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Side-by-side financial comparison of dLocal Ltd (DLO) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $175.2M, roughly 1.9× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs 16.5%, a 22.2% gap on every dollar of revenue.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
DLO vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $175.2M |
| Net Profit | $55.6M | $67.7M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | — |
| Net Margin | 16.5% | 38.6% |
| Revenue YoY | 65.2% | — |
| Net Profit YoY | 87.3% | 16.3% |
| EPS (diluted) | $0.18 | $1.25 |
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 | — | $175.2M | ||
| Q4 25 | $337.9M | $185.3M | ||
| Q3 25 | $282.5M | $171.1M | ||
| Q2 25 | — | $179.2M | ||
| Q1 25 | — | $145.9M | ||
| Q4 24 | $204.5M | $193.8M | ||
| Q3 24 | $185.8M | $149.6M | ||
| Q2 24 | — | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $55.6M | — | ||
| Q3 25 | $141.3M | $54.7M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $58.2M | ||
| Q4 24 | $29.7M | — | ||
| Q3 24 | $90.8M | $61.3M | ||
| Q2 24 | — | $76.4M |
| Q1 26 | — | — | ||
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 18.6% | 39.9% | ||
| Q3 25 | 19.7% | 37.8% | ||
| Q2 25 | — | 27.3% | ||
| Q1 25 | — | 52.4% | ||
| Q4 24 | 20.7% | 66.0% | ||
| Q3 24 | 22.1% | 54.4% | ||
| Q2 24 | — | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 16.5% | — | ||
| Q3 25 | 50.0% | 32.0% | ||
| Q2 25 | — | 21.2% | ||
| Q1 25 | — | 39.9% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 48.9% | 41.0% | ||
| Q2 24 | — | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $0.18 | $1.28 | ||
| Q3 25 | $0.17 | $0.97 | ||
| Q2 25 | — | $0.60 | ||
| Q1 25 | — | $0.93 | ||
| Q4 24 | $0.09 | $1.84 | ||
| Q3 24 | $0.09 | $1.17 | ||
| Q2 24 | — | $1.49 |
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 | $83.2M |
| Total DebtLower is stronger | $86.7M | $32.0M |
| Stockholders' EquityBook value | $569.4M | $2.3B |
| Total Assets | $1.5B | $20.3B |
| Debt / EquityLower = less leverage | 0.15× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $569.4M | $2.3B | ||
| Q3 25 | $504.7M | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $489.0M | $2.2B | ||
| Q3 24 | $457.0M | $1.9B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $1.5B | $19.4B | ||
| Q3 25 | $1.4B | $19.4B | ||
| Q2 25 | — | $19.1B | ||
| Q1 25 | — | $18.8B | ||
| Q4 24 | $1.2B | $18.8B | ||
| Q3 24 | — | $18.7B | ||
| Q2 24 | — | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q1 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 | — |
| 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 | — | — | ||
| Q4 25 | $100.4M | $-341.2M | ||
| Q3 25 | $315.0M | $29.8M | ||
| Q2 25 | — | $-121.2M | ||
| Q1 25 | — | $148.0M | ||
| Q4 24 | $-141.1M | $-835.3M | ||
| Q3 24 | $108.3M | $-492.6M | ||
| Q2 24 | — | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $-362.2M | ||
| Q3 25 | $313.4M | $24.0M | ||
| Q2 25 | — | $-125.7M | ||
| Q1 25 | — | $141.2M | ||
| Q4 24 | $-141.6M | $-853.7M | ||
| Q3 24 | $107.1M | $-497.2M | ||
| Q2 24 | — | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 29.5% | -195.5% | ||
| Q3 25 | 110.9% | 14.0% | ||
| Q2 25 | — | -70.1% | ||
| Q1 25 | — | 96.8% | ||
| Q4 24 | -69.2% | -440.6% | ||
| Q3 24 | 57.6% | -332.4% | ||
| Q2 24 | — | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 11.3% | ||
| Q3 25 | 0.6% | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | 0.2% | 9.5% | ||
| Q3 24 | 0.7% | 3.0% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | 0.54× | ||
| Q2 25 | — | -3.19× | ||
| Q1 25 | — | 2.54× | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | -8.04× | ||
| Q2 24 | — | 0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
