{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","ticker":"MELI","updated_at":"2026-07-12T04:08:00.104+00:00","canonical":"https://valuechain.wiki/mercadolibre","same_as":["https://finance.yahoo.com/quote/MELI","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1099590"],"citable":"밸류체인 그래프 기준 MercadoLibre의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 37곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, MercadoLibre, Inc. is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 37 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 중남미 이커머스·핀테크 · 신흥 소비 시계","kicker_en":"Nasdaq · LatAm e-commerce & fintech · Emerging-consumption clock","lead":"메르카도리브레는 브라질·멕시코·아르헨티나를 중심으로 중남미 전역에서 이커머스 마켓플레이스와 핀테크(메르카도파고)를 함께 운영하는 플랫폼이다. 2025년 순매출과 금융수익 합계는 288.93억 달러로 커머스 162.94억, 핀테크 125.99억으로 나뉜다. 미국 델라웨어 법인으로 나스닥에 상장돼 있으나 매출 대부분이 중남미 현지 통화로 발생해 환율과 인플레이션에 민감하다.","lead_en":"MercadoLibre runs both an e-commerce marketplace and a fintech arm (Mercado Pago) across Latin America, led by Brazil, Mexico and Argentina. FY2025 net revenues and financial income totaled $28.893 billion, split into Commerce ($16.294B) and Fintech ($12.599B). It is a Delaware-incorporated NASDAQ registrant, but most revenue is earned in local Latin American currencies, leaving it exposed to exchange rates and inflation.","segments":{"fy":2025,"parts":[{"desc":"마켓플레이스 수수료, 물류(Mercado Envíos), 광고. $16.29B","name":"커머스(Commerce)"},{"desc":"결제·신용(대출)·자산관리·POS. $12.60B","name":"핀테크(Fintech, Mercado Pago)"}],"total":"순매출+금융수익 합계 $28,893M (2025). 커머스 $16,294M, 핀테크 $12,599M","source":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","concentration":"지역별(순매출+금융수익): 브라질 52.6%($15,201M)·멕시코 22.4%($6,475M)·아르헨티나 20.6%($5,962M)·기타 4.4% (FY2025). 세 나라가 95.6% 차지"},"segments_en":{"fy":2025,"parts":[{"desc":"Marketplace fees, logistics (Mercado Envios) and advertising. $16.29B","name":"Commerce"},{"desc":"Payments, credit, asset management and POS. $12.60B","name":"Fintech (Mercado Pago)"}],"total":"Net revenues and financial income $28,893M (2025). Commerce $16,294M, Fintech $12,599M","source":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","concentration":"By geography (net revenues and financial income): Brazil 52.6% ($15,201M), Mexico 22.4% ($6,475M), Argentina 20.6% ($5,962M), other 4.4% (FY2025). 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아르헨티나 등 고인플레 시장에서 마진과 리스크를 동시에 키운다. 미국 상장이지만 매출 대부분이 현지 통화라 환율·인플레이션이 실적 변동의 최대 외생 변수. 관전점은 핀테크 신용 손실률과 브라질·멕시코 커머스 성장 지속성. 그래프 파급: IT 인프라를 AWS·구글클라우드에 의존해 클라우드가 최대 비용처이고, 물류(Mercado Envíos)가 커머스 원가의 축.","analysis_en":"MercadoLibre's thesis is a proxy for Latin American consumption where commerce and fintech reinforce each other. The marketplace creates transactions and Mercado Pago absorbs their payments, credit and asset management, so commerce ($16.29B) and fintech ($12.60B) grow across one ecosystem — credit (lending) especially expands both margin and risk in high-inflation markets like Argentina. U.S.-listed but with most revenue in local currencies, FX and inflation are the biggest exogenous swing factors. Watch fintech credit-loss rates and the durability of Brazil/Mexico commerce growth. Graph propagation: IT infrastructure depends on AWS and Google Cloud (the largest cost centers), while logistics (Mercado Envíos) anchors commerce cost.