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Side-by-side financial comparison of dLocal Ltd (DLO) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $212.5M, roughly 1.6× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 16.5%, a 19.0% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 46.9%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $75.5M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
DLO vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $212.5M |
| Net Profit | $55.6M | $75.3M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | — |
| Net Margin | 16.5% | 35.5% |
| Revenue YoY | 65.2% | 46.9% |
| Net Profit YoY | 87.3% | 50.6% |
| EPS (diluted) | $0.18 | $1.51 |
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 | $212.5M | ||
| Q3 25 | $282.5M | $203.3M | ||
| Q2 25 | — | $147.5M | ||
| Q1 25 | — | $145.5M | ||
| Q4 24 | $204.5M | $144.7M | ||
| Q3 24 | $185.8M | $141.7M | ||
| Q2 24 | — | $137.9M | ||
| Q1 24 | — | $137.4M |
| Q4 25 | $55.6M | $75.3M | ||
| Q3 25 | $141.3M | $34.3M | ||
| Q2 25 | — | $51.1M | ||
| Q1 25 | — | $44.4M | ||
| Q4 24 | $29.7M | $50.0M | ||
| Q3 24 | $90.8M | $42.9M | ||
| Q2 24 | — | $51.3M | ||
| Q1 24 | — | $47.8M |
| 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% | — | ||
| Q3 25 | 19.7% | 21.8% | ||
| Q2 25 | — | 44.6% | ||
| Q1 25 | — | 39.3% | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 22.1% | 39.0% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 45.5% |
| Q4 25 | 16.5% | 35.5% | ||
| Q3 25 | 50.0% | 16.8% | ||
| Q2 25 | — | 34.6% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | 14.5% | 34.6% | ||
| Q3 24 | 48.9% | 30.3% | ||
| Q2 24 | — | 37.2% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | $0.18 | $1.51 | ||
| Q3 25 | $0.17 | $0.69 | ||
| Q2 25 | — | $1.20 | ||
| Q1 25 | — | $1.04 | ||
| Q4 24 | $0.09 | $1.18 | ||
| Q3 24 | $0.09 | $1.01 | ||
| Q2 24 | — | $1.21 | ||
| Q1 24 | — | $1.12 |
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 | — |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $3.6B |
| Total Assets | $1.5B | $24.9B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $569.4M | $3.6B | ||
| Q3 25 | $504.7M | $3.5B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $489.0M | $3.0B | ||
| Q3 24 | $457.0M | $3.0B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.9B |
| Q4 25 | $1.5B | $24.9B | ||
| Q3 25 | $1.4B | $25.0B | ||
| Q2 25 | — | $20.0B | ||
| Q1 25 | — | $19.9B | ||
| Q4 24 | $1.2B | $19.4B | ||
| Q3 24 | — | $19.4B | ||
| Q2 24 | — | $19.4B | ||
| Q1 24 | — | $19.3B |
| 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 | $100.4M | $78.9M |
| Free Cash FlowOCF − Capex | $99.8M | $75.5M |
| FCF MarginFCF / Revenue | 29.5% | 35.5% |
| Capex IntensityCapex / Revenue | 0.2% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.80× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $78.9M | ||
| Q3 25 | $315.0M | $52.2M | ||
| Q2 25 | — | $106.7M | ||
| Q1 25 | — | $13.3M | ||
| Q4 24 | $-141.1M | $42.9M | ||
| Q3 24 | $108.3M | $70.2M | ||
| Q2 24 | — | $65.6M | ||
| Q1 24 | — | $51.1M |
| Q4 25 | $99.8M | $75.5M | ||
| Q3 25 | $313.4M | $49.7M | ||
| Q2 25 | — | $102.5M | ||
| Q1 25 | — | $11.3M | ||
| Q4 24 | $-141.6M | $36.5M | ||
| Q3 24 | $107.1M | $64.4M | ||
| Q2 24 | — | $61.9M | ||
| Q1 24 | — | $46.7M |
| Q4 25 | 29.5% | 35.5% | ||
| Q3 25 | 110.9% | 24.4% | ||
| Q2 25 | — | 69.5% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | -69.2% | 25.2% | ||
| Q3 24 | 57.6% | 45.4% | ||
| Q2 24 | — | 44.9% | ||
| Q1 24 | — | 34.0% |
| Q4 25 | 0.2% | 1.6% | ||
| Q3 25 | 0.6% | 1.2% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | 0.2% | 4.4% | ||
| Q3 24 | 0.7% | 4.1% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | 1.80× | 1.05× | ||
| Q3 25 | 2.23× | 1.52× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | -4.75× | 0.86× | ||
| Q3 24 | 1.19× | 1.64× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
