olivLaw · US equity research
DLocal Limited DLO
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
At the close of 04 Nov 2026, DLocal Limited (DLO) stock was 13.90 USD (+5.46% on the day), with market capitalisation 4.1 bn USD, P/E 21.4 on diluted EPS of 0.65 USD over the last 12 months, dividend yield 3.66%, beta 1.21, 52-week range 11.01–15.78 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.1
- neutral
- Bollinger (20, 2)
- 12.99 – 15.90
- in the lower half of the band · %B 0.31 · band width 20.1%
- SMA 50 / 200
- 14.53 / 13.54
- mixed trend
- MACD (12, 26, 9)
- -0.30 / -0.15
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.3% | −2.0% | −2.3 pp | — |
| 3 months | −8.6% | −2.2% | −6.4 pp | — |
| 6 months | −0.9% | +4.3% | −5.2 pp | — |
| Year to date | −1.7% | +10.6% | −12.3 pp | — |
| 1 year | −1.3% | +10.5% | −11.7 pp | −7.1% |
| 3 years | −24.4% | +73.7% | −98.1 pp | +1.0% |
| 5 years | −70.9% | +61.7% | −132.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 5-quarter history (min 21.8, median 36.1, max 142.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 55.3 m | 104.1 m | 244.1 m | 418.9 m | 650.4 m | 746.0 m | 1.1 bn |
| Revenue YoY | unavailable | +88.4% | +134.4% | +71.6% | +55.2% | +14.7% | +46.6% |
| Net income | 15.6 m | 28.2 m | 77.9 m | 108.7 m | 149.0 m | 120.4 m | 196.8 m |
| Net income YoY | unavailable | +80.6% | +176.3% | +39.6% | +37.1% | −19.2% | +63.4% |
| Diluted EPS | 0.05 | 0.10 | 0.25 | 0.35 | 0.49 | 0.39 | 0.65 |
| Diluted EPS YoY | unavailable | +100.0% | +150.0% | +40.0% | +40.0% | −20.4% | +66.7% |
| net % | 28.2% | 27.1% | 31.9% | 25.9% | 22.9% | 16.1% | 18.0% |
| Free cash flow | 30.6 m | 87.6 m | 106.5 m | 153.5 m | 292.5 m | -34.5 m | 413.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 719.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 569.4 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.47x
- ROE
- 37.2%
- ROA
- 14.5%
- FCF margin
- 37.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 104.1 m | 244.1 m | 418.9 m | 650.4 m | 746.0 m | 1.1 bn | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 44.1 m | 113.7 m | 216.8 m | 373.5 m | 451.3 m | 690.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | 60.1 m | 130.4 m | 202.2 m | 276.9 m | 294.7 m | 402.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 2.0 m | 3.4 m | 6.3 m | 12.7 m | 25.6 m | 30.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | 30.9 m | 83.8 m | 127.9 m | 179.7 m | 140.5 m | 219.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 992.0 k | 4.7 m | 8.1 m | 12.2 m | 17.2 m | 26.3 m | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | 31.9 m ≈ | 88.6 m ≈ | 136.1 m ≈ | 191.9 m ≈ | 157.7 m ≈ | 246.2 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Interest expense | 67.0 k | 544.0 k | 24.7 m | 116.8 m | 49.7 m | 27.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Pre-tax income | 31.4 m | 85.5 m | 120.3 m | 178.5 m | 151.0 m | 228.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 3.2 m | 7.6 m | 11.6 m | 29.4 m | 30.6 m | 31.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Net income | 28.2 m | 77.9 m | 108.7 m | 149.0 m | 120.4 m | 196.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | 0.10 | 0.25 | 0.35 | 0.49 | 0.39 | 0.65 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | 284.8 m | 308.9 m | 313.1 m | 303.0 m | 305.1 m | 301.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Dividend per share | — | — | — | 0.00 | 0.00 | 0.51 | SEC (XBRL)· 18 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 111.7 m | 336.2 m | 468.1 m | 536.2 m | 425.2 m | 719.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 72.8 m | 191.0 m | 240.4 m | 363.4 m | 496.7 m | 572.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 194.9 m | 529.5 m | 767.8 m | 1.0 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 913.0 k | 2.5 m | 2.7 m | 2.9 m | 3.4 m | 4.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 4.2 m | 47.0 m | 51.4 m | 57.9 m | 63.3 m | 74.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 200.5 m | 583.0 m | 826.3 m | 1.1 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 142.9 m | 277.2 m | 407.9 m | 602.5 m | 597.8 m | 854.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Short-term debt | — | 5.0 m | — | — | — | — | SEC (XBRL)· 02 May 2022verified |
