DLocal Limited
- Open
- 14.15
- Day high
- 14.16
- Day low
- 13.81
- Prev close
- 14.11
- Volume
- 1.1M
- Mkt cap
- $4.2B
- P/E (TTM)
- 21.4
- EPS (TTM)
- $0.66
- P/B
- 7.5
- P/S
- 3.4
- Yield
- 1.37%
- Per share
- $0.19
- ▼Insiders net selling -$16.0M over the last 3 months (1 open-market buy, 4 sales)
- 🏛Institutions mixed (13F)
DLocal Limited (DLO) is a Technology company listed on NASDAQ. The stock is up 21% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 4 sales (SEC Form 4).
DLocal Limited (DLO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DLO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $0.16 | $0.17 | +6.3% | $336M | +1.4% |
| Mar 18, 2026 | $0.18 | $0.22 | +22.8% | $338M | +12.6% |
| Nov 12, 2025 | $0.17 | $0.17 | +2.8% | $282M | +7.8% |
| Aug 13, 2025 | $0.13 | $0.14 | +7.7% | $256M | +6.7% |
| May 14, 2025 | $0.12 | $0.15 | +25.0% | $217M | +3.3% |
| Feb 27, 2025 | $0.15 | $0.15 | +0.0% | $204M | -0.9% |
| Aug 14, 2024 | $0.09 | $0.15 | +66.7% | $171M | -15.9% |
| Mar 18, 2024 | $0.15 | $0.14 | -6.7% | $188M | -3.3% |
| Nov 21, 2023 | $0.15 | $0.13 | -13.3% | $164M | -6.9% |
| Aug 15, 2023 | $0.13 | $0.15 | +15.4% | $161M | -4.4% |
| Apr 4, 2023 | $0.11 | $0.08 | -27.3% | $137M | -8.9% |
| Mar 13, 2023 | $0.11 | $0.08 | -27.3% | $118M | +7.6% |
DLO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Kanovich Sebastiandirector | Sell | 4,700 | $15.50 |
| Aug 11, 2026 | Kanovich Sebastiandirector | Sell | 72,753 | $15.54 |
| Jul 9, 2026 | Kanovich Sebastiandirector | Sell | 25,700 | $15.50 |
| Jul 9, 2026 | Almeida Rodriguez Alberto Emmanuelofficer: Chief Technology Officer | Grant | 40,329 | — |
| Jul 9, 2026 | Vieira Santos e Santos Gabrielaofficer: Chief Legal Officer | Grant | 40,329 | — |
| Jul 2, 2026 | Kanovich Sebastiandirector | Sell | 1,000,000 | $14.63 |
| Jun 2, 2026 | Pruett William Rodneydirector | Buy | 20,000 | $11.85 |
Source: DLO SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full DLO insider & 13F page →DLocal Limited company profile
Overview
DLocal Limited (NASDAQ:DLO) is a Uruguay-based financial technology company founded in 2016 that operates a comprehensive payments platform serving emerging markets globally. The company went public in June 2021 and has rapidly established itself as a leading payment infrastructure provider connecting global merchants with consumers across Latin America, Africa, and Asia. DLocal enables international businesses to accept payments and make payouts in over 40 emerging market countries, addressing the complex regulatory, technical, and operational challenges that have traditionally made these markets difficult to access for global commerce.
Business
DLocal operates in the financial technology sector, specifically focusing on cross-border payment processing and infrastructure for emerging markets. The company's core offering is a unified payments platform that enables global merchants to accept payments from consumers and make payouts to partners across more than 40 countries in Latin America, Africa, and Asia. The company's platform addresses a fundamental challenge in global commerce: the complexity of processing payments in emerging markets. These markets often have fragmented payment ecosystems, varying regulatory requirements, multiple local payment methods, and currency volatility issues. DLocal acts as a middleware solution that abstracts this complexity, allowing global merchants to integrate once with DLocal's platform and gain access to multiple emerging markets simultaneously. DLocal's business operates through several key segments: 1. Pay-ins Business (approximately 60-65% of revenue): This segment processes payments from consumers to merchants, handling various local payment methods including credit cards, digital wallets, bank transfers, and cash-based payment systems. The company supports over 600 local payment methods across its markets. 2. Payouts Business (approximately 30-35% of revenue): This segment enables merchants to make payments to local partners, suppliers, or service providers in emerging markets. This includes marketplace payouts, gig economy payments, and supplier settlements. 3. Foreign Exchange Services (integrated across segments): DLocal provides currency conversion services, capturing spreads on foreign exchange transactions as merchants convert between hard currencies and local emerging market currencies. The company serves diverse industry verticals including financial services (its largest vertical), e-commerce, streaming services, ride-hailing, advertising technology, software-as-a-service, travel, e-learning, on-demand delivery, gaming, and cryptocurrency platforms. DLocal's platform is particularly valuable for digital-first businesses that need to scale rapidly across multiple emerging markets without building individual payment integrations for each country.
