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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and dLocal Ltd (DLO). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $267.7M, roughly 1.3× Borr Drilling Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 13.1%, a 3.4% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -1.5%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
BORR vs DLO — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $337.9M |
| Net Profit | $35.1M | $55.6M |
| Gross Margin | — | 34.3% |
| Operating Margin | 36.0% | 18.6% |
| Net Margin | 13.1% | 16.5% |
| Revenue YoY | -1.5% | 65.2% |
| Net Profit YoY | 10.7% | 87.3% |
| EPS (diluted) | $0.14 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $337.9M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | $267.7M | — | ||
| Q4 24 | — | $204.5M | ||
| Q3 24 | — | $185.8M | ||
| Q2 24 | $271.9M | — | ||
| Q2 23 | $187.5M | — | ||
| Q2 22 | $105.3M | — |
| Q4 25 | — | $55.6M | ||
| Q3 25 | — | $141.3M | ||
| Q2 25 | $35.1M | — | ||
| Q4 24 | — | $29.7M | ||
| Q3 24 | — | $90.8M | ||
| Q2 24 | $31.7M | — | ||
| Q2 23 | $800.0K | — | ||
| Q2 22 | $-165.3M | — |
| Q4 25 | — | 34.3% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 19.7% | ||
| Q2 25 | 36.0% | — | ||
| Q4 24 | — | 20.7% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | 38.4% | — | ||
| Q2 23 | 31.9% | — | ||
| Q2 22 | -116.8% | — |
| Q4 25 | — | 16.5% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | 13.1% | — | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 48.9% | ||
| Q2 24 | 11.7% | — | ||
| Q2 23 | 0.4% | — | ||
| Q2 22 | -157.0% | — |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | $0.14 | — | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.09 | ||
| Q2 24 | $0.12 | — | ||
| Q2 23 | $0.00 | — | ||
| Q2 22 | $-1.09 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $92.4M | $719.9M |
| Total DebtLower is stronger | — | $86.7M |
| Stockholders' EquityBook value | $1.0B | $569.4M |
| Total Assets | $3.4B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $719.9M | ||
| Q3 25 | — | $604.5M | ||
| Q2 25 | $92.4M | — | ||
| Q4 24 | — | $425.2M | ||
| Q3 24 | — | $560.5M | ||
| Q2 24 | $195.3M | — | ||
| Q2 23 | $83.8M | — | ||
| Q2 22 | $29.7M | — |
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $63.1M | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $39.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | $281.8M | — |
| Q4 25 | — | $569.4M | ||
| Q3 25 | — | $504.7M | ||
| Q2 25 | $1.0B | — | ||
| Q4 24 | — | $489.0M | ||
| Q3 24 | — | $457.0M | ||
| Q2 24 | $999.2M | — | ||
| Q2 23 | $906.2M | — | ||
| Q2 22 | $711.5M | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | $3.4B | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | $3.2B | — | ||
| Q2 23 | $3.0B | — | ||
| Q2 22 | $3.0B | — |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | 0.40× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.3M | $100.4M |
| Free Cash FlowOCF − Capex | — | $99.8M |
| FCF MarginFCF / Revenue | — | 29.5% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 0.18× | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $378.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $100.4M | ||
| Q3 25 | — | $315.0M | ||
| Q2 25 | $6.3M | — | ||
| Q4 24 | — | $-141.1M | ||
| Q3 24 | — | $108.3M | ||
| Q2 24 | $16.0M | — | ||
| Q2 23 | $2.4M | — | ||
| Q2 22 | $-8.5M | — |
| Q4 25 | — | $99.8M | ||
| Q3 25 | — | $313.4M | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $-141.6M | ||
| Q3 24 | — | $107.1M | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 110.9% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | -69.2% | ||
| Q3 24 | — | 57.6% | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | 0.18× | — | ||
| Q4 24 | — | -4.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | 0.50× | — | ||
| Q2 23 | 3.00× | — | ||
| Q2 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
DLO
Segment breakdown not available.
