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Dlocal Ltd (DLO) stock

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NASDAQ: DLO Nasdaq Systems Software Next results ~November 12, 2026

B Fundamentals grade

Dlocal Ltd is a US-listed company in the systems software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$29

Cash-flow model

Base case. Range ~$22–$37 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 118% above it.

Price used: $13.24, November 2, 2026

Dlocal Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds85 adding, 82 cuttingOf 32 active managers that changed their stake, 12 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Dlocal files

Where Dlocal stands after its latest Filing

Revenue for the twelve months was $1.09bn, up 46.6% on a year earlier, faster than the 14.7% growth a quarter earlier. That growth ranks 3 of 37 among the systems software companies we cover. Free-cash-flow margin fell to 37.8% from 43.6% a year earlier. Operating margin narrowed to 20.1% from 34.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $28.85 a share, against a share price of $12.96. At that price, our model says the market is pricing in cash flow shrinking about 2.8% a year for five years, slower than the 60.0% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Dlocal Ltd's trailing-twelve-month revenue grew 46.6% year on year, with a free-cash-flow margin of 37.8%. Where it stands out: revenue growth of 46.6% ranks 3 of 37 systems software companies we cover. Where it lags: days sales outstanding of 191 days ranks 29 of 29 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$29 per share in the base case (~$22–$37 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 46.6% (+31.9pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $13.24 is 118% below our value per share of $29.
  • Fast growth. Revenue grew 46.6% over the last 12 months, against a median of 16.9% for systems software companies we cover.
  • Growth speeding up. The growth rate is 31.9 points higher than a quarter earlier.
  • Strong cash generation. 37.8% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Shrinking share count. Diluted shares fell 1.1% in a year, so each share owns more of the business.

Things to watch

  • Gross margin slipping. Gross margin is down 2.7 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 191 days ranks 29 of 29 systems software companies we cover (median 72 days).
  • Heavily shorted. 14.2% of the shares available to trade are sold short (10.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
$0.18 against an average estimate of $0.19: missed by 3.8%
Next report
November 12, 2026; average EPS estimate $0.21

Dlocal's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week-8.3%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
20.1%
Net margin
18.0%
EPS (TTM, diluted)
$0.65

Growth

Revenue growth
+46.6%
Change in growth rate
+31.9 pts
Share count change
−1.1%

Cash

Free cash flow (TTM)
$413M
FCF margin
37.8%
Stock pay % of revenue
2.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dlocal Ltd valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 2.4% a year for five years.That is slower than the 60.0% a year revenue growth Dlocal has delivered.

  • Priced in-2.4%
  • Last 12 months46.6%
  • 3 years a year37.7%
  • 5 years a year60.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($13.21, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$29
Price used
$13.21close November 3, 2026
Implied change
▲ +118%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Dlocal Ltd's free cash flow after stock-based pay with after-tax interest added back ($261M, FY2025 Q4 TTM), growing 13% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$22–~$37 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Dlocal Ltd's free cash flow after stock-based pay ( $261M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Dlocal Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$29 ~$22–$37 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$11–$20 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$14–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$10 ~$7.8–$14 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$8.3 ~$7.3–$9.6 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$8.3–$29 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dlocal Ltd with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$19$25$33$43$56
8.5% $12$15$19$25$32$41
10% $10$12$16$20$25$33

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $403m and EPS of $0.21 (range $0.16 to $0.23) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.84 +4% $1.6bn +45%
Next $1.13 +34% $2.1bn +30%

Next year's EPS estimate has moved −0.4% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.3% on 90 days ago. In the last 30 days, 2 analysts raised Dlocal Ltd's forecast and 2 cut it.

