dLocal Ltd (DLO) stock analysis
Close on Nov 11, 2026Market cap $4.12BP/E 21.5Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed11 of 30 checks passed
dLocal passes 11 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 5/6
- Past performance
- 4/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 38.2% over the last twelve months and averaged 35.5% over five years.
Earnings grew over 5 years
Net income grew 47.5% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 37.7% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 22.9% a year over the last three fiscal years.
What to watch
Gross margin slipping
Gross margin was 36.8% over the last twelve months, against 39.5% a year earlier.
Net margin below its 5-year average
Net margin was 18.0% over the last twelve months, against a 5-year average of 23.0%.
No dividend
dLocal has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth5/6
Revenue growing 10%+ a year
Revenue grew 37.7% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 22.9% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 63.4% over the last twelve months, against a 5-year average of 47.5% a year.
Growing faster than the industry
Revenue grew 46.6% over the last twelve months; the Miscellaneous Business Services median is 9.9%.
Guidance raised
dLocal raised its 2026 TPV outlook on Aug 13, 2026.
Gross margin slipping
Gross margin was 36.8% over the last twelve months, against 39.5% a year earlier.
Past performance4/6
Return on equity over 15%
Return on equity was 38.2% over the last twelve months and averaged 35.5% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
dLocal's return on equity of 38.2% is above the Miscellaneous Business Services median of 6.8%.
Earnings grew over 5 years
Net income grew 47.5% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 18.0% over the last twelve months, against a 5-year average of 23.0%.
Net margin above the industry
dLocal's net margin of 18.0% is above the Miscellaneous Business Services median of 3.8%.
Financial health2/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 7.9 times.
Short-term assets cover short-term debts
Current assets are 1.25 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
dLocal has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for dLocal. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $31.91M
- Value traded per 1% price move
- $16.70M
Downside
Medium risk
- Typical loss in a bad month
- 16.5%
- Volatility (annualized)
- 45%
- Sharpe ratio, 1 year
- -0.13
- Beta to the S&P 500 (5Y)
- 1.66
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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