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Side-by-side financial comparison of dLocal Ltd (DLO) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $337.9M, roughly 1.1× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs -19.6%, a 36.1% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 3.8%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
DLO vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $384.8M |
| Net Profit | $55.6M | $-75.5M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | -40.0% |
| Net Margin | 16.5% | -19.6% |
| Revenue YoY | 65.2% | 3.8% |
| Net Profit YoY | 87.3% | -28.8% |
| EPS (diluted) | $0.18 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $282.5M | $345.3M | ||
| Q2 25 | — | $355.8M | ||
| Q1 25 | — | $373.2M | ||
| Q4 24 | $204.5M | $370.7M | ||
| Q3 24 | $185.8M | $362.1M | ||
| Q2 24 | — | $379.2M | ||
| Q1 24 | — | $388.5M |
| Q4 25 | $55.6M | $-75.5M | ||
| Q3 25 | $141.3M | $-31.6M | ||
| Q2 25 | — | $-20.4M | ||
| Q1 25 | — | $-20.5M | ||
| Q4 24 | $29.7M | $-58.6M | ||
| Q3 24 | $90.8M | $-46.5M | ||
| Q2 24 | — | $-12.0M | ||
| Q1 24 | — | $-18.7M |
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 18.6% | -40.0% | ||
| Q3 25 | 19.7% | -12.8% | ||
| Q2 25 | — | -9.6% | ||
| Q1 25 | — | -10.2% | ||
| Q4 24 | 20.7% | -37.4% | ||
| Q3 24 | 22.1% | -29.5% | ||
| Q2 24 | — | -8.3% | ||
| Q1 24 | — | -11.3% |
| Q4 25 | 16.5% | -19.6% | ||
| Q3 25 | 50.0% | -9.1% | ||
| Q2 25 | — | -5.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | 14.5% | -15.8% | ||
| Q3 24 | 48.9% | -12.8% | ||
| Q2 24 | — | -3.2% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | $0.18 | $-23.08 | ||
| Q3 25 | $0.17 | $-9.67 | ||
| Q2 25 | — | $-6.23 | ||
| Q1 25 | — | $-6.28 | ||
| Q4 24 | $0.09 | $-23.13 | ||
| Q3 24 | $0.09 | $-15.70 | ||
| Q2 24 | — | $-7.37 | ||
| Q1 24 | — | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | $86.7M | $228.4M |
| Stockholders' EquityBook value | $569.4M | $-155.2M |
| Total Assets | $1.5B | $656.6M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $25.0M | ||
| Q3 25 | $604.5M | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $425.2M | $38.8M | ||
| Q3 24 | $560.5M | $63.0M | ||
| Q2 24 | — | $73.1M | ||
| Q1 24 | — | $27.3M |
| Q4 25 | $86.7M | $228.4M | ||
| Q3 25 | $63.1M | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $39.8M | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $569.4M | $-155.2M | ||
| Q3 25 | $504.7M | $-18.7M | ||
| Q2 25 | — | $44.5M | ||
| Q1 25 | — | $63.3M | ||
| Q4 24 | $489.0M | $75.9M | ||
| Q3 24 | $457.0M | $120.5M | ||
| Q2 24 | — | $166.8M | ||
| Q1 24 | — | $146.6M |
| Q4 25 | $1.5B | $656.6M | ||
| Q3 25 | $1.4B | $683.6M | ||
| Q2 25 | — | $731.6M | ||
| Q1 25 | — | $783.9M | ||
| Q4 24 | $1.2B | $783.4M | ||
| Q3 24 | — | $833.3M | ||
| Q2 24 | — | $892.8M | ||
| Q1 24 | — | $855.9M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | 0.08× | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $99.8M | — |
| FCF MarginFCF / Revenue | 29.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $-25.7M | ||
| Q3 25 | $315.0M | $-15.4M | ||
| Q2 25 | — | $-16.6M | ||
| Q1 25 | — | $-33.5M | ||
| Q4 24 | $-141.1M | $-57.2M | ||
| Q3 24 | $108.3M | $-22.6M | ||
| Q2 24 | — | $-10.2M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | $99.8M | — | ||
| Q3 25 | $313.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $107.1M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 29.5% | — | ||
| Q3 25 | 110.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -69.2% | — | ||
| Q3 24 | 57.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.2% | 0.0% | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
