Mercadolibre Inc. (MELI) intrinsic value & 10-year financials
Mercadolibre Inc. (MELI) has a Graham intrinsic value of $1,308.70 per share. At $1,834.00 on Oct 17, 2026, the stock trades 40% above that value. Over the last 10 fiscal years revenue grew 42.4% a year to $20.3B, with an average return on invested capital of 21.5%.
- Graham intrinsic value
- $1,308.70
- Share price (Oct 17, 2026)
- $1,834.00
- Price vs Graham value
- 40% above
- Market cap
- $93.0B
- Revenue (FY2025)
- $20.3B
- Revenue growth (10-yr CAGR)
- 42.4%
- ROIC (10-yr avg)
- 21.5%
- Free cash flow (FY2025)
- $10.8B
MELI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $20.3B | $2.0B | $39.40 | $10.8B | 15.7% | 36.7% |
| FY2024 | $15.1B | $1.9B | $37.69 | $7.1B | 17.4% | 56.5% |
| FY2023 | $10.5B | $987.0M | $19.46 | $4.6B | 17.4% | 44.0% |
| FY2022 | $10.5B | $482.0M | $9.53 | $2.5B | 9.8% | 34.3% |
| FY2021 | $7.1B | $83.3M | $1.67 | $392.1M | 6.2% | 24.0% |
| FY2020 | $4.0B | -$707.0K | -$0.08 | $935.5M | 3.2% | 6.8% |
| FY2019 | $2.3B | -$172.0M | -$3.71 | $314.3M | -6.7% | -17.7% |
| FY2018 | $1.4B | -$36.6M | -$0.82 | $137.8M | -4.8% | -7.8% |
| FY2017 | $1.2B | $13.8M | $0.31 | $213.9M | 4.6% | 7.5% |
| FY2016 | $844.4M | $136.4M | $3.09 | $121.7M | 21.4% | 31.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MERCADOLIBRE INC is a consistent compounder, expanding top-line revenue at 42.4% annually over the past decade.
MERCADOLIBRE INC has earned high returns on invested capital, averaging 21.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
MERCADOLIBRE INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MERCADOLIBRE INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1308.70 per share.