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Held by 406 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1624.53 today, the market must believe free cash flow compounds -2.4%/yr for a decade (off $7.49B on the 3-yr avg basis).
The market's -2.4% is more conservative than its 9-yr track record.
Default is 8.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt $5.52B
mean 114.8% · volatility σ 175% · implied rate exceeded in 7/9 yrs
Central path = implied -2.4%/yr growth; shaded band = ±1σ (175%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.0M buybacks = $1.0M returned on $10.77B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 8th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 30% against ROIC 13% — 17% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 36.0% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 51.6 | 52.0 | 57.0 | 57.5 | 51.8 | 49.8 | 53.9 | 55.5 |
| Gross Profit | 48.4 | 48.0 | 43.0 | 42.5 | 48.2 | 50.2 | 46.1 | 44.5 |
| R&D | 10.2 | 9.7 | 8.9 | 8.3 | 10.2 | 12.1 | 9.3 | 7.9 |
| SG&A | 9.6 | 8.6 | 8.2 | 6.6 | 6.1 | 5.1 | 4.6 | 3.7 |
| Operating Income | -4.8 | -6.7 | 3.2 | 6.2 | 9.9 | 14.6 | 12.7 | 11.1 |
| Income Tax | -2.0 | 2.8 | 2.1 | 2.1 | 2.8 | 3.8 | 2.5 | 2.9 |
| Net Income | -2.5 | -7.5 | -0.0 | 1.2 | 4.5 | 6.5 | 9.2 | 6.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MELI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Interest last disclosed in FY2017 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MA | $556.9B | 38.5× | — | 17.0× | 16.4% | — | 45.6% | 193% | 56.0% | — | 1,282 |
| BABA | $247.6B | 124.4× | — | 1.7× | 8.1% | 39.8% | 10.1% | 9.8% | 9.8% | — | 328 |
| ACN | $151.3B | 18.2× | 12.4× | 2.0× | 6.5% | 32.0% | 11.3% | 26.5% | 20.1% | -0.2× | 664 |
| UBER | $134.3B | 13.9× | 21.9× | 2.6× | 18.3% | — | 19.3% | 37.2% | 26.8% | 0.5× | 714 |
| PDD | $112.8B | 33.6× | 7.3× | 1.8× | 14.5% | 56.3% | 22.7% | 23.7% | 23.7% | -1.2× | 82 |
| MELI | $84.2B | 42.1× | — | 2.9× | 39.1% | 44.5% | 6.9% | 29.6% | 12.5% | — | 406 |
| DASH | $77.6B | 84.0× | 49.8× | 5.7× | 27.9% | — | 6.8% | 9.3% | 9.3% | -3.0× | 277 |
| EBAY | $53.9B | 27.9× | 19.6× | 4.9× | 7.9% | 71.5% | 18.3% | 45.3% | 38.8% | -0.4× | 360 |
| PYPL | $47.3B | 10.5× | 7.0× | 1.4× | 4.3% | — | 15.8% | 25.8% | 17.3% | 0.3× | 408 |
| MSCI | $45.0B | 39.4× | 29.2× | 14.3× | 9.7% | — | 38.4% | -45.3% | 33.9% | 3.3× | 260 |
| CPAY | $26.1B | 26.5× | 17.4× | 5.8× | 13.9% | — | 23.6% | 27.5% | 6.2% | 5.2× | 206 |
| FISV | $25.8B | 7.7× | 4.0× | 1.2× | 3.6% | — | 16.4% | 13.5% | 12.9% | 0.1× | 303 |
| TCOM | $24.3B | — | 9.8× | 2.7× | 22.2% | 80.6% | 53.4% | 19.5% | 16.5% | -0.6× | — |
| GPN | $22.7B | 14.8× | 12.0× | 2.9× | -0.4% | 72.6% | 18.2% | 6.1% | 3.2% | 4.4× | 230 |
| BR | $20.1B | 18.6× | — | 2.7× | 8.5% | 31.8% | 15.0% | 39.6% | 18.4% | — | 296 |
| FIS | $19.2B | 51.1× | 8.4× | 1.8× | 5.4% | 36.9% | 3.6% | 2.7% | 1.5% | 3.1× | 205 |
| RBA | $16.4B | 43.3× | 15.2× | 3.6× | 7.2% | — | 9.3% | 7.7% | 5.4% | 1.6× | 121 |
| FICO | $15.3B | 26.7× | 19.4× | 7.7× | 15.9% | 82.2% | 32.7% | -37.3% | 49.8% | 3.1× | 157 |
Peers = companies sharing MELI's sector (Services-Business Services, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.89B 100.0% | $20.78B 100.0% | $15.11B 100.0% | $10.78B 100.0% | $7.07B 100.0% | $3.97B 100.0% | $2.30B 100.0% | $1.44B 100.0% | $1.22B 100.0% | $844.4M 100.0% |
