MELI
MercadoLibre
Hybrid Fintech
★ Quality 68/100Price today
$1,978
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See what it is worthcharlieapp.co
Where does the value come from?
This business isn't one thing: its value is built by adding up parts, and each is valued differently.
the marketplace: a network of buyers and sellers that feeds on itself.
the loan book: capital that earns according to its quality and ROE.
What this business is made of
The business
LatAm's bazaar with its own bank built in.
Dominant marketplace in LatAm with a fintech engine on top: Mercado Pago processes payments, lends, and holds deposits. GMV $60.2B and TPV $59.8B over the trailing twelve months. It earns a marketplace take rate, credit spread, and payment fees.
A network of buyers, sellers, and proprietary logistics that no regional competitor has replicated in 25 years. Amazon tried in Mexico and Brazil without moving the needle. The cross-sell between marketplace and fintech creates real switching costs for the small-business seller.
Revenue history
From $4.0B to $20.8B in 4 years — nearly 5.2x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $28.9B · FY2025
Of every $100 in sales, $93 goes to costs and operations; $7 is left as net profit (7% margin).
Catalysts and risks
TPV growing +38% YoY — fintech already outweighs many regional banks.
Mercado Crédito: loan book expanding, though with NPL >90d at 17.6%.
Advertising scaling on top of $60B GMV with margins near 100%.
NIMAL falling from 31% to 21% — credit is tightening.
NPL >90 days at 17.6%: high delinquency, demands heavy provisions.
FX exposure to the Argentine peso and Brazilian real hits USD reporting.
Charlie's note
“You pay a demanding multiple for a moat no one has crossed in 25 years: a dominant marketplace with fintech on top and real switching costs for the small-business seller. The quality justifies the price; growth and the credit spread do the rest if you have patience.”
Analysis · May 2026
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