vs
Side-by-side financial comparison of dLocal Ltd (DLO) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($475.9M vs $337.9M, roughly 1.4× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 10.5%, a 6.0% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 44.8%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
DLO vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $475.9M |
| Net Profit | $55.6M | $49.7M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | 14.9% |
| Net Margin | 16.5% | 10.5% |
| Revenue YoY | 65.2% | 44.8% |
| Net Profit YoY | 87.3% | — |
| EPS (diluted) | $0.18 | $1.09 |
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 | — | $475.9M | ||
| Q4 25 | $337.9M | $385.6M | ||
| Q3 25 | $282.5M | $382.5M | ||
| Q2 25 | — | $319.9M | ||
| Q1 25 | — | $328.5M | ||
| Q4 24 | $204.5M | $304.4M | ||
| Q3 24 | $185.8M | $300.9M | ||
| Q2 24 | — | $279.9M |
| Q1 26 | — | $49.7M | ||
| Q4 25 | $55.6M | $43.2M | ||
| Q3 25 | $141.3M | $45.9M | ||
| Q2 25 | — | $38.8M | ||
| Q1 25 | — | $42.1M | ||
| Q4 24 | $29.7M | $14.4M | ||
| Q3 24 | $90.8M | $36.7M | ||
| Q2 24 | — | $31.0M |
| Q1 26 | — | — | ||
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 14.9% | ||
| Q4 25 | 18.6% | 14.2% | ||
| Q3 25 | 19.7% | 15.8% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | — | 15.7% | ||
| Q4 24 | 20.7% | 6.1% | ||
| Q3 24 | 22.1% | 15.6% | ||
| Q2 24 | — | 14.4% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | 16.5% | 11.2% | ||
| Q3 25 | 50.0% | 12.0% | ||
| Q2 25 | — | 12.1% | ||
| Q1 25 | — | 12.8% | ||
| Q4 24 | 14.5% | 4.7% | ||
| Q3 24 | 48.9% | 12.2% | ||
| Q2 24 | — | 11.1% |
| Q1 26 | — | $1.09 | ||
| Q4 25 | $0.18 | $1.03 | ||
| Q3 25 | $0.17 | $1.10 | ||
| Q2 25 | — | $0.93 | ||
| Q1 25 | — | $1.01 | ||
| Q4 24 | $0.09 | $0.33 | ||
| Q3 24 | $0.09 | $0.89 | ||
| Q2 24 | — | $0.75 |
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 | $4.1M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $1.2B |
| Total Assets | $1.5B | $6.5B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.1M | ||
| Q4 25 | $719.9M | $168.5M | ||
| Q3 25 | $604.5M | $160.1M | ||
| Q2 25 | — | $136.6M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | $425.2M | $121.6M | ||
| Q3 24 | $560.5M | $105.6M | ||
| Q2 24 | — | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $569.4M | $1.0B | ||
| Q3 25 | $504.7M | $961.4M | ||
| Q2 25 | — | $899.9M | ||
| Q1 25 | — | $850.7M | ||
| Q4 24 | $489.0M | $794.0M | ||
| Q3 24 | $457.0M | $797.5M | ||
| Q2 24 | — | $723.6M |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $1.4B | $4.6B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $1.2B | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.4B |
| 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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $100.4M | $408.1M | ||
| Q3 25 | $315.0M | $171.4M | ||
| Q2 25 | — | $88.2M | ||
| Q1 25 | — | $96.8M | ||
| Q4 24 | $-141.1M | $305.1M | ||
| Q3 24 | $108.3M | $168.0M | ||
| Q2 24 | — | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $402.6M | ||
| Q3 25 | $313.4M | $168.9M | ||
| Q2 25 | — | $87.1M | ||
| Q1 25 | — | $96.6M | ||
| Q4 24 | $-141.6M | $300.9M | ||
| Q3 24 | $107.1M | $167.6M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 29.5% | 104.4% | ||
| Q3 25 | 110.9% | 44.2% | ||
| Q2 25 | — | 27.2% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | -69.2% | 98.8% | ||
| Q3 24 | 57.6% | 55.7% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 1.4% | ||
| Q3 25 | 0.6% | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | 9.44× | ||
| Q3 25 | 2.23× | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | -4.75× | 21.18× | ||
| Q3 24 | 1.19× | 4.58× | ||
| Q2 24 | — | 0.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