| Cost of Revenue | $16.04B 55.5% | $11.20B 53.9% | $7.52B 49.8% | $5.58B 51.8% | $4.06B 57.5% | $2.27B 57.0% | $1.19B 52.0% | $742.6M 51.6% | $496.9M 40.8% | $307.5M 36.4% |
| Gross Profit | $12.86B 44.5% | $9.58B 46.1% | $7.59B 50.2% | $5.20B 48.2% | $3.00B 42.5% | $1.71B 43.0% | $1.10B 48.0% | $697.0M 48.4% | $719.6M 59.2% | $536.9M 63.6% |
| Research & Development | $2.27B 7.9% | $1.93B 9.3% | $1.83B 12.1% | $1.10B 10.2% | $590.0M 8.3% | $353.0M 8.9% | $223.8M 9.7% | $146.3M 10.2% | $127.2M 10.5% | $98.5M 11.7% |
| Selling, General & Admin | $1.08B 3.7% | $963.0M 4.6% | $766.0M 5.1% | $661.0M 6.1% | $465.0M 6.6% | $327.0M 8.2% | $197.5M 8.6% | $137.8M 9.6% | $122.2M 10.0% | $87.3M 10.3% |
| Total Operating Expenses | $9.66B 33.4% | $6.95B 33.4% | $5.38B 35.6% | $4.13B 38.3% | $2.56B 36.3% | $1.58B 39.8% | $1.26B 54.7% | $766.5M 53.2% | $663.3M 54.5% | $355.8M 42.1% |
| Operating Income | $3.20B 11.1% | $2.63B 12.7% | $2.21B 14.6% | $1.07B 9.9% | $441.0M 6.2% | $128.0M 3.2% | -$153.2M -6.7% | -$69.5M -4.8% | $56.3M 4.6% | $181.1M 21.4% |
| Interest Expense | — | — | — | — | — | — | — | — | $18.5M 1.5% | $17.9M 2.1% |
| Interest & Investment Income | $138.0M 0.5% | $148.0M 0.7% | $135.0M 0.9% | $44.0M 0.4% | $138.0M 2.0% | $103.0M 2.6% | $113.5M 4.9% | $42.0M 2.9% | $45.9M 3.8% | $35.4M 4.2% |
| Pretax Income | $2.84B 9.8% | $2.43B 11.7% | $1.55B 10.3% | $780.0M 7.2% | $241.0M 3.4% | $81.0M 2.0% | -$107.2M -4.7% | -$65.5M -4.5% | $54.1M 4.4% | $185.3M 21.9% |
| Income Tax Expense | $845.0M 2.9% | $521.0M 2.5% | $569.0M 3.8% | $298.0M 2.8% | $149.0M 2.1% | $82.0M 2.1% | $64.8M 2.8% | -$28.9M -2.0% | $40.3M 3.3% | $49.0M 5.8% |
| Net Income | $2.00B 6.9% | $1.91B 9.2% | $987.0M 6.5% | $482.0M 4.5% | $83.0M 1.2% | -$1.0M -0.0% | -$172.0M -7.5% | -$36.6M -2.5% | $13.8M 1.1% | $136.4M 16.1% |
| Per Share | ||||||||||
| EPS (Basic) | $39.40 | $37.69 | $19.64 | $9.57 | $1.67 | -$0.08 | -$3.71 | -$0.82 | $0.31 | $3.09 |
| EPS (Diluted) | $39.40 | $37.69 | $19.46 | $9.53 | $1.67 | -$0.08 | -$3.71 | -$0.82 | $0.31 | $3.09 |
| Weighted Avg Shares (Basic) | 50.7M | 50.7M | 50.3M | 50.3M | 49.8M | 49.7M | 48.7M | 44.5M | 44.2M | 44.2M |
| Weighted Avg Shares (Diluted) | 50.7M | 50.7M | 51.0M | 51.3M | 49.8M | 49.7M | 48.7M | 44.5M | 44.2M | 44.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns 6.26pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -12.7% | 8.5% (today's — no rate published for this year) | -21.2pts |
| FY2020 | 46.1% | 8.5% (today's — no rate published for this year) | 37.5pts |
| FY2021 | 10.0% | 8.5% (today's — no rate published for this year) | 1.5pts |
| FY2022 | 13.5% | 8.5% (today's — no rate published for this year) | 5.0pts |
| FY2023 | 24.9% | 8.5% (today's — no rate published for this year) | 16.3pts |
| FY2024 | 20.4% | 8.5% (today's — no rate published for this year) | 11.9pts |
| FY2025 | 14.9% | 8.5% (today's — no rate published for this year) | 6.4pts |
| Now | 12.5% | 8.5% | 4.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 63.6% | 21.4% | 16.1% |
| FY2017 | 59.2% | 4.6% | 1.1% |
| FY2018 | 48.4% | -4.8% | -2.5% |
| FY2019 | 48.0% | -6.7% | -7.5% |
| FY2020 | 43.0% | 3.2% | -0.0% |
| FY2021 | 42.5% | 6.2% | 1.2% |
| FY2022 | 48.2% | 9.9% | 4.5% |
| FY2023 | 50.2% | 14.6% | 6.5% |
| FY2024 | 46.1% | 12.7% | 9.2% |
| FY2025 | 44.5% | 11.1% | 6.9% |
