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Side-by-side financial comparison of dLocal Ltd (DLO) and Enphase Energy (ENPH). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $282.9M, roughly 1.2× Enphase Energy). dLocal Ltd runs the higher net margin — 16.5% vs -2.6%, a 19.1% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -20.6%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
DLO vs ENPH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $282.9M |
| Net Profit | $55.6M | $-7.4M |
| Gross Margin | 34.3% | 35.5% |
| Operating Margin | 18.6% | 54.0% |
| Net Margin | 16.5% | -2.6% |
| Revenue YoY | 65.2% | -20.6% |
| Net Profit YoY | 87.3% | -124.9% |
| EPS (diluted) | $0.18 | $-0.06 |
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.
| Q1 26 | — | $282.9M | ||
| Q4 25 | $337.9M | $343.3M | ||
| Q3 25 | $282.5M | $410.4M | ||
| Q2 25 | — | $363.2M | ||
| Q1 25 | — | $356.1M | ||
| Q4 24 | $204.5M | $382.7M | ||
| Q3 24 | $185.8M | $380.9M | ||
| Q2 24 | — | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | $55.6M | $38.7M | ||
| Q3 25 | $141.3M | $66.6M | ||
| Q2 25 | — | $37.1M | ||
| Q1 25 | — | $29.7M | ||
| Q4 24 | $29.7M | $62.2M | ||
| Q3 24 | $90.8M | $45.8M | ||
| Q2 24 | — | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | 34.3% | 44.3% | ||
| Q3 25 | 36.5% | 47.8% | ||
| Q2 25 | — | 46.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | 40.9% | 51.8% | ||
| Q3 24 | 42.1% | 46.8% | ||
| Q2 24 | — | 45.2% |
| Q1 26 | — | 54.0% | ||
| Q4 25 | 18.6% | 6.5% | ||
| Q3 25 | 19.7% | 16.1% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 9.0% | ||
| Q4 24 | 20.7% | 14.3% | ||
| Q3 24 | 22.1% | 13.1% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | 16.5% | 11.3% | ||
| Q3 25 | 50.0% | 16.2% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | 14.5% | 16.2% | ||
| Q3 24 | 48.9% | 12.0% | ||
| Q2 24 | — | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | $0.18 | $0.29 | ||
| Q3 25 | $0.17 | $0.50 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.22 | ||
| Q4 24 | $0.09 | $0.46 | ||
| Q3 24 | $0.09 | $0.33 | ||
| Q2 24 | — | $0.08 |
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 | $497.5M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $1.1B |
| Total Assets | $1.5B | $2.7B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | $719.9M | $1.5B | ||
| Q3 25 | $604.5M | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $425.2M | $1.6B | ||
| Q3 24 | $560.5M | $1.8B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | $1.2B | ||
| Q3 25 | $63.1M | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $39.8M | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $569.4M | $1.1B | ||
| Q3 25 | $504.7M | $995.0M | ||
| Q2 25 | — | $880.6M | ||
| Q1 25 | — | $810.7M | ||
| Q4 24 | $489.0M | $833.0M | ||
| Q3 24 | $457.0M | $931.4M | ||
| Q2 24 | — | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.5B | $3.5B | ||
| Q3 25 | $1.4B | $3.3B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $1.2B | $3.2B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | 1.11× | ||
| Q3 25 | 0.12× | 1.21× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | 0.08× | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.47× |
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 | $102.9M |
| Free Cash FlowOCF − Capex | $99.8M | — |
| FCF MarginFCF / Revenue | 29.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | $100.4M | $47.6M | ||
| Q3 25 | $315.0M | $13.9M | ||
| Q2 25 | — | $26.6M | ||
| Q1 25 | — | $48.4M | ||
| Q4 24 | $-141.1M | $167.3M | ||
| Q3 24 | $108.3M | $170.1M | ||
| Q2 24 | — | $127.1M |
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $37.8M | ||
| Q3 25 | $313.4M | $5.9M | ||
| Q2 25 | — | $18.4M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | $-141.6M | $159.2M | ||
| Q3 24 | $107.1M | $161.6M | ||
| Q2 24 | — | $117.4M |
| Q1 26 | — | — | ||
| Q4 25 | 29.5% | 11.0% | ||
| Q3 25 | 110.9% | 1.4% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | -69.2% | 41.6% | ||
| Q3 24 | 57.6% | 42.4% | ||
| Q2 24 | — | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 2.8% | ||
| Q3 25 | 0.6% | 2.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | 0.2% | 2.1% | ||
| Q3 24 | 0.7% | 2.2% | ||
| Q2 24 | — | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | 1.23× | ||
| Q3 25 | 2.23× | 0.21× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | -4.75× | 2.69× | ||
| Q3 24 | 1.19× | 3.72× | ||
| Q2 24 | — | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
