DLocal Limited DLO

FinancialsProfessional & Commercial ServicesUruguay

Last close 12.96 USD on Nov 1, 2026, −6.8% year to date

Quant rating

Quant rating B Rank 56 of 304 in Financials

Growth A 4 of 304
Valuation B 120 of 304
Quality A 9 of 304
Revisions C 165 of 304
Momentum D 232 of 304

Wall Street consensus Buy (2.00)Average target 18.14 USD +39.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.7B
Enterprise value: 2.9B
52-week range: 10.64 – 16.14
3-year range: 6.60 – 18.03
Dividend yield: –
Beta (5 years): 0.94
Shares outstanding: 288M
Next earnings: Nov 12, 2026

About the company

Dlocal Ltd, an Uruguay-based company, is focused on enabling global merchants to connect with emerging market users. The Company offers payment platform for emerging markets. Through the Company's direct application programming interface (API), one technology platform, and one contract, which is collectively referred as the One dLocal model. The Company enables global enterprise merchants to get paid (pay-in) and to make payments (pay-out) online in a safe and efficient manner. The Company's cloud-based platform powers both cross-border and local-to-local transactions in approximately 29 countries. The Company enables global merchants to connect with over 600 local payment methods across different geographies, which expands their addressable markets. It operates in different verticals and geographies. The Company's key verticals include retail, streaming, ride hailing, financial institutions, advertising, software as a service (SaaS), travel, e-learning and gaming.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,094	746	650	419	244	–
Revenue growth	46.6%	14.7%	55.2%	71.6%	134.4%	60.0%
EPS (basic, normalized)	0.65	0.39	0.57	0.35	0.26	–
EPS growth	66.7%	−31.6%	62.9%	34.6%	–	–
Gross margin	36.8%	39.5%	42.6%	48.3%	53.4%	44.1%
Net margin	18.0%	16.1%	22.9%	25.9%	31.9%	23.0%
ROE	37.2%	25.5%	34.9%	32.0%	47.9%	35.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	874
Current ratio	1.25x
Long-term debt (mil)	1.6
Net debt (mil)	−807
Total equity (mil)	540
Net debt / equity	−1.49x
Net debt / EBITDA	−2.90x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,094	+46.6%	2.7x	278	+57.7%	10.5x	0.65	+66.7%	19.9x
2026	1,582	+44.6%	1.9x	328	+18.0%	8.9x	0.81	+24.6%	16.0x
2027	2,052	+29.8%	1.4x	427	+30.1%	6.9x	1.08	+33.9%	11.9x
2028	2,508	+22.2%	1.2x	501	+17.5%	5.8x	1.31	+21.1%	9.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,582	−0.4%	+2.9%	+3.5%	0.81	−0.8%	−0.2%	−2.0%
2027	2,052	−0.3%	+2.7%	+5.8%	1.08	−0.5%	+1.2%	+2.9%
2028	2,508	−0.6%	+4.4%	+8.7%	1.31	−0.9%	0.0%	+6.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	184	171	186	204	217	256	282	338	336	400
Sales mean (mil)	190	207	181	206	210	230	262	298	333	369
Surprise	−2.9%	−17.3%	+2.4%	−0.9%	+3.2%	+11.7%	+7.8%	+13.6%	+0.8%	+8.4%
EPS reported	0.06	0.15	0.09	0.10	0.15	0.14	0.17	0.18	0.14	0.18
EPS mean	0.12	0.09	0.10	0.15	0.12	0.13	0.16	0.18	0.16	0.19
Surprise	−47.9%	+58.9%	−12.4%	−31.7%	+25.7%	+8.7%	+5.6%	+2.2%	−14.2%	−3.9%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DLO DLocal Limited	3.7B	−2.90x	18.0%	6.92x	16.0x	11.9x	8.9x	6.9x
V Visa Inc.	768.7B	0.26x	49.6%	20.24x	27.5x	24.1x	21.6x	19.4x
PYPL PayPal Holdings, Inc.	47.4B	0.44x	15.8%	2.45x	10.2x	9.7x	6.9x	7.4x
XYZ Block, Inc.	45.8B	−0.17x	5.4%	2.08x	18.9x	14.6x	9.7x	7.9x
FISV Fiserv Inc	26.6B	2.80x	16.4%	0.99x	6.9x	6.3x	6.4x	6.3x
GPN Global Payments Inc	25.6B	4.19x	13.9%	1.11x	7.1x	6.0x	7.8x	7.2x
Mean		0.77x	19.9%	5.63x	14.4x	12.1x	10.2x	9.2x
Median		0.35x	16.1%	2.26x	13.1x	10.8x	8.4x	7.3x