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"커머스 마켓플레이스·물류 (판매자·소비자)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"커머스 부문 순매출(백만 달러)","value":16294,"period":"FY2025","basis_en":"Commerce segment net revenues (US$ millions)"},"note":"커머스 부문은 마켓플레이스 수수료, 물류(Mercado Envíos), 광고로 구성되며 판매자와 소비자로부터 수익을 얻는다. FY2025 순매출 $16.29B으로 전사 매출의 56%다.","note_en":"The Commerce segment earns from marketplace fees, logistics (Mercado Envios) and advertising, paid by sellers and buyers. FY2025 revenue was $16.29B, 56% of the total.","sources":[{"stance":"confirms","publisher":"뉴스핌 GAM","publisher_en":"Newspim GAM","kind":"news","lang":"ko","published_at":"2026-05-15","url":"https://www.newspim.com/news/view/20260514000766","title":"[GAM]메르카도 두 배 랠리 기대감 ① 남미 디지털 경제 인프라 개척의 선봉","title_en":"[GAM] MercadoLibre, vanguard of Latin America's digital economy infrastructure","excerpt":"한국어 보도. 1분기 순매출 88.5억 달러(+49%)와 함께 브라질 커머스 GMV +38%, 판매 품목 수 +56%, 풀필먼트 센터 50개로 확대(직접 배송 55%)를 전하며 마켓플레이스·물류 중심 커머스 성장을 확인한다.","excerpt_en":"Korean-language report. Alongside Q1 net revenue of $8.85B (+49%), it cites Brazil commerce GMV up 38%, listings up 56% and fulfillment expanded to 50 centers (55% of shipments handled directly), confirming marketplace and logistics driven commerce growth."},{"stance":"confirms","publisher":"메르카도리브레 FY2025 10-K","publisher_en":"MercadoLibre FY2025 Form 10-K","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","title":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","title_en":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","excerpt":"10-K는 커머스 부문 순매출이 2025년 $16,294M이며 마켓플레이스·물류·광고로 구성된다고 공시한다.","excerpt_en":"The 10-K reports Commerce net revenues of $16,294M in 2025, comprising marketplace, logistics and advertising."}]},{"direction":"revenue","counterparty":"핀테크 Mercado Pago (이용자·가맹점)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"핀테크 부문 순매출+금융수익(백만 달러)","value":12599,"period":"FY2025","basis_en":"Fintech segment net revenues and financial income (US$ millions)"},"note":"핀테크(메르카도파고) 부문은 결제·신용·자산관리·POS로 이용자와 가맹점에서 수익을 얻는다. FY2025 순매출+금융수익 $12.60B으로 전사의 44%이며, 아르헨티나에서는 핀테크가 커머스를 앞선다.","note_en":"The Fintech (Mercado Pago) segment earns from payments, credit, asset management and POS, paid by users and merchants. FY2025 revenue was $12.60B, 44% of the total, and in Argentina fintech exceeds commerce.","sources":[{"stance":"confirms","publisher":"메르카도리브레 FY2025 10-K","publisher_en":"MercadoLibre FY2025 Form 10-K","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","title":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","title_en":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","excerpt":"10-K는 핀테크 순매출+금융수익이 2025년 $12,599M이며 아르헨티나에서는 핀테크($3,928M)가 커머스($2,034M)를 상회한다고 공시한다.","excerpt_en":"The 10-K reports Fintech net revenues and financial income of $12,599M in 2025, with Argentine fintech ($3,928M) exceeding commerce ($2,034M)."