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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) 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 $173.1M, roughly 2.0× PATHWARD FINANCIAL, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs 16.5%, a 3.8% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -0.2%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $99.8M).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
CASH vs DLO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $337.9M |
| Net Profit | $35.2M | $55.6M |
| Gross Margin | — | 34.3% |
| Operating Margin | 24.6% | 18.6% |
| Net Margin | 20.3% | 16.5% |
| Revenue YoY | -0.2% | 65.2% |
| Net Profit YoY | 11.9% | 87.3% |
| EPS (diluted) | $1.57 | $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 | $173.1M | $337.9M | ||
| Q3 25 | $186.7M | $282.5M | ||
| Q2 25 | $195.8M | — | ||
| Q1 25 | $274.8M | — | ||
| Q4 24 | $182.6M | $204.5M | ||
| Q3 24 | $179.5M | $185.8M | ||
| Q2 24 | $188.6M | — | ||
| Q1 24 | $257.6M | — |
| Q4 25 | $35.2M | $55.6M | ||
| Q3 25 | $38.8M | $141.3M | ||
| Q2 25 | $42.1M | — | ||
| Q1 25 | $75.0M | — | ||
| Q4 24 | $30.0M | $29.7M | ||
| Q3 24 | $33.5M | $90.8M | ||
| Q2 24 | $44.9M | — | ||
| Q1 24 | $69.9M | — |
| Q4 25 | — | 34.3% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 24.6% | 18.6% | ||
| Q3 25 | 25.9% | 19.7% | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 33.2% | — | ||
| Q4 24 | 19.8% | 20.7% | ||
| Q3 24 | 20.9% | 22.1% | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 33.8% | — |
| Q4 25 | 20.3% | 16.5% | ||
| Q3 25 | 20.8% | 50.0% | ||
| Q2 25 | 21.5% | — | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 16.4% | 14.5% | ||
| Q3 24 | 18.7% | 48.9% | ||
| Q2 24 | 23.8% | — | ||
| Q1 24 | 27.1% | — |
| Q4 25 | $1.57 | $0.18 | ||
| Q3 25 | $1.69 | $0.17 | ||
| Q2 25 | $1.81 | — | ||
| Q1 25 | $3.14 | — | ||
| Q4 24 | $1.23 | $0.09 | ||
| Q3 24 | $1.34 | $0.09 | ||
| Q2 24 | $1.78 | — | ||
| Q1 24 | $2.74 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $331.2M | $719.9M |
| Total DebtLower is stronger | $33.5M | $86.7M |
| Stockholders' EquityBook value | $854.5M | $569.4M |
| Total Assets | $7.6B | $1.5B |
| Debt / EquityLower = less leverage | 0.04× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $331.2M | $719.9M | ||
| Q3 25 | $120.6M | $604.5M | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $254.2M | — | ||
| Q4 24 | $597.4M | $425.2M | ||
| Q3 24 | $158.3M | $560.5M | ||
| Q2 24 | $298.9M | — | ||
| Q1 24 | $347.9M | — |
| Q4 25 | $33.5M | $86.7M | ||
| Q3 25 | $33.5M | $63.1M | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | $39.8M | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $33.4M | — |
| Q4 25 | $854.5M | $569.4M | ||
| Q3 25 | $858.0M | $504.7M | ||
| Q2 25 | $819.0M | — | ||
| Q1 25 | $814.7M | — | ||
| Q4 24 | $758.3M | $489.0M | ||
| Q3 24 | $822.5M | $457.0M | ||
| Q2 24 | $748.4M | — | ||
| Q1 24 | $719.5M | — |
| Q4 25 | $7.6B | $1.5B | ||
| Q3 25 | $7.2B | $1.4B | ||
| Q2 25 | $7.2B | — | ||
| Q1 25 | $7.0B | — | ||
| Q4 24 | $7.6B | $1.2B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.4B | — |
| Q4 25 | 0.04× | 0.15× | ||
| Q3 25 | 0.04× | 0.12× | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | 0.08× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | — |
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 | $108.3M | $100.4M |
| Free Cash FlowOCF − Capex | $104.1M | $99.8M |
| FCF MarginFCF / Revenue | 60.1% | 29.5% |
| Capex IntensityCapex / Revenue | 2.4% | 0.2% |
| Cash ConversionOCF / Net Profit | 3.08× | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | $378.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.3M | $100.4M | ||
| Q3 25 | $303.7M | $315.0M | ||
| Q2 25 | $30.4M | — | ||
| Q1 25 | $188.3M | — | ||
| Q4 24 | $-71.7M | $-141.1M | ||
| Q3 24 | $143.1M | $108.3M | ||
| Q2 24 | $113.2M | — | ||
| Q1 24 | $203.0M | — |
| Q4 25 | $104.1M | $99.8M | ||
| Q3 25 | $300.3M | $313.4M | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $184.7M | — | ||
| Q4 24 | $-73.8M | $-141.6M | ||
| Q3 24 | $138.8M | $107.1M | ||
| Q2 24 | $111.0M | — | ||
| Q1 24 | $201.3M | — |
| Q4 25 | 60.1% | 29.5% | ||
| Q3 25 | 160.9% | 110.9% | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 67.2% | — | ||
| Q4 24 | -40.4% | -69.2% | ||
| Q3 24 | 77.3% | 57.6% | ||
| Q2 24 | 58.8% | — | ||
| Q1 24 | 78.1% | — |
| Q4 25 | 2.4% | 0.2% | ||
| Q3 25 | 1.8% | 0.6% | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.1% | 0.2% | ||
| Q3 24 | 2.4% | 0.7% | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.7% | — |
| Q4 25 | 3.08× | 1.80× | ||
| Q3 25 | 7.83× | 2.23× | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | -4.75× | ||
| Q3 24 | 4.27× | 1.19× | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.90× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
DLO
Segment breakdown not available.
