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DLocal Limited

DLO Technology Software Infrastructure

DLocal Limited’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 46.6% from fiscal 2024. In the quarter to June 2026, revenue grew 55.8%, EPS grew 26.7%, free cash flow grew 12.6% and total debt fell 39.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

14.67 0.43 −2.85%
Market cap
$4.3B
P/E
21.0×
Fwd P/E
14.1×
Dividend yield
1.34%
F-score
6/9
Altman Z
4.56
Beneish M
−2.91
Dividend safety
57/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.24
Total sells 16.23
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 1 — — — — —
Sell — — — — — — — — 2 1 — —
Insider Ownership 71.09%

Capital & Financial Ratios $m

Market Cap 4,260.00
Revenue 1,355.90
Net Income 247.26
Free Cash Flow 388.40
Net Debt (872.53)
Current Ratio 1.25
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 20.96
Fwd P/E 14.10
P/S ratio 3.12
P/B ratio 7.82 (above 6: high)
Past 5Y EPS Growth 45.70% (at or above 15%: strong)
This Y EPS Growth 7.75%
Next Y EPS Growth 32.12% (at or above 15%: strong)
Next Y revenue growth 45.85% (at or above 10%: strong)
Next 5Y EPS Growth 20.25% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 5.6×; over the ten years it ranged from 2.1× in 2026 to 124× in 2021.
P/E against its own 10 years 23.07%
10-year low 10-year high
P/S against its own 10 years 7.14%
10-year low 10-year high
P/B against its own 10 years 35.48%
10-year low 10-year high
EV/Sales against its own 10 years 13.97%
10-year low 10-year high
EV/FCF against its own 10 years 13.19%
10-year low 10-year high

Dividends

Payout Ratio 0.29
Annual Dividend Rate 0.20
Annual Dividend Yield 1.34%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.20
0.20
2025 0.41
0.51
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 639 554 819 874
Receivables 363 497 572 1,149
Inventory — — — —
Other 14 22 30 25
1,016 1,073 1,421 2,049
2023 2024 2025 Q'26
Payables 602 598 854 1,555
ST’ Debt — 50 — —
Other 1 57 89 67
625 678 966 1,643

Compound Annual Growth %

10y 5y 3y
Sales — 60.05% 37.69%
Cash Flow — 36.25% 39.07%
Earnings — 47.50% 21.89%
Book Value — 66.09% 12.53%

Revenue $m

Mar Jun Sep Dec Year
’26 336 400 — — —
’25 217 256 282 338 1,094
’24 184 171 186 204 746
’23 137 161 164 188 650
’22 87 101 112 118 419
’21 40 59 69 76 244
’20 18 — 31 — 104
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 93 141 — — —
’25 95 124 95 100 415
’24 40 29 40 (141) (33)
’23 85 140 8 61 293
’22 76 34 86 (41) 154
’21 3 — 69 39 108
’20 0 — 51 38 88
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 83 131 — — —
’25 88 116 86 89 379
’24 34 24 34 (147) (55)
’23 81 135 3 57 275
’22 73 31 83 (45) 142
’21 2 — 24 37 60
’20 (1) — 48 37 85
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.14 0.18 — — —
’25 0.15 0.14 0.17 0.18 0.65
’24 0.06 0.15 0.09 0.10 0.39
’23 0.11 0.15 0.13 0.10 0.49
’22 0.08 0.10 0.10 0.06 0.35
’21 0.06 0.06 0.06 0.08 0.25
’20 0.98 — 0.03 — 0.10
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — 29.57 9.03 9.04 6.58 7.61

