Latest Ratios: P/E Ratio 46.0x · EV/EBITDA 26.4x · ROE 36.0%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $91.9B | $102.1B | $86.2B | $80.2B | $43.4B | $67.2B | $83.3B | $27.8B | $13.0B | $13.9B | $6.9B |
| Enterprise Value | $99.7B | $109.8B | $90.4B | $82.9B | $46.9B | $68.6B | $83.2B | $27.5B | $13.3B | $13.9B | $7.0B |
| P/E Ratio → | 46.04 | 51.14 | 45.12 | 80.76 | 88.80 | 807.43 | — | — | — | 1015.03 | 50.53 |
| P/S Ratio | 3.18 | 3.53 | 4.15 | 5.31 | 4.03 | 9.50 | 20.97 | 12.13 | 9.06 | 11.42 | 8.17 |
| P/B Ratio | 13.63 | 15.13 | 19.81 | 26.10 | 23.78 | 43.86 | 50.45 | 13.38 | 38.73 | 42.65 | 16.08 |
| P/FCF | 8.53 | 9.48 | 12.21 | 17.31 | 17.48 | 188.88 | 89.08 | 88.63 | 97.94 | 71.57 | 61.08 |
| P/OCF | 7.59 | 8.43 | 10.89 | 15.60 | 14.78 | 69.59 | 70.46 | 61.74 | 56.48 | 51.65 | 36.24 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.80 | 4.35 | 5.49 | 4.35 | 9.70 | 20.93 | 11.97 | 9.26 | 11.41 | 8.26 |
| EV / EBITDA | 26.42 | 29.12 | 27.84 | 30.37 | 31.89 | 106.28 | 356.99 | — | — | 142.75 | 33.20 |
| EV / EBIT | 31.14 | 36.74 | 34.82 | 48.02 | 51.31 | 145.85 | 442.44 | — | — | 172.27 | 33.07 |
| EV / FCF | — | 10.20 | 12.81 | 17.91 | 18.89 | 192.81 | 88.92 | 87.46 | 100.15 | 71.47 | 61.79 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.5% | 44.5% | 46.1% | 50.2% | 48.2% | 42.5% | 43.0% | 48.0% | 48.4% | 59.2% | 63.6% |
| Operating Margin | 11.1% | 11.1% | 12.7% | 14.6% | 9.9% | 6.2% | 3.2% | -6.7% | -4.8% | 4.6% | 21.4% |
| Net Profit Margin | 6.9% | 6.9% | 9.2% | 6.5% | 4.5% | 1.2% | -0.0% | -7.5% | -2.5% | 1.1% | 16.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.0% | 36.0% | 51.5% | 40.3% | 28.7% | 5.2% | -0.1% | -14.2% | -11.0% | 3.7% | 35.5% |
| ROA | 5.9% | 5.9% | 8.9% | 6.3% | 4.0% | 1.0% | -0.0% | -4.9% | -1.9% | 0.9% | 11.5% |
| ROIC | 20.8% | 20.8% | 27.4% | 29.6% | 19.4% | 14.9% | 6.0% | -9.8% | -11.1% | 10.4% | 27.7% |
| ROCE | 28.3% | 28.3% | 35.2% | 38.3% | 22.7% | 12.3% | 4.3% | -7.5% | -7.8% | 7.5% | 24.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.69 | 1.69 | 1.57 | 1.74 | 2.96 | 2.60 | 1.03 | 0.49 | 2.18 | 1.13 | 0.73 |
| Debt / EBITDA | 3.02 | 3.02 | 2.11 | 1.95 | 3.68 | 6.17 | 7.33 | — | — | 3.79 | 1.50 |
| Net Debt / Equity | — | 1.14 | 0.97 | 0.90 | 1.92 | 0.91 | -0.09 | -0.18 | 0.88 | -0.06 | 0.19 |
| Net Debt / EBITDA | 2.05 | 2.05 | 1.30 | 1.02 | 2.38 | 2.17 | -0.64 | — | — | -0.20 | 0.38 |
| Debt / FCF | — | 0.72 | 0.60 | 0.60 | 1.41 | 3.93 | -0.16 | -1.17 | 2.21 | -0.10 | 0.71 |
| Interest Coverage | 20.20 | 20.20 | 16.97 | 9.81 | 3.36 | 2.06 | 1.76 | -0.63 | -0.16 | 3.04 | 8.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 1.21 | 1.27 | 1.28 | 1.40 | 1.47 | 2.16 | 1.30 | 1.33 | 1.51 |
| Quick Ratio | 1.15 | 1.15 | 1.20 | 1.24 | 1.26 | 1.36 | 1.44 | 2.16 | 1.29 | 1.33 | 1.51 |
| Cash Ratio | 0.22 | 0.22 | 0.23 | 0.33 | 0.35 | 0.48 | 0.68 | 1.70 | 0.77 | 0.62 | 0.85 |
| Asset Turnover | — | 0.68 | 0.82 | 0.86 | 0.78 | 0.70 | 0.61 | 0.48 | 0.64 | 0.73 | 0.62 |
| Inventory Turnover | 28.13 | 28.13 | 37.84 | 31.58 | 36.72 | 16.06 | 19.17 | 138.44 | 161.02 | 194.96 | 278.82 |
| Days Sales Outstanding | — | 91.74 | 184.02 | 158.42 | 168.45 | 172.35 | 126.58 | 106.94 | 137.54 | 202.05 | 155.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.0% | 0.0% | 0.1% | 0.2% | 0.4% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 192.3% | 17.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.0% | 2.2% | 1.2% | 1.1% | 0.1% | — | — | — | 0.1% | 2.0% |
| FCF Yield | 11.7% | 10.5% | 8.2% | 5.8% | 5.7% | 0.5% | 1.1% | 1.1% | 1.0% | 1.4% | 1.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.3% | 0.7% | 0.1% | 0.0% | 1.1% | 0.5% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.3% | 0.7% | 0.1% | 0.0% | 1.2% | 0.7% | 0.4% |
| Shares Outstanding | — | $51M | $51M | $51M | $51M | $50M | $50M | $49M | $45M | $44M | $44M |
Regional Macroeconomic Volatility
