Dlocal Ltd key statistics and ratios

In fiscal 2025, Dlocal Ltd had return on equity of 37.2%, an operating margin of 20.1%, debt equal to 15.2% of equity and a current ratio of 1.47. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Dlocal Ltd: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	64.9%	57.7%	53.4%	48.3%	42.6%	39.5%	36.8%
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%
Return on equity	63.6%	81.0%	47.9%	32.0%	34.9%	25.5%	37.2%
Return on assets	—	14.1%	19.9%	15.4%	15.6%	10.7%	14.5%
Asset turnover	—	0.52	0.62	0.59	0.68	0.66	0.81
Current ratio	—	1.26	1.77	1.82	1.63	1.58	1.47
Debt to equity	0.0%	0.0%	1.8%	—	0.0%	8.1%	15.2%
Effective tax rate	12.5%	10.3%	8.9%	9.6%	16.5%	20.2%	13.9%
R&D as % of revenue	2.4%	1.9%	1.4%	1.5%	1.9%	3.4%	2.8%
Capital spending as % of revenue	0.3%	0.8%	0.8%	0.2%	0.1%	0.2%	0.2%
Free cash flow ÷ net income	195.9%	310.9%	136.8%	141.2%	196.3%	−28.6%	209.9%
Dividends ÷ net income	64.1%	53.2%	—	—	0.0%	0.0%	76.2%
Dividends and buybacks ÷ free cash flow	32.7%	17.1%	—	1.3%	33.5%	—	36.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Dlocal Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dlocal Ltd.