Consensus EPS forecast Dlocal Ltd, last 90 days
$0.80 $0.90 $1.00 $1.10 $1.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.85 Current fiscal year, 60 days ago: $0.85 Current fiscal year, 30 days ago: $0.85 Current fiscal year, 7 days ago: $0.85 Current fiscal year, Now: $0.84 $0.84 Next fiscal year, 90 days ago: $1.13 Next fiscal year, 60 days ago: $1.13 Next fiscal year, 30 days ago: $1.14 Next fiscal year, 7 days ago: $1.14 Next fiscal year, Now: $1.13 $1.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.85$1.13
60 days ago $0.85$1.13
30 days ago $0.85$1.14
7 days ago $0.85$1.14
Now $0.84$1.13

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.19 $0.18 −3.8%
Mar 2026 $0.17 $0.17 −1.0%
Dec 2025 $0.18 $0.22 +21.8%
Sept 2025 $0.17 $0.21 +23.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

10 analysts, Nov 2026
Buy990%
Hold110%
Sell00%

Monthly trend

  1. Nov 202636110
  2. Oct 202636110
  3. Sep 202636110

Counts of recommendations published by analysts covering Dlocal Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.2%
of tradable shares
Days to cover
10.24
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
24.0%
of shares
Employees
1,274
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Dlocal Ltd’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts and calls are priced at about the same implied volatility.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Dlocal Ltd in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dlocal Ltd
$0 $500M $1B $1.5B FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $55.3M Revenue (TTM), FY20 Q4: $104.1M Revenue (TTM), FY21 Q4: $244.1M Revenue (TTM), FY22 Q4: $418.9M Revenue (TTM), FY23 Q4: $650.4M Revenue (TTM), FY24 Q4: $746M Revenue (TTM), FY25 Q4: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $55.3M
FY20 Q4 $104.1M
FY21 Q4 $244.1M
FY22 Q4 $418.9M
FY23 Q4 $650.4M
FY24 Q4 $746M
FY25 Q4 $1.1B
Revenue growth, TTM YoY Dlocal Ltd
0% 50% 100% 150% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 88.4% Revenue growth, TTM YoY, FY21 Q4: 134.4% Revenue growth, TTM YoY, FY22 Q4: 71.6% Revenue growth, TTM YoY, FY23 Q4: 55.2% Revenue growth, TTM YoY, FY24 Q4: 14.7% Revenue growth, TTM YoY, FY25 Q4: 46.6% 46.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 88.4%
FY21 Q4 134.4%
FY22 Q4 71.6%
FY23 Q4 55.2%
FY24 Q4 14.7%
FY25 Q4 46.6%
Operating margin (TTM) Dlocal Ltd
15% 20% 25% 30% 35% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: 31.8% Operating margin (TTM), FY20 Q4: 29.7% Operating margin (TTM), FY21 Q4: 34.3% Operating margin (TTM), FY22 Q4: 30.5% Operating margin (TTM), FY23 Q4: 27.6% Operating margin (TTM), FY24 Q4: 18.8% Operating margin (TTM), FY25 Q4: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 31.8%
FY20 Q4 29.7%
FY21 Q4 34.3%
FY22 Q4 30.5%
FY23 Q4 27.6%
FY24 Q4 18.8%
FY25 Q4 20.1%
FCF margin (TTM) Dlocal Ltd
-50% 0% 50% 100% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: 55.3% FCF margin (TTM), FY20 Q4: 84.1% FCF margin (TTM), FY21 Q4: 43.6% FCF margin (TTM), FY22 Q4: 36.6% FCF margin (TTM), FY23 Q4: 45.0% FCF margin (TTM), FY24 Q4: -4.6% FCF margin (TTM), FY25 Q4: 37.8% 37.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 55.3%
FY20 Q4 84.1%
FY21 Q4 43.6%
FY22 Q4 36.6%
FY23 Q4 45.0%
FY24 Q4 -4.6%
FY25 Q4 37.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Dlocal took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Other income $8.6M · 0.8%
  3. Cost of revenue $691M · 63.2%
  4. Gross profit $403M · 36.8%
  5. Research and development $30.7M · 2.8%
  6. Other operating costs $152M · 13.9%
  7. Operating income $220M · 20.1%
  8. Income tax $31.8M · 2.9%
  9. Net income $197M · 18.0%