| Current liabilities | 155.1 m | 298.4 m | 422.3 m | 625.2 m | 677.6 m | 965.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 155.4 m | 302.7 m | 426.7 m | 629.3 m | 682.3 m | 971.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Equity | 45.0 m | 280.3 m | 399.6 m | 455.1 m | 489.0 m | 569.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Shares outstanding at year end | — | 295.0 m | 296.2 m | 296.0 m | 285.5 m | 294.9 m | SEC (XBRL)· 18 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 88.5 m | 108.5 m | 154.5 m | 293.5 m | -32.8 m | 415.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 876.0 k | 1.9 m | 987.0 k | 965.0 k | 1.7 m | 2.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | 87.6 m ≈ | 106.5 m ≈ | 153.5 m ≈ | 292.5 m ≈ | -34.5 m ≈ | 413.2 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | 3.7 m | -37.9 m | 4.3 m | -84.7 m | -17.8 m | 5.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | -15.2 m | 153.7 m | -27.3 m | -133.9 m | -68.6 m | -121.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Dividends paid | 15.0 m | — | — | 0 | 0 | 150.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Share repurchases | — | — | 2.0 m | 97.9 m | 101.1 m | — | SEC (XBRL)· 24 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 89 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation79
- Returns92
- Quality91
- Balance sheet81
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.68 – 22.86 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E11.67 – 22.86 (Mid 14.83)20 companies used · median multiple 22.8x · quartiles 18.0x – 35.2xACN, BR, CASS, CBZ, CPAY, EBAY, FICO, FIS, FISV, GRAB, HQY, MA, MELI, MSCI, PAYS, PYPL, RBA, RSSS, UBER, WEX
- Dividend discount (DDM)6.68 – 8.99 (Mid 7.67)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 89/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.0% | 82 (vs peers) | 9% |
| FCF conversion · Quality | 209.9% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 37.7% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 22.9% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.9x | 98 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 21.4x | 62 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.1% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 6.1% | 87 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 36.3% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet81/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns92/100 · 2/2 factors with a value
- Valuation79/100 · 2/3 factors with a value
Memo
DLocal Limited (DLO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 46.6%; net margin 18.0%; ROE 37.2%.
The estimated value range is 9.18–15.92 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.25 USD, the price of 13.90 USD leaves a potential of -19.1% (value / price − 1) and a margin of safety of -23.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 89/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.0%
- FCF conversion: 209.9%
- Revenue CAGR 3Y: 37.7%
- EPS CAGR 3Y: 22.9%
- Interest coverage: 7.9x
- FCF yield: 10.1%
- Shareholder yield (distributions): 6.1%
- Payout ratio (FCF): 36.3%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BABAAlibaba Group Holding Ltd | 195.6 bn | 131.6 | 10.3% | 10.1% | +8.1% | −33% / +41% |
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| WEXWEX Inc. | 5.9 bn | 15.5 | 35.6% | 14.0% | +1.2% | +21% / +2% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| XMTRXometry, Inc. | 5.2 bn | — | -3.9% | -2.0% | +25.9% | +94% / +364% |
| DLODLocal Limited | 4.1 bn | 21.4 | 37.2% | 18.0% | +46.6% | −1% / −24% |
| CBZCBIZ, Inc. | 3.0 bn | 25.8 | 6.8% | 4.6% | +52.1% | −0% / +6% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| AHGAkso Health Group | 2.2 bn | 133.0 | -9.8% | -135.0% | −6.4% | −11% / +56% |
| PAYSPaysign, Inc. | 863.9 m | 58.4 | 30.8% | 15.7% | +40.5% | +194% / +551% |
| PHRPhreesia, Inc. | 818.1 m | 77.1 | 3.1% | 2.1% | +14.5% | −36% / −14% |
| CASSCass Information Systems, Inc. | 704.7 m | 19.8 | 15.1% | 18.5% | +5.3% | +31% / +33% |
1- and 3-year price returns: for DLO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.32 Total return -30% · Per year -30% | 16.41 Total return 22% · Per year 22% | 24.61 Total return 82% · Per year 82% |
| 3 years | 11.06 Total return -10% · Per year -3% | 21.70 Total return 71% · Per year 20% | 35.45 Total return 174% · Per year 40% |
| 5 years | 13.12 Total return 14% · Per year 3% | 28.70 Total return 136% · Per year 19% | 51.04 Total return 306% · Per year 32% |
- Exit P/E± 5.43
- Net margin± 3.80
- Annual revenue growth± 2.83
- Annual dilution± 0.32
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)20 Apr 2026
- Annual report (foreign issuer)18 Mar 2026
- Current report (foreign issuer)18 Mar 2026
- Current report (foreign issuer)23 Dec 2025
- Current report (foreign issuer)15 Dec 2025
- Current report (foreign issuer)12 Nov 2025
- Current report (foreign issuer)05 Nov 2025
- Current report (foreign issuer)05 Sept 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.