DLONasdaqServices-Business Services, NECFiscal year ends December 31
dLocal Ltd
Financials through Q4 FY2025, quarter ended Dec 31, 2025Last filing: 20-F on Mar 18, 2026
$14.73+0.06 (+0.41%)
Close on Oct 19, 2026
- Market cap
- $4.45B
- P/E (TTM)
- 22.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
36.8%−20.9 pts over 5 years
Operating margin
20.1%−9.6 pts over 5 years
Net margin
18.0%−9.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +46.6% | +37.7% | +60.0% | – | |
| Gross profit | +36.7% | +25.8% | +46.3% | – | |
| Operating income | +56.5% | +19.8% | +48.0% | – | |
| Net income | +63.4% | +21.9% | +47.5% | – | |
| EPS, diluted | +66.7% | +22.9% | +45.4% | – | |
| Free cash flow | – | +39.1% | +36.4% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 37.2% | |
| Return on assets | – | – | 14.5% | |
| Current ratio | – | 1.26 | 1.47 | |
| Interest coverage | – | 461.9× | 7.9× | |
| Capex to revenue | – | 0.8% | 0.2% | |
| Diluted shares | – | 285M | 302M |
Where the cash went
Fiscal 2021 to 2025, five years combined
dLocal generated $1.00B from operations and spent $358.89M on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
$1.00B
Used
$358.89M
Capital expenditure$7.89M2%Dividends$149.98M42%Share buybacks$201.02M56%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.0%
×Asset turnover0.81×
×Equity multiplier2.56×
=Return on equity, FY202537.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 18.0% | 0.81× | 2.56× | 37.2% |
| FY2024 | 16.1% | 0.66× | 2.39× | 25.5% |
| FY2023 | 22.9% | 0.68× | 2.24× | 34.9% |
| FY2022 | 25.9% | 0.59× | 2.07× | 32.0% |
| FY2021 | 31.9% | 0.62× | 2.41× | 47.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$196.80M
- Cash generatingOperating cash flow above zero$415.46M
- Return on assets improvedROA up on the prior year11.1% → 16.8%
- Earnings backed by cashOperating cash flow above net income$415.46M vs $196.80M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.58 → 1.47
- No dilutionShare count did not rise305M → 302M
- Gross margin improvedGross margin up on the prior year39.50% → 36.83%
- More efficientAsset turnover rose0.69 → 0.93