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Side-by-side financial comparison of dLocal Ltd (DLO) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
TIC Solutions, Inc. is the larger business by last-quarter revenue ($508.3M vs $337.9M, roughly 1.5× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs -9.3%, a 25.8% gap on every dollar of revenue. dLocal Ltd produced more free cash flow last quarter ($99.8M vs $37.1M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
DLO vs TIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $508.3M |
| Net Profit | $55.6M | $-47.2M |
| Gross Margin | 34.3% | 35.2% |
| Operating Margin | 18.6% | -3.8% |
| Net Margin | 16.5% | -9.3% |
| Revenue YoY | 65.2% | — |
| Net Profit YoY | 87.3% | — |
| EPS (diluted) | $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.
| Q4 25 | $337.9M | $508.3M | ||
| Q3 25 | $282.5M | $473.9M | ||
| Q2 25 | — | $313.9M | ||
| Q1 25 | — | $234.2M | ||
| Q4 24 | $204.5M | — | ||
| Q3 24 | $185.8M | — |
| Q4 25 | $55.6M | $-47.2M | ||
| Q3 25 | $141.3M | $-13.9M | ||
| Q2 25 | — | $-233.0K | ||
| Q1 25 | — | $-25.8M | ||
| Q4 24 | $29.7M | — | ||
| Q3 24 | $90.8M | — |
| Q4 25 | 34.3% | 35.2% | ||
| Q3 25 | 36.5% | 32.2% | ||
| Q2 25 | — | 23.6% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — |
| Q4 25 | 18.6% | -3.8% | ||
| Q3 25 | 19.7% | -1.4% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 22.1% | — |
| Q4 25 | 16.5% | -9.3% | ||
| Q3 25 | 50.0% | -2.9% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | — | -11.0% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 48.9% | — |
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.17 | $-0.08 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.09 | — |
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 | $439.5M |
| Total DebtLower is stronger | $86.7M | $1.6B |
| Stockholders' EquityBook value | $569.4M | $2.2B |
| Total Assets | $1.5B | $4.4B |
| Debt / EquityLower = less leverage | 0.15× | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $439.5M | ||
| Q3 25 | $604.5M | $164.4M | ||
| Q2 25 | — | $130.1M | ||
| Q1 25 | — | $155.7M | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — |
| Q4 25 | $86.7M | $1.6B | ||
| Q3 25 | $63.1M | $1.6B | ||
| Q2 25 | — | $751.3M | ||
| Q1 25 | — | $752.4M | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — |
| Q4 25 | $569.4M | $2.2B | ||
| Q3 25 | $504.7M | $2.0B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $489.0M | — | ||
| Q3 24 | $457.0M | — |
| Q4 25 | $1.5B | $4.4B | ||
| Q3 25 | $1.4B | $4.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — |
| Q4 25 | 0.15× | 0.74× | ||
| Q3 25 | 0.12× | 0.83× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | 0.08× | — | ||
| Q3 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 | $49.7M |
| Free Cash FlowOCF − Capex | $99.8M | $37.1M |
| FCF MarginFCF / Revenue | 29.5% | 7.3% |
| Capex IntensityCapex / Revenue | 0.2% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $49.7M | ||
| Q3 25 | $315.0M | $19.0M | ||
| Q2 25 | — | $-6.5M | ||
| Q1 25 | — | $32.8M | ||
| Q4 24 | $-141.1M | — | ||
| Q3 24 | $108.3M | — |
| Q4 25 | $99.8M | $37.1M | ||
| Q3 25 | $313.4M | $10.3M | ||
| Q2 25 | — | $-14.5M | ||
| Q1 25 | — | $28.3M | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $107.1M | — |
| Q4 25 | 29.5% | 7.3% | ||
| Q3 25 | 110.9% | 2.2% | ||
| Q2 25 | — | -4.6% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | -69.2% | — | ||
| Q3 24 | 57.6% | — |
| Q4 25 | 0.2% | 2.5% | ||
| Q3 25 | 0.6% | 1.8% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
