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Side-by-side financial comparison of dLocal Ltd (DLO) and ECARX Holdings Inc. (ECX). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $323.3M, roughly 1.0× ECARX Holdings Inc.). dLocal Ltd runs the higher net margin — 16.5% vs -21.4%, a 37.8% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 6.5%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $-86.5M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
ECARX Holdings Inc. is a global mobility technology provider specializing in integrated smart vehicle solutions, including in-vehicle infotainment systems, advanced driver assistance technologies, and connected car cloud services. It primarily partners with automotive manufacturers across the world, with a strong operational presence in the Chinese and European markets.
DLO vs ECX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $323.3M |
| Net Profit | $55.6M | $-69.1M |
| Gross Margin | 34.3% | 15.5% |
| Operating Margin | 18.6% | -20.2% |
| Net Margin | 16.5% | -21.4% |
| Revenue YoY | 65.2% | 6.5% |
| Net Profit YoY | 87.3% | 12.8% |
| EPS (diluted) | $0.18 | $-0.20 |
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 | — | $323.3M | ||
| Q4 24 | $204.5M | — | ||
| Q3 24 | $185.8M | — | ||
| Q2 24 | — | $303.5M |
| Q4 25 | $55.6M | — | ||
| Q3 25 | $141.3M | — | ||
| Q2 25 | — | $-69.1M | ||
| Q4 24 | $29.7M | — | ||
| Q3 24 | $90.8M | — | ||
| Q2 24 | — | $-79.2M |
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | — | 15.5% | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | — | 22.6% |
| Q4 25 | 18.6% | — | ||
| Q3 25 | 19.7% | — | ||
| Q2 25 | — | -20.2% | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | — | -22.2% |
| Q4 25 | 16.5% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | — | -21.4% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 48.9% | — | ||
| Q2 24 | — | -26.1% |
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.17 | — | ||
| Q2 25 | — | $-0.20 | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.09 | — | ||
| Q2 24 | — | $-0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $719.9M | $86.2M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $-293.7M |
| Total Assets | $1.5B | $494.9M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | — | ||
| Q2 25 | — | $86.2M | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — | ||
| Q2 24 | — | $108.4M |
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $569.4M | — | ||
| Q3 25 | $504.7M | — | ||
| Q2 25 | — | $-293.7M | ||
| Q4 24 | $489.0M | — | ||
| Q3 24 | $457.0M | — | ||
| Q2 24 | — | $-198.5M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | $494.9M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $555.0M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $100.4M | $-82.0M |
| Free Cash FlowOCF − Capex | $99.8M | $-86.5M |
| FCF MarginFCF / Revenue | 29.5% | -26.7% |
| Capex IntensityCapex / Revenue | 0.2% | 1.4% |
| Cash ConversionOCF / Net Profit | 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 | — | $-82.0M | ||
| Q4 24 | $-141.1M | — | ||
| Q3 24 | $108.3M | — | ||
| Q2 24 | — | $-57.1M |
| Q4 25 | $99.8M | — | ||
| Q3 25 | $313.4M | — | ||
| Q2 25 | — | $-86.5M | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $107.1M | — | ||
| Q2 24 | — | $-64.9M |
| Q4 25 | 29.5% | — | ||
| Q3 25 | 110.9% | — | ||
| Q2 25 | — | -26.7% | ||
| Q4 24 | -69.2% | — | ||
| Q3 24 | 57.6% | — | ||
| Q2 24 | — | -21.4% |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | — | 1.4% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | — | 2.6% |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
