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Side-by-side financial comparison of dLocal Ltd (DLO) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $187.0M, roughly 1.8× National Storage Affiliates Trust). dLocal Ltd runs the higher net margin — 16.5% vs 12.2%, a 4.2% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $99.8M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
DLO vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $187.0M |
| Net Profit | $55.6M | $22.9M |
| Gross Margin | 34.3% | 72.5% |
| Operating Margin | 18.6% | 20.2% |
| Net Margin | 16.5% | 12.2% |
| Revenue YoY | 65.2% | -1.6% |
| Net Profit YoY | 87.3% | 36.8% |
| EPS (diluted) | $0.18 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $282.5M | $188.7M | ||
| Q2 25 | — | $188.8M | ||
| Q1 25 | — | $188.4M | ||
| Q4 24 | $204.5M | $190.1M | ||
| Q3 24 | $185.8M | $193.6M | ||
| Q2 24 | — | $190.4M | ||
| Q1 24 | — | $196.1M |
| Q4 25 | $55.6M | $22.9M | ||
| Q3 25 | $141.3M | $18.4M | ||
| Q2 25 | — | $19.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | $29.7M | $16.7M | ||
| Q3 24 | $90.8M | $18.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $59.0M |
| Q4 25 | 34.3% | 72.5% | ||
| Q3 25 | 36.5% | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | 40.9% | 72.5% | ||
| Q3 24 | 42.1% | 72.8% | ||
| Q2 24 | — | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | 18.6% | 20.2% | ||
| Q3 25 | 19.7% | 15.8% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | — | 11.0% | ||
| Q4 24 | 20.7% | 14.5% | ||
| Q3 24 | 22.1% | 15.8% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 48.9% |
| Q4 25 | 16.5% | 12.2% | ||
| Q3 25 | 50.0% | 9.8% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | 14.5% | 8.8% | ||
| Q3 24 | 48.9% | 9.7% | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | 30.1% |
| Q4 25 | $0.18 | $0.23 | ||
| Q3 25 | $0.17 | $0.17 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | $0.09 | $0.19 | ||
| Q3 24 | $0.09 | $0.18 | ||
| Q2 24 | — | $0.16 | ||
| Q1 24 | — | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $946.0M |
| Total Assets | $1.5B | $5.1B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $23.3M | ||
| Q3 25 | $604.5M | $26.3M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $19.3M | ||
| Q4 24 | $425.2M | $50.4M | ||
| Q3 24 | $560.5M | $69.9M | ||
| Q2 24 | — | $59.0M | ||
| Q1 24 | — | $64.2M |
| 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 | $946.0M | ||
| Q3 25 | $504.7M | $973.1M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $489.0M | $1.1B | ||
| Q3 24 | $457.0M | $986.9M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.4B | $5.1B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | $1.2B | $5.4B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.4B |
| 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 | $338.5M |
| Free Cash FlowOCF − Capex | $99.8M | $299.8M |
| FCF MarginFCF / Revenue | 29.5% | 160.3% |
| Capex IntensityCapex / Revenue | 0.2% | 20.7% |
| Cash ConversionOCF / Net Profit | 1.80× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $338.5M | ||
| Q3 25 | $315.0M | $100.2M | ||
| Q2 25 | — | $79.9M | ||
| Q1 25 | — | $85.6M | ||
| Q4 24 | $-141.1M | $363.1M | ||
| Q3 24 | $108.3M | $105.7M | ||
| Q2 24 | — | $83.2M | ||
| Q1 24 | — | $94.0M |
| Q4 25 | $99.8M | $299.8M | ||
| Q3 25 | $313.4M | $88.0M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | $-141.6M | $344.4M | ||
| Q3 24 | $107.1M | $101.8M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $88.6M |
| Q4 25 | 29.5% | 160.3% | ||
| Q3 25 | 110.9% | 46.6% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | -69.2% | 181.2% | ||
| Q3 24 | 57.6% | 52.6% | ||
| Q2 24 | — | 41.7% | ||
| Q1 24 | — | 45.2% |
| Q4 25 | 0.2% | 20.7% | ||
| Q3 25 | 0.6% | 6.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | 0.2% | 9.8% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 1.80× | 14.79× | ||
| Q3 25 | 2.23× | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | -4.75× | 21.70× | ||
| Q3 24 | 1.19× | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