}]},{"direction":"cost","counterparty":"Amazon","counterparty_slug":"amazon","confidence":"high","metric":null,"note":"메르카도리브레는 IT 인프라를 클라우드에 의존하며, 10-K는 최대 클라우드 제공사를 Amazon Web Services와 Google Cloud Platform으로 명시한다. AWS는 메르카도리브레의 주요 클라우드 비용처다.","note_en":"MercadoLibre relies on cloud infrastructure, and its 10-K names Amazon Web Services and Google Cloud Platform as its largest cloud providers. AWS is a major cloud cost counterparty.","sources":[{"stance":"confirms","publisher":"메르카도리브레 FY2025 10-K","publisher_en":"MercadoLibre FY2025 Form 10-K","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","title":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","title_en":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","excerpt":"10-K는 회사가 클라우드 제공사에 의존하며 그중 최대가 Amazon Web Services와 Google Cloud Platform이라고 명시한다.","excerpt_en":"The 10-K states the Company depends on cloud providers, the largest of which are Amazon Web Services and Google Cloud Platform."},{"stance":"confirms","publisher":"아마존웹서비스(AWS)","publisher_en":"Amazon Web Services (AWS)","kind":"news","lang":"en","published_at":"2022-10-04","url":"https://aws.amazon.com/blogs/industries/mercado-libre-uses-aws-to-provide-scalable-secure-ecommerce-to-its-80-million-customers/","title":"Mercado Libre uses AWS to provide scalable, secure ecommerce to its 80 million customers","title_en":"Mercado Libre uses AWS to provide scalable, secure ecommerce to its 80 million customers","excerpt":"AWS 산업 블로그는 메르카도리브레가 8천만 고객 대상 이커머스를 AWS 위에서 운영하며 5,000개 데이터베이스를 Amazon DynamoDB로 이전했다고 서술한다. IT 디렉터 Oscar Mullin이 DynamoDB 안정성을 인용한다. FY2025 10-K가 AWS를 최대 클라우드 제공사로 명시하며 관계의 현재성을 뒷받침한다.","excerpt_en":"AWS's industry blog describes MercadoLibre running e-commerce for 80 million customers on AWS and migrating 5,000 databases to Amazon DynamoDB, with IT Director Oscar Mullin citing DynamoDB reliability. The FY2025 10-K, which names AWS as its largest cloud provider, anchors the relationship as current."}]},{"direction":"cost","counterparty":"Alphabet (Google)","counterparty_slug":"alphabet","confidence":"high","metric":null,"note":"Google Cloud Platform은 AWS와 함께 메르카도리브레의 최대 클라우드 제공사로 10-K에 명시된다. GCP는 클라우드 비용처다.","note_en":"Google Cloud Platform is named alongside AWS as one of MercadoLibre's largest cloud providers in the 10-K, making it a cloud cost counterparty.","sources":[{"stance":"confirms","publisher":"메르카도리브레 FY2025 10-K","publisher_en":"MercadoLibre FY2025 Form 10-K","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","title":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","title_en":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","excerpt":"10-K는 최대 클라우드 제공사가 Amazon Web Services와 Google Cloud Platform이라고 명시해 GCP 의존을 확인한다.","excerpt_en":"The 10-K names Amazon Web Services and Google Cloud Platform as its largest cloud providers, confirming reliance on GCP."}]},{"direction":"cost","counterparty":"물류·배송 (Mercado Envíos·택배·통관, 비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"자체 물류망 Mercado Envíos와 외부 택배·통관이 주요 비용처다. 개별 공급사는 비공개다.","note_en":"Its Mercado Envios logistics network plus third-party carriers and customs are a major cost item. Individual providers are undisclosed.","sources":[{"stance":"mentions","publisher":"메르카도리브레 FY2025 10-K","publisher_en":"MercadoLibre FY2025 Form 10-K","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm","title":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","title_en":"MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)","excerpt":"10-K는 매출원가에 배송·물류 비용이 포함되며 Mercado Envíos 물류 운영을 확장하고 있다고 서술한다.","excerpt_en":"The 10-K describes shipping and logistics within cost of net revenues and continued expansion of Mercado Envios logistics operations."}]}]}