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Side-by-side financial comparison of dLocal Ltd (DLO) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $245.3M, roughly 1.4× Tecnoglass Inc.). dLocal Ltd runs the higher net margin — 16.5% vs 10.6%, a 5.8% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 2.4%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $11.4M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
DLO vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $245.3M |
| Net Profit | $55.6M | $26.1M |
| Gross Margin | 34.3% | 40.0% |
| Operating Margin | 18.6% | 18.3% |
| Net Margin | 16.5% | 10.6% |
| Revenue YoY | 65.2% | 2.4% |
| Net Profit YoY | 87.3% | -44.5% |
| EPS (diluted) | $0.18 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $282.5M | $260.5M | ||
| Q2 25 | — | $255.5M | ||
| Q1 25 | — | $222.3M | ||
| Q4 24 | $204.5M | $239.6M | ||
| Q3 24 | $185.8M | $238.3M | ||
| Q2 24 | — | $219.7M | ||
| Q1 24 | — | $192.6M |
| Q4 25 | $55.6M | $26.1M | ||
| Q3 25 | $141.3M | $47.2M | ||
| Q2 25 | — | $44.1M | ||
| Q1 25 | — | $42.2M | ||
| Q4 24 | $29.7M | $47.0M | ||
| Q3 24 | $90.8M | $49.5M | ||
| Q2 24 | — | $35.0M | ||
| Q1 24 | — | $29.7M |
| Q4 25 | 34.3% | 40.0% | ||
| Q3 25 | 36.5% | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | 40.9% | 44.5% | ||
| Q3 24 | 42.1% | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | 18.6% | 18.3% | ||
| Q3 25 | 19.7% | 25.1% | ||
| Q2 25 | — | 24.0% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | 20.7% | 28.0% | ||
| Q3 24 | 22.1% | 28.4% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 21.3% |
| Q4 25 | 16.5% | 10.6% | ||
| Q3 25 | 50.0% | 18.1% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | 14.5% | 19.6% | ||
| Q3 24 | 48.9% | 20.8% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | $0.18 | $0.57 | ||
| Q3 25 | $0.17 | $1.01 | ||
| Q2 25 | — | $0.94 | ||
| Q1 25 | — | $0.90 | ||
| Q4 24 | $0.09 | $1.00 | ||
| Q3 24 | $0.09 | $1.05 | ||
| Q2 24 | — | $0.75 | ||
| Q1 24 | — | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | $86.7M | $174.4M |
| Stockholders' EquityBook value | $569.4M | $713.1M |
| Total Assets | $1.5B | $1.3B |
| Debt / EquityLower = less leverage | 0.15× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $104.1M | ||
| Q3 25 | $604.5M | $127.1M | ||
| Q2 25 | — | $140.9M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | $425.2M | $137.5M | ||
| Q3 24 | $560.5M | $124.8M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $138.8M |
| Q4 25 | $86.7M | $174.4M | ||
| Q3 25 | $63.1M | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | $39.8M | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $569.4M | $713.1M | ||
| Q3 25 | $504.7M | $764.0M | ||
| Q2 25 | — | $736.0M | ||
| Q1 25 | — | $685.1M | ||
| Q4 24 | $489.0M | $631.2M | ||
| Q3 24 | $457.0M | $613.3M | ||
| Q2 24 | — | $574.8M | ||
| Q1 24 | — | $573.6M |
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | — | $996.3M | ||
| Q2 24 | — | $942.5M | ||
| Q1 24 | — | $981.6M |
| Q4 25 | 0.15× | 0.24× | ||
| Q3 25 | 0.12× | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | 0.08× | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $99.8M | $11.4M |
| FCF MarginFCF / Revenue | 29.5% | 4.7% |
| Capex IntensityCapex / Revenue | 0.2% | 8.0% |
| Cash ConversionOCF / Net Profit | 1.80× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $31.0M | ||
| Q3 25 | $315.0M | $40.0M | ||
| Q2 25 | — | $17.9M | ||
| Q1 25 | — | $46.9M | ||
| Q4 24 | $-141.1M | $61.1M | ||
| Q3 24 | $108.3M | $41.5M | ||
| Q2 24 | — | $34.5M | ||
| Q1 24 | — | $33.4M |
| Q4 25 | $99.8M | $11.4M | ||
| Q3 25 | $313.4M | $21.2M | ||
| Q2 25 | — | $-14.7M | ||
| Q1 25 | — | $16.5M | ||
| Q4 24 | $-141.6M | $35.4M | ||
| Q3 24 | $107.1M | $17.8M | ||
| Q2 24 | — | $14.2M | ||
| Q1 24 | — | $23.6M |
| Q4 25 | 29.5% | 4.7% | ||
| Q3 25 | 110.9% | 8.2% | ||
| Q2 25 | — | -5.7% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | -69.2% | 14.8% | ||
| Q3 24 | 57.6% | 7.5% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 12.2% |
| Q4 25 | 0.2% | 8.0% | ||
| Q3 25 | 0.6% | 7.2% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 0.2% | 10.7% | ||
| Q3 24 | 0.7% | 9.9% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 5.1% |
| Q4 25 | 1.80× | 1.19× | ||
| Q3 25 | 2.23× | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | -4.75× | 1.30× | ||
| Q3 24 | 1.19× | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