Revenue model
DLocal generates revenue through a transaction-based model where it charges fees as a percentage of the total payment volume (TPV) processed through its platform. The company's "take rate" - the percentage of TPV captured as revenue - varies by geography, payment method, and service type, typically ranging from 2-4% of transaction volume. The company's paying customers are primarily global merchants and platforms that need to accept payments from or make payouts to users in emerging markets. These include large multinational corporations, digital platforms, fintech companies, and e-commerce businesses. DLocal serves over 600 enterprise merchants, with some concentration among large global clients who can generate significant transaction volumes. Revenue generation occurs through several mechanisms: 1) Processing fees charged on both pay-ins and payouts transactions, 2) Foreign exchange spreads captured when converting between currencies, 3) Value-added services such as fraud prevention, compliance, and settlement optimization. Several factors influence DLocal's margins and profitability. Positive margin drivers include: expanding into higher-margin frontier markets where competition is limited, increasing transaction volumes from existing merchants (operational leverage), launching new value-added products like payment orchestration, and capturing larger foreign exchange spreads during periods of currency volatility. The company also benefits from the ongoing digitization of payments in emerging markets, which expands the addressable market. Margin pressures come from: competitive pricing negotiations with large merchants who have significant bargaining power, expansion into lower-margin but strategically important markets, currency devaluations in key markets that can affect merchant activity levels, and the need for continued investment in technology, compliance, and local market expansion. The company has experienced some take rate compression as it scales with larger merchants and enters more competitive markets, though this is partially offset by absolute revenue growth and geographic diversification.
Competitive moat
DLocal's competitive moat is built around regulatory complexity and local market expertise in emerging markets. The company has invested heavily in obtaining payment licenses and regulatory approvals across 40+ countries, creating significant barriers to entry for potential competitors. Each market requires deep understanding of local regulations, banking relationships, payment preferences, and compliance requirements - knowledge that takes years to develop and substantial capital to implement. The company's network effects provide additional defensive characteristics. As DLocal adds more merchants to its platform, it becomes more attractive to local payment providers and banks who want access to global commerce flows. Conversely, as the company expands its local payment method coverage, it becomes more valuable to merchants seeking comprehensive emerging market access. This creates a self-reinforcing cycle that strengthens the platform's value proposition. DLocal also benefits from switching costs for merchants who have integrated its APIs and built their emerging market strategies around the platform. The complexity of payment processing in these markets means that changing providers requires significant technical integration work and business relationship rebuilding. However, the moat faces several challenges. Large technology companies like Stripe, PayPal, and Adyen are increasingly expanding into emerging markets with substantial resources. Local payment providers in individual markets may offer more competitive pricing for merchants focused on specific geographies. Additionally, regulatory changes could potentially reduce barriers to entry or favor local providers over international platforms. The strength of DLocal's moat is moderate to strong in the near term due to regulatory complexity and first-mover advantages, but faces long-term pressure from well-funded global competitors and potential regulatory shifts that could democratize access to emerging market payment infrastructure.
Risks & safety
DLocal maintains a relatively strong financial position with moderate margin of safety, though recent cash flow trends warrant attention. • Liquidity and Solvency: Strong cash position of $425 million as of Q4 2024, current ratio of 1.58x, and minimal debt (debt-to-equity ratio of 0.11). The company maintains adequate liquidity to fund operations and growth investments. • Cash Flow Concerns: Negative operating cash flow of -$141 million and free cash flow of -$147 million in Q4 2024, representing a significant deterioration from historically positive cash generation. This appears driven by working capital changes and timing of settlements rather than operational issues. • Valuation Metrics: Trading at 30.8x P/E ratio and 17.4x EV/EBITDA, indicating premium valuation that assumes continued growth execution. Price-to-book ratio of 7.5x suggests market expectations for high returns on equity. • Profitability: Maintained positive net income of $120 million for full year 2024 with 6.1% ROE, though margins have compressed due to investment cycle and competitive pressures. • Other Considerations: Revenue concentration among large merchants creates some customer risk, though the company reports 140%+ net revenue retention. Currency exposure in emerging markets adds volatility but also opportunity during favorable FX cycles.
Recent development
Over the past few years, DLocal has executed several strategic initiatives to expand its platform capabilities and geographic reach. The company has significantly expanded its workforce from 726 employees in 2022 to 1,095 across 49 countries by 2024, reflecting its commitment to local market presence and expertise. Product Innovation has been a key focus, with DLocal launching 20 new payment methods for pay-ins and 7 for payouts in 2024 alone. The company introduced Smart Requests functionality using AI to improve transaction authorization rates, developed advanced real-time cost calculation models, and implemented network tokenization across multiple processors and countries. A significant development was the launch of payment orchestration solutions, allowing merchants to connect directly with multiple acquirers while using DLocal's platform for optimization and routing. Geographic Expansion has accelerated, with DLocal securing 9 new licenses globally in 2024, including the UK's FCA Authorized Payment Institution License. The company has obtained strategic licenses in markets like Nigeria, Egypt, Ecuador, Uganda, Kenya, and Rwanda, positioning itself for growth in high-potential frontier markets. Technology Infrastructure improvements include the development of a new cost optimization engine for Smart Router and the implementation of AI-driven transaction processing. The company improved customer support response times by 88% and achieved TPV retention rates exceeding 140%, indicating strong merchant satisfaction and platform stickiness. The company has also diversified its business model beyond traditional payment processing, expanding into marketplace solutions with automated KYC capabilities for onboarding sellers, and developing remittance services that leverage both its payout and pay-in capabilities. These initiatives represent efforts to capture more value from the payment ecosystem and reduce dependence on traditional transaction processing fees.
DLO company profile · for informational purposes only — not investment advice.
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