MELI vs SE
Mercadolibre Inc. and Sea Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | MELI | SE |
|---|---|---|
| Revenue | $28.9B | $22.9B |
| Net income | $2.0B | $1.6B |
| Gross margin | 47.4% | 44.7% |
| Net margin | 7.4% | 7.0% |
| Return on equity | 36.0% | 15.1% |
| Diluted EPS | $39.40 | $2.52 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | $10.8B | $4.5B |
| Equity | $6.7B | $12.5B |
| Net debt / equity | 0.82× | · |
| Current ratio | 1.17× | 1.58× |
| Revenue CAGR 5y | 48.7% | 39.3% |
| Profit CAGR 5y | · | · |
MELI bills 1.3× the revenue of SE, and keeps more of each dollar of revenue as profit (7.4% against 7.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | MELI | SE |
|---|---|---|
| FY2025 | $28.9B | $22.9B |
| FY2024 | $20.8B | $16.8B |
| FY2023 | $15.1B | $13.1B |
| FY2022 | $10.8B | $12.4B |
| FY2021 | $7.1B | $10.0B |
| FY2020 | $4.0B | $4.4B |
| FY2019 | $2.3B | $2.2B |
| FY2018 | $1.4B | $827.0M |
| FY2017 | $1.2B | $414.2M |
| FY2016 | $844.4M | $345.7M |
Bottom line
| Fiscal year | MELI | SE |
|---|---|---|
| FY2025 | $2.0B | $1.6B |
| FY2024 | $1.9B | $444.3M |
| FY2023 | $987.0M | $150.7M |
| FY2022 | $482.0M | $-1.7B |
| FY2021 | $83.0M | $-2.0B |
| FY2020 | $-1.0M | $-1.6B |
| FY2019 | $-172.0M | $-1.5B |
| FY2018 | $-36.6M | $-961.2M |
| FY2017 | $13.8M | $-560.5M |
| FY2016 | $136.4M | $-222.9M |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$5,954,531,000 | MELI |
| FY2024 | +$3,957,134,000 | MELI |
| FY2023 | +$2,043,440,000 | MELI |
| FY2022 | −$1,669,705,000 | SE |
| FY2021 | −$2,886,190,000 | SE |
| FY2020 | −$401,664,000 | SE |
| FY2019 | +$120,936,000 | MELI |
| FY2018 | +$612,685,000 | MELI |
| FY2017 | +$802,352,000 | MELI |
| FY2016 | +$498,726,000 | MELI |
| FY2015 | +$359,666,000 | MELI |
The higher-revenue side has changed between MELI and SE over this period. The gap has widened since the earliest year compared.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +0.3 pp | MELI |
| FY2024 | +7.2 pp | MELI |
| FY2023 | +5.8 pp | MELI |
| FY2022 | +18.2 pp | MELI |
| FY2021 | +21.8 pp | MELI |
| FY2020 | +37.1 pp | MELI |
| FY2019 | +59.5 pp | MELI |
| FY2018 | +113.7 pp | MELI |
| FY2017 | +136.6 pp | MELI |
| FY2016 | +81.2 pp | MELI |
| FY2015 | +53.0 pp | MELI |
MELI has kept the higher net margin in every one of these 11 fiscal years.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
SE's net margin has been more volatile than MELI's over the 11 comparable fiscal years — 45.7 percentage points of standard deviation against 7.1.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
MELI led in net margin in every one of the 11 comparable fiscal years — a structural lead, not a recent swing.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
SE's return on equity has been more volatile than MELI's over the 7 comparable fiscal years — 50.8 percentage points of standard deviation against 17.2.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
MELI led in return on equity in every one of the 7 comparable fiscal years — a structural lead, not a recent swing.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.