Dlocal Limited

DLO

Software - Infrastructure · Technology

Price

$15.17

+0.83 (+5.79%)

Market Cap

$4.45B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

DLocal Limited operates a payments platform in the United States, Europe, China, and internationally. Its payments platform enables merchants to get paid and to make payments online. The company serves commerce, streaming, ride-hailing, financial services, advertising, software as a service, travel, e-learning, on-demand delivery, gaming, and crypto industries. DLocal Limited was founded in 2016 and is headquartered in Montevideo, Uruguay.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+55.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+26.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$31M/ year

↑ Rising (+20% vs prior year)

2.8% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

61.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$880M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Dlocal Limited grew revenue 56% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 295.0M (2021) → 294.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.8%

Modest — 31.8% gross margin

Profit after running costs

Operating Margin

16.1%

Healthy — 16.1% operating margin

Return on the money invested

ROCE

39.1%

Exceptional — 39.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+57.0%

Fast-growing sales (+57.0% YoY)

Profit growth

EPS YoY

+37.3%

Earnings growing fast (+37.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

213%

Turns 213% of profit into real cash

Spare cash per sale

FCF Margin

31.3%

Converts sales into free cash efficiently (31.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

17.71x

Comfortably covers interest (17.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.7x

Growth-priced — P/E 21.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.7 → 11.3)

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Dividends

Dividend

Dividend Yield

1.31%

Small dividend — 1.31% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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