NASDAQ : DLO
DLocal Limited — Financial statements
Technology · Software - Infrastructure · Uruguay
Last price 12.96 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.74B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
DLocal Limited (DLO) reported revenue of 1.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.36B | 1.09B | 745.97M | 650.35M | 418.93M | 244.12M |
| Cost of Revenue | 891.07M | 690.83M | 451.30M | 373.49M | 216.76M | 113.68M |
| Gross Profit | 464.83M | 402.76M | 294.67M | 276.86M | 202.17M | 130.44M |
| Selling, General & Admin | 180.85M | 145.23M | 122.85M | 87.69M | 61.68M | 45.87M |
| Research & Development | 41.98M | 30.71M | 25.62M | 12.65M | 6.35M | 3.39M |
| Other Operating Expenses | 4.15M | 4.71M | 5.26M | 697.00K | -471.00K | |
| Operating Expenses | 229.59M | 182.84M | 154.17M | 97.20M | 74.26M | 48.81M |
| Operating Income | 235.24M | 219.91M | 140.50M | 179.66M | 127.91M | 81.63M |
| Interest Expense | -282.00K | -254.00K | -501.00K | -578.00K | -177.00K | -142.00K |
| Interest & Investment Income | 30.83M | 26.25M | 28.27M | 49.59M | 18.11M | 2.56M |
| Currency Exchange Gain (Loss) | -6.92M | -6.92M | -19.46M | -28.01M | -18.76M | |
| Other Non Operating Income (Expenses) | -14.05M | -24.88M | -36.39M | -100.78M | -6.76M | -736.00K |
| EBT Excluding Unusual Items | 244.81M | 214.11M | 112.41M | 99.87M | 120.32M | 83.31M |
| Merger & Restructuring Charges | -687.00K | |||||
| Gain (Loss) on Sale of Investments | 2.46M | 14.54M | 38.61M | 78.64M | -36.00K | -16.00K |
| Other Unusual Items | 2.90M | |||||
| Pretax Income | 247.26M | 228.65M | 151.02M | 178.51M | 120.28M | 85.50M |
| Income Tax Expense | 43.12M | 31.75M | 30.55M | 29.43M | 11.59M | 7.65M |
| Earnings From Continuing Operations | 204.14M | 196.90M | 120.47M | 149.09M | 108.70M | 77.85M |
| Minority Interest in Earnings | -165.00K | -101.00K | -53.00K | -122.00K | -14.00K | 23.00K |
| Net Income | 203.97M | 196.80M | 120.42M | 148.96M | 108.68M | 77.88M |
| Net Income to Common | 203.97M | 196.80M | 120.42M | 148.96M | 108.68M | 77.88M |
| Shares Outstanding (Basic) | 291.86M | 290.97M | 290.01M | 291.98M | 295.62M | 287.12M |
| Shares Outstanding (Diluted) | 299.72M | 301.74M | 305.14M | 302.96M | 313.14M | 308.93M |
| EPS (Basic) | 0.70 | 0.68 | 0.42 | 0.51 | 0.37 | 0.27 |
| EPS (Diluted) | 0.68 | 0.65 | 0.39 | 0.49 | 0.35 | 0.25 |
| Free Cash Flow | 427.30M | 413.18M | -34.49M | 292.49M | 153.46M | 106.54M |
| Free Cash Flow Per Share | 1.43 | 1.37 | -0.11 | 0.96 | 0.49 | 0.34 |
| Dividend Per Share | 0.19 | 0.19 | ||||
| Gross Margin | 34.28% | 36.83% | 39.50% | 42.57% | 48.26% | 53.43% |
| Operating Margin | 17.35% | 20.11% | 18.83% | 27.62% | 30.53% | 33.44% |
| Profit Margin | 15.04% | 18.00% | 16.14% | 22.91% | 25.94% | 31.90% |
| Free Cash Flow Margin | 31.51% | 37.78% | -4.62% | 44.97% | 36.63% | 43.64% |
| EBITDA | 241.56M | 224.66M | 144.06M | 191.25M | 135.54M | 85.92M |
| EBITDA Margin | 17.82% | 20.54% | 19.31% | 29.41% | 32.35% | 35.20% |
