MercadoLibre, Inc.
MELI Consumer Cyclical Internet Retail
MercadoLibre, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $28.9 billion, up 39.1% from fiscal 2024. In the quarter to June 2026, revenue grew 49.8%, EPS fell 10.9%, free cash flow grew 22.5% and total debt rose 45.5%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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MercadoLibre, Inc. (MELI) Beneish M-score
MercadoLibre, Inc.'s Beneish M-score for fiscal 2025 is −3.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.04 | (0.08) |
| FY2024 | −2.97 | 0.32 |
| FY2023 | −3.29 | (0.43) |
| FY2022 | −2.85 | (0.95) |
| FY2021 | −1.90 | 0.62 |
| FY2020 | −2.52 | 0.28 |
| FY2019 | −2.80 | 0.08 |
| FY2018 | −2.88 | (0.06) |
| FY2017 | −2.82 | (0.94) |
| FY2016 | −1.88 | 0.94 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.04 | — | 0.55 | |
| Asset quality index | 1.09 | — | 0.44 | |
| Sales growth index | 1.39 | — | 1.24 | |
| Depreciation index | 1.18 | — | 0.14 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.24) | — | −1.11 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| W Wayfair Inc. compare | −3.8× |
| MELI MercadoLibre, Inc. | −3.0× |
| CPNG Coupang, Inc. compare | −2.9× |
| SE Sea Limited Sponsored ADR compare | −2.9× |
| JD JD.com, Inc. compare | −2.4× |
| DASH DoorDash, Inc. compare | −2.4× |
| EBAY eBay Inc. compare | −2.1× |
| PDD PDD Holdings Inc. Sponsored ADR compare | −2.1× |
| BABA Alibaba Group Holding Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI