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Side-by-side financial comparison of dLocal Ltd (DLO) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $337.9M, roughly 1.3× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 7.6%, a 8.8% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $99.8M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
DLO vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $430.0M |
| Net Profit | $55.6M | $32.8M |
| Gross Margin | 34.3% | 75.2% |
| Operating Margin | 18.6% | 8.6% |
| Net Margin | 16.5% | 7.6% |
| Revenue YoY | 65.2% | -9.6% |
| Net Profit YoY | 87.3% | — |
| EPS (diluted) | $0.18 | $0.18 |
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.
| Q1 26 | — | $430.0M | ||
| Q4 25 | $337.9M | $504.3M | ||
| Q3 25 | $282.5M | $381.4M | ||
| Q2 25 | — | $384.5M | ||
| Q1 25 | — | $475.6M | ||
| Q4 24 | $204.5M | $490.8M | ||
| Q3 24 | $185.8M | $325.1M | ||
| Q2 24 | — | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $55.6M | $234.6M | ||
| Q3 25 | $141.3M | $43.4M | ||
| Q2 25 | — | $30.1M | ||
| Q1 25 | — | $85.4M | ||
| Q4 24 | $29.7M | $119.1M | ||
| Q3 24 | $90.8M | $-14.4M | ||
| Q2 24 | — | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 34.3% | 79.5% | ||
| Q3 25 | 36.5% | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | 40.9% | 79.1% | ||
| Q3 24 | 42.1% | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 18.6% | 20.7% | ||
| Q3 25 | 19.7% | 3.8% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | 20.7% | 29.1% | ||
| Q3 24 | 22.1% | -3.6% | ||
| Q2 24 | — | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 16.5% | 46.5% | ||
| Q3 25 | 50.0% | 11.4% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 18.0% | ||
| Q4 24 | 14.5% | 24.3% | ||
| Q3 24 | 48.9% | -4.4% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.18 | $0.81 | ||
| Q3 25 | $0.17 | $0.24 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $0.91 | ||
| Q4 24 | $0.09 | $1.35 | ||
| Q3 24 | $0.09 | $-0.17 | ||
| Q2 24 | — | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $705.9M |
| Total Assets | $1.5B | $1.6B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $719.9M | $425.8M | ||
| Q3 25 | $604.5M | $351.4M | ||
| Q2 25 | — | $411.6M | ||
| Q1 25 | — | $371.7M | ||
| Q4 24 | $425.2M | $740.0M | ||
| Q3 24 | $560.5M | $703.0M | ||
| Q2 24 | — | $665.1M |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $569.4M | $787.4M | ||
| Q3 25 | $504.7M | $596.8M | ||
| Q2 25 | — | $624.5M | ||
| Q1 25 | — | $611.3M | ||
| Q4 24 | $489.0M | $585.5M | ||
| Q3 24 | $457.0M | $473.0M | ||
| Q2 24 | — | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $99.8M | $206.5M |
| FCF MarginFCF / Revenue | 29.5% | 48.0% |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $100.4M | $158.4M | ||
| Q3 25 | $315.0M | $56.3M | ||
| Q2 25 | — | $86.3M | ||
| Q1 25 | — | $204.2M | ||
| Q4 24 | $-141.1M | $95.2M | ||
| Q3 24 | $108.3M | $30.5M | ||
| Q2 24 | — | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $99.8M | $152.4M | ||
| Q3 25 | $313.4M | $51.8M | ||
| Q2 25 | — | $84.1M | ||
| Q1 25 | — | $202.3M | ||
| Q4 24 | $-141.6M | $92.4M | ||
| Q3 24 | $107.1M | $27.4M | ||
| Q2 24 | — | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 29.5% | 30.2% | ||
| Q3 25 | 110.9% | 13.6% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 42.5% | ||
| Q4 24 | -69.2% | 18.8% | ||
| Q3 24 | 57.6% | 8.4% | ||
| Q2 24 | — | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 1.2% | ||
| Q3 25 | 0.6% | 1.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 0.2% | 0.6% | ||
| Q3 24 | 0.7% | 0.9% | ||
| Q2 24 | — | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | 0.68× | ||
| Q3 25 | 2.23× | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | -4.75× | 0.80× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