Technical analysis

1M−6.2%
3M−12.9%
1Y−15.0%
3Y−15.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, DLocal Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,094	746	650	419	244	104
Cost of revenue	691	451	373	217	114	44.1
Gross profit	403	295	277	202	130	60.1
Selling, general & administrative expenses	113	99.2	77.2	53.6	41.8	22.7
Research & development	30.7	25.6	12.7	6.3	3.4	2.0
Depreciation/amortization	2.4	–	3.5	3.4	2.4	0.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.2	0.4	−3.1	5.5	0	−0.8
Other operating expenses	35.0	29.0	6.9	5.5	−1.0	4.9
Operating income	220	140	180	128	83.8	30.9
Net interest income (expense)	33.6	46.9	99.6	−0.9	2.4	0.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−24.9	−36.4	−101	−6.8	−0.7	0
Net income before taxes	229	151	179	120	85.5	31.4
Provision for taxes	31.8	30.6	29.4	11.6	7.6	3.2
Minority interest	−0.1	−0.1	−0.1	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	197	120	149	109	77.9	28.2
Extraordinary items	–	–	–	–	–	–
Net income	197	120	149	109	77.9	28.2
EBIT, normalized	222	143	178	133	84.6	30.1
EBITDA, normalized	248	160	190	142	89.3	31.1
Basic EPS, normalized	0.65	0.39	0.57	0.35	0.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, DLocal Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	819	554	639	469	337	120
Receivables	572	497	363	240	191	72.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	0	0.6	0.6
Other current assets	29.7	21.7	13.8	58.0	0.8	1.5
Total current assets	1,421	1,073	1,016	768	530	195
Property, plant & equipment	7.0	7.0	6.6	6.7	6.4	1.1
Goodwill	–	–	–	–	–	–
Intangibles	74.0	63.3	57.9	51.4	47.0	4.2
Long-term investments	–	0	1.7	–	–	–
Note receivable	26.0	18.0	–	–	–	–
Other long-term assets	13.3	10.1	2.2	0.4	0.1	0.4
Total assets	1,541	1,171	1,084	826	583	200
Liabilities
Accounts payable	813	563	572	395	269	137
Payable/accrued	–	–	–	–	–	–
Accrued expenses	6.8	11.7	10.7	11.4	14.4	8.8
Short-term debt	86.9	50.5	0	0	5.0	0
Current portion of long-term debt	1.1	1.1	0.6	0.7	0.5	0.2
Other current liabilities	58.2	51.6	41.5	15.0	9.3	9.4
Total current liabilities	966	678	625	422	298	155
Long-term debt	2.3	2.9	3.3	3.4	3.4	0
Minority interest	0.2	0.1	0.1	0	0	0
Other liabilities	3.3	1.9	0.8	1.0	0.9	0.3
Total liabilities	972	682	629	427	303	155
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	7.1	187	73.1	164	157	0
Retained earnings (accumulated deficit)	562	503	381	235	123	44.5
Treasury stock	0	−201	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	569	489	455	400	280	45.1
Total liabilities & shareholders' equity	1,541	1,171	1,084	826	583	200

Cash flow statement in millions of USD, fiscal years

Cash flow statement, DLocal Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	229	151	179	120	85.5	31.4
Depreciation, depletion & amortization	26.3	17.4	12.2	8.1	4.7	1.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	50.7	23.0	59.5	32.2	5.5	9.4
Changes in working capital	110	−224	43.2	−6.2	12.8	46.7
Cash from operations	415	−32.8	293	154	108	88.5
Investing activities
Capital expenditures	−36.8	−22.6	−18.2	−12.4	−48.0	−3.9
Other investing cash flows	42.1	4.9	−66.4	16.7	10.1	7.5
Cash from investing	5.3	−17.8	−84.7	4.3	−37.9	3.6
Financing activities
Financing cash flow items	−26.7	−19.2	−35.0	−23.7	−1.2	−0.1
Cash dividends paid	−150	–	–	0	0	−15.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	55.6	−49.3	−98.9	−3.7	155	−0.1
Cash from financing	−121	−68.6	−134	−27.3	154	−15.2
Foreign exchange effects	−5.0	8.1	−6.8	0.5	0.2	0
Net change in cash	295	−111	68.1	132	224	77.0
Free cash flow	379	−55.4	275	142	60.5	84.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.