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Side-by-side financial comparison of dLocal Ltd (DLO) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $337.9M, roughly 1.1× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 13.0%, a 3.5% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 11.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $99.8M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
DLO vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $387.0M |
| Net Profit | $55.6M | $50.2M |
| Gross Margin | 34.3% | 72.9% |
| Operating Margin | 18.6% | 18.2% |
| Net Margin | 16.5% | 13.0% |
| Revenue YoY | 65.2% | 11.3% |
| Net Profit YoY | 87.3% | 34.0% |
| EPS (diluted) | $0.18 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $282.5M | $378.9M | ||
| Q2 25 | — | $369.9M | ||
| Q1 25 | — | $421.1M | ||
| Q4 24 | $204.5M | $347.7M | ||
| Q3 24 | $185.8M | $333.1M | ||
| Q2 24 | — | $324.7M | ||
| Q1 24 | — | $366.8M |
| Q4 25 | $55.6M | $50.2M | ||
| Q3 25 | $141.3M | $48.0M | ||
| Q2 25 | — | $48.6M | ||
| Q1 25 | — | $91.5M | ||
| Q4 24 | $29.7M | $37.5M | ||
| Q3 24 | $90.8M | $49.6M | ||
| Q2 24 | — | $48.8M | ||
| Q1 24 | — | $85.3M |
| Q4 25 | 34.3% | 72.9% | ||
| Q3 25 | 36.5% | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | 40.9% | 72.6% | ||
| Q3 24 | 42.1% | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | 18.6% | 18.2% | ||
| Q3 25 | 19.7% | 19.6% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 30.2% | ||
| Q4 24 | 20.7% | 13.4% | ||
| Q3 24 | 22.1% | 19.3% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | 29.0% |
| Q4 25 | 16.5% | 13.0% | ||
| Q3 25 | 50.0% | 12.7% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 21.7% | ||
| Q4 24 | 14.5% | 10.8% | ||
| Q3 24 | 48.9% | 14.9% | ||
| Q2 24 | — | 15.0% | ||
| Q1 24 | — | 23.3% |
| Q4 25 | $0.18 | $0.92 | ||
| Q3 25 | $0.17 | $0.86 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $1.61 | ||
| Q4 24 | $0.09 | $0.66 | ||
| Q3 24 | $0.09 | $0.88 | ||
| Q2 24 | — | $0.85 | ||
| Q1 24 | — | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | $86.7M | $81.3M |
| Stockholders' EquityBook value | $569.4M | $1.1B |
| Total Assets | $1.5B | $7.0B |
| Debt / EquityLower = less leverage | 0.15× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $162.5M | ||
| Q3 25 | $604.5M | $165.2M | ||
| Q2 25 | — | $398.1M | ||
| Q1 25 | — | $477.8M | ||
| Q4 24 | $425.2M | $482.4M | ||
| Q3 24 | $560.5M | $778.5M | ||
| Q2 24 | — | $401.8M | ||
| Q1 24 | — | $492.7M |
| Q4 25 | $86.7M | $81.3M | ||
| Q3 25 | $63.1M | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | $39.8M | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $569.4M | $1.1B | ||
| Q3 25 | $504.7M | $1.1B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $489.0M | $1.2B | ||
| Q3 24 | $457.0M | $1.1B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $1.5B | $7.0B | ||
| Q3 25 | $1.4B | $4.2B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | $1.2B | $5.3B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $5.0B |
| Q4 25 | 0.15× | 0.07× | ||
| Q3 25 | 0.12× | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | 0.08× | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| 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 | $117.0M |
| Free Cash FlowOCF − Capex | $99.8M | $113.6M |
| FCF MarginFCF / Revenue | 29.5% | 29.4% |
| Capex IntensityCapex / Revenue | 0.2% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.80× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $117.0M | ||
| Q3 25 | $315.0M | $86.5M | ||
| Q2 25 | — | $86.6M | ||
| Q1 25 | — | $186.0M | ||
| Q4 24 | $-141.1M | $54.2M | ||
| Q3 24 | $108.3M | $91.5M | ||
| Q2 24 | — | $79.9M | ||
| Q1 24 | — | $167.5M |
| Q4 25 | $99.8M | $113.6M | ||
| Q3 25 | $313.4M | $82.7M | ||
| Q2 25 | — | $81.1M | ||
| Q1 25 | — | $183.7M | ||
| Q4 24 | $-141.6M | $51.2M | ||
| Q3 24 | $107.1M | $89.1M | ||
| Q2 24 | — | $73.6M | ||
| Q1 24 | — | $162.0M |
| Q4 25 | 29.5% | 29.4% | ||
| Q3 25 | 110.9% | 21.8% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | -69.2% | 14.7% | ||
| Q3 24 | 57.6% | 26.8% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 44.2% |
| Q4 25 | 0.2% | 0.9% | ||
| Q3 25 | 0.6% | 1.0% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 0.2% | 0.9% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 1.80× | 2.33× | ||
| Q3 25 | 2.23× | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | -4.75× | 1.45× | ||
| Q3 24 | 1.19× | 1.84× | ||
| Q2 24 | — | 1.64× | ||
| Q1 24 | — | 1.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
