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Side-by-side financial comparison of dLocal Ltd (DLO) and Metallus Inc. (MTUS). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $308.3M, roughly 1.1× Metallus Inc.). dLocal Ltd runs the higher net margin — 16.5% vs 1.8%, a 14.7% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 9.9%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
DLO vs MTUS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $308.3M |
| Net Profit | $55.6M | $5.4M |
| Gross Margin | 34.3% | 8.1% |
| Operating Margin | 18.6% | — |
| Net Margin | 16.5% | 1.8% |
| Revenue YoY | 65.2% | 9.9% |
| Net Profit YoY | 87.3% | 315.4% |
| EPS (diluted) | $0.18 | $0.13 |
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 | — | $308.3M | ||
| Q4 25 | $337.9M | $267.3M | ||
| Q3 25 | $282.5M | $305.9M | ||
| Q2 25 | — | $304.6M | ||
| Q1 25 | — | $280.5M | ||
| Q4 24 | $204.5M | $240.5M | ||
| Q3 24 | $185.8M | $227.2M | ||
| Q2 24 | — | $294.7M |
| Q1 26 | — | $5.4M | ||
| Q4 25 | $55.6M | $-14.3M | ||
| Q3 25 | $141.3M | $8.1M | ||
| Q2 25 | — | $3.7M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $29.7M | $-21.4M | ||
| Q3 24 | $90.8M | $-5.9M | ||
| Q2 24 | — | $4.6M |
| Q1 26 | — | 8.1% | ||
| Q4 25 | 34.3% | 2.2% | ||
| Q3 25 | 36.5% | 11.4% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | 40.9% | 4.5% | ||
| Q3 24 | 42.1% | 5.3% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | 18.6% | -7.7% | ||
| Q3 25 | 19.7% | 3.6% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 20.7% | -10.1% | ||
| Q3 24 | 22.1% | -3.1% | ||
| Q2 24 | — | 2.1% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 16.5% | -5.3% | ||
| Q3 25 | 50.0% | 2.6% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 14.5% | -8.9% | ||
| Q3 24 | 48.9% | -2.6% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | $0.13 | ||
| Q4 25 | $0.18 | $-0.34 | ||
| Q3 25 | $0.17 | $0.19 | ||
| Q2 25 | — | $0.09 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | $0.09 | $-0.46 | ||
| Q3 24 | $0.09 | $-0.13 | ||
| Q2 24 | — | $0.10 |
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 | $104.0M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $683.0M |
| Total Assets | $1.5B | $1.1B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $104.0M | ||
| Q4 25 | $719.9M | $156.7M | ||
| Q3 25 | $604.5M | $191.5M | ||
| Q2 25 | — | $190.8M | ||
| Q1 25 | — | $180.3M | ||
| Q4 24 | $425.2M | $240.7M | ||
| Q3 24 | $560.5M | $254.6M | ||
| Q2 24 | — | $272.8M |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | $39.8M | $5.4M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | — | $13.2M |
| Q1 26 | — | $683.0M | ||
| Q4 25 | $569.4M | $686.0M | ||
| Q3 25 | $504.7M | $697.7M | ||
| Q2 25 | — | $690.0M | ||
| Q1 25 | — | $686.1M | ||
| Q4 24 | $489.0M | $690.5M | ||
| Q3 24 | $457.0M | $712.7M | ||
| Q2 24 | — | $736.3M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | 0.08× | 0.01× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | — | 0.02× |
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% | 0.0% |
| 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 | $-1.9M | ||
| Q3 25 | $315.0M | $22.0M | ||
| Q2 25 | — | $34.8M | ||
| Q1 25 | — | $-38.9M | ||
| Q4 24 | $-141.1M | $13.9M | ||
| Q3 24 | $108.3M | $-15.3M | ||
| Q2 24 | — | $8.3M |
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $-37.2M | ||
| Q3 25 | $313.4M | $-6.4M | ||
| Q2 25 | — | $17.0M | ||
| Q1 25 | — | $-66.4M | ||
| Q4 24 | $-141.6M | $-1.3M | ||
| Q3 24 | $107.1M | $-32.9M | ||
| Q2 24 | — | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | 29.5% | -13.9% | ||
| Q3 25 | 110.9% | -2.1% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | -23.7% | ||
| Q4 24 | -69.2% | -0.5% | ||
| Q3 24 | 57.6% | -14.5% | ||
| Q2 24 | — | -2.0% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 0.2% | 13.2% | ||
| Q3 25 | 0.6% | 9.3% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | 0.2% | 6.3% | ||
| Q3 24 | 0.7% | 7.7% | ||
| Q2 24 | — | 4.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | 2.72× | ||
| Q2 25 | — | 9.41× | ||
| Q1 25 | — | -29.92× | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | 1.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