Leverage and buybacks account for 17 points of the 30% return on equity in FY2025. The business earns 13% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$168M of goodwill — 1% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 4.73x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
At $1660.13, free cash flow must compound -1.75%/yr for 10 years. It has done 80.23%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 197.5% | −1.7% |
| FY2021 | −58.1% | −1.7% |
| FY2022 | 534.2% | −1.7% |
| FY2023 | 86.3% | −1.7% |
| FY2024 | 52.4% | −1.7% |
| FY2025 | 52.6% | −1.7% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The achieved growth rate spans a reporting-basis change in FY2020, so part of it measures the restatement rather than the business.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.00B | $2.00B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $10.12B | $12.12B |
| Operating cash flow | $12.12B | $12.12B |
| Capex | −$1.34B | $10.77B |
| Free cash flow | $10.77B | $10.77B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 73.1% | 40.2% | -32.9 points |
| FY2021 | 77.9% | 97.2% | 19.3 points |
| FY2022 | 52.5% | 32.6% | -19.9 points |
| FY2023 | 40.1% | 20.0% | -20.1 points |
| FY2024 | 37.5% | 63.5% | 25.9 points |
| FY2025 | 39.1% | 44.7% | 5.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 5.6 days | 2.6 days | 113.8 days | -105.5 days |
| FY2020 | 4.6 days | 19 days | 123.7 days | -100.1 days |
| FY2021 | 5.1 days | 22.7 days | 93 days | -65.3 days |
| FY2022 | 4.4 days | 9.9 days | 91.1 days | -76.7 days |
| FY2023 | 3.8 days | 11.6 days | 102.8 days | -87.5 days |
| FY2024 | 4.5 days | 9.6 days | 104.2 days | -90 days |
| FY2025 | 4.7 days | 13 days | 102.5 days | -84.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -13.0 percent |
| FY2020 | -18.1 percent |
| FY2021 | -8.7 percent |
| FY2022 | -17.9 percent |
| FY2023 | -23.6 percent |
| FY2024 | -23.8 percent |
| FY2025 | -23.7 percent |
| Date |
|---|
| Insider |
|---|
| What it was |
|---|
| Shares |
|---|
| Price |
|---|
| Value |
|---|
| 2026-06-12 | Aguzin Alejandro Nicolas Director | Grant | 94 | $0.00 | $0 |
| 2026-06-12 | Dubugras Henrique Vasoncelos Director | Grant | 94 | $0.00 | — |
| 2026-06-12 | Calemzuk Emiliano Director | Grant | 94 | $0.00 | — |
| 2026-06-12 | Lawson Martin R Director | Grant | 94 | $0.00 | $0 |
| 2026-06-12 | Segal Susan Director | Grant | 94 | $0.00 | — |
| 2026-06-12 | Sanders Richard A Director | Grant | 94 | $0.00 | $0 |
| 2026-06-12 | 2 co-filers Group filing | Grant | 94 | $0.00 | — |
| 2026-06-11 | Melamud Marcelo SVP - Chief Accounting Officer | Open-market buy | 125 | $1604.62 | $200k |
| 2026-06-10 | 2 co-filers Group filing | Giftindirect | 250 | $0.00 | $0 |
| 2026-05-22 | 2 co-filers Group filing | Open-market buy | 95 | $1655.01 | $157k |
| 2026-05-22 | 2 co-filers Group filing | Open-market buy | 505 | $1656.10 | $836k |
| 2026-02-27 | Melamud Marcelo SVP - Chief Accounting Officer | Open-market buy | 57 | $1755.77 | $100k |
| 2025-12-12 | Dubugras Henrique Vasoncelos Director | Open-market saleindirect | 845 | $2028.14 | $1.7m |
| 2025-12-11 | Calemzuk Emiliano Director | Open-market sale | 45 | $2027.37 | $91k |
| 2025-12-09 | Tolda Stelleo Director | Open-market saleindirect | 246 | $2047.88 | $504k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.