| D&A For EBITDA | 6.32M | 4.74M | 3.56M | 11.60M | 7.63M | 4.29M |
| EBIT | 235.24M | 219.91M | 140.50M | 179.66M | 127.91M | 81.63M |
| EBIT Margin | 17.35% | 20.11% | 18.83% | 27.62% | 30.53% | 33.44% |
| Effective Tax Rate | 17.44% | 13.89% | 20.23% | 16.48% | 9.63% | 8.94% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 794.94M | 719.90M | 425.17M | 536.16M | 468.09M | 336.20M |
| Trading Asset Securities | 409.00K | 123.60M | 140.94M | 102.68M | 1.29M | 1.00M |
| Cash & Short-Term Investments | 815.30M | 843.50M | 566.11M | 638.84M | 469.39M | 337.20M |
| Receivables | 1.08B | 520.88M | 457.16M | 319.46M | 218.64M | 178.88M |
| Prepaid Expenses | 567.00K | |||||
| Restricted Cash | 24.56M | 5.08M | 6.97M | 11.63M | 43.81M | 211.00K |
| Other Current Assets | 124.22M | 51.30M | 42.64M | 46.10M | 35.98M | 12.65M |
| Total Current Assets | 2.05B | 1.42B | 1.07B | 1.02B | 767.83M | 529.51M |
| Property, Plant & Equipment | 6.62M | 6.98M | 7.02M | 6.61M | 6.67M | 6.40M |
| Long-Term Investments | 5.78M | 5.61M | 4.70M | 1.71M | ||
| Other Intangible Assets | 94.85M | 73.97M | 63.32M | 57.89M | 51.44M | 46.97M |
| Long-Term Deferred Tax Assets | 4.17M | 7.67M | 5.37M | 2.22M | 362.00K | 133.00K |
| Other Long-Term Assets | 24.74M | 25.98M | 18.04M | |||
| Total Assets | 2.19B | 1.54B | 1.17B | 1.08B | 826.30M | 583.01M |
| Accounts Payable | 1.51B | 812.89M | 562.75M | 572.39M | 395.13M | 269.23M |
| Accrued Expenses | 6.98M | 3.42M | 9.89M | 10.21M | 6.10M | 4.07M |
| Short-Term Debt | 64.63M | 86.90M | 50.45M | 5.01M | ||
| Current Portion of Leases | 1.11M | 1.08M | 1.14M | 626.00K | 686.00K | 502.00K |
| Current Income Taxes Payable | 15.96M | 19.62M | 20.52M | 20.44M | 8.84M | 9.43M |
| Other Current Liabilities | 46.81M | 42.00M | 32.86M | 21.56M | 11.51M | 10.15M |
| Total Current Liabilities | 1.64B | 965.91M | 677.62M | 625.23M | 422.27M | 298.40M |
| Long-Term Leases | 1.63M | 2.31M | 2.86M | 3.33M | 3.39M | 3.43M |
| Long-Term Deferred Tax Liabilities | 6.68M | 3.32M | 1.86M | 753.00K | 1.02M | 883.00K |
| Total Liabilities | 1.65B | 971.53M | 682.34M | 629.31M | 426.68M | 302.71M |
| Common Stock | 576.00K | 590.00K | 570.00K | 591.00K | 592.00K | 590.00K |
| Additional Paid-In Capital | 7.10M | 186.77M | 173.00M | 164.31M | 157.15M | |
| Retained Earnings | 495.25M | 534.82M | 490.02M | 369.61M | 219.99M | 109.87M |
| Treasury Stock | -200.98M | -99.94M | ||||
| Comprehensive Income & Other | 44.42M | 26.76M | 12.50M | 11.77M | 14.74M | 12.71M |
| Total Common Equity | 540.25M | 569.26M | 488.89M | 455.03M | 399.63M | 280.32M |
| Minority Interest | 269.00K | 168.00K | 100.00K | 109.00K | -9.00K | -18.00K |
| Shareholders' Equity | 540.52M | 569.43M | 488.99M | 455.14M | 399.62M | 280.30M |
| Total Liabilities & Equity | 2.19B | 1.54B | 1.17B | 1.08B | 826.30M | 583.01M |
| Total Debt | 67.37M | 90.28M | 54.45M | 3.96M | 4.08M | 8.94M |
| Net Cash (Debt) | 747.93M | 753.22M | 511.65M | 634.88M | 465.31M | 328.26M |
| Net Cash Per Share | 2.50 | 2.50 | 1.68 | 2.10 | 1.49 | 1.06 |