Shares of revenue. Source: Dlocal's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 55 104 244 419 650 746 1,094
Gross profit 36 60 130 202 277 295 403
EBITDA 18 32 89 136 192 158 246
Operating income 18 31 84 128 180 141 220
Net income 16 28 78 109 149 120 197
Diluted EPS $0.05 $0.10 $0.25 $0.35 $0.49 $0.39 $0.65
Growth (year on year)
Revenue — +88.4% +134.4% +71.6% +55.2% +14.7% +46.6%
EBITDA — +77.7% +177.4% +53.6% +41.0% −17.8% +56.1%
Operating income — +76.2% +170.9% +52.6% +40.5% −21.8% +56.5%
Net income — +80.6% +176.3% +39.6% +37.1% −19.2% +63.4%
Diluted EPS — +100.0% +150.0% +40.0% +40.0% −20.4% +66.7%
Margins
Gross margin 64.9% 57.7% 53.4% 48.3% 42.6% 39.5% 36.8%
EBITDA margin 32.5% 30.7% 36.3% 32.5% 29.5% 21.1% 22.5%
Operating margin 31.8% 29.7% 34.3% 30.5% 27.6% 18.8% 20.1%
Net margin 28.2% 27.1% 31.9% 25.9% 22.9% 16.1% 18.0%
Free-cash-flow margin 55.3% 84.1% 43.6% 36.6% 45.0% −4.6% 37.8%
Cash flow
Cash from operations 31 88 108 154 293 −33 415
Capital spending 0 1 2 1 1 2 2
Free cash flow 31 88 107 153 292 −34 413
Stock-based pay 5 7 8 9 12 24 24
Free cash flow after stock pay 26 80 99 145 281 −58 389
Balance sheet
Cash 35 112 336 468 536 425 720
Total debt 0 0 5 — 0 40 87
Net debt (negative = net cash) −35 −112 −331 −468 −536 −385 −633
Diluted shares 275m 285m 309m 313m 303m 305m 302m
Returned to shareholders
Dividends 10 15 — — 0 0 150
Buybacks — — — 2 98 101 —
Total returned 10 15 — 2 98 101 150

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · December 31, 2025
What it owns · $1.5bn
Short-term assets $1.4bnLonger-term assets $120m
What it owes, and who funded it · $1.5bn
Short-term liabilities $966mLonger-term liabilities $6mShareholders' equity $569m
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $966m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $6m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $220m against $254,000 of interest.

From Dlocal Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2024 Q4 TTM
Buybacks (TTM)
$101M
Dividends (TTM)
$150M
Returned to shareholders
-293%
of free cash flow
Buybacks, last 3 fiscal years
$201M
Diluted share count
−1.1%
year over year
Total shareholder yield
6.3%
dividends 3.8% + buybacks 2.5% of market value
Dividend payout ratio
76%
of net income paid out
R&D spending
2.8%
of revenue
Days sales outstanding
191 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated DLO S GTLB TENB SAIL CVLT Median
Revenue, last 12 months $1.1bn $1.1bn $1.1bn $1.0bn $1.2bn $1.3bn $1.1bn
Revenue growth, last 12 months 46.6% 21.1% 23.0% 9.9% 20.1% 14.3% 16.9%
Revenue growth, 3-year average — 28.0% 28.1% 12.0% — 16.2% 16.1%
Revenue growth, latest quarter — 20.6% 21.3% 8.6% 16.8% 13.1% 19.6%
Gross margin 36.8% 72.5% 85.8% 78.1% 66.2% 81.3% 69.6%
Operating margin 20.1% −29.5% −8.5% 3.6% −18.9% 7.4% 3.7%
Operating margin, 3-year average — −37.1% −15.3% −0.9% — 7.5% 4.0%
Net margin 18.0% −31.0% −5.0% 0.6% −16.9% 6.6% 2.4%
Cash from operations / revenue 38.0% 5.2% 21.2% 25.8% 17.2% 21.0% 16.6%
Free-cash-flow margin 37.8% 5.1% 20.3% 25.3% 16.7% 20.4% 15.0%
Free-cash-flow margin, 3-year average — 3.8% 11.5% 23.6% — 21.3% 18.8%
Stock pay / revenue 2.2% 29.3% 21.8% 17.2% 20.4% 10.6% 8.2%
Change in share count −1.1% 3.4% 4.2% −1.9% — −4.9% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 46.6% 16.9% 3 of 37
Change in growth rate Growth +31.9pp -0.3pp 3 of 37
Gross margin Profitability 36.8% 70.4% 26 of 32
Operating margin Profitability 20.1% 3.8% 6 of 34
Net margin Profitability 18.0% 2.4% 8 of 37
Free-cash-flow margin Cash generation 37.8% 17.3% 5 of 34
Stock pay as % of revenue Cash generation 2.2% 8.5% 9 of 36
Change in share count Balance sheet -1.1% 3.1% 11 of 34
Days sales outstanding Balance sheet 191 days 72 days 29 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
163
Shares held vs prior quarter
▲ 7.6%
Positions opened / closed
45 / 33

