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Side-by-side financial comparison of dLocal Ltd (DLO) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $335.6M, roughly 1.0× Natural Grocers by Vitamin Cottage, Inc.). dLocal Ltd runs the higher net margin — 16.5% vs 3.4%, a 13.1% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 1.6%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $11.6M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
DLO vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $335.6M |
| Net Profit | $55.6M | $11.3M |
| Gross Margin | 34.3% | 29.5% |
| Operating Margin | 18.6% | 4.4% |
| Net Margin | 16.5% | 3.4% |
| Revenue YoY | 65.2% | 1.6% |
| Net Profit YoY | 87.3% | 14.0% |
| EPS (diluted) | $0.18 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $282.5M | $336.1M | ||
| Q2 25 | — | $328.7M | ||
| Q1 25 | — | $335.8M | ||
| Q4 24 | $204.5M | $330.2M | ||
| Q3 24 | $185.8M | $322.7M | ||
| Q2 24 | — | $309.1M | ||
| Q1 24 | — | $308.1M |
| Q4 25 | $55.6M | $11.3M | ||
| Q3 25 | $141.3M | $11.8M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | — | $13.1M | ||
| Q4 24 | $29.7M | $9.9M | ||
| Q3 24 | $90.8M | $9.0M | ||
| Q2 24 | — | $9.2M | ||
| Q1 24 | — | $8.0M |
| Q4 25 | 34.3% | 29.5% | ||
| Q3 25 | 36.5% | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | 40.9% | 29.9% | ||
| Q3 24 | 42.1% | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | 18.6% | 4.4% | ||
| Q3 25 | 19.7% | 4.6% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | 20.7% | 4.0% | ||
| Q3 24 | 22.1% | 3.7% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | 16.5% | 3.4% | ||
| Q3 25 | 50.0% | 3.5% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | 14.5% | 3.0% | ||
| Q3 24 | 48.9% | 2.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 2.6% |
| Q4 25 | $0.18 | $0.49 | ||
| Q3 25 | $0.17 | $0.51 | ||
| Q2 25 | — | $0.50 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | $0.09 | $0.43 | ||
| Q3 24 | $0.09 | $0.38 | ||
| Q2 24 | — | $0.40 | ||
| Q1 24 | — | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $220.0M |
| Total Assets | $1.5B | $668.6M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $23.2M | ||
| Q3 25 | $604.5M | $17.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $21.2M | ||
| Q4 24 | $425.2M | $6.3M | ||
| Q3 24 | $560.5M | $8.9M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $11.0M |
| 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 | $220.0M | ||
| Q3 25 | $504.7M | $212.4M | ||
| Q2 25 | — | $202.5M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | $489.0M | $181.9M | ||
| Q3 24 | $457.0M | $174.3M | ||
| Q2 24 | — | $167.8M | ||
| Q1 24 | — | $160.0M |
| Q4 25 | $1.5B | $668.6M | ||
| Q3 25 | $1.4B | $670.5M | ||
| Q2 25 | — | $659.0M | ||
| Q1 25 | — | $664.6M | ||
| Q4 24 | $1.2B | $648.9M | ||
| Q3 24 | — | $655.5M | ||
| Q2 24 | — | $654.4M | ||
| Q1 24 | — | $656.6M |
| 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 | $21.1M |
| Free Cash FlowOCF − Capex | $99.8M | $11.6M |
| FCF MarginFCF / Revenue | 29.5% | 3.4% |
| Capex IntensityCapex / Revenue | 0.2% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.80× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $21.1M | ||
| Q3 25 | $315.0M | $15.6M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $34.1M | ||
| Q4 24 | $-141.1M | $2.7M | ||
| Q3 24 | $108.3M | $24.5M | ||
| Q2 24 | — | $12.4M | ||
| Q1 24 | — | $20.2M |
| Q4 25 | $99.8M | $11.6M | ||
| Q3 25 | $313.4M | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | $-141.6M | $-6.9M | ||
| Q3 24 | $107.1M | $18.0M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $9.8M |
| Q4 25 | 29.5% | 3.4% | ||
| Q3 25 | 110.9% | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | -69.2% | -2.1% | ||
| Q3 24 | 57.6% | 5.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | 0.2% | 2.9% | ||
| Q3 25 | 0.6% | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 0.2% | 2.9% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 1.80× | 1.86× | ||
| Q3 25 | 2.23× | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | -4.75× | 0.27× | ||
| Q3 24 | 1.19× | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.54× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
