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Side-by-side financial comparison of dLocal Ltd (DLO) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $274.5M, roughly 1.2× IPG PHOTONICS CORP). dLocal Ltd runs the higher net margin — 16.5% vs 4.8%, a 11.6% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 17.1%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $10.9M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
DLO vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $274.5M |
| Net Profit | $55.6M | $13.3M |
| Gross Margin | 34.3% | 36.1% |
| Operating Margin | 18.6% | 1.2% |
| Net Margin | 16.5% | 4.8% |
| Revenue YoY | 65.2% | 17.1% |
| Net Profit YoY | 87.3% | 69.8% |
| EPS (diluted) | $0.18 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $282.5M | $250.8M | ||
| Q2 25 | — | $250.7M | ||
| Q1 25 | — | $227.8M | ||
| Q4 24 | $204.5M | $234.3M | ||
| Q3 24 | $185.8M | $233.1M | ||
| Q2 24 | — | $257.6M | ||
| Q1 24 | — | $252.0M |
| Q4 25 | $55.6M | $13.3M | ||
| Q3 25 | $141.3M | $7.5M | ||
| Q2 25 | — | $6.6M | ||
| Q1 25 | — | $3.8M | ||
| Q4 24 | $29.7M | $7.8M | ||
| Q3 24 | $90.8M | $-233.6M | ||
| Q2 24 | — | $20.2M | ||
| Q1 24 | — | $24.1M |
| Q4 25 | 34.3% | 36.1% | ||
| Q3 25 | 36.5% | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | 40.9% | 38.6% | ||
| Q3 24 | 42.1% | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | 18.6% | 1.2% | ||
| Q3 25 | 19.7% | 3.1% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 20.7% | 6.0% | ||
| Q3 24 | 22.1% | -108.7% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | 7.6% |
| Q4 25 | 16.5% | 4.8% | ||
| Q3 25 | 50.0% | 3.0% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | 14.5% | 3.3% | ||
| Q3 24 | 48.9% | -100.2% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | — | 9.6% |
| Q4 25 | $0.18 | $0.30 | ||
| Q3 25 | $0.17 | $0.18 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | $0.09 | $0.27 | ||
| Q3 24 | $0.09 | $-5.33 | ||
| Q2 24 | — | $0.45 | ||
| Q1 24 | — | $0.52 |
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 | $839.3M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $2.1B |
| Total Assets | $1.5B | $2.4B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $839.3M | ||
| Q3 25 | $604.5M | $870.4M | ||
| Q2 25 | — | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | $425.2M | $930.2M | ||
| Q3 24 | $560.5M | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| 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 | $2.1B | ||
| Q3 25 | $504.7M | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $489.0M | $2.0B | ||
| Q3 24 | $457.0M | $2.1B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.6B |
| 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 | $28.8M |
| Free Cash FlowOCF − Capex | $99.8M | $10.9M |
| FCF MarginFCF / Revenue | 29.5% | 4.0% |
| Capex IntensityCapex / Revenue | 0.2% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.80× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $28.8M | ||
| Q3 25 | $315.0M | $35.3M | ||
| Q2 25 | — | $-2.2M | ||
| Q1 25 | — | $13.4M | ||
| Q4 24 | $-141.1M | $73.8M | ||
| Q3 24 | $108.3M | $66.1M | ||
| Q2 24 | — | $53.5M | ||
| Q1 24 | — | $54.6M |
| Q4 25 | $99.8M | $10.9M | ||
| Q3 25 | $313.4M | $14.6M | ||
| Q2 25 | — | $-17.6M | ||
| Q1 25 | — | $-11.4M | ||
| Q4 24 | $-141.6M | $50.6M | ||
| Q3 24 | $107.1M | $43.0M | ||
| Q2 24 | — | $29.2M | ||
| Q1 24 | — | $26.5M |
| Q4 25 | 29.5% | 4.0% | ||
| Q3 25 | 110.9% | 5.8% | ||
| Q2 25 | — | -7.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | -69.2% | 21.6% | ||
| Q3 24 | 57.6% | 18.4% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | 0.2% | 6.5% | ||
| Q3 25 | 0.6% | 8.3% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | 0.2% | 9.9% | ||
| Q3 24 | 0.7% | 9.9% | ||
| Q2 24 | — | 9.4% | ||
| Q1 24 | — | 11.1% |
| Q4 25 | 1.80× | 2.17× | ||
| Q3 25 | 2.23× | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | — | 3.58× | ||
| Q4 24 | -4.75× | 9.44× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