Top buyers and sellers, Q2 2026: 85 institutions bought and 82 sold ; the biggest buyer was Blackrock, Inc (+5.0M shares) and the biggest seller Marshall Wace, LLP (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
General Atlantic, L.P. $606M 46.7M 39.7% 0.0%
Summit Trail Advisors, LLC $99.8M 7.7M 6.5% 0.0%
Blackrock, Inc. $66M 5.1M 4.3% ▲ 14362.1%
Bank Of America Corp $64M 4.9M 4.2% ▲ 20.9%
Cria, Inc. $52M 4.0M 3.4% 0.0%
Atmos Capital Gestao De Recursos Ltda. $51.9M 4.0M 3.4% ▲ 92.6%
Fourth Sail Capital LP $51.2M 3.9M 3.4% ▲ 73.9%
Ribbit Management Company, LLC $50.6M 3.9M 3.3% 0.0%
Paradice Investment Management LLC $35.5M 2.7M 2.3% ▲ 26.9%
Marshall Wace, LLP $34.3M 2.6M 2.2% ▼ 46.8%
Baillie Gifford & Co $33.2M 2.6M 2.2% ▼ 11.8%
Morgan Stanley $25.1M 1.9M 1.6% ▼ 13.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dlocal Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $237,000 1 trade by 1 insider, last 12 months Insider sales History → $16.2M 4 trades by 1 insider · 100% under pre-set plans
Net ▼ $16M net selling
Insider Date Trade Shares Price Value
Kanovich Sebastian Director August 5, 2026 Sell pre-set plan 72,753 $15.54 $1.1M
Kanovich Sebastian Director August 4, 2026 Sell pre-set plan 4,700 $15.50 $72,850
Kanovich Sebastian Director July 7, 2026 Sell pre-set plan 25,700 $15.50 $398,350
Kanovich Sebastian Director July 1, 2026 Sell pre-set plan 1,000,000 $14.63 $14.6M
Pruett William Rodney Director May 29, 2026 Buy 20,000 $11.85 $237,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Dlocal Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dlocal Ltd in brief

What does Dlocal Ltd do?
Dlocal Ltd is a US-listed company in the systems software industry. Its financial year ends in December.
What is Dlocal Ltd's stock ticker?
Dlocal Ltd trades under the ticker DLO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dlocal Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dlocal Ltd reported revenue of $1.1B, 46.6% higher than a year earlier, according to its SEC filings.
What is Dlocal Ltd's free cash flow?
Dlocal Ltd's free-cash-flow margin is 37.8% of revenue over the trailing twelve months, ranking 5 of the 34 systems software companies we cover.
What is Dlocal Ltd's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Dlocal Ltd's free cash flow after stock-based pay gives ~$29 per share in the base case, and ~$22–$37 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Dlocal Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are General Atlantic, L.P., Summit Trail Advisors, LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Dlocal Ltd buying back stock, and does it pay a dividend?
Dlocal Ltd spent $101M on share repurchases over the trailing twelve months, and its diluted share count fell 1.1% over the year.
Does Dlocal Ltd pay a dividend?
Yes: Dlocal Ltd paid $150M in dividends over the trailing twelve months, a dividend yield of 3.75% and a payout ratio of 76.2%.
Who are Dlocal Ltd's competitors?
In our Systems Software peer group, the companies closest to Dlocal Ltd are Sentinelone, Inc., Gitlab Inc., Tenable Holdings, Inc., Sailpoint, Inc. and Commvault Systems Inc. The side-by-side comparison below sets their revenue, margins and growth against Dlocal Ltd's.
Are insiders buying or selling Dlocal Ltd stock?
Over the last 12 months, Dlocal Ltd's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Dlocal Ltd's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dlocal Ltd announces its own schedule.