According to current market data, MELI trades at a P/E of 42.53, which, when compared to peers like Amazon and Sea Limited, suggests that investors are pricing in a significant premium for the company's unique integration of logistics and fintech services within underpenetrated Latin American markets.
The forward P/E of 43.01 indicates that the market expects sustained earnings growth to justify current multiples, despite the inherent volatility of the region. This valuation appears to hinge on the assumption that the company will successfully transition from a retail-centric model to a higher-margin fintech and advertising platform.
Based on reported financial figures, the company's ROIC has fluctuated between 3.1% and 10.2% over the last ten quarters, reflecting the heavy capital intensity required to build out proprietary fulfillment networks and fund the expanding credit portfolio across diverse regional geographies.
The recent dip in ROIC to 10.2% in 2026Q1 suggests that while the company is scaling, the returns on incremental capital are being pressured by the rapid expansion of the credit book. Investors should monitor whether these returns can stabilize as the logistics infrastructure matures and achieves greater economies of scale.
As evidenced by the shift in the cash conversion cycle from 64 days in 2023Q4 to -151 days in 2026Q1, the company has significantly improved its working capital efficiency, largely driven by the strategic management of payables relative to the rapid growth of its fintech-related receivables.
The dramatic negative CCC suggests that the company is effectively utilizing its scale to extract favorable payment terms from suppliers while accelerating cash collection through its payment ecosystem. However, this efficiency is highly sensitive to the credit cycle, and any disruption in the payment flow could quickly reverse these gains.
According to recent balance sheet data, the company maintains a current ratio of 1.16 and a quick ratio of 1.14, providing a stable liquidity cushion that appears sufficient to navigate potential regional economic shocks or temporary disruptions in credit market access for its fintech operations.
The consistency of these ratios over the past ten quarters indicates a disciplined approach to liquidity management, even as the company aggressively scales its operations. This buffer is critical given the company's exposure to currency devaluation and the inherent risks associated with its credit-heavy business model.
The P/S ratio is frequently misapplied to this business model, as it fails to account for the distinct margin profiles of the commerce and fintech segments, potentially obscuring the underlying profitability of the high-margin advertising and credit services that are currently driving the company's growth.
Analysts should instead utilize a sum-of-the-parts valuation approach to properly distinguish between the lower-margin logistics business and the higher-margin fintech and ad-tech operations. Relying solely on a consolidated P/S multiple risks undervaluing the platform's long-term potential to monetize its user base through non-retail revenue streams.
Includes 30+ ratios · 23 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MELI stock.
MercadoLibre, Inc.'s current P/E ratio is 46.0x. The historical average is 65.5x. This places it at the 36th percentile of its historical range.
MercadoLibre, Inc.'s current EV/EBITDA is 26.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.3x.
MercadoLibre, Inc.'s return on equity (ROE) is 36.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.9%.
Based on historical data, MercadoLibre, Inc. is trading at a P/E of 46.0x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MercadoLibre, Inc. has 44.5% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
MercadoLibre, Inc.'s Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.