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Side-by-side financial comparison of dLocal Ltd (DLO) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $330.5M, roughly 1.0× Paymentus Holdings, Inc.). dLocal Ltd runs the higher net margin — 16.5% vs 6.3%, a 10.2% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 28.1%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $45.0M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
DLO vs PAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $330.5M |
| Net Profit | $55.6M | $20.7M |
| Gross Margin | 34.3% | 25.4% |
| Operating Margin | 18.6% | 7.3% |
| Net Margin | 16.5% | 6.3% |
| Revenue YoY | 65.2% | 28.1% |
| Net Profit YoY | 87.3% | 57.2% |
| EPS (diluted) | $0.18 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $282.5M | $310.7M | ||
| Q2 25 | — | $280.1M | ||
| Q1 25 | — | $275.2M | ||
| Q4 24 | $204.5M | $257.9M | ||
| Q3 24 | $185.8M | $231.6M | ||
| Q2 24 | — | $197.4M | ||
| Q1 24 | — | $184.9M |
| Q4 25 | $55.6M | $20.7M | ||
| Q3 25 | $141.3M | $17.7M | ||
| Q2 25 | — | $14.7M | ||
| Q1 25 | — | $13.8M | ||
| Q4 24 | $29.7M | $13.1M | ||
| Q3 24 | $90.8M | $14.4M | ||
| Q2 24 | — | $9.4M | ||
| Q1 24 | — | $7.2M |
| Q4 25 | 34.3% | 25.4% | ||
| Q3 25 | 36.5% | 24.1% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | 40.9% | 25.6% | ||
| Q3 24 | 42.1% | 26.2% | ||
| Q2 24 | — | 29.8% | ||
| Q1 24 | — | 28.5% |
| Q4 25 | 18.6% | 7.3% | ||
| Q3 25 | 19.7% | 6.4% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | 20.7% | 5.5% | ||
| Q3 24 | 22.1% | 5.2% | ||
| Q2 24 | — | 5.2% | ||
| Q1 24 | — | 4.5% |
| Q4 25 | 16.5% | 6.3% | ||
| Q3 25 | 50.0% | 5.7% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | 14.5% | 5.1% | ||
| Q3 24 | 48.9% | 6.2% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | $0.18 | $0.16 | ||
| Q3 25 | $0.17 | $0.14 | ||
| Q2 25 | — | $0.11 | ||
| Q1 25 | — | $0.11 | ||
| Q4 24 | $0.09 | $0.11 | ||
| Q3 24 | $0.09 | $0.11 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | — | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $560.4M |
| Total Assets | $1.5B | $667.9M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $320.9M | ||
| Q3 25 | $604.5M | $287.9M | ||
| Q2 25 | — | $266.4M | ||
| Q1 25 | — | $245.8M | ||
| Q4 24 | $425.2M | $205.9M | ||
| Q3 24 | $560.5M | $187.5M | ||
| Q2 24 | — | $188.8M | ||
| Q1 24 | — | $180.1M |
| 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 | $560.4M | ||
| Q3 25 | $504.7M | $537.4M | ||
| Q2 25 | — | $516.7M | ||
| Q1 25 | — | $500.4M | ||
| Q4 24 | $489.0M | $485.6M | ||
| Q3 24 | $457.0M | $468.8M | ||
| Q2 24 | — | $451.6M | ||
| Q1 24 | — | $439.4M |
| Q4 25 | $1.5B | $667.9M | ||
| Q3 25 | $1.4B | $644.4M | ||
| Q2 25 | — | $609.5M | ||
| Q1 25 | — | $590.9M | ||
| Q4 24 | $1.2B | $576.2M | ||
| Q3 24 | — | $552.9M | ||
| Q2 24 | — | $527.7M | ||
| Q1 24 | — | $514.0M |
| 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 | $45.1M |
| Free Cash FlowOCF − Capex | $99.8M | $45.0M |
| FCF MarginFCF / Revenue | 29.5% | 13.6% |
| Capex IntensityCapex / Revenue | 0.2% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.80× | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $45.1M | ||
| Q3 25 | $315.0M | $35.1M | ||
| Q2 25 | — | $31.5M | ||
| Q1 25 | — | $50.4M | ||
| Q4 24 | $-141.1M | $27.9M | ||
| Q3 24 | $108.3M | $6.7M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | $99.8M | $45.0M | ||
| Q3 25 | $313.4M | $35.0M | ||
| Q2 25 | — | $31.4M | ||
| Q1 25 | — | $50.4M | ||
| Q4 24 | $-141.6M | $27.8M | ||
| Q3 24 | $107.1M | $6.7M | ||
| Q2 24 | — | $17.8M | ||
| Q1 24 | — | $10.8M |
| Q4 25 | 29.5% | 13.6% | ||
| Q3 25 | 110.9% | 11.3% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | -69.2% | 10.8% | ||
| Q3 24 | 57.6% | 2.9% | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | 5.9% |
| Q4 25 | 0.2% | 0.0% | ||
| Q3 25 | 0.6% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | 0.2% | 0.0% | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 1.80× | 2.18× | ||
| Q3 25 | 2.23× | 1.98× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | -4.75× | 2.12× | ||
| Q3 24 | 1.19× | 0.47× | ||
| Q2 24 | — | 1.93× | ||
| Q1 24 | — | 1.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