| Filing Date Shares Outstanding | 288.42M | 294.93M | 285.48M | 288.82M | 293.80M | 295.03M |
| Total Common Shares Outstanding | 288.42M | 294.93M | 285.48M | 288.82M | 295.89M | 295.03M |
| Working Capital | 406.11M | 454.85M | 395.26M | 390.80M | 345.56M | 231.11M |
| Book Value Per Share | 1.87 | 1.93 | 1.71 | 1.58 | 1.35 | 0.95 |
| Tangible Book Value | 438.85M | 495.30M | 425.57M | 397.14M | 348.19M | 233.35M |
| Tangible Book Value Per Share | 1.52 | 1.68 | 1.49 | 1.38 | 1.18 | 0.79 |
| Buildings | 1.26M | 1.26M | 1.26M | 1.26M | 1.26M | |
| Machinery | 7.76M | 5.48M | 3.77M | 2.81M | 1.82M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 203.97M | 196.80M | 120.42M | 148.96M | 108.68M | 77.88M |
| Depreciation & Amortization | 7.09M | 5.47M | 3.98M | 12.22M | 8.15M | 4.75M |
| Other Amortization | 23.99M | 20.79M | 13.41M | |||
| Asset Writedown & Restructuring Costs | 4.71M | 4.71M | 4.74M | |||
| Loss (Gain) From Sale of Investments | -2.58M | -14.54M | -37.42M | -78.64M | -6.00K | 49.00K |
| Stock-Based Compensation | 25.76M | 24.14M | 23.78M | 11.92M | 8.68M | 7.59M |
| Provision & Write-off of Bad Debts | 2.60M | 2.19M | 440.00K | 318.00K | ||
| Other Operating Activities | -2.02M | 12.79M | 5.09M | 94.36M | 8.16M | -6.92M |
| Change in Accounts Receivable | -678.93M | -90.15M | -162.65M | -123.25M | -49.44M | -115.36M |
| Change in Accounts Payable | 863.86M | 256.65M | -6.96M | 194.62M | 130.71M | 134.29M |
| Change in Income Taxes | -1.29M | -5.57M | -3.18M | -10.97M | -4.25M | 5.31M |
| Change in Other Net Operating Assets | -18.28M | 2.18M | 5.57M | 43.90M | -56.25M | 898.00K |
| Operating Cash Flow | 428.89M | 415.46M | -32.78M | 293.45M | 154.45M | 108.49M |
| Capital Expenditures | -1.58M | -2.28M | -1.71M | -965.00K | -987.00K | -1.95M |
| Sale (Purchase) of Intangibles | -38.90M | -34.50M | -20.94M | -17.26M | -11.37M | -46.07M |
| Investment in Securities | 46.92M | 15.84M | -23.37M | -116.03M | -327.00K | 7.52M |
| Other Investing Activities | 30.83M | 26.25M | 28.27M | 49.59M | 16.98M | 2.56M |
| Investing Cash Flow | 38.05M | 5.31M | -17.75M | -84.67M | 4.30M | -37.94M |
| Short-Term Debt Issued | 51.80M | 50.43M | 14.78M | 5.00M | ||
| Total Debt Issued | 39.78M | 51.80M | 50.43M | 14.78M | 5.00M | |
| Long-Term Debt Repaid | -601.00K | -552.00K | -1.10M | -20.35M | -430.00K | |
| Lease Payments | 174.00K | -601.00K | -552.00K | -1.10M | -386.00K | -430.00K |
| Total Debt Repaid | -22.09M | -601.00K | -552.00K | -1.10M | -20.35M | -430.00K |
| Net Debt Issued (Repaid) | 17.69M | 51.20M | 49.88M | -1.10M | -5.57M | 4.57M |
| Issuance of Common Stock | 3.69M | 4.37M | 1.85M | 153.00K | 3.94M | 150.35M |
| Repurchase of Common Stock | -86.06M | -101.07M | -97.93M | -2.02M | ||
| Common Dividends Paid | -57.21M | |||||
| Other Financing Activities | -23.66M | -26.66M | -19.25M | -34.99M | -23.67M | -1.17M |
| Financing Cash Flow | -145.55M | -121.07M | -68.59M | -133.87M | -27.33M | 153.75M |
| Foreign Exchange Rate Adjustments | -3.38M | -4.97M | 8.13M | -6.85M | 466.00K | 171.00K |
