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Side-by-side financial comparison of dLocal Ltd (DLO) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $337.9M, roughly 1.3× dLocal Ltd). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 16.5%, a 5.4% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 12.5%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
DLO vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $424.8M |
| Net Profit | $55.6M | $92.7M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | 38.6% |
| Net Margin | 16.5% | 21.8% |
| Revenue YoY | 65.2% | 12.5% |
| Net Profit YoY | 87.3% | 22.2% |
| EPS (diluted) | $0.18 | $1.94 |
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 | $424.8M | ||
| Q3 25 | $282.5M | $154.1M | ||
| Q2 25 | — | $145.1M | ||
| Q1 25 | — | $206.0M | ||
| Q4 24 | $204.5M | $377.6M | ||
| Q3 24 | $185.8M | $134.1M | ||
| Q2 24 | — | $177.6M | ||
| Q1 24 | — | $191.6M |
| Q4 25 | $55.6M | $92.7M | ||
| Q3 25 | $141.3M | $-21.7M | ||
| Q2 25 | — | $-27.2M | ||
| Q1 25 | — | $8.0M | ||
| Q4 24 | $29.7M | $75.9M | ||
| Q3 24 | $90.8M | $-19.3M | ||
| Q2 24 | — | $66.9M | ||
| Q1 24 | — | $2.8M |
| 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% | 38.6% | ||
| Q3 25 | 19.7% | -19.3% | ||
| Q2 25 | — | -17.7% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | 20.7% | 36.8% | ||
| Q3 24 | 22.1% | -13.8% | ||
| Q2 24 | — | -5.0% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | 16.5% | 21.8% | ||
| Q3 25 | 50.0% | -14.0% | ||
| Q2 25 | — | -18.7% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | 14.5% | 20.1% | ||
| Q3 24 | 48.9% | -14.4% | ||
| Q2 24 | — | 37.7% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | $0.18 | $1.94 | ||
| Q3 25 | $0.17 | $-0.46 | ||
| Q2 25 | — | $-0.56 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | $0.09 | $1.56 | ||
| Q3 24 | $0.09 | $-0.40 | ||
| Q2 24 | — | $1.32 | ||
| Q1 24 | — | $0.06 |
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 | $157.1M |
| Total DebtLower is stronger | $86.7M | $554.6M |
| Stockholders' EquityBook value | $569.4M | $36.0M |
| Total Assets | $1.5B | $1.8B |
| Debt / EquityLower = less leverage | 0.15× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $157.1M | ||
| Q3 25 | $604.5M | $29.9M | ||
| Q2 25 | — | $43.0M | ||
| Q1 25 | — | $89.0M | ||
| Q4 24 | $425.2M | $54.9M | ||
| Q3 24 | $560.5M | $37.3M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $28.0M |
| Q4 25 | $86.7M | $554.6M | ||
| Q3 25 | $63.1M | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | $39.8M | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M | ||
| Q1 24 | — | $602.5M |
| Q4 25 | $569.4M | $36.0M | ||
| Q3 25 | $504.7M | $-65.8M | ||
| Q2 25 | — | $-13.3M | ||
| Q1 25 | — | $9.5M | ||
| Q4 24 | $489.0M | $10.3M | ||
| Q3 24 | $457.0M | $-48.7M | ||
| Q2 24 | — | $-23.2M | ||
| Q1 24 | — | $-94.6M |
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | 0.15× | 15.40× | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | 0.08× | 56.61× | ||
| 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 | $164.4M |
| Free Cash FlowOCF − Capex | $99.8M | — |
| FCF MarginFCF / Revenue | 29.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $164.4M | ||
| Q3 25 | $315.0M | $19.8M | ||
| Q2 25 | — | $-27.0M | ||
| Q1 25 | — | $56.8M | ||
| Q4 24 | $-141.1M | $112.9M | ||
| Q3 24 | $108.3M | $-27.4M | ||
| Q2 24 | — | $212.0K | ||
| Q1 24 | — | $5.8M |
| 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× | 1.77× | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | -4.75× | 1.49× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
