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Side-by-side financial comparison of dLocal Ltd (DLO) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
StepStone Group Inc. is the larger business by last-quarter revenue ($586.5M vs $337.9M, roughly 1.7× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs -21.0%, a 37.5% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 65.2%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $26.7M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
DLO vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $586.5M |
| Net Profit | $55.6M | $-123.5M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | -33.2% |
| Net Margin | 16.5% | -21.0% |
| Revenue YoY | 65.2% | 73.0% |
| Net Profit YoY | 87.3% | 35.7% |
| EPS (diluted) | $0.18 | $-1.55 |
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 | $586.5M | ||
| Q3 25 | $282.5M | $454.2M | ||
| Q2 25 | — | $364.3M | ||
| Q1 25 | — | $377.7M | ||
| Q4 24 | $204.5M | $339.0M | ||
| Q3 24 | $185.8M | $271.7M | ||
| Q2 24 | — | $186.4M | ||
| Q1 24 | — | $356.8M |
| Q4 25 | $55.6M | $-123.5M | ||
| Q3 25 | $141.3M | $-366.1M | ||
| Q2 25 | — | $-38.4M | ||
| Q1 25 | — | $-18.5M | ||
| Q4 24 | $29.7M | $-192.0M | ||
| Q3 24 | $90.8M | $17.6M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | — | $30.8M |
| 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% | -33.2% | ||
| Q3 25 | 19.7% | -148.8% | ||
| Q2 25 | — | -5.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 20.7% | -101.7% | ||
| Q3 24 | 22.1% | 21.3% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | 16.5% | -21.0% | ||
| Q3 25 | 50.0% | -80.6% | ||
| Q2 25 | — | -10.5% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | 14.5% | -56.6% | ||
| Q3 24 | 48.9% | 6.5% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | $0.18 | $-1.55 | ||
| Q3 25 | $0.17 | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | $0.09 | $-2.61 | ||
| Q3 24 | $0.09 | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $0.47 |
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 | — |
| Total DebtLower is stronger | $86.7M | $270.2M |
| Stockholders' EquityBook value | $569.4M | $-378.8M |
| Total Assets | $1.5B | $5.2B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $86.7M | $270.2M | ||
| Q3 25 | $63.1M | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $39.8M | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $569.4M | $-378.8M | ||
| Q3 25 | $504.7M | $-233.5M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | $489.0M | $209.8M | ||
| Q3 24 | $457.0M | $397.5M | ||
| Q2 24 | — | $366.9M | ||
| Q1 24 | — | $324.5M |
| Q4 25 | $1.5B | $5.2B | ||
| Q3 25 | $1.4B | $5.3B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | $1.2B | $4.3B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.08× | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| Free Cash FlowOCF − Capex | $99.8M | $26.7M |
| FCF MarginFCF / Revenue | 29.5% | 4.6% |
| Capex IntensityCapex / Revenue | 0.2% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $27.2M | ||
| Q3 25 | $315.0M | $16.2M | ||
| Q2 25 | — | $46.3M | ||
| Q1 25 | — | $-66.5M | ||
| Q4 24 | $-141.1M | $27.6M | ||
| Q3 24 | $108.3M | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | $99.8M | $26.7M | ||
| Q3 25 | $313.4M | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | $-141.6M | $27.0M | ||
| Q3 24 | $107.1M | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
| Q4 25 | 29.5% | 4.6% | ||
| Q3 25 | 110.9% | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | -69.2% | 8.0% | ||
| Q3 24 | 57.6% | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 0.6% | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
