핵심요약

• 스페이스X는 860억 달러 IPO를 성공적으로 마쳤지만, 높은 가격과 과도한 지출이 우려됩니다.
• 메르카도리브레는 2026년 1분기 매출이 전년 동기 대비 49% 증가했으며, 수익을 내고 있습니다.
• 메르카도리브레의 고유 활성 구매자는 26% 증가했고, 핀테크 월간 활성 사용자는 29% 증가했습니다.
• 온홀딩도 강점을 보이고 있습니다.

도입

이 기사는 투자자에게 스페이스X의 높은 가격과 과도한 지출에 대한 우려를 제기하며, 메르카도리브레와 온홀딩과 같은 대체 성장주의 가능성을 제시합니다. 특히 메르카도리브레는 지속적인 성장과 수익성을 보여주며, 투자자에게 중요한 시사점을 제공합니다.

본문 1: 메르카도리브레의 성장 동력

메르카도리브레는 2026년 1분기 매출이 전년 동기 대비 49% 증가하며 강력한 성장세를 보였습니다. 고유 활성 구매자는 26% 증가했고, 핀테크 월간 활성 사용자는 29% 증가했습니다. 이는 메르카도리브레가 장기적인 시장 잠재력을 가지고 있음을 보여줍니다. 특히 브라질 시장에서 무료 배송 임계값을 낮추어 신규 고객을 유치하는 전략이 성공을 거두며, 다른 시장에서도 비슷한 전략을 적용할 계획입니다.

본문 2: 스페이스X의 리스크 분석

스페이스X는 높은 가격과 과도한 지출이 주요 리스크로 지적됩니다. IPO를 통해 860억 달러를 조달했지만, 이는 장기적인 재무 건전성을 위협할 수 있습니다. 또한, 스페이스X는 아직 수익을 내고 있지 않아, 투자자에게는 더 큰 불확실성을 안겨줍니다. 이는 메르카도리브레와 같은 수익을 내는 기업에 비해 투자 매력이 떨어질 수 있음을 시사합니다.

본문 3: 온홀딩의 잠재력

온홀딩은 최근 에르본 신발의 성공으로 주목을 받고 있습니다. 이는 브랜드 파워와 시장 수요가 높음을 보여줍니다. 온홀딩은 미래 성장 가능성을 고려할 때, 투자자에게 흥미로운 선택지일 수 있습니다. 특히 스포츠 및 라이프스타일 시장의 확대와 함께 온홀딩의 시장 점유율이 증가할 전망입니다.

결론

이 기사는 스페이스X의 높은 가격과 과도한 지출에 대한 우려를 제기하며, 메르카도리브레와 온홀딩과 같은 대체 성장주의 가능성을 제시했습니다. 메르카도리브레는 지속적인 성장과 수익성을 보여주며, 투자자에게 중요한 시사점을 제공했습니다. 앞으로도 메르카도리브레의 시장 확장 전략과 온홀딩의 브랜드 파워가 주목받을 것입니다.

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원문 링크: https://www.fool.com/investing/2026/06/28/everyone-is-talking-about-spacex-here-are-2-growth/?.tsrc=rss

Everyone Is Talking About SpaceX. Here Are 2 Growth Stocks I Like Much Better.

Everyone is talking about Space Exploration Technologies ( SPCX +0.15% ) , commonly known as SpaceX. With Elon Musk at its helm, it gets a lot of attention. That's part of why it easily raised $86 billion in its historic initial public offering, which was oversubscribed by more than four times.

But there's plenty of risk in owning SpaceX stock. The company is already doing great things, but that doesn't automatically make it a great investment. It's astronomically expensive and spending like money is going out of style; the fundamentals should always be of prime importance to investors.

I may want to revisit SpaceX later, when it's cheaper and looking in better financial shape. But right now, MercadoLibre ( MELI +3.59% ) and On Holding ( ONON +1.34% ) look like much better growth stocks. Here's why.

On X Erewhon shoes. Image source: On.

MercadoLibre is growing faster than SpaceX, and it's been in high-growth mode for a long time. Management recently noted that it's growing at the rate of a start-up, even though it's already several decades old. Revenue increased 49% year over year in the 2026 first quarter. At this point, it's also the leader in its industry and region, and it's profitable, something SpaceX is missing today.

Growth at MercadoLibre is visible everywhere. Unique active buyers increased 26% year over year on the e-commerce platform in the first quarter, while fintech monthly active users rose 29%. Total payment volume increased 50%, while gross merchandise volume was up 42%.

However, the company still has a massive long-term opportunity. Despite MercadoLibre's years of high growth, its markets remain underpenetrated in e-commerce and fintech, and it continues to improve its value proposition to attract more people to its platform. It has lowered the free shipping threshold in Brazil, leading to many positive results, such as record new additions in the first quarter. It plans to replicate this success across more of its markets as well.

Finally, MercadoLibre's stock has dropped this year due to pressure on the bottom line. The company is expanding to capture market share and strengthen its foundation for future growth, and it's also attracting more people to its credit products, which often carry higher risk until they're established partners. These things are hurting it in the short run, but they create the opportunity for higher growth.

At the lower price, MercadoLibre stock trades at only 43 times trailing-12-month earnings, or near its 10-year low. Compared with SpaceX's 105 price-to-sales ratio, MercadoLibre looks like a much better buy .

On is challenging the leading activewear companies with its premium line of products that are gaining loyal fans. These fans are affluent and resilient and have more money to spend in the inflationary environment, driving robust performance.

In the 2026 first quarter, sales increased 26% year over year (currency-neutral), across both wholesale and direct-to-consumer channels. Since it has a high full-priced sales rate, it has strong margins. Gross margin improved from 59.9% to 64.2%, while profit margin widened from 7.8% to 12.4%.

Said CEO Caspar Coppetti about sustaining the premium brand through full price, "Our results represent this strategy, the kind that builds the brand for years and decades to come."

On is still rolling out and building its brand in many parts of the world. Even in the U.S., where it's fairly well-established, it still has low brand penetration, reaching 30% for the first time in the first quarter.

It's also attracting more younger customers, with its largest-ever increase in the share of 18-to-24-year-olds in its direct-to-consumer customer base in the first quarter. In the annual Piper Sandler Taking Stock With Teens survey, an industry report on retail and brand trends among younger shoppers, On ranked fourth in footwear, indicating a higher market share among buyers.

On trades at only 39 times trailing-12-month earnings, and it looks like a bargain at that price.

Source: https://www.fool.com/investing/2026/06/28/everyone-is-talking-about-spacex-here-are-2-growth/?.tsrc=rss