Nasdaq · LatAm e-commerce & fintech · Emerging-consumption clock
MercadoLibre, Inc.
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.
MELI Updated Jul 12, 2026 5 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · Net revenues and financial income $28,893M (2025). Commerce $16,294M, Fintech $12,599M
- Customer 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). The three account for 95.6%
- Segments · Commerce · Fintech (Mercado Pago)
Revenue from
- 커머스 마켓플레이스·물류 (판매자·소비자) High confidence· Amount $16,294 · FY2025 · Commerce segment net revenues (US$ millions)
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.Confirms KO Newspim GAM Published May 15, 2026: [GAM] MercadoLibre, vanguard of Latin America's digital economy infrastructureConfirms EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025) - 핀테크 Mercado Pago (이용자·가맹점) High confidence· Amount $12,599 · FY2025 · Fintech segment net revenues and financial income (US$ millions)
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.Confirms EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)
Pays to
- Amazon High confidence
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.Confirms EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)Confirms EN Amazon Web Services (AWS) Published Oct 4, 2022: Mercado Libre uses AWS to provide scalable, secure ecommerce to its 80 million customers - Alphabet (Google) High confidence
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.Confirms EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025) - 물류·배송 (Mercado Envíos·택배·통관, 비공개) Medium confidence
Its Mercado Envios logistics network plus third-party carriers and customs are a major cost item. Individual providers are undisclosed.Mentions EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| MercadoLibre, Inc. | node | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| SanDisk | benef2 | · | · | · | · | · | +707.1 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +44.9 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +9.3 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | +3.5 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | +2.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -10.5 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -15.6 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -29.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $2,333 · Price $1,852.22 (07-10) · Upside +26%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Citi · Joao Soares | Neutral | $1,950 | Jul 9, 2026 | Report ↗ |
| Morgan Stanley · Andrew R. Ruben | Overweight | $2,450 | Jun 24, 2026 | Report ↗ |
| Jefferies · Alexander Wright | Buy | $2,600 | Jun 16, 2026 | Report ↗ |
Most brokers stay bullish on sustained Latin American commerce and fintech growth, while Citi holds a neutral stance on rising competition.