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Side-by-side financial comparison of dLocal Ltd (DLO) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($637.9M vs $337.9M, roughly 1.9× dLocal Ltd). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 16.5%, a 12.0% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 24.1%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $-2.7M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
DLO vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $637.9M |
| Net Profit | $55.6M | $181.6M |
| Gross Margin | 34.3% | 86.6% |
| Operating Margin | 18.6% | 43.3% |
| Net Margin | 16.5% | 28.5% |
| Revenue YoY | 65.2% | 24.1% |
| Net Profit YoY | 87.3% | 303.8% |
| EPS (diluted) | $0.18 | $1.98 |
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 | $637.9M | ||
| Q3 25 | $282.5M | $443.1M | ||
| Q2 25 | — | $527.4M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | $204.5M | $513.8M | ||
| Q3 24 | $185.8M | $310.0M | ||
| Q2 24 | — | $338.6M | ||
| Q1 24 | — | $558.7M |
| Q4 25 | $55.6M | $181.6M | ||
| Q3 25 | $141.3M | $107.3M | ||
| Q2 25 | — | $149.8M | ||
| Q1 25 | — | $216.4M | ||
| Q4 24 | $29.7M | $45.0M | ||
| Q3 24 | $90.8M | $-167.6M | ||
| Q2 24 | — | $-54.2M | ||
| Q1 24 | — | $166.3M |
| Q4 25 | 34.3% | 86.6% | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | 40.9% | 87.3% | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | 18.6% | 43.3% | ||
| Q3 25 | 19.7% | 40.6% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | 20.7% | 16.8% | ||
| Q3 24 | 22.1% | -63.4% | ||
| Q2 24 | — | -15.2% | ||
| Q1 24 | — | 44.9% |
| Q4 25 | 16.5% | 28.5% | ||
| Q3 25 | 50.0% | 24.2% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | 14.5% | 8.8% | ||
| Q3 24 | 48.9% | -54.1% | ||
| Q2 24 | — | -16.0% | ||
| Q1 24 | — | 29.8% |
| Q4 25 | $0.18 | $1.98 | ||
| Q3 25 | $0.17 | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | $0.09 | $0.49 | ||
| Q3 24 | $0.09 | $-1.81 | ||
| Q2 24 | — | $-0.59 | ||
| Q1 24 | — | $1.80 |
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 | $271.4M |
| Total DebtLower is stronger | $86.7M | $2.7B |
| Stockholders' EquityBook value | $569.4M | $3.6B |
| Total Assets | $1.5B | $9.2B |
| Debt / EquityLower = less leverage | 0.15× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $271.4M | ||
| Q3 25 | $604.5M | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | $425.2M | $48.7M | ||
| Q3 24 | $560.5M | $38.2M | ||
| Q2 24 | — | $81.4M | ||
| Q1 24 | — | $50.8M |
| Q4 25 | $86.7M | $2.7B | ||
| Q3 25 | $63.1M | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | $39.8M | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | $569.4M | $3.6B | ||
| Q3 25 | $504.7M | $3.1B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $489.0M | $-76.2M | ||
| Q3 24 | $457.0M | $-15.5M | ||
| Q2 24 | — | $5.0M | ||
| Q1 24 | — | $75.3M |
| Q4 25 | $1.5B | $9.2B | ||
| Q3 25 | $1.4B | $8.7B | ||
| Q2 25 | — | $8.4B | ||
| Q1 25 | — | $8.5B | ||
| Q4 24 | $1.2B | $8.3B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $8.5B | ||
| Q1 24 | — | $8.7B |
| Q4 25 | 0.15× | 0.75× | ||
| Q3 25 | 0.12× | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | — | 31.68× |
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 | $274.9M |
| Free Cash FlowOCF − Capex | $99.8M | $-2.7M |
| FCF MarginFCF / Revenue | 29.5% | -0.4% |
| Capex IntensityCapex / Revenue | 0.2% | 43.5% |
| Cash ConversionOCF / Net Profit | 1.80× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $274.9M | ||
| Q3 25 | $315.0M | $237.8M | ||
| Q2 25 | — | $388.4M | ||
| Q1 25 | — | $253.8M | ||
| Q4 24 | $-141.1M | $220.1M | ||
| Q3 24 | $108.3M | $197.9M | ||
| Q2 24 | — | $281.8M | ||
| Q1 24 | — | $315.3M |
| Q4 25 | $99.8M | $-2.7M | ||
| Q3 25 | $313.4M | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $-141.6M | $-20.3M | ||
| Q3 24 | $107.1M | $-49.1M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $80.3M |
| Q4 25 | 29.5% | -0.4% | ||
| Q3 25 | 110.9% | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | -69.2% | -4.0% | ||
| Q3 24 | 57.6% | -15.8% | ||
| Q2 24 | — | 23.5% | ||
| Q1 24 | — | 14.4% |
| Q4 25 | 0.2% | 43.5% | ||
| Q3 25 | 0.6% | 64.4% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 26.4% | ||
| Q4 24 | 0.2% | 46.8% | ||
| Q3 24 | 0.7% | 79.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 42.1% |
| Q4 25 | 1.80× | 1.51× | ||
| Q3 25 | 2.23× | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | -4.75× | 4.89× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
