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Side-by-side financial comparison of dLocal Ltd (DLO) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $337.9M, roughly 1.2× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 2.0%, a 14.4% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 12.8%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $31.6M).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $403.4M |
| Net Profit | $55.6M | $8.2M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | 5.5% |
| Net Margin | 16.5% | 2.0% |
| Revenue YoY | 65.2% | 12.8% |
| Net Profit YoY | 87.3% | 641.9% |
| EPS (diluted) | $0.18 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $282.5M | $39.5M | ||
| Q2 25 | — | $204.0M | ||
| Q1 25 | — | $424.2M | ||
| Q4 24 | $204.5M | $357.8M | ||
| Q3 24 | $185.8M | $53.3M | ||
| Q2 24 | — | $227.3M | ||
| Q1 24 | — | $430.0M |
| Q4 25 | $55.6M | $8.2M | ||
| Q3 25 | $141.3M | $-8.8M | ||
| Q2 25 | — | $-1.8M | ||
| Q1 25 | — | $-14.2M | ||
| Q4 24 | $29.7M | $1.1M | ||
| Q3 24 | $90.8M | $-7.5M | ||
| Q2 24 | — | $25.5M | ||
| Q1 24 | — | $37.9M |
| 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% | 5.5% | ||
| Q3 25 | 19.7% | -69.5% | ||
| Q2 25 | — | -11.1% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 20.7% | 3.7% | ||
| Q3 24 | 22.1% | -15.5% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 18.5% |
| Q4 25 | 16.5% | 2.0% | ||
| Q3 25 | 50.0% | -22.3% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | 14.5% | 0.3% | ||
| Q3 24 | 48.9% | -14.1% | ||
| Q2 24 | — | 11.2% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | $0.18 | $0.34 | ||
| Q3 25 | $0.17 | $-0.37 | ||
| Q2 25 | — | $-0.08 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | $0.09 | $0.05 | ||
| Q3 24 | $0.09 | $-0.31 | ||
| Q2 24 | — | $1.07 | ||
| Q1 24 | — | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $-282.1M |
| Total Assets | $1.5B | $1.5B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $81.3M | ||
| Q3 25 | $604.5M | $48.6M | ||
| Q2 25 | — | $144.6M | ||
| Q1 25 | — | $96.5M | ||
| Q4 24 | $425.2M | $107.8M | ||
| Q3 24 | $560.5M | $52.3M | ||
| Q2 24 | — | $89.1M | ||
| Q1 24 | — | $40.0M |
| 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 | $-282.1M | ||
| Q3 25 | $504.7M | $-294.2M | ||
| Q2 25 | — | $-281.4M | ||
| Q1 25 | — | $-283.4M | ||
| Q4 24 | $489.0M | $-273.1M | ||
| Q3 24 | $457.0M | $-277.5M | ||
| Q2 24 | — | $-266.3M | ||
| Q1 24 | — | $-294.0M |
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.4B |
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $99.8M | $31.6M |
| FCF MarginFCF / Revenue | 29.5% | 7.8% |
| Capex IntensityCapex / Revenue | 0.2% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.80× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $32.4M | ||
| Q3 25 | $315.0M | $-85.0M | ||
| Q2 25 | — | $49.7M | ||
| Q1 25 | — | $6.3M | ||
| Q4 24 | $-141.1M | $61.8M | ||
| Q3 24 | $108.3M | $-26.2M | ||
| Q2 24 | — | $108.4M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | $99.8M | $31.6M | ||
| Q3 25 | $313.4M | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | $-141.6M | $61.2M | ||
| Q3 24 | $107.1M | $-26.5M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $3.9M |
| Q4 25 | 29.5% | 7.8% | ||
| Q3 25 | 110.9% | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | -69.2% | 17.1% | ||
| Q3 24 | 57.6% | -49.7% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 0.2% | 0.2% | ||
| Q3 25 | 0.6% | 0.9% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 1.80× | 3.94× | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | 55.61× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
