MercadoLibre

MELI’s corporate liquidity and access to capital are strong, supported by investment‑grade ratings and growing profitability. At Q2’25, the company reported net debt of about 3.83 billion dollars including leases, with available cash and investments of roughly 5.15 billion and robust operating cash flow.

Note that fintech customer funds and funding lines complicate simple leverage views; management treats fintech funding as working capital in its adjusted FCF construct. Overall, we see ample capacity to invest through cycles, with prudent risk management required as the loan book expands.