Analyst estimates 2026–2028

Powerpack
High — — — — — 73.43 36.88 24.22 18.76 16.78
People
People Employees — — — — 310 535 726 901 1,095 1,274
Revenue/emp, $m — — — 0.00 0.34 0.46 0.58 0.72 0.68 0.86
Income, $m
Income, $m Revenue — — — 55 104 244 419 650 746 1,094
Gross margin, % — — — 64.89 57.69 53.43 48.26 42.57 39.50 36.83
EBT — — — 18 31 86 120 179 151 229
EBT margin, % — — — 32.24 30.17 35.02 28.71 27.45 20.24 20.91
Net income — 0 — 18 31 86 120 179 151 229
Depreciation — — — 0 1 4 8 12 17 26
Per share, $
Per share, $ Revenue — — — 103.77 0.39 0.85 1.42 2.23 2.57 3.76
Earnings — — — 29.28 0.10 0.27 0.37 0.51 0.42 0.68
Cash flow — — — 57.66 0.33 0.38 0.52 1.01 (0.11) 1.43
Capex — — — (3.20) (0.01) (0.17) (0.04) (0.06) (0.08) (0.13)
Free cash flow — — — 54.46 0.32 0.21 0.48 0.94 (0.19) 1.30
Book value — — — 46.04 0.17 0.98 1.35 1.56 1.69 1.96
Shares, m — — — 1 269 287 296 292 290 291
Valuation, ×
Valuation, × P/E — — — 44.37 44.37 131.02 41.54 34.02 26.81 20.79
P/S — — — 0.00 0.00 41.98 10.85 7.79 4.38 3.76
P/B — — — 80.50 80.50 36.56 11.37 11.13 6.68 7.23
EV/Sales — — — 0.00 0.00 40.63 9.74 6.81 3.71 3.07
EV/FCF — — — 94.07 94.07 102.38 28.70 16.10 (49.87) 8.88
Cash, $m
Cash, $m Operating cash flow — — — 31 88 108 154 293 (33) 415
Capex — — — (2) (4) (48) (12) (18) (23) (37)
Free cash flow — — — 29 85 60 142 275 (55) 379
Balance, $m
Balance, $m Working capital — — — 22 40 231 346 391 395 455
Total debt — — — 0 0 8 3 3 53 2
Net debt — — — (50) (120) (329) (466) (636) (501) (817)
Shareholders’ equity — — — 25 45 280 400 455 489 569
Returns, %
Returns, % ROA — — — 39.20 20.13 19.88 15.42 15.59 10.68 14.51
ROIC — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ROE — — — 44.85 81.02 47.87 31.97 34.86 25.51 37.19
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

DLocal Limited vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACIW ACI Worldwide, Inc. $5.3B 24.0× 17.0× +7.27% (above 0%: growing) +158.33% (above 0%: growing) +35.07% (above 0%: growing) 42.18% 10.37% Compare
RELY Remitly Global, Inc. $5.2B 16.7× 28.8× +20.23% (above 0%: growing) +3,166.67% (above 0%: growing) +197.33% (above 0%: growing) 62.07% 13.47% Compare
BB BlackBerry Limited $5.1B 59.9× 67.1× +26.00% (above 0%: growing) +200.00% (above 0%: growing) +1,470.59% (above 0%: growing) 77.83% 20.58% Compare
BLSH Bullish $4.8B — (loss-making) — (loss-making) −44.34% (below 0%: shrinking) n/m +2.25% (above 0%: growing) 0.25% (0.87%) Compare
CORZ Core Scientific, Inc. $4.6B — (loss-making) — (loss-making) +108.83% (above 0%: growing) n/m −852.12% (below 0%: shrinking) 42.66% (47.79%) Compare
TENB Tenable Holdings, Inc. $4.3B 701× 245× +8.58% (above 0%: growing) n/m +4.67% (above 0%: growing) 77.53% 4.61% Compare
DLO DLocal Limited $4.3B 21.0× 14.1× +55.84% (above 0%: growing) +26.67% (above 0%: growing) +12.57% (above 0%: growing) 31.81% 16.05%
PAY Paymentus Holdings, Inc. $4.1B 47.1× 31.9× +28.80% (above 0%: growing) +66.67% (above 0%: growing) +73.67% (above 0%: growing) 26.14% 9.04% Compare
WIX Wix.com Ltd. $3.4B — (loss-making) — (loss-making) +14.93% (above 0%: growing) n/m −64.35% (below 0%: shrinking) 65.77% (10.44%) Compare
Median of peers $4.7B 47.1× 31.9× +17.58% +179.17% +19.87% 52.37% 6.83%

All 173 Software Infrastructure stocks →

DLocal Limited (DLO) key facts

  • Strength: DLocal Limited’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 46.6% from fiscal 2024.
  • Strength: Net income was $228.7 million, or $0.68 per share (basic), a net margin of 18.0%.
  • DLocal Limited (DLO) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, DLO traded at $14.67, a market capitalization of $4.3 billion.
  • At that price the stock trades at 21.0× trailing-twelve-month earnings and 3.1× sales; its P/E is higher than 23% of its own readings over the past ten years.
  • DLocal Limited pays an annual dividend of $0.20 per share, a yield of 1.34%, with a payout ratio of 29.4%.
  • Return on equity was 37.2% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 4.56 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

DLocal Limited (DLO) Latest News

19 Mar

Impact 5 · transcript
stockrow.com/DLO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com