| Miscellaneous Cash Flow Adjustments | -1.00K | -1.00K | ||||
| Net Cash Flow | 318.00M | 294.73M | -110.99M | 68.07M | 131.90M | 224.46M |
| Free Cash Flow | 427.30M | 413.18M | -34.49M | 292.49M | 153.46M | 106.54M |
| Free Cash Flow Margin | 31.51% | 37.78% | -4.62% | 44.97% | 36.63% | 43.64% |
| Free Cash Flow Per Share | 1.43 | 1.37 | -0.11 | 0.96 | 0.49 | 0.34 |
| Levered Free Cash Flow | 347.98M | 332.32M | -22.12M | 242.11M | 106.88M | 35.69M |
| Unlevered Free Cash Flow | 348.16M | 332.48M | -21.81M | 242.47M | 106.99M | 35.78M |
| Free Cash Flow After Leases | 427.48M | 412.57M | -35.04M | 291.38M | 153.08M | 106.11M |
| Cash Interest Paid | 10.14M | 16.12M | 2.78M | 578.00K | 1.78M | 142.00K |
| Cash Income Tax Paid | 32.26M | 27.04M | 28.70M | 11.47M | 8.87M | 9.82M |
| Change in Working Capital | 165.36M | 163.11M | -167.22M | 104.30M | 20.78M | 25.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.74B | 4.17B | 3.21B | 5.12B | 4.61B | 10.53B |
| Enterprise Value | 2.99B | 3.51B | 2.56B | 4.52B | 4.08B | 10.24B |
| Last Close Price | 12.96 | 13.90 | 10.57 | 16.60 | 14.61 | 33.50 |
| PE Ratio | 19.06 | 21.18 | 26.67 | 34.39 | 42.40 | 135.21 |
| Forward PE | 12.89 | 17.71 | 21.33 | 24.62 | 27.29 | 95.63 |
| PS Ratio | 2.76 | 3.81 | 4.30 | 7.88 | 11.00 | 43.13 |
| PB Ratio | 6.92 | 7.32 | 6.57 | 11.25 | 11.53 | 37.56 |
| P/TBV Ratio | 8.52 | 8.41 | 7.54 | 12.90 | 13.24 | 45.12 |
| P/FCF Ratio | 8.75 | 10.09 | 17.51 | 30.03 | 98.83 | |
| P/OCF Ratio | 8.72 | 10.03 | 17.45 | 29.84 | 97.06 | |
| PEG Ratio | 1.07 | 2.91 | 0.79 | 0.55 | 2.35 | |
| EV/Sales Ratio | 2.21 | 3.21 | 3.43 | 6.96 | 9.75 | 41.95 |
| EV/EBITDA Ratio | 12.38 | 15.62 | 17.75 | 23.66 | 30.13 | 119.17 |
| EV/EBIT Ratio | 12.71 | 15.96 | 18.20 | 25.18 | 31.93 | 125.44 |
| EV/FCF Ratio | 7.00 | 8.49 | 15.47 | 26.61 | 96.11 | |
| Debt / Equity Ratio | 0.12 | 0.16 | 0.11 | 0.01 | 0.01 | 0.03 |
| Debt / EBITDA Ratio | 0.28 | 0.40 | 0.38 | 0.02 | 0.03 | 0.10 |
| Debt / FCF Ratio | 0.16 | 0.22 | 0.01 | 0.03 | 0.08 | |
| Net Debt / Equity Ratio | -1.38 | -1.32 | -1.05 | -1.40 | -1.16 | -1.17 |
| Net Debt / EBITDA Ratio | -3.10 | -3.35 | -3.55 | -3.32 | -3.43 | -3.82 |
| Net Debt / FCF Ratio | -1.75 | -1.82 | 14.84 | -2.17 | -3.03 | -3.08 |
| Asset Turnover | 0.80 | 0.81 | 0.66 | 0.68 | 0.59 | 0.62 |
| Quick Ratio | 1.16 | 1.41 | 1.51 | 1.53 | 1.63 | 1.73 |
| Current Ratio | 1.25 | 1.47 | 1.58 | 1.62 | 1.82 | 1.77 |
| Return on Equity (ROE) | 41.29% | 37.21% | 25.52% | 34.88% | 31.97% | 47.86% |
| Return on Assets (ROA) | 8.62% | 10.13% | 7.79% | 11.75% | 11.34% | 13.02% |
| Return on Capital Employed (ROCE) | 42.90% | 38.20% | 28.50% | 39.10% | 31.70% | 28.70% |
| Earnings Yield | 5.25% | 4.72% | 3.75% | 2.91% | 2.36% | 0.74% |
| FCF Yield | 11.43% | 9.91% | -1.07% | 5.71% | 3.33% | 1.01% |
| Dividend Yield | 1.50% | 1.37% | ||||
| Buyback Yield / Dilution | 0.29% | 1.11% | -0.72% | 3.25% | -1.36% | -8.46% |
| Total Shareholder Return | 1.78% | 2.48% | -0.72% | 3.25% | -1.36% | -8.46% |