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Side-by-side financial comparison of dLocal Ltd (DLO) and H2O AMERICA (HTO). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $199.4M, roughly 1.7× H2O AMERICA). dLocal Ltd runs the higher net margin — 16.5% vs 8.1%, a 8.3% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 1.5%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
DLO vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $199.4M |
| Net Profit | $55.6M | $16.2M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | 16.6% |
| Net Margin | 16.5% | 8.1% |
| Revenue YoY | 65.2% | 1.5% |
| Net Profit YoY | 87.3% | -29.2% |
| EPS (diluted) | $0.18 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $282.5M | $243.5M | ||
| Q2 25 | — | $197.8M | ||
| Q1 25 | — | $164.9M | ||
| Q4 24 | $204.5M | $196.5M | ||
| Q3 24 | $185.8M | $216.7M | ||
| Q2 24 | — | $173.1M | ||
| Q1 24 | — | $150.0M |
| Q4 25 | $55.6M | $16.2M | ||
| Q3 25 | $141.3M | $45.1M | ||
| Q2 25 | — | $24.7M | ||
| Q1 25 | — | $16.6M | ||
| Q4 24 | $29.7M | $22.9M | ||
| Q3 24 | $90.8M | $38.7M | ||
| Q2 24 | — | $20.7M | ||
| Q1 24 | — | $11.7M |
| 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 | 18.6% | 16.6% | ||
| Q3 25 | 19.7% | 26.5% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | 20.7% | 22.2% | ||
| Q3 24 | 22.1% | 26.9% | ||
| Q2 24 | — | 23.4% | ||
| Q1 24 | — | 18.6% |
| Q4 25 | 16.5% | 8.1% | ||
| Q3 25 | 50.0% | 18.5% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | 10.0% | ||
| Q4 24 | 14.5% | 11.7% | ||
| Q3 24 | 48.9% | 17.8% | ||
| Q2 24 | — | 12.0% | ||
| Q1 24 | — | 7.8% |
| Q4 25 | $0.18 | $0.45 | ||
| Q3 25 | $0.17 | $1.27 | ||
| Q2 25 | — | $0.71 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | $0.09 | $0.70 | ||
| Q3 24 | $0.09 | $1.17 | ||
| Q2 24 | — | $0.64 | ||
| Q1 24 | — | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | $86.7M | $1.9B |
| Stockholders' EquityBook value | $569.4M | $1.5B |
| Total Assets | $1.5B | $5.1B |
| Debt / EquityLower = less leverage | 0.15× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $20.7M | ||
| Q3 25 | $604.5M | $11.3M | ||
| Q2 25 | — | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | $425.2M | $11.1M | ||
| Q3 24 | $560.5M | $4.0M | ||
| Q2 24 | — | $22.8M | ||
| Q1 24 | — | $4.5M |
| Q4 25 | $86.7M | $1.9B | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $569.4M | $1.5B | ||
| Q3 25 | $504.7M | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $489.0M | $1.4B | ||
| Q3 24 | $457.0M | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.4B | $5.0B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $1.2B | $4.7B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | 0.15× | 1.23× | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.08× | 1.26× | ||
| 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 | $100.4M | $63.5M |
| Free Cash FlowOCF − Capex | $99.8M | — |
| FCF MarginFCF / Revenue | 29.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $63.5M | ||
| Q3 25 | $315.0M | $77.3M | ||
| Q2 25 | — | $60.8M | ||
| Q1 25 | — | $43.2M | ||
| Q4 24 | $-141.1M | $41.5M | ||
| Q3 24 | $108.3M | $53.5M | ||
| Q2 24 | — | $49.3M | ||
| Q1 24 | — | $51.2M |
| Q4 25 | $99.8M | — | ||
| Q3 25 | $313.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $107.1M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 29.5% | — | ||
| Q3 25 | 110.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -69.2% | — | ||
| Q3 24 | 57.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 1.80× | 3.92× | ||
| Q3 25 | 2.23× | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | -4.75× | 1.81× | ||
| Q3 24 | 1.19× | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
