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Side-by-side financial comparison of CLOVER HEALTH INVESTMENTS, CORP. (CLOV) and dLocal Ltd (DLO). Click either name above to swap in a different company.
CLOVER HEALTH INVESTMENTS, CORP. is the larger business by last-quarter revenue ($487.7M vs $337.9M, roughly 1.4× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs -10.1%, a 26.6% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 44.7%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $-69.0M).
Clover Health Investments, Corp. is an American health care company founded in 2014. The company provides Medicare Advantage (MA) insurance plans and operates as a direct contracting entity with the U.S. government. The company manages care for Medicare beneficiaries in 11 states and started trading publicly on January 8, 2021.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
CLOV vs DLO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $487.7M | $337.9M |
| Net Profit | $-49.3M | $55.6M |
| Gross Margin | — | 34.3% |
| Operating Margin | -10.1% | 18.6% |
| Net Margin | -10.1% | 16.5% |
| Revenue YoY | 44.7% | 65.2% |
| Net Profit YoY | -123.2% | 87.3% |
| EPS (diluted) | — | $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 | $487.7M | $337.9M | ||
| Q3 25 | $496.6M | $282.5M | ||
| Q2 25 | $477.6M | — | ||
| Q1 25 | $462.3M | — | ||
| Q4 24 | $337.0M | $204.5M | ||
| Q3 24 | $331.0M | $185.8M | ||
| Q2 24 | $356.3M | — | ||
| Q1 24 | $346.9M | — |
| Q4 25 | $-49.3M | $55.6M | ||
| Q3 25 | $-24.4M | $141.3M | ||
| Q2 25 | $-10.6M | — | ||
| Q1 25 | $-1.3M | — | ||
| Q4 24 | $-22.1M | $29.7M | ||
| Q3 24 | $-9.2M | $90.8M | ||
| Q2 24 | $7.4M | — | ||
| Q1 24 | $-19.2M | — |
| Q4 25 | — | 34.3% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | 24.5% | 42.1% | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | -10.1% | 18.6% | ||
| Q3 25 | -4.9% | 19.7% | ||
| Q2 25 | -2.2% | — | ||
| Q1 25 | -0.3% | — | ||
| Q4 24 | -6.4% | 20.7% | ||
| Q3 24 | -2.7% | 22.1% | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | -6.5% | — |
| Q4 25 | -10.1% | 16.5% | ||
| Q3 25 | -4.9% | 50.0% | ||
| Q2 25 | -2.2% | — | ||
| Q1 25 | -0.3% | — | ||
| Q4 24 | -6.6% | 14.5% | ||
| Q3 24 | -2.8% | 48.9% | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | -5.5% | — |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.09 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $78.3M | $719.9M |
| Total DebtLower is stronger | — | $86.7M |
| Stockholders' EquityBook value | $308.7M | $569.4M |
| Total Assets | $541.0M | $1.5B |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.3M | $719.9M | ||
| Q3 25 | — | $604.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $194.5M | $425.2M | ||
| Q3 24 | $288.0M | $560.5M | ||
| Q2 24 | $254.8M | — | ||
| Q1 24 | $208.3M | — |
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $63.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $39.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $308.7M | $569.4M | ||
| Q3 25 | $340.9M | $504.7M | ||
| Q2 25 | $344.2M | — | ||
| Q1 25 | $336.1M | — | ||
| Q4 24 | $341.1M | $489.0M | ||
| Q3 24 | $342.2M | $457.0M | ||
| Q2 24 | $324.9M | — | ||
| Q1 24 | $292.5M | — |
| Q4 25 | $541.0M | $1.5B | ||
| Q3 25 | $559.7M | $1.4B | ||
| Q2 25 | $575.0M | — | ||
| Q1 25 | $583.7M | — | ||
| Q4 24 | $580.7M | $1.2B | ||
| Q3 24 | $653.0M | — | ||
| Q2 24 | $674.2M | — | ||
| Q1 24 | $671.8M | — |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-66.9M | $100.4M |
| Free Cash FlowOCF − Capex | $-69.0M | $99.8M |
| FCF MarginFCF / Revenue | -14.1% | 29.5% |
| Capex IntensityCapex / Revenue | 0.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | $-69.2M | $378.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-66.9M | $100.4M | ||
| Q3 25 | $12.1M | $315.0M | ||
| Q2 25 | $5.4M | — | ||
| Q1 25 | $-16.3M | — | ||
| Q4 24 | $34.8M | $-141.1M | ||
| Q3 24 | $50.0M | $108.3M | ||
| Q2 24 | $44.8M | — | ||
| Q1 24 | $25.9M | — |
| Q4 25 | $-69.0M | $99.8M | ||
| Q3 25 | $11.4M | $313.4M | ||
| Q2 25 | $4.8M | — | ||
| Q1 25 | $-16.5M | — | ||
| Q4 24 | $33.3M | $-141.6M | ||
| Q3 24 | $49.6M | $107.1M | ||
| Q2 24 | $44.4M | — | ||
| Q1 24 | $25.5M | — |
| Q4 25 | -14.1% | 29.5% | ||
| Q3 25 | 2.3% | 110.9% | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | -3.6% | — | ||
| Q4 24 | 9.9% | -69.2% | ||
| Q3 24 | 15.0% | 57.6% | ||
| Q2 24 | 12.5% | — | ||
| Q1 24 | 7.3% | — |
| Q4 25 | 0.4% | 0.2% | ||
| Q3 25 | 0.1% | 0.6% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 0.1% | 0.7% | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | 6.04× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
