B
Sensitivity Analysis
WACC vs Terminal Growth (Perpetuity)
| WACC \ Terminal Growth | 3.0% | 3.5% | 4.0% | 4.5% | 5.0% |
|---|---|---|---|---|---|
| 10.0% | $1494.48 | $1588.30 | $1697.75 | $1827.10 | $1982.32 |
| 11.0% | $1298.24 | $1366.86 | $1445.27 | $1535.75 | $1641.31 |
| 12.0% | $1146.01 | $1197.93 | $1256.33 | $1322.53 | $1398.18 |
| 13.0% | $1024.57 | $1064.91 | $1109.74 | $1159.85 | $1216.22 |
| 14.0% | $925.50 | $957.54 | $992.78 | $1031.73 | $1075.01 |
WACC vs Exit Multiple
| WACC \ Exit Multiple (EV/EBITDA) | 14x | 17x | 20x | 23x | 26x |
|---|---|---|---|---|---|
| 10.0% | $2346.16 | $2773.37 | $3200.58 | $3627.79 | $4055.00 |
| 11.0% | $2248.67 | $2656.98 | $3065.29 | $3473.60 | $3881.92 |
| 12.0% | $2156.22 | $2546.62 | $2937.03 | $3327.44 | $3717.84 |
| 13.0% | $2068.50 | $2441.93 | $2815.37 | $3188.80 | $3562.24 |
| 14.0% | $1985.23 | $2342.57 | $2699.91 | $3057.25 | $3414.59 |
Follow the journey
Portfolio updates, new company analyses, and lessons from building a one-person investing business.
No spam. Unsubscribe anytime.
Disclaimer: This is not investment advice. All projections are estimates based on publicly available data. Past performance does not guarantee future results. Always do your own research before making investment decisions. Last updated: .