MercadoLibre Inc
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+ FollowMarket Cap$68.16B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Solid top-line momentum + engagement improvements (macro-resilient, broad-based growth)
- Net revenue + financial income up 41% YoY on an FX-neutral basis; growth is broad-based across businesses and countries, with Brazil fastest-growing.
- Brazil commerce: GMV growth +36% YoY.
- Habit/engagement: users shopping more often; after lowering the free-shipping threshold last year (which disrupted items/basket metrics), items per buyer still grew +16% YoY in Q3’26, i.e., double-digit even after fully lapping the threshold change.
Profitability pressuring margin in the quarter—but management frames it as deliberate investment
- Income from operations: $676m; operating margin 6.3%, down 40 bps QoQ.
- Main margin headwinds identified:
- Net shipping/logistics headwind ~60 bps vs last quarter (broken down as ~40 bps in COGS + ~20 bps in OpEx).
- Driven by ~20% capacity expansion ahead of peak (cost lands before volume), energy/fuel cost pressure, and temporary recruitment costs for the shipping network.
- Also includes ongoing effects of the free-shipping threshold change (more frequent purchasing in smaller baskets → less revenue per shipment).
- Sales & marketing +40 bps sequentially to 11.6% of net revenue, tied to increased affiliate investment in Brazil (social-commerce channel).
Affiliates/social commerce: strategic but tactically intensified in Brazil; economics expected to improve
- Management says affiliate/social commerce is strategic “where demand is” (incremental channel for discovery), while organic frequency + best value proposition remains majority of volume long-term.
- Brazil affiliate intensification: orders via channel +240% YoY; affiliate network >12 million members across the region.
- Surprisingly positive datapoint: BR free shipments in BRL 19–79 range turned variable contribution positive in September (early evidence of improving unit economics).
- CFO view: investment is not a “new bucket,” but cadence-calibrated; expected to contribute to margins eventually as unit economics improve.
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$5163.47
246.2% upside
Current Fair Value
246.2% upsideUndervalued by 246.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $68.16 Billion |
|---|---|
| Enterprise Value | $81.37 Billion |
| Earnings per Share | $39.39 |
| Beta | 1.39 |
| Outstanding Shares | 50,696,994 |
Return
| Return on Equity | 23.05% |
|---|---|
| Return on Assets | 3.30% |
| Return on Invested Capital | 14.22% |
Valuation & Multiples
| P/E Ratio | 40.01 |
|---|---|
| PEG | 623.82 |
| Price to Sales | 2.02 |
| Price to Book Ratio | 9.26 |
| Enterprise Value to Revenue | 2.18 |
| Enterprise Value to EBIT | 32.1 |
| Enterprise Value to Net Income | 43 |
| Total Debt to Enterprise | 0.21 |
| Debt to Equity | 2.12 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$8.83
Est. $9.27Revenue
$10.75 B
Est. $10.69 BNext Earnings Call
Expected Date
February 23, 2027
EPS Estimate
$10.14
Consensus analyst estimateRevenue Estimate
$11.99 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.50, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.4973▲ 45.87% |
|---|---|
| Total Calls | 18,500▼ 98.99% |
| Total Puts | 27,700▼ 98.55% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 13.94%▼ 64.15% |
|---|---|
| Total Invested | $8.19B▼ 87.47% |
| Investors Holding | 740▼ 782.00% |
About MercadoLibre Inc
15,500 employees
CEO: Marcos Galperin
Founded in 1999, MercadoLibre is the largest online commerce ecosystem in Latin America, serving as an integrated regional platform and as a provider of the necessary online and technology-based tools that allow businesses and individual...