BlackBerry Limited (BB) vs DLocal Limited (DLO)

BlackBerry Limited and DLocal Limited are both Software Infrastructure companies. BlackBerry Limited is the larger, with a market value of $5.1B against $4.3B — 1.2× the size. DLocal Limited trades at the lower P/E: 21.0× against 59.9×. DLocal Limited grew revenue faster over the last twelve months: 57.0% against 14.4%. DLocal Limited has the higher net margin (15.0% vs 13.1%) and the lower return on invested capital (0.00% vs 8.56%). Across the 22 metrics below, DLocal Limited leads on 17 and BlackBerry Limited on 5.

Valuation

Metric BB DLO Software Infrastructure median
P/E 59.93 20.96 28.38
P/S 7.70 3.12 2.98
P/B 5.97 7.82 2.93
Price to free cash flow 54.98 10.88 16.28
EV/EBITDA 47.37 12.83 13.92
EV/Sales 7.67 2.52 2.90
Earnings yield 1.67% 4.77% 0.14%
Free cash flow yield 1.82% 9.19% 1.24%

Profitability

Metric BB DLO Software Infrastructure median
Gross margin 77.87% 34.28% 61.00%
Operating margin 13.63% 17.35% 0.00%
Net margin 13.09% 15.04% 0.00%
Free cash flow margin 14.01% 28.65% 1.67%
Return on equity 10.60% 41.26% 0.60%
Return on assets 6.57% 11.95% 0.00%
Return on invested capital 8.56% 0.00% 0.00%

Growth

Metric BB DLO Software Infrastructure median
Revenue growth (TTM) 14.42% 57.03% 13.41%
EPS growth (last fiscal year) 169.23% 66.67% 27.10%
Revenue growth, 5-year CAGR (9.27%) 60.05% 15.57%
Net income growth, 5-year CAGR 0.00% 47.50% 0.00%

Health

Metric BB DLO Software Infrastructure median
Debt to equity 0.25 0.00 0.05
Current ratio 2.38 1.25 1.55
Net debt to EBITDA (2.47) (3.32) 0.08

Dividend

Metric BB DLO Software Infrastructure median
Dividend yield — 1.34% 1.20%
Payout ratio — 0.29 0.29

Size

Metric BB DLO Software Infrastructure median
Market cap 5.11b 4.26b 752